0001016281-24-000091 | 10-Q | XBRL Viewer

Trust Investments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023		March 31, 2024
Preneed cemetery trust investments, at market value	$	99,461	$	101,990
Less: allowance for contract cancellation	(3,087)		(3,233)
Preneed cemetery trust investments	$	96,374	$	98,757

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, 2024 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	21,052	$	—	$	—	$	21,052
Fixed income securities:

U.S. agency obligations	2	664		—		(56)		608
Foreign debt	2	7,849		1,454		(14)		9,289
Corporate debt	2	15,489		257		(2,508)		13,238
Preferred stock	2	11,296		492		(1,790)		9,998
Certificates of deposit	2	79		—		(7)		72
Common stock	1	34,679		2,459		(5,314)		31,824
Limited partnership fund		3,611		301		—		3,912
Mutual funds:
Equity	1	546		33		(21)		558
Fixed income	2	12,490		34		(2,279)		10,245
Trust securities		$	107,755	$	5,030	$	(11,989)	$	100,796
Accrued investment income		$	1,194					$	1,194
Preneed cemetery trust investments								$	101,990
Market value as a percentage of cost								93.5%

The cost and market values associated with preneed cemetery trust investments at December 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	$	9,643	$	—	$	—	$	9,643
Fixed income securities:
U.S. agency obligations	2	803		1		(51)		753
Foreign debt	2	7,764		1,371		(17)		9,118
Corporate debt	2	15,071		342		(3,657)		11,756
Preferred stock	2	10,965		473		(1,572)		9,866
Certificate of deposit	2	79		—		(7)		72

Common stock	1	43,057		9,466		(7,935)		44,588
Limited partnership fund		3,575		—		(3)		3,572
Mutual funds:
Equity	1	553		10		(30)		533
Fixed income	2	11,369		16		(2,759)		8,626
Trust Securities		$	102,879	$	11,679	$	(16,031)	$	98,527
Accrued investment income		$	934					$	934
Preneed cemetery trust investments								$	99,461
Market value as a percentage of cost								95.8%

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	$	136
Due in one to five years	12,662
Due in five to ten years	3,303
Thereafter	17,104
Total fixed income securities	$	33,205

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, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2024
	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	$	—	$	—	$	608	$	(56)	$	608	$	(56)
Foreign debt	—		—		501		(14)		501		(14)
Corporate debt	685		(16)		5,046		(2,492)		5,731		(2,508)
Preferred stock	941		(4)		7,708		(1,786)		8,649		(1,790)
Certificates of deposit	—		—		73		(7)		73		(7)
Total fixed income securities with an unrealized loss	$	1,626	$	(20)	$	13,936	$	(4,355)	$	15,562	$	(4,375)

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, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 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	$	—	$	—	$	613	$	(51)	$	613	$	(51)
Foreign debt	284		(5)		209		(12)		493		(17)
Corporate debt	666		(62)		4,239		(3,595)		4,905		(3,657)
Preferred stock	45		—		7,821		(1,572)		7,866		(1,572)
Certificates of deposit	—		—		72		(7)		72		(7)
Total fixed income securities with an unrealized loss	$	995	$	(67)	$	12,954	$	(5,237)	$	13,949	$	(5,304)

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, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2024
	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	$	—	$	—	$	622	$	(15)	$	622	$	(15)
Corporate debt	578		(13)		4,588		(2,302)		5,166		(2,315)
Preferred stock	757		(4)		7,151		(1,605)		7,908		(1,609)

Total fixed income securities with an unrealized loss	$	1,335	$	(17)	$	12,361	$	(3,922)	$	13,696	$	(3,939)

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, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 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	$	440	$	(8)	$	178	$	(10)	$	618	$	(18)
Corporate debt	567		(53)		3,879		(3,314)		4,446		(3,367)
Preferred stock	—		—		7,301		(1,435)		7,301		(1,435)

Total fixed income securities with an unrealized loss	$	1,007	$	(61)	$	11,358	$	(4,759)	$	12,365	$	(4,820)

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,
	2023		2024
Investment income	$	590	$	539
Realized gains	1,273		10,576
Realized losses	(877)		(3,764)
Unrealized losses, net	(12,153)		(6,959)
Expenses and taxes	(306)		(634)
Net change in deferred preneed cemetery receipts held in trust	11,473		242
	$	—	$	—

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,
	2023		2024
Purchases	$	(6,354)	$	(4,326)
Sales	3,045		16,560

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, 2023		March 31, 2024
Preneed funeral trust investments, at market value	$	111,247	$	113,377
Less: allowance for contract cancellation	(3,405)		(3,544)
Preneed funeral trust investments	$	107,842	$	109,833

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	$	80
Due in one to five years	11,310
Due in five to ten years	2,962
Thereafter	15,466
Total fixed income securities	$	29,818

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


Due in one year or less	$	—
Due in one to five years	10,687
Due in five to ten years	2,905
Thereafter	15,472
Total fixed income securities	$	29,064

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, 2024 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	39,108	$	—	$	—	$	39,108
Fixed income securities:
U.S treasury debt	1	405		—		(37)		368

Foreign debt	2	7,217		1,346		(13)		8,550
Corporate debt	2	13,931		237		(2,162)		12,006
Preferred stock	2	10,084		455		(1,645)		8,894

Common stock	1	30,277		2,170		(4,557)		27,890
Limited partnership fund		3,342		278		—		3,620
Mutual funds:
Equity	1	397		8		(19)		386
Fixed income	2	10,353		27		(1,936)		8,444
Other investments	2	3,046		—		—		3,046
Trust securities		$	118,160	$	4,521	$	(10,369)	$	112,312
Accrued investment income		$	1,065					$	1,065
Preneed funeral trust investments								$	113,377
Market value as a percentage of cost								95.1%

The cost and market values associated with preneed funeral trust investments at December 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	$	26,707	$	—	$	—	$	26,707
Fixed income securities:
U.S. treasury debt	1	451		—		(34)		417
Foreign debt	2	7,300		1,297		(16)		8,581
Corporate debt	2	13,848		323		(3,255)		10,916
Preferred stock	2	9,786		442		(1,468)		8,760

Common stock	1	38,600		8,858		(6,855)		40,603
Limited partnership fund		3,383		—		(2)		3,381
Mutual funds:
Equity	1	401		3		(29)		375
Fixed income	2	9,513		15		(2,383)		7,145
Other investments	2	3,510		—		—		3,510
Trust securities		$	113,499	$	10,938	$	(14,042)	$	110,395
Accrued investment income		$	852					$	852
Preneed funeral trust investments								$	111,247
Market value as a percentage of cost								97.3%

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2024 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	17,744	$	—	$	—	$	17,744
Fixed income securities:

Foreign debt	2	7,116		1,239		(15)		8,340
Corporate debt	2	13,736		258		(2,315)		11,679
Preferred stock	2	10,239		415		(1,609)		9,045

Common stock	1	29,301		2,135		(4,563)		26,873
Limited partnership fund		3,047		254		—		3,301
Mutual funds:
Equity	1	458		24		(18)		464
Fixed income	2	11,167		78		(1,952)		9,293

Trust securities		$	92,808	$	4,403	$	(10,472)	$	86,739
Accrued investment income		$	1,063					$	1,063
Cemetery perpetual care investments								$	87,802
Market value as a percentage of cost								93.5%

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


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	6,688	$	—	$	—	$	6,688
Fixed income securities:
Foreign debt	2	7,101		1,177		(18)		8,260
Corporate debt	2	13,491		334		(3,367)		10,458
Preferred stock	2	10,723		415		(1,435)		9,703

Common stock	1	36,413		8,098		(6,580)		37,931
Limited partnership fund		3,042		—		(2)		3,040
Mutual funds:
Equity	1	467		5		(26)		446
Fixed income	2	10,326		14		(2,382)		7,958
Trust securities		$	88,251	$	10,043	$	(13,810)	$	84,484
Accrued investment income		$	847					$	847
Cemetery perpetual care investments								$	85,331
Market value as a percentage of cost								95.7%

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, 2024, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	March 31, 2024
	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	$	—	$	—	$	368	$	(37)	$	368	$	(37)
Foreign debt	—		—		464		(13)		464		(13)
Corporate debt	635		(14)		4,423		(2,148)		5,058		(2,162)
Preferred stock	830		(4)		6,817		(1,641)		7,647		(1,645)

Total fixed income securities with an unrealized loss	$	1,465	$	(18)	$	12,072	$	(3,839)	$	13,537	$	(3,857)

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, 2023, aggregated by major security type and length of time in a continuous unrealized loss position (in thousands):


	December 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	$	—	$	—	$	371	$	(34)	$	371	$	(34)
Foreign debt	269		(5)		198		(11)		467		(16)
Corporate debt	630		(59)		3,802		(3,196)		4,432		(3,255)
Preferred stock	—		—		7,078		(1,468)		7,078		(1,468)

Total fixed income securities with an unrealized loss	$	899	$	(64)	$	11,449	$	(4,709)	$	12,348	$	(4,773)

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,
	2023		2024
Investment income	$	486	$	436
Realized gains	1,240		9,780
Realized losses	(837)		(3,209)
Unrealized losses, net	(10,585)		(5,848)
Expenses and taxes	(192)		(371)
Net change in deferred preneed funeral receipts held in trust	9,888		(788)
	$	—	$	—

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,
	2023		2024
Purchases	$	(6,063)	$	(4,003)
Sales	2,943		15,118

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


	Three months ended March 31,
	2023		2024
Purchases	$	(4,401)	$	(3,649)
Sales	2,210		14,661

Components of care trusts' corpus

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


	December 31, 2023		March 31, 2024
Cemetery perpetual care trust investments, at market value	$	85,331	$	87,802
Obligations (due from) due to trust	(980)		198
Care trusts’ corpus	$	84,351	$	88,000

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,
	2023		2024
Realized gains	$	160	$	1,306
Realized losses	(177)		(426)
Unrealized losses, net	(9,073)		(6,069)
Net change in care trusts’ corpus	9,090		5,189
Total	$	—	$	—

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


	Three months ended March 31,
	2023		2024
Investment income	$	3,197	$	3,129
Realized losses, net	(456)		(374)
Total	$	2,741	$	2,755

Stockholders' Equity Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividends declared per common share (in dollars per Share)	$ 0.1125	$ 0.1125	$ 0.1125	$ 0.1125
Dividends	$ 1,686	$ 1,661

Trust Investments

3 Months Ended

Mar. 31, 2024

Preneed Trust Investments [Abstract]

Trust Investments

TRUST INVESTMENTS

Preneed 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 our wholly-owned registered investment advisory firm 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, 2023		March 31, 2024
Preneed cemetery trust investments, at market value	$	99,461	$	101,990
Less: allowance for contract cancellation	(3,087)		(3,233)
Preneed cemetery trust investments	$	96,374	$	98,757

The cost and market values associated with preneed cemetery trust investments at March 31, 2024 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	21,052	$	—	$	—	$	21,052
Fixed income securities:

U.S. agency obligations	2	664		—		(56)		608
Foreign debt	2	7,849		1,454		(14)		9,289
Corporate debt	2	15,489		257		(2,508)		13,238
Preferred stock	2	11,296		492		(1,790)		9,998
Certificates of deposit	2	79		—		(7)		72
Common stock	1	34,679		2,459		(5,314)		31,824
Limited partnership fund		3,611		301		—		3,912
Mutual funds:
Equity	1	546		33		(21)		558
Fixed income	2	12,490		34		(2,279)		10,245
Trust securities		$	107,755	$	5,030	$	(11,989)	$	100,796
Accrued investment income		$	1,194					$	1,194
Preneed cemetery trust investments								$	101,990
Market value as a percentage of cost								93.5%

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


Due in one year or less	$	136
Due in one to five years	12,662
Due in five to ten years	3,303
Thereafter	17,104
Total fixed income securities	$	33,205

The cost and market values associated with preneed cemetery trust investments at December 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	$	9,643	$	—	$	—	$	9,643
Fixed income securities:
U.S. agency obligations	2	803		1		(51)		753
Foreign debt	2	7,764		1,371		(17)		9,118
Corporate debt	2	15,071		342		(3,657)		11,756
Preferred stock	2	10,965		473		(1,572)		9,866
Certificate of deposit	2	79		—		(7)		72

Common stock	1	43,057		9,466		(7,935)		44,588
Limited partnership fund		3,575		—		(3)		3,572
Mutual funds:
Equity	1	553		10		(30)		533
Fixed income	2	11,369		16		(2,759)		8,626
Trust Securities		$	102,879	$	11,679	$	(16,031)	$	98,527
Accrued investment income		$	934					$	934
Preneed cemetery trust investments								$	99,461
Market value as a percentage of cost								95.8%


	March 31, 2024
	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	$	—	$	—	$	608	$	(56)	$	608	$	(56)
Foreign debt	—		—		501		(14)		501		(14)
Corporate debt	685		(16)		5,046		(2,492)		5,731		(2,508)
Preferred stock	941		(4)		7,708		(1,786)		8,649		(1,790)
Certificates of deposit	—		—		73		(7)		73		(7)
Total fixed income securities with an unrealized loss	$	1,626	$	(20)	$	13,936	$	(4,355)	$	15,562	$	(4,375)


	December 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	$	—	$	—	$	613	$	(51)	$	613	$	(51)
Foreign debt	284		(5)		209		(12)		493		(17)
Corporate debt	666		(62)		4,239		(3,595)		4,905		(3,657)
Preferred stock	45		—		7,821		(1,572)		7,866		(1,572)
Certificates of deposit	—		—		72		(7)		72		(7)
Total fixed income securities with an unrealized loss	$	995	$	(67)	$	12,954	$	(5,237)	$	13,949	$	(5,304)

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,
	2023		2024
Investment income	$	590	$	539
Realized gains	1,273		10,576
Realized losses	(877)		(3,764)
Unrealized losses, net	(12,153)		(6,959)
Expenses and taxes	(306)		(634)
Net change in deferred preneed cemetery receipts held in trust	11,473		242
	$	—	$	—

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


	Three months ended March 31,
	2023		2024
Purchases	$	(6,354)	$	(4,326)
Sales	3,045		16,560

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, 2023		March 31, 2024
Preneed funeral trust investments, at market value	$	111,247	$	113,377
Less: allowance for contract cancellation	(3,405)		(3,544)
Preneed funeral trust investments	$	107,842	$	109,833

The cost and market values associated with preneed funeral trust investments at March 31, 2024 are detailed below (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	39,108	$	—	$	—	$	39,108
Fixed income securities:
U.S treasury debt	1	405		—		(37)		368

Foreign debt	2	7,217		1,346		(13)		8,550
Corporate debt	2	13,931		237		(2,162)		12,006
Preferred stock	2	10,084		455		(1,645)		8,894

Common stock	1	30,277		2,170		(4,557)		27,890
Limited partnership fund		3,342		278		—		3,620
Mutual funds:
Equity	1	397		8		(19)		386
Fixed income	2	10,353		27		(1,936)		8,444
Other investments	2	3,046		—		—		3,046
Trust securities		$	118,160	$	4,521	$	(10,369)	$	112,312
Accrued investment income		$	1,065					$	1,065
Preneed funeral trust investments								$	113,377
Market value as a percentage of cost								95.1%

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


Due in one year or less	$	80
Due in one to five years	11,310
Due in five to ten years	2,962
Thereafter	15,466
Total fixed income securities	$	29,818

The cost and market values associated with preneed funeral trust investments at December 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	$	26,707	$	—	$	—	$	26,707
Fixed income securities:
U.S. treasury debt	1	451		—		(34)		417
Foreign debt	2	7,300		1,297		(16)		8,581
Corporate debt	2	13,848		323		(3,255)		10,916
Preferred stock	2	9,786		442		(1,468)		8,760

Common stock	1	38,600		8,858		(6,855)		40,603
Limited partnership fund		3,383		—		(2)		3,381
Mutual funds:
Equity	1	401		3		(29)		375
Fixed income	2	9,513		15		(2,383)		7,145
Other investments	2	3,510		—		—		3,510
Trust securities		$	113,499	$	10,938	$	(14,042)	$	110,395
Accrued investment income		$	852					$	852
Preneed funeral trust investments								$	111,247
Market value as a percentage of cost								97.3%


	March 31, 2024
	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	$	—	$	—	$	368	$	(37)	$	368	$	(37)
Foreign debt	—		—		464		(13)		464		(13)
Corporate debt	635		(14)		4,423		(2,148)		5,058		(2,162)
Preferred stock	830		(4)		6,817		(1,641)		7,647		(1,645)

Total fixed income securities with an unrealized loss	$	1,465	$	(18)	$	12,072	$	(3,839)	$	13,537	$	(3,857)


	December 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	$	—	$	—	$	371	$	(34)	$	371	$	(34)
Foreign debt	269		(5)		198		(11)		467		(16)
Corporate debt	630		(59)		3,802		(3,196)		4,432		(3,255)
Preferred stock	—		—		7,078		(1,468)		7,078		(1,468)

Total fixed income securities with an unrealized loss	$	899	$	(64)	$	11,449	$	(4,709)	$	12,348	$	(4,773)

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,
	2023		2024
Investment income	$	486	$	436
Realized gains	1,240		9,780
Realized losses	(837)		(3,209)
Unrealized losses, net	(10,585)		(5,848)
Expenses and taxes	(192)		(371)
Net change in deferred preneed funeral receipts held in trust	9,888		(788)
	$	—	$	—

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


	Three months ended March 31,
	2023		2024
Purchases	$	(6,063)	$	(4,003)
Sales	2,943		15,118

Cemetery Perpetual Care Trust Investments

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


	December 31, 2023		March 31, 2024
Cemetery perpetual care trust investments, at market value	$	85,331	$	87,802
Obligations (due from) due to trust	(980)		198
Care trusts’ corpus	$	84,351	$	88,000

The following table reflects the cost and market values associated with the trust investments held in cemetery perpetual care trust funds at March 31, 2024 (in thousands):


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	17,744	$	—	$	—	$	17,744
Fixed income securities:

Foreign debt	2	7,116		1,239		(15)		8,340
Corporate debt	2	13,736		258		(2,315)		11,679
Preferred stock	2	10,239		415		(1,609)		9,045

Common stock	1	29,301		2,135		(4,563)		26,873
Limited partnership fund		3,047		254		—		3,301
Mutual funds:
Equity	1	458		24		(18)		464
Fixed income	2	11,167		78		(1,952)		9,293

Trust securities		$	92,808	$	4,403	$	(10,472)	$	86,739
Accrued investment income		$	1,063					$	1,063
Cemetery perpetual care investments								$	87,802
Market value as a percentage of cost								93.5%

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


Due in one year or less	$	—
Due in one to five years	10,687
Due in five to ten years	2,905
Thereafter	15,472
Total fixed income securities	$	29,064

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


	Fair Value Hierarchy Level	Cost		Unrealized Gains		Unrealized Losses		Fair Market Value
Cash and money market accounts	1	$	6,688	$	—	$	—	$	6,688
Fixed income securities:
Foreign debt	2	7,101		1,177		(18)		8,260
Corporate debt	2	13,491		334		(3,367)		10,458
Preferred stock	2	10,723		415		(1,435)		9,703

Common stock	1	36,413		8,098		(6,580)		37,931
Limited partnership fund		3,042		—		(2)		3,040
Mutual funds:
Equity	1	467		5		(26)		446
Fixed income	2	10,326		14		(2,382)		7,958
Trust securities		$	88,251	$	10,043	$	(13,810)	$	84,484
Accrued investment income		$	847					$	847
Cemetery perpetual care investments								$	85,331
Market value as a percentage of cost								95.7%


	March 31, 2024
	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	$	—	$	—	$	622	$	(15)	$	622	$	(15)
Corporate debt	578		(13)		4,588		(2,302)		5,166		(2,315)
Preferred stock	757		(4)		7,151		(1,605)		7,908		(1,609)

Total fixed income securities with an unrealized loss	$	1,335	$	(17)	$	12,361	$	(3,922)	$	13,696	$	(3,939)


	December 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	$	440	$	(8)	$	178	$	(10)	$	618	$	(18)
Corporate debt	567		(53)		3,879		(3,314)		4,446		(3,367)
Preferred stock	—		—		7,301		(1,435)		7,301		(1,435)

Total fixed income securities with an unrealized loss	$	1,007	$	(61)	$	11,358	$	(4,759)	$	12,365	$	(4,820)

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,
	2023		2024
Realized gains	$	160	$	1,306
Realized losses	(177)		(426)
Unrealized losses, net	(9,073)		(6,069)
Net change in care trusts’ corpus	9,090		5,189
Total	$	—	$	—

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


	Three months ended March 31,
	2023		2024
Investment income	$	3,197	$	3,129
Realized losses, net	(456)		(374)
Total	$	2,741	$	2,755

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


	Three months ended March 31,
	2023		2024
Purchases	$	(4,401)	$	(3,649)
Sales	2,210		14,661

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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,
	2023		2024
Numerator for basic and diluted earnings per share:
Net income	$	8,844	$	6,973
Less: Earnings allocated to unvested restricted stock	(71)		(101)
Income attributable to common stockholders	$	8,773	$	6,872

Denominator:
Denominator for basic earnings per common share – weighted average shares outstanding	14,758		14,876
Effect of dilutive securities:
Stock options	99		17

Performance awards	611		416
Denominator for diluted earnings per common share – weighted average shares outstanding	15,468		15,309

Basic earnings per common share:	$	0.59	$	0.46
Diluted earnings per common share:	$	0.57	$	0.45

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows:


	Three months ended March 31,
	2023	2024
Antidilutive stock options	1,129,210	1,564,656

Trust Investments (Components of Care trusts’ corpus) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Care trusts’ corpus	$ 88,000	$ 84,351
Perpetual Care Trust Invesments
Gain (Loss) on Securities [Line Items]
Cemetery perpetual care trust investments, at market value	87,802	85,331
Obligations (due from) due to trust	198	(980)
Care trusts’ corpus	$ 88,000	$ 84,351

Trust Investments (Cost and fair market values associated with the trust investments held in perpetual care trust) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Perpetual Care Trust Invesments
Gain (Loss) on Securities [Line Items]
Cost	$ 92,808	$ 88,251
Unrealized Gains	4,403	10,043
Unrealized Losses	(10,472)	(13,810)
Fair Market Value	86,739	84,484
Preneed cemetery trust investments	$ 87,802	$ 85,331
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	93.50%	95.70%
Perpetual Care Trust Invesments \| Accrued investment income
Gain (Loss) on Securities [Line Items]
Cost	$ 1,063	$ 847
Fair Market Value	1,063	847
Preneed Funeral Trust Investments
Gain (Loss) on Securities [Line Items]
Cost	118,160	113,499
Unrealized Gains	4,521	10,938
Unrealized Losses	(10,369)	(14,042)
Fair Market Value	112,312	110,395
Preneed cemetery trust investments	$ 113,377	$ 111,247
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	95.10%	97.30%
Preneed Funeral Trust Investments \| Accrued investment income
Gain (Loss) on Securities [Line Items]
Cost	$ 1,065	$ 852
Fair Market Value	1,065	852
Fair Value, Inputs, Level 1 \| Perpetual Care Trust Invesments \| Cash and money market accounts
Gain (Loss) on Securities [Line Items]
Cost	17,744	6,688
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	17,744	6,688
Fair Value, Inputs, Level 1 \| Perpetual Care Trust Invesments \| Common stock
Gain (Loss) on Securities [Line Items]
Cost	29,301	36,413
Unrealized Gains	2,135	8,098
Unrealized Losses	(4,563)	(6,580)
Fair Market Value	26,873	37,931
Fair Value, Inputs, Level 1 \| Perpetual Care Trust Invesments \| Limited partnership fund
Gain (Loss) on Securities [Line Items]
Cost	3,047	3,042
Unrealized Gains	254	0
Unrealized Losses	0	(2)
Fair Market Value	3,301	3,040
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Cash and money market accounts
Gain (Loss) on Securities [Line Items]
Cost	39,108	26,707
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	39,108	26,707
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Common stock
Gain (Loss) on Securities [Line Items]
Cost	30,277	38,600
Unrealized Gains	2,170	8,858
Unrealized Losses	(4,557)	(6,855)
Fair Market Value	27,890	40,603
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Equity
Gain (Loss) on Securities [Line Items]
Cost		401
Unrealized Gains		3
Unrealized Losses		(29)
Fair Market Value		375
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Limited partnership fund
Gain (Loss) on Securities [Line Items]
Cost	3,342	3,383
Unrealized Gains	278	0
Unrealized Losses	0	(2)
Fair Market Value	3,620	3,381
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Foreign debt
Gain (Loss) on Securities [Line Items]
Cost	7,116	7,101
Unrealized Gains	1,239	1,177
Unrealized Losses	(15)	(18)
Fair Market Value	8,340	8,260
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Corporate debt
Gain (Loss) on Securities [Line Items]
Cost	13,736	13,491
Unrealized Gains	258	334
Unrealized Losses	(2,315)	(3,367)
Fair Market Value	11,679	10,458
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Preferred stock
Gain (Loss) on Securities [Line Items]
Cost	10,239	10,723
Unrealized Gains	415	415
Unrealized Losses	(1,609)	(1,435)
Fair Market Value	9,045	9,703
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Fixed Income Securities
Gain (Loss) on Securities [Line Items]
Cost		467
Unrealized Gains		5
Unrealized Losses		(26)
Fair Market Value		446
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Other Investments
Gain (Loss) on Securities [Line Items]
Cost	11,167	10,326
Unrealized Gains	78	14
Unrealized Losses	(1,952)	(2,382)
Fair Market Value	9,293	7,958
Fair Value, Inputs, Level 2 \| Perpetual Care Trust Invesments \| Equity
Gain (Loss) on Securities [Line Items]
Cost	458
Unrealized Gains	24
Unrealized Losses	(18)
Fair Market Value	464
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Foreign debt
Gain (Loss) on Securities [Line Items]
Cost	7,217	7,300
Unrealized Gains	1,346	1,297
Unrealized Losses	(13)	(16)
Fair Market Value	8,550	8,581
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Corporate debt
Gain (Loss) on Securities [Line Items]
Cost	13,931	13,848
Unrealized Gains	237	323
Unrealized Losses	(2,162)	(3,255)
Fair Market Value	12,006	10,916
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Preferred stock
Gain (Loss) on Securities [Line Items]
Cost	10,084	9,786
Unrealized Gains	455	442
Unrealized Losses	(1,645)	(1,468)
Fair Market Value	8,894	8,760
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Fixed Income Securities
Gain (Loss) on Securities [Line Items]
Cost	10,353	9,513
Unrealized Gains	27	15
Unrealized Losses	(1,936)	(2,383)
Fair Market Value	8,444	7,145
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Other Investments
Gain (Loss) on Securities [Line Items]
Cost	3,046	3,510
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	3,046	$ 3,510
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Equity
Gain (Loss) on Securities [Line Items]
Cost	397
Unrealized Gains	8
Unrealized Losses	(19)
Fair Market Value	$ 386

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Restricted Stock

Restricted stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	142,020	$	4,634	156,630	$	3,834
Returned for payroll taxes	1,434	$	49	16,315	$	418
Cancelled	2,400	$	79	26,240	$	841

(1)

Restricted stock granted during the three months ended March 31 2023 and 2024 vests over a three-year period, if the employee has remained continuously employed by us during the vesting period, at a weighted average stock price of $32.63 and $24.48, respectively.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for restricted stock awards of $0.2 million and $0.5 million, for the three months ended March 31, 2023 and 2024, respectively.

Stock Options

Stock option grants and cancellations are as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	214,191	$	2,506	370,590	$	3,830


Cancelled	92,440	$	1,231	294,728	$	3,757

(1)

Stock options granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $32.69 and $24.48, respectively. The fair value of these options was calculated using the Black-Scholes option pricing model. The options granted in 2023 and 2024 vest over a three-year period and have a ten-year term. These options will vest if the employee has remained continuously employed by us through the vesting period.

The fair value of the options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions:


Grant Date												February 21, 2024
Expected holding period (years)												6.00
Awards granted												370,590
Dividend yield												1.79%
Expected volatility												43.59%
Risk-free interest rate												4.31%
Black-Scholes value												$10.34

Additional stock option activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Cash		Shares	Cash
Exercised(1)	12,000	N/A		—	N/A
Returned for option price(2)	10,145	$	—	—	$	—
Returned for payroll taxes(3)	729	$	21	—	$	—



(1)			Stock options exercised during the three months ended March 31, 2023 had a weighted average exercise price of $25.43 with an aggregate intrinsic value of $0.1 million.
(2)			Represents shares withheld/cash received for the payment of the option price.
(3)			Represents shares withheld/cash paid for the payment of payroll taxes.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for stock options of $0.7 million and $0.2 million, for the three months ended March 31, 2023 and 2024, respectively.

Performance Awards

Performance award activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value

Cancelled	40,804	$	1,119	80,276	$	871

For the three months ended March 31, 2023 and 2024, we recorded stock-based compensation expense of $0.1 million and stock-based compensation benefit of $0.4 million, respectively, for performance awards, which is included in General, administrative and other expenses.

Employee Stock Purchase Plan

ESPP activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Price		Shares	Price
ESPP	21,656	$	24.28	16,296	$	21.26

The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:


			2024
Dividend yield			1.84%
Expected volatility			41.15%
Risk-free interest rate			5.46%, 5.24%, 5.02%, 4.80%
Expected life (years)			0.25, 0.50, 0.75, 1.00

We recorded stock-based compensation expense, which is included in General, administrative and other expenses and Regional and unallocated funeral and cemetery costs, for the ESPP totaling $0.3 million and $0.2 million for the three months ended March 31, 2023 and 2024, respectively.

Common Stock

Former Employee

Common stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	30,000	$	826	—	$	—
Returned for payroll taxes	1,001	$	28	—	$	—

(1)

During the three months ended March 31, 2023, we issued 30,000 shares of common stock to a former executive at a stock price of $27.54, in accordance with his Separation and Release agreement pertaining to his resignation from his position as the Company’s Executive Vice President, Chief Financial Officer & Treasurer effective January 2, 2023.

We recorded stock-based compensation expense, which is included in General, administrative and other expenses, for common stock awards of $0.8 million, for the three months ended March 31, 2023.

Good To Great Incentive Program

Common stock issued to certain employees under this incentive program is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	8,444	$	276	31,470	$	790

(1)

Common stock granted during the three months ended March 31, 2023 and 2024 had a grant date stock price of $32.69 and $25.08, respectively.

Non-Employee Director and Board Advisor Compensation

Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Board of Directors(1)	3,518	$	107	3,999	$	108
Advisor to the Board(1)	163	$	5	184	$	5

(1)

Common stock granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $30.52 and $27.04, respectively.

We recorded compensation expense, which is included in General, administrative and other expenses, related to annual retainers, including the value of stock granted to non-employee Directors and an advisor to our Board, of $0.2 million and $0.5 million for the three months ended March 31, 2023 and 2024, respectively.

Share Repurchase

We did not repurchase any shares during the three months ended March 31, 2023 and 2024. At March 31, 2024, our share repurchase program had $48.9 million authorized for repurchases.

Cash Dividends

Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):


2024	Per Share		Dollar Value
March 1st	$	0.1125	$	1,686



2023	Per Share		Dollar Value
March 1st	$	0.1125	$	1,661

Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Preneed Cemetery Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

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


	March 31, 2024
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	8,412	$	19,023	$	—	$	27,435
Other receivables	388		219		112		719
Allowance for credit losses	(302)		(1,303)		—		(1,605)
Accounts receivable, net	$	8,498	$	17,939	$	112	$	26,549


	December 31, 2023
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	8,822	$	18,459	$	—	$	27,281
Other receivables	404		595		286		1,285
Allowance for credit losses	(266)		(1,240)		—		(1,506)
Accounts receivable, net	$	8,960	$	17,814	$	286	$	27,060

Cemetery Receivables

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


	December 31, 2023		March 31, 2024
Interment rights	$	60,863	$	63,328
Merchandise and services	11,223		11,314
Unearned finance charges	5,669		5,884
Cemetery receivables	$	77,755	$	80,526

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


	December 31, 2023		March 31, 2024
Cemetery receivables	$	77,755	$	80,526
Less: unearned finance charges	(5,669)		(5,884)
Cemetery receivables, at amortized cost	$	72,086	$	74,642
Less: allowance for credit losses	(3,495)		(3,602)
Less: balances due on undelivered cemetery preneed contracts	(15,797)		(16,466)
Less: amounts in accounts receivable	(17,219)		(17,720)
Preneed cemetery receivables, net	$	35,575	$	36,854

The amortized cost basis of our cemetery receivables by year of origination at March 31, 2024 is as follows (in thousands):


	2024		2023		2022		2021		2020		Prior		Total
Total preneed cemetery receivables, at amortized cost	$	12,395	$	29,871	$	17,435	$	8,853	$	3,818	$	2,270	$	74,642

Preneed Cemetery Receivables

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


	January 1, 2024		Provision for Credit Losses		Write Offs		Recoveries		March 31, 2024
Trade and financed receivables:
Funeral	$	(266)	$	(238)	$	459	$	(257)	$	(302)
Cemetery	(1,240)		(208)		145		—		(1,303)
Total allowance for credit losses on trade and financed receivables	$	(1,506)	$	(446)	$	604	$	(257)	$	(1,605)

Balances due on undelivered preneed funeral trust contracts have been reclassified to reduce Deferred preneed funeral revenue on our Consolidated Balance Sheet of $10.7 million at both December 31, 2023 and March 31, 2024. 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.

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


	January 1, 2024		Provision for Credit Losses		Write Offs		March 31, 2024
Total allowance for credit losses on Preneed cemetery receivables, net	$	(2,255)	$	(336)	$	292	$	(2,299)

Aging of Past Due Financing Receivables

The aging of past due cemetery receivables at March 31, 2024 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	$	2,418	$	512	$	333	$	3,635	$	6,898	$	51,278	$	58,176
Deferred revenue	444		128		141		1,234		1,947		20,403		22,350
Total contracts	$	2,862	$	640	$	474	$	4,869	$	8,845	$	71,681	$	80,526

Basis of Presentation and Summary of Significant Accounting Policies (PPE) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 420,632	$ 425,529
Less: accumulated depreciation	(138,667)	(138,045)
Property, plant and equipment, net	281,965	287,484
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	86,888	87,635
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	260,864	263,522
Furniture, equipment and vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 72,880	$ 74,372

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	26,793,343	26,627,319
Common stock, shares outstanding	15,165,525	14,999,501
Treasury stock, shares	11,627,818	11,627,818

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

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property, Plant and Equipment

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


	December 31, 2023		March 31, 2024
Land	$	87,635	$	86,888
Buildings and improvements	263,522		260,864
Furniture, equipment and vehicles	74,372		72,880
Property, plant and equipment, at cost	425,529		420,632
Less: accumulated depreciation	(138,045)		(138,667)
Property, plant and equipment, net	$	287,484	$	281,965

Receivables

3 Months Ended

Mar. 31, 2024

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, 2024
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	8,412	$	19,023	$	—	$	27,435
Other receivables	388		219		112		719
Allowance for credit losses	(302)		(1,303)		—		(1,605)
Accounts receivable, net	$	8,498	$	17,939	$	112	$	26,549


	December 31, 2023
	Funeral		Cemetery		Corporate		Total
Trade and financed receivables	$	8,822	$	18,459	$	—	$	27,281
Other receivables	404		595		286		1,285
Allowance for credit losses	(266)		(1,240)		—		(1,506)
Accounts receivable, net	$	8,960	$	17,814	$	286	$	27,060

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, 2024		Provision for Credit Losses		Write Offs		Recoveries		March 31, 2024
Trade and financed receivables:
Funeral	$	(266)	$	(238)	$	459	$	(257)	$	(302)
Cemetery	(1,240)		(208)		145		—		(1,303)
Total allowance for credit losses on trade and financed receivables	$	(1,506)	$	(446)	$	604	$	(257)	$	(1,605)

Cemetery Receivables

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


	December 31, 2023		March 31, 2024
Interment rights	$	60,863	$	63,328
Merchandise and services	11,223		11,314
Unearned finance charges	5,669		5,884
Cemetery receivables	$	77,755	$	80,526

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


	December 31, 2023		March 31, 2024
Cemetery receivables	$	77,755	$	80,526
Less: unearned finance charges	(5,669)		(5,884)
Cemetery receivables, at amortized cost	$	72,086	$	74,642
Less: allowance for credit losses	(3,495)		(3,602)
Less: balances due on undelivered cemetery preneed contracts	(15,797)		(16,466)
Less: amounts in accounts receivable	(17,219)		(17,720)
Preneed cemetery receivables, net	$	35,575	$	36,854

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


	January 1, 2024		Provision for Credit Losses		Write Offs		March 31, 2024
Total allowance for credit losses on Preneed cemetery receivables, net	$	(2,255)	$	(336)	$	292	$	(2,299)

The amortized cost basis of our cemetery receivables by year of origination at March 31, 2024 is as follows (in thousands):


	2024		2023		2022		2021		2020		Prior		Total
Total preneed cemetery receivables, at amortized cost	$	12,395	$	29,871	$	17,435	$	8,853	$	3,818	$	2,270	$	74,642

The aging of past due cemetery receivables at March 31, 2024 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	$	2,418	$	512	$	333	$	3,635	$	6,898	$	51,278	$	58,176
Deferred revenue	444		128		141		1,234		1,947		20,403		22,350
Total contracts	$	2,862	$	640	$	474	$	4,869	$	8,845	$	71,681	$	80,526

Trust Investments (Cost and fair market values associated with preneed funeral trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preneed Cemetery Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 107,755	$ 102,879
Unrealized Gains	5,030	11,679
Unrealized Losses	(11,989)	(16,031)
Fair Market Value	100,796	98,527
Preneed cemetery trust investments	$ 101,990	$ 99,461
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	93.50%	95.80%
Preneed Cemetery Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,194	$ 934
Fair Market Value	1,194	934
Preneed Funeral Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	118,160	113,499
Unrealized Gains	4,521	10,938
Unrealized Losses	(10,369)	(14,042)
Fair Market Value	112,312	110,395
Preneed cemetery trust investments	$ 113,377	$ 111,247
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	95.10%	97.30%
Preneed Funeral Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,065	$ 852
Fair Market Value	1,065	852
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Cost	21,052	9,643
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	21,052	9,643
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	34,679	43,057
Unrealized Gains	2,459	9,466
Unrealized Losses	(5,314)	(7,935)
Fair Market Value	31,824	44,588
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,611	3,575
Unrealized Gains	301	0
Unrealized Losses	0	(3)
Fair Market Value	3,912	3,572
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost		553
Unrealized Gains		10
Unrealized Losses		(30)
Fair Market Value		533
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Cost	39,108	26,707
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	39,108	26,707
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	30,277	38,600
Unrealized Gains	2,170	8,858
Unrealized Losses	(4,557)	(6,855)
Fair Market Value	27,890	40,603
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,342	3,383
Unrealized Gains	278	0
Unrealized Losses	0	(2)
Fair Market Value	3,620	3,381
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost		401
Unrealized Gains		3
Unrealized Losses		(29)
Fair Market Value		375
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| U.S. Treasury Debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	405	451
Unrealized Gains	0	0
Unrealized Losses	(37)	(34)
Fair Market Value	368	417
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| U.S. agency obligations
Debt and Equity Securities, FV-NI [Line Items]
Cost	664	803
Unrealized Gains	0	1
Unrealized Losses	(56)	(51)
Fair Market Value	608	753
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	7,849	7,764
Unrealized Gains	1,454	1,371
Unrealized Losses	(14)	(17)
Fair Market Value	9,289	9,118
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	15,489	15,071
Unrealized Gains	257	342
Unrealized Losses	(2,508)	(3,657)
Fair Market Value	13,238	11,756
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,296	10,965
Unrealized Gains	492	473
Unrealized Losses	(1,790)	(1,572)
Fair Market Value	9,998	9,866
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	79	79
Unrealized Gains	0	0
Unrealized Losses	(7)	(7)
Fair Market Value	72	72
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	546
Unrealized Gains	33
Unrealized Losses	(21)
Fair Market Value	558
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Fixed income
Debt and Equity Securities, FV-NI [Line Items]
Cost	12,490	11,369
Unrealized Gains	34	16
Unrealized Losses	(2,279)	(2,759)
Fair Market Value	10,245	8,626
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	7,217	7,300
Unrealized Gains	1,346	1,297
Unrealized Losses	(13)	(16)
Fair Market Value	8,550	8,581
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	13,931	13,848
Unrealized Gains	237	323
Unrealized Losses	(2,162)	(3,255)
Fair Market Value	12,006	10,916
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	10,084	9,786
Unrealized Gains	455	442
Unrealized Losses	(1,645)	(1,468)
Fair Market Value	8,894	8,760
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	397
Unrealized Gains	8
Unrealized Losses	(19)
Fair Market Value	386
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Fixed Income Securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	10,353	9,513
Unrealized Gains	27	15
Unrealized Losses	(1,936)	(2,383)
Fair Market Value	8,444	7,145
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,046	3,510
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	$ 3,046	$ 3,510

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2024

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, 2024
	Funeral		Cemetery		Total
Services	$	44,807	$	4,892	$	49,699
Merchandise	22,659		4,140		26,799
Cemetery property	—		18,703		18,703
Other revenue	4,365		3,927		8,292
Total	$	71,831	$	31,662	$	103,493


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

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, 2024	$	23,074	$	12,642	$	(16,239)	$	19,477
Three months ended March 31, 2023	22,192		8,613		(10,171)		20,634




Income (loss) before income taxes:
Three months ended March 31, 2024	$	22,869	$	12,709	$	(24,856)	$	10,722
Three months ended March 31, 2023	22,333		8,672		(18,659)		12,346




Total assets:
March 31, 2024	$	790,358	$	452,517	$	17,644	$	1,260,519
December 31, 2023	802,368		448,018		17,666		1,268,052

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Senior Notes (Narrative) (Details) $ in Millions	3 Months Ended
Senior Notes (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Senior Notes 4.25%
Debt Instrument [Line Items]
Debt Instrument, Term	62 months
Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 355.2
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%

Receivables from Preneed Trusts (Tables)

3 Months Ended

Mar. 31, 2024

Receivables From Preneed Trusts [Abstract]

Receivables from Preneed Trusts


	December 31, 2023		March 31, 2024
Preneed funeral trust funds, at cost	$	22,196	$	22,301
Less: allowance for contract cancellation	(666)		(669)
Receivables from preneed funeral trusts, net	$	21,530	$	21,632

Composition of Assets Held in Trust

The following summary reflects the composition of the assets held in trust and controlled by third parties to satisfy our future obligations related to the underlying preneed funeral contracts at December 31, 2023 and March 31, 2024. The cost basis includes reinvested interest and dividends that have been earned on the trust assets. Fair value includes unrealized gains and losses on trust assets.

The composition of the preneed funeral trust funds at March 31, 2024 is as follows (in thousands):


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,568	$	6,568
Fixed income investments	12,665		12,665
Mutual funds and common stocks	3,064		2,815
Annuities	4		4
Total	$	22,301	$	22,052

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


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,547	$	6,547
Fixed income investments	12,732		12,732
Mutual funds and common stocks	2,913		2,695
Annuities	4		4
Total	$	22,196	$	21,978

Trust Investments (Components of preneed cemetery trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery trust investments	$ 98,757	$ 96,374
Preneed Cemetery Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery trust investments, at market value	101,990	99,461
Less: allowance for contract cancellation	(3,233)	(3,087)
Preneed cemetery trust investments	$ 98,757	$ 96,374

Goodwill

3 Months Ended

Mar. 31, 2024

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, 2023		March 31, 2024
Goodwill at the beginning of the period	$	410,137	$	423,643
Increase in goodwill related to acquisitions	13,506		—
Decrease in goodwill related to divestitures	—		(8,748)

Goodwill at the end of the period	$	423,643	$	414,895

During the three months ended March 31, 2024, we allocated $8.7 million of goodwill to the sale of six funeral homes and one cemetery for a loss recorded in Net loss on divestitures, disposals and impairments charges, of which $7.8 million was allocated to our funeral homes segment and $1.0 million was allocated to our cemetery segment.

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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, 2024, we operated 165 funeral homes in 26 states and 31 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 sale of caskets and related funeral merchandise, 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

Our unaudited Consolidated Financial Statements include the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Our interim Consolidated Financial Statements are unaudited, but include all adjustments, which consist of normal, recurring accruals, that are necessary for a fair presentation of our financial position and results of operations as of and for the interim periods presented.

There have been no material changes in our accounting policies previously disclosed in Part II, Item 8 “Financial Statements and Supplementary Data” in Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition, our unaudited Consolidated Financial Statements have been prepared in a manner consistent with the accounting principles described in our Annual Report on Form 10-K for the year ended December 31, 2023 unless otherwise disclosed herein, and should be read in conjunction therewith.

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 funeral and cemetery trust investments. We did not withdraw any realized capital gains and earnings from our preneed trust investments during the three months ended March 31, 2024. 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 funeral trust investments and Preneed cemetery trust investments and increase our Deferred preneed funeral revenue and Deferred preneed cemetery revenue.

Property, Plant and Equipment

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


	December 31, 2023		March 31, 2024
Land	$	87,635	$	86,888
Buildings and improvements	263,522		260,864
Furniture, equipment and vehicles	74,372		72,880
Property, plant and equipment, at cost	425,529		420,632
Less: accumulated depreciation	(138,045)		(138,667)
Property, plant and equipment, net	$	287,484	$	281,965

During the three months ended March 31, 2024, we sold six funeral homes and one cemetery that had a carrying value of property, plant and equipment of $3.1 million, which was included in the loss on sale and recorded in Net loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.

During the three months ended March 31, 2023, we acquired $12.8 million of property, plant and equipment related to our acquisition of a business located in Bakersfield, CA, as more fully described in Note 3 to the Consolidated Financial Statements.

Our growth and maintenance capital expenditures totaled $2.9 million and $1.6 million for the three months ended March 31, 2023 and 2024, respectively. In addition, we recorded depreciation expense of $3.5 million and $3.6 million for the three months ended March 31, 2023 and 2024, respectively.

Cemetery Property

Cemetery property was $114.6 million and $114.0 million, net of accumulated amortization of $64.6 million and $66.2 million at December 31, 2023 and March 31, 2024, 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 $2.1 million and $2.0 million for the three months ended March 31, 2023 and 2024, respectively. We recorded amortization expense for cemetery interment rights of $1.2 million and $1.8 million for the three months ended March 31, 2023 and 2024, respectively.

During the three months ended March 31, 2024, we sold one cemetery that had a carrying value of cemetery property of $0.8 million, which was included in the loss on sale and recorded in Net loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.

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

Income Taxes

Income tax expense was $3.5 million and $3.7 million for the three months ended March 31, 2023 and 2024, respectively. Our operating tax rate before discrete items was 28.9% and 32.8% for the three months ended March 31, 2023 and 2024, respectively.

Subsequent Events

We have evaluated events and transactions during the period subsequent to March 31, 2024 through the date the financial statements were issued for potential recognition or disclosure in the accompanying financial statements covered by this report.

Trust Investments (Purchases and sales of investments in the perpetual care trusts) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Purchases	$ 3,649	$ 4,401
Sales	$ 14,661	$ 2,210

Supplementary Data (Details) - USD ($) $ in Thousands	3 Months Ended
Supplementary Data (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other current assets:
Prepaid expenses	$ 3,767		$ 3,779
Other current assets	138		137
Total other current assets	3,905		4,791
Acquisition debt	599		537
Finance lease obligations	514		592
Operating lease obligations	2,840		2,713
Total current portion of debt and lease obligations	3,953		3,842
Accrued liabilities:
Accrued incentive compensation	4,548		13,156
Accrued insurance	3,278		3,017
Unrecognized tax benefit	3,405		3,382
Accrued vacation	3,758		3,647
Accrued interest	6,626		2,409
Accrued salaries and wages	7,061		2,285
Employee meetings and award trips	601		1,185
Accrued commissions	1,258		1,144
Income tax payable	4,732		0
Accrued ad valorem and franchise taxes	1,493		2,395
Other accrued liabilities	1,529		1,358
Federal income taxes payable	1,091		1,384
Total accrued liabilities	39,380		35,362
Other long-term liabilities:
Incentive compensation	917		1,855
Other long-term liabilities	1,025		0
Total other long-term liabilities	1,942		1,855
Cash paid for interest	4,083	$ 3,782
Cash paid for taxes	461	$ 230
Federal income taxes receivable
Other current assets:
Income taxes receivable	0		454
State income taxes receivable
Other current assets:
Income taxes receivable	$ 0		$ 421

CREDIT FACILITY AND ACQUISITION DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	December 31, 2023		March 31, 2024
Credit Facility	$	179,100	$	154,100
Debt issuance costs, net of accumulated amortization of $2,478 and $2,616, respectively	(1,306)		(1,168)
Total Credit Facility	$	177,794	$	152,932

Acquisition debt	$	5,998	$	5,979
Less: current portion	(537)		(599)
Total acquisition debt, net of current portion	$	5,461	$	5,380

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


	Three months ended March 31,
	2023		2024
Acquisition debt imputed interest expense	$	71	$	104

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,
	2023		2024
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	127		132

Senior Notes amortization of debt issuance costs	36		38

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,
	2023		2024
Credit Facility interest expense	$	3,811	$	3,916
Credit Facility amortization of debt issuance costs	138		138

- Definition

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.

+ References

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+ Details

Trust Investments (Unrealized losses on cemetery merchandise and service trust investments) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	$ 1,626	$ 995
In Loss Position Less than 12 months, Unrealized Losses	(20)	(67)
In Loss Position Greater than 12 months, Fair Market Value	13,936	12,954
In Loss Position Greater than 12 months, Unrealized Losses	(4,355)	(5,237)
Total, Fair Market Value	15,562	13,949
Total, Unrealized Losses	(4,375)	(5,304)
U.S. agency obligations
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	0
In Loss Position Less than 12 months, Unrealized Losses	0	0
In Loss Position Greater than 12 months, Fair Market Value	608	613
In Loss Position Greater than 12 months, Unrealized Losses	(56)	(51)
Total, Fair Market Value	608	613
Total, Unrealized Losses	(56)	(51)
Foreign debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	284
In Loss Position Less than 12 months, Unrealized Losses	0	(5)
In Loss Position Greater than 12 months, Fair Market Value	501	209
In Loss Position Greater than 12 months, Unrealized Losses	(14)	(12)
Total, Fair Market Value	501	493
Total, Unrealized Losses	(14)	(17)
Corporate debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	685	666
In Loss Position Less than 12 months, Unrealized Losses	(16)	(62)
In Loss Position Greater than 12 months, Fair Market Value	5,046	4,239
In Loss Position Greater than 12 months, Unrealized Losses	(2,492)	(3,595)
Total, Fair Market Value	5,731	4,905
Total, Unrealized Losses	(2,508)	(3,657)
Preferred stock
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	941	45
In Loss Position Less than 12 months, Unrealized Losses	(4)	0
In Loss Position Greater than 12 months, Fair Market Value	7,708	7,821
In Loss Position Greater than 12 months, Unrealized Losses	(1,786)	(1,572)
Total, Fair Market Value	8,649	7,866
Total, Unrealized Losses	(1,790)	(1,572)
Mortgage-backed securities
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	0
In Loss Position Less than 12 months, Unrealized Losses	0	0
In Loss Position Greater than 12 months, Fair Market Value	73	72
In Loss Position Greater than 12 months, Unrealized Losses	(7)	(7)
Total, Fair Market Value	73	72
Total, Unrealized Losses	$ (7)	$ (7)

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,689	$ 1,523
Accounts receivable, net	26,549	27,060
Inventories	8,252	8,347
Prepaid and other current assets	3,905	4,791
Total current assets	40,395	41,721
Preneed cemetery trust investments	98,757	96,374
Preneed funeral trust investments	109,833	107,842
Preneed cemetery receivables, net	36,854	35,575
Receivables from preneed funeral trusts, net	21,632	21,530
Property, plant and equipment, net	281,965	287,484
Cemetery property, net	114,002	114,580
Goodwill	414,895	423,643
Intangible and other non-current assets, net	37,872	37,677
Operating lease right-of-use assets	16,512	16,295
Cemetery perpetual care trust investments	87,802	85,331
Total assets	1,260,519	1,268,052
Current liabilities:
Current portion of debt and lease obligations	3,953	3,842
Accounts payable	12,727	11,866
Accrued and other liabilities	39,380	35,362
Total current liabilities	56,060	51,070
Acquisition debt, net of current portion	5,380	5,461
Credit facility	152,932	177,794
Senior notes	396,075	395,905
Obligations under finance leases, net of current portion	5,434	5,831
Obligations under operating leases, net of current portion	15,802	15,797
Deferred preneed cemetery revenue	61,219	61,048
Deferred preneed funeral revenue	39,745	39,537
Deferred tax liability	49,785	52,127
Other long-term liabilities	1,942	1,855
Deferred preneed cemetery receipts held in trust	98,757	96,374
Deferred preneed funeral receipts held in trust	109,833	107,842
Care trusts’ corpus	88,000	84,351
Total liabilities	1,080,964	1,094,992
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value; 80,000,000 shares authorized and 26,627,319 and 26,793,343 shares issued, respectively and 14,999,501 and 15,165,525 shares outstanding, respectively	268	266
Additional paid-in capital	240,811	241,291
Retained earnings	217,229	210,256
Treasury stock, at cost; 11,627,818 shares	(278,753)	(278,753)
Total stockholders’ equity	179,555	173,060
Total liabilities and stockholders’ equity	$ 1,260,519	$ 1,268,052

Trust Investments (Purchases and sales of investments in preneed funeral trusts) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Purchases	$ (4,003)	$ (6,063)
Sales	$ 15,118	$ 2,943

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 103,493	$ 95,514
Field costs and expenses:
Cemetery property amortization	1,756	1,201
Field depreciation expense	3,467	3,357
Regional and unallocated funeral and cemetery costs	3,842	5,437
Other expenses	1,508	1,253
Total field costs and expenses	66,231	64,459
Gross profit	37,262	31,055
Corporate costs and expenses:
General, administrative and other	16,240	10,180
Net loss on divestitures, disposals and impairments charges	1,545	241
Operating income	19,477	20,634
Interest expense	8,712	8,539
Loss on property damage, net of insurance claims	0	271
Other, net	43	(522)
Income before income taxes	10,722	12,346
Expense for income taxes	3,519	3,568
(Benefit) expense related to discrete income tax items	230	(66)
Total expense for income taxes	3,749	3,502
Net income	$ 6,973	$ 8,844
Earnings Per Share, Basic and Diluted [Abstract]
Continuing operations (in dollars per Share)	$ 0.46	$ 0.59
Continuing operations (in dollars per Share)	0.45	0.57
Dividends declared per common share (in dollars per Share)	$ 0.1125	$ 0.1125
Weighted average number of common and common equivalent shares outstanding:
Basic (in Shares)	14,876	14,758
Diluted (in Shares)	15,309	15,468
Service
Segment Reporting Information [Line Items]
Revenues	$ 49,699	$ 48,207
Field costs and expenses:
Cost of service and merchandise	23,708	23,477
Property and Merchandise
Segment Reporting Information [Line Items]
Revenues	45,502	40,011
Field costs and expenses:
Cost of service and merchandise	31,950	29,734
Other revenue
Segment Reporting Information [Line Items]
Revenues	$ 8,292	$ 7,296

Stockholders' Equity (ESPP) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock from employee stock purchase plan, shares		16,296			21,656
Employee Stock Purchase Plan Weighted Average Purchase Price Of Shares Purchased (in USD per share)		$ 21.26			$ 24.28
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		5.02%	5.24%	5.46%
Share-based compensation expense		$ 200			$ 300
Dividend yield		1.84%
Expected volatility		41.15%
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	4.80%
Expected holding period (years)	1 year

Receivables (Preneed cemetery receivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery receivables	$ 80,526		$ 77,755
Unearned finance charges associated with receivables	5,884		5,669
Receivables From Preneed Funeral Trust Gross	74,642		72,086
Preneed Funeral Trust Funds Allowance For Contract Cancellation And Credit Loss	(3,602)		(3,495)
Less: balances due on undelivered cemetery preneed contracts	(16,466)		(15,797)
Accounts Receivable, after Allowance for Credit Loss	(17,720)		(17,219)
Preneed cemetery receivables, net	36,854		35,575
Allowance for Contract Cancellations [Roll Forward]
Beginning balance	1,506
Provision	(782)	$ (699)
Ending balance	1,605
Cemetery
Allowance for Contract Cancellations [Roll Forward]
Beginning balance	1,240
Ending balance	1,303
Preneed Cemetery Receivables
Allowance for Contract Cancellations [Roll Forward]
Beginning balance	2,255
Provision	(336)
Write-offs and cancellations	292
Ending balance	2,299
Interment rights
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery receivables	63,328		60,863
Merchandise and services
Debt and Equity Securities, FV-NI [Line Items]
Preneed cemetery receivables	$ 11,314		$ 11,223

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

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


		Three months ended March 31,
	Income Statement Classification	2023		2024
Operating lease cost	Facilities and grounds expense(1)	$	875	$	978
Short-term lease cost	Facilities and grounds expense(1)	94		18
Variable lease cost	Facilities and grounds expense(1)	58		104

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	126
Interest on lease liabilities	Interest expense	105		125
Total finance lease cost		213		251
Total lease cost		$	1,240	$	1,351



(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,
	2023		2024
Cash paid for operating leases included in operating activities	$	951	$	1,071
Cash paid for finance leases included in financing activities	223		277

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


	Three months ended March 31,
	2023		2024
Right-of-use assets obtained in exchange for new operating lease liabilities	$	908	$	852
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, 2023		March 31, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	16,295	$	16,512

Finance lease right-of-use assets	Property, plant and equipment, net	$	8,249	$	7,870
Accumulated depreciation	Property, plant and equipment, net	(3,059)		(3,162)
Finance lease right-of-use assets, net		$	5,190	$	4,708

Operating lease current liabilities	Current portion of operating lease obligations	$	2,713	$	2,840
Finance lease current liabilities	Current portion of finance lease obligations	592		514
Total current lease liabilities		$	3,305	$	3,354

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	15,797	$	15,802
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	5,831		5,434
Total non-current lease liabilities		$	21,628	$	21,236

Total lease liabilities		$	24,933	$	24,590

The average lease terms and discount rates at March 31, 2024 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	7.6	8.1	%
Finance leases	10.4	8.3	%

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2024 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2024	$	3,210	$	774
2025	3,960		964
2026	3,824		974
2027	3,583		974
2028	3,314		723
Thereafter	6,854		4,512
Total lease payments	24,745		8,921
Less: Interest	(6,103)		(2,973)
Present value of lease liabilities	$	18,642	$	5,948

At March 31, 2024, 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, vehicles and equipment. The components of lease cost are as follows (in thousands):


		Three months ended March 31,
	Income Statement Classification	2023		2024
Operating lease cost	Facilities and grounds expense(1)	$	875	$	978
Short-term lease cost	Facilities and grounds expense(1)	94		18
Variable lease cost	Facilities and grounds expense(1)	58		104

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	126
Interest on lease liabilities	Interest expense	105		125
Total finance lease cost		213		251
Total lease cost		$	1,240	$	1,351



(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,
	2023		2024
Cash paid for operating leases included in operating activities	$	951	$	1,071
Cash paid for finance leases included in financing activities	223		277

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


	Three months ended March 31,
	2023		2024
Right-of-use assets obtained in exchange for new operating lease liabilities	$	908	$	852
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, 2023		March 31, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	16,295	$	16,512

Finance lease right-of-use assets	Property, plant and equipment, net	$	8,249	$	7,870
Accumulated depreciation	Property, plant and equipment, net	(3,059)		(3,162)
Finance lease right-of-use assets, net		$	5,190	$	4,708

Operating lease current liabilities	Current portion of operating lease obligations	$	2,713	$	2,840
Finance lease current liabilities	Current portion of finance lease obligations	592		514
Total current lease liabilities		$	3,305	$	3,354

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	15,797	$	15,802
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	5,831		5,434
Total non-current lease liabilities		$	21,628	$	21,236

Total lease liabilities		$	24,933	$	24,590

The average lease terms and discount rates at March 31, 2024 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	7.6	8.1	%
Finance leases	10.4	8.3	%

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2024 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2024	$	3,210	$	774
2025	3,960		964
2026	3,824		974
2027	3,583		974
2028	3,314		723
Thereafter	6,854		4,512
Total lease payments	24,745		8,921
Less: Interest	(6,103)		(2,973)
Present value of lease liabilities	$	18,642	$	5,948

At March 31, 2024, we had no significant operating or finance leases that had not yet commenced.

Receivables from Preneed Trusts (Receivables from preneed funeral trust funds) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables From Preneed Trusts [Abstract]
Preneed trust funds, at cost	$ 22,301	$ 22,196
Less: Allowance for contract cancellation	(669)	(666)
Receivables from preneed trusts, net	$ 21,632	$ 21,530

Receivables (Aging of past due financing receivables) (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Financing Receivable Recorded Investment Past Due [Line Items]
Total Financing Receivables	$ 80,526
Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,862
Financial Asset, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	640
Financing Receivables, 90 to 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	474
Financing Receivables, Greater Than 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	4,869
Financial Asset, Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	8,845
Financial Asset, Not Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	71,681
Recognized revenue
Financing Receivable Recorded Investment Past Due [Line Items]
Total Financing Receivables	58,176
Recognized revenue \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,418
Recognized revenue \| Financial Asset, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	512
Recognized revenue \| Financing Receivables, 90 to 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	333
Recognized revenue \| Financing Receivables, Greater Than 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	3,635
Recognized revenue \| Financial Asset, Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	6,898
Recognized revenue \| Financial Asset, Not Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	51,278
Deferred revenue
Financing Receivable Recorded Investment Past Due [Line Items]
Total Financing Receivables	22,350
Deferred revenue \| Financial Asset, 30 to 59 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	444
Deferred revenue \| Financial Asset, 60 to 89 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	128
Deferred revenue \| Financing Receivables, 90 to 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	141
Deferred revenue \| Financing Receivables, Greater Than 120 Days Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,234
Deferred revenue \| Financial Asset, Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,947
Deferred revenue \| Financial Asset, Not Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 20,403

Senior Notes (Carrying Value of Senior Notes) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accumulated amortization, debt issuance costs	$ 2,616,000	$ 2,478,000
Senior Notes
Debt Instrument [Line Items]
Principal amount	400,000,000	400,000,000
Debt discount, net of accumulated amortization of $1,309 and $1,441, respectively	(3,059,000)	(3,191,000)
Debt issuance costs, net of accumulated amortization of $373 and $411, respectively	(866,000)	(904,000)
Carrying value of the Senior Notes	396,075,000	395,905,000
Accumulated amortization, debt discount	1,441,000	1,309,000
Accumulated amortization, debt issuance costs	$ 411,000	$ 373,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Business Combinations

BUSINESS COMBINATIONS

Tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized for any difference between the price of the acquisition and fair value. We recognize the assets acquired, the liabilities assumed and any non-controlling interest in the acquiree at the acquisition date, measured at the fair value as of that date. Acquisition related costs are recognized separately from the acquisition and are expensed as incurred. We customarily estimate related transaction costs known at closing. To the extent that information not available to us at the closing date subsequently becomes available during the measurement period, we may adjust goodwill, intangible assets, assets or liabilities associated with the acquisition.

We did not acquire any businesses during the three months ended March 31, 2024. On March 22, 2023, we acquired a business consisting of three funeral homes, two cemeteries and one cremation focused business in the Bakersfield, CA 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 following table summarizes the breakdown of the purchase price allocation for our Bakersfield, CA business acquisition (in thousands):


	Initial Purchase Price Allocation		Adjustments		Adjusted Purchase Price Allocation
Current assets	$	7,087	$	131	$	7,218
Preneed trust assets	—		11,428		11,428
Property, plant & equipment	12,577		245		12,822
Cemetery property	9,035		—		9,035
Goodwill	13,612		(106)		13,506
Intangible and other non-current assets	3,763		—		3,763
Assumed liabilities	(300)		(66)		(366)

Preneed trust liabilities	—		(11,428)		(11,428)
Deferred revenue	(1,774)		(204)		(1,978)
Purchase price	$	44,000	$	—	$	44,000

The current assets relate to accounts receivable and inventory. 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 and commissions payable. As of December 31, 2023, our accounting for this acquisition was complete.

The following table summarizes the 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	$	44,266	$	13,506	$	(13,772)

DIVESTED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Operating Results And Gain On Discontinued Operations

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,
	2023		2024
Revenue	$	66	$	1,151

Operating income	26		122
Loss on divestitures(1)	(82)		(1,501)
Income tax benefit	16		452
Net loss from divested operations, after tax	$	(40)	$	(927)

(1)

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

Senior Notes (Notes)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

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, 2023		March 31, 2024
Long-term liabilities:
Principal amount	$	400,000	$	400,000

Debt discount, net of accumulated amortization of $1,309 and $1,441, respectively	(3,191)		(3,059)
Debt issuance costs, net of accumulated amortization of $373 and $411, respectively	(904)		(866)
Carrying value of the Senior Notes	$	395,905	$	396,075

At March 31, 2024, the fair value of the Senior Notes, which are Level 2 measurements, was $355.2 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 the ability of 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,
	2023		2024
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	127		132

Senior Notes amortization of debt issuance costs	36		38

The debt discount and the debt issuance costs are being amortized using the effective interest method over the remaining term of approximately 62 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, 2023 and 2024 was 4.42% and 4.30%, respectively.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
	Funeral		Cemetery		Total
Services	$	44,807	$	4,892	$	49,699
Merchandise	22,659		4,140		26,799
Cemetery property	—		18,703		18,703
Other revenue	4,365		3,927		8,292
Total	$	71,831	$	31,662	$	103,493


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

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, 2024	$	23,074	$	12,642	$	(16,239)	$	19,477
Three months ended March 31, 2023	22,192		8,613		(10,171)		20,634




Income (loss) before income taxes:
Three months ended March 31, 2024	$	22,869	$	12,709	$	(24,856)	$	10,722
Three months ended March 31, 2023	22,333		8,672		(18,659)		12,346




Total assets:
March 31, 2024	$	790,358	$	452,517	$	17,644	$	1,260,519
December 31, 2023	802,368		448,018		17,666		1,268,052

- Carrying Values of Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 16,512	$ 16,295
Finance lease right-of-use assets	7,870	8,249
Accumulated depreciation	(3,162)	(3,059)
Finance lease right-of-use assets, net	4,708	5,190
Operating lease obligations	2,840	2,713
Finance lease obligations	514	592
Total current lease liabilities	3,354	3,305
Obligations under operating leases, net of current portion	15,802	15,797
Finance lease non-current liabilities	5,434	5,831
Total non-current lease liabilities	21,236	21,628
Total lease liabilities	$ 24,590	$ 24,933

Stockholders' Equity Stockholders' Equity (Stock-Based Compensation Plans) (Details) - USD ($)			3 Months Ended
	Feb. 19, 2022	Apr. 16, 2021	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Exercise of stock options, shares			0	12,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 25.43
Payment, Tax Withholding, Share-based Payment Arrangement			$ 418,000	$ 98,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period, Description			—	10,145
Share-based Compensation Arrangement by Share-based Payment Award, Options, Returned for Payroll Taxes				729
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$ 10.34
Advisor
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			184	163
Director
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			3,999	3,518
Stock options
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			370,590
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 100,000
Proceeds from Stock Options Exercised			0	$ 0
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 0	$ 21,000
Dividend yield			1.79%
Expected volatility			43.59%
Risk-free interest rate			4.31%
Expected holding period (years)			6 years
Stock options \| Black-Scholes
Class of Stock [Line Items]
Share price at grant date				$ 32.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period			294,728	92,440
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures Fair Valueriod			$ 3,757,000	$ 1,231,000
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			370,590	214,191
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Options, Grants in Period, Aggregate Grant Date Market Value			$ 3,830,000	$ 2,506,000
Stock options \| Monte-Carlo Pricing Model
Class of Stock [Line Items]
Share price at grant date			$ 24.48
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			156,630	142,020
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 841,000	$ 79,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Aggregate Grant Date Market Value			$ 3,834,000	$ 4,634,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			16,315	1,434
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation			$ 418,000	$ 49,000
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited			26,240	2,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 24.48	$ 32.63
Performance awards
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			80,276	40,804
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 871,000	$ 1,119,000
Good to Great Awards
Class of Stock [Line Items]
Share price at grant date	$ 32.69	$ 25.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			31,470	8,444
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Forfeited In Period, Fair Value			$ 790,000,000	$ 276,000,000

- Cash flow (Details) - USD ($) $ in Thousands	3 Months Ended
- Cash flow (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for operating leases included in operating activities	$ 1,071	$ 951
Cash paid for finance leases included in financing activities	$ 277	$ 223

Trust Investments (Purchases and sales of investments in preneed cemetery trusts) (Details) - Preneed Cemetery Trust Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Purchases	$ (4,326)	$ (6,354)
Sales	$ 16,560	$ 3,045

Trust Investments (Estimated maturities of the fixed income securities) (Details) - Perpetual Care Trust Invesments $ in Thousands	Mar. 31, 2024 USD ($)
Gain (Loss) on Securities [Line Items]
Due in one year or less	$ 0
Due in one to five years	10,687
Due in five to ten years	2,905
Thereafter	15,472
Total	$ 29,064

CREDIT FACILITY AND ACQUISITION DEBT (Narrative) (Details)		3 Months Ended
	Sep. 29, 2020 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023	Dec. 31, 2023 USD ($)
Debt Covenant To Actual Ratios [Line Items]
Revolving credit facility present accordion provisions		$ 75,000,000
Deferred payments	$ 2,600,000
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		$ 154,100,000		$ 179,100,000
Minimum \| Deferred Purchase Price Notes
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Imputed Interest Rate		6.50%
Debt Instrument, Term		5 years
Maximum \| Deferred Purchase Price Notes
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Imputed Interest Rate		7.30%
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)		5.50
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]
Remaining borrowing capacity		$ 93,300,000
Revolving Credit Facility \| Revolving Credit Facility, Secured, Floating Rate \| Credit Agreement
Debt Covenant To Actual Ratios [Line Items]
Debt Instrument, Interest Rate During Period		8.90%	7.90%
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

DIVESTED OPERATIONS Divested business (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Revenue	$ 1,151	$ 66
Operating income	122	26
Net loss on divestitures	(1,501)	(82)
Income tax benefit	452	16
Net loss from divested operations, after tax	$ (927)	$ (40)

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482551/740-270-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147483475/205-20-45-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-3

+ Details

Supplementary Data (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Balance Sheet Disclosures

The following table presents the detail of certain balance sheet accounts (in thousands):


	December 31, 2023		March 31, 2024
Prepaid and other current assets:
Prepaid expenses	$	3,779	$	3,767

Federal income tax receivable	454		—
State income tax receivable	421		—
Other current assets	137		138
Total prepaid and other current assets	$	4,791	$	3,905

Current portion of debt and lease obligations:
Acquisition debt	$	537	$	599
Finance lease obligations	592		514
Operating lease obligations	2,713		2,840
Total current portion of debt and lease obligations	$	3,842	$	3,953

Accrued and other liabilities:
Incentive compensation	$	13,156	$	4,548
Vacation	3,647		3,758
Unrecognized tax benefit	3,382		3,405
Insurance	3,017		3,278

Interest	2,409		6,626
Ad valorem and franchise taxes	2,395		1,493
Salaries and wages	2,285		7,061

Perpetual care trust payable	1,358		1,529
Employee meetings and award trips	1,185		601
Commissions	1,144		1,258
Income tax payable	—		4,732
Other accrued liabilities	1,384		1,091
Total accrued and other liabilities	$	35,362	$	39,380

Other long-term liabilities:
Incentive compensation	$	1,855	$	917

Other long-term liabilities	—		1,025
Total other long-term liabilities	$	1,855	$	1,942

Supplemental Disclosure of the Consolidated Statements of Cash Flows

The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands):


	Three months ended March 31,
	2023		2024
Cash paid for interest	$	3,782	$	4,083
Cash paid for taxes	230		461

Intangible and Other Non-Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

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

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

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


	December 31, 2023		March 31, 2024
Tradenames	$	28,862	$	28,713
Capitalized commissions on preneed contracts, net of accumulated amortization of $3,788 and $3,980, respectively	4,678		4,715
Prepaid agreements not-to-compete, net of accumulated amortization of $3,158 and $3,276, respectively	1,335		1,269
Internal-use software, net of accumulated amortization of $444 and $528, respectively	2,422		2,835
Other	380		340
Intangible and other non-current assets, net	$	37,677	$	37,872

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, 2024 is as follows (in thousands):


	Capitalized Commissions		Prepaid Agreements		Internal-use Software
Years ending December 31,
Remainder of 2024	$	645	$	345	$	297
2025	803		390		606
2026	737		262		597
2027	653		142		591
2028	582		78		450
Thereafter	1,295		52		294
Total amortization expense	$	4,715	$	1,269	$	2,835

Intangible and Other Non-Current Assets - Aggregate amortization expense for our intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Capitalized Commissions
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	$ 645
2025	803
2026	737
2027	653
2028	582
Thereafter	1,295
Total amortization expense	4,715	$ 4,678
Prepaid Agreements
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	345
2025	390
2026	262
2027	142
2028	78
Thereafter	52
Total amortization expense	1,269	1,335
Internal-use Software
Finite-Lived Intangible Assets [Line Items]
Remainder of 2024	297
2025	606
2026	597
2027	591
2028	450
Thereafter	294
Total amortization expense	$ 2,835	$ 2,422

Stockholders' Equity (Weighted Average Assumptions) (Details) - shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.84%
Expected volatility	41.15%
Risk-free interest rate	5.02%	5.24%	5.46%
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	1.79%
Expected volatility	43.59%
Risk-free interest rate	4.31%
Expected holding period (years)	6 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	370,590

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

CREDIT FACILITY AND ACQUISITION DEBT Imputed Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Series of Individually Immaterial Business Acquisitions
Debt Instrument [Line Items]
Acquisition debt imputed interest expense	$ 104	$ 71

- Definition

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

+ References

+ Details

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the breakdown of the purchase price allocation for our Bakersfield, CA business acquisition (in thousands):


	Initial Purchase Price Allocation		Adjustments		Adjusted Purchase Price Allocation
Current assets	$	7,087	$	131	$	7,218
Preneed trust assets	—		11,428		11,428
Property, plant & equipment	12,577		245		12,822
Cemetery property	9,035		—		9,035
Goodwill	13,612		(106)		13,506
Intangible and other non-current assets	3,763		—		3,763
Assumed liabilities	(300)		(66)		(366)

Preneed trust liabilities	—		(11,428)		(11,428)
Deferred revenue	(1,774)		(204)		(1,978)
Purchase price	$	44,000	$	—	$	44,000

The following table summarizes the 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	$	44,266	$	13,506	$	(13,772)

Trust Investments (Fixed income securities within our perpetual care trust investment in an unrealized loss position) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	$ 1,335	$ 1,007
In Loss Position Greater than 12 months, Fair Market Value	12,361	11,358
Total, Fair Market Value	13,696	12,365
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(17)	(61)
In Loss Position Greater than 12 months, Unrealized Losses	(3,922)	(4,759)
Total, Unrealized Losses	(3,939)	(4,820)
Foreign debt
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	0	440
In Loss Position Greater than 12 months, Fair Market Value	622	178
Total, Fair Market Value	622	618
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	0	(8)
In Loss Position Greater than 12 months, Unrealized Losses	(15)	(10)
Total, Unrealized Losses	(15)	(18)
Corporate debt
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	578	567
In Loss Position Greater than 12 months, Fair Market Value	4,588	3,879
Total, Fair Market Value	5,166	4,446
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(13)	(53)
In Loss Position Greater than 12 months, Unrealized Losses	(2,302)	(3,314)
Total, Unrealized Losses	(2,315)	(3,367)
Preferred stock
Fair Market Value
In Loss Position Less than 12 months, Fair Market Value	757	0
In Loss Position Greater than 12 months, Fair Market Value	7,151	7,301
Total, Fair Market Value	7,908	7,301
Unrealized Losses
In Loss Position Less than 12 months, Unrealized Losses	(4)	0
In Loss Position Greater than 12 months, Unrealized Losses	(1,605)	(1,435)
Total, Unrealized Losses	$ (1,609)	$ (1,435)

CREDIT FACILITY AND ACQUISITION DEBT Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of Debt Issuance Costs	$ 176	$ 174
Credit Agreement
Debt Instrument [Line Items]
Acquisition debt imputed interest expense	3,916	3,811
Line of Credit
Debt Instrument [Line Items]
Amortization of Debt Issuance Costs	$ 138	$ 138

- Definition

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

+ References

+ Details

Trust Investments (Preneed funeral trust investment security transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total		$ 0
Preneed Funeral Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Unrealized losses, net	$ (5,848)	(10,585)
Total	0	0
Preneed Funeral Trust Investments \| Interest Income and Other, Net
Debt and Equity Securities, FV-NI [Line Items]
Investment income	436	486
Expenses and taxes	(371)	(192)
Total	(788)	9,888
Realized gains	9,780	1,240
Realized losses	$ (3,209)	$ (837)

DIVESTED OPERATIONS (Details) $ in Thousands	3 Months Ended
DIVESTED OPERATIONS (Details) $ in Thousands	Mar. 31, 2024 USD ($) divestiture	Mar. 31, 2023 USD ($) divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures and sale of other assets \| $	$ 10,877	$ 1,275
Funeral
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses sold \| divestiture	6	1
Proceeds from divestitures and sale of other assets \| $	$ 10,900	$ 800
Cemetery
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses sold \| divestiture	1

Basis of Presentation and Summary of Significant Accounting Policies (Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment funeral_home state cemeteries divestiture	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization Description and Operations [Line Items]
Number of business segments \| segment	2
Realized capital gains	$ 7,000
Payments to acquire real estate	12,800
Growth and maintenance capital expenditures	(1,600)	$ (2,900)
Depreciation expense	3,600	3,500
Property, plant and equipment, gross	114,000		$ 114,600
Accumulated amortization	66,200		$ 64,600
Growth capital expenditures	(2,000)	(2,100)
Amortization of cemetery interment rights	1,800	1,200
Total benefit for income taxes	$ 3,749	$ 3,502
Income taxes before discrete items	32.80%	28.90%
Funeral homes
Organization Description and Operations [Line Items]
Carrying value of divestitures	$ 3,100
Funeral homes
Organization Description and Operations [Line Items]
Revenue, Percentage	70.00%
Number of owned and operated funeral homes (in Funeral Homes) \| funeral_home	165
Number of states in which Company operates \| state	26
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	31
Payments to acquire real estate	$ 9,000
Carrying value of divestitures	$ 800
Number of businesses sold \| divestiture	2

LEASES - Right-of-use Assets Obtained in Exchange for New Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 852	$ 908
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 0	$ 0

Receivables from Preneed Trusts

3 Months Ended

Mar. 31, 2024

Receivables From Preneed Trusts [Abstract]

RECEIVABLES FROM PRENEED TRUSTS

RECEIVABLES FROM PRENEED FUNERAL TRUSTS

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. Receivables from preneed funeral trusts are as follows (in thousands):


	December 31, 2023		March 31, 2024
Preneed funeral trust funds, at cost	$	22,196	$	22,301
Less: allowance for contract cancellation	(666)		(669)
Receivables from preneed funeral trusts, net	$	21,530	$	21,632

The composition of the preneed funeral trust funds at March 31, 2024 is as follows (in thousands):


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,568	$	6,568
Fixed income investments	12,665		12,665
Mutual funds and common stocks	3,064		2,815
Annuities	4		4
Total	$	22,301	$	22,052

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


	Historical Cost Basis		Fair Value
Cash and cash equivalents	$	6,547	$	6,547
Fixed income investments	12,732		12,732
Mutual funds and common stocks	2,913		2,695
Annuities	4		4
Total	$	22,196	$	21,978

Earnings Per Share (EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Less: Earnings allocated to unvested restricted stock	$ 6,973	$ 8,844
Income attributable to common stockholders	(101)	(71)
Income attributable to common stockholders	$ 6,872	$ 8,773
Denominator [Abstract]
Denominator for basic earnings per common share – weighted average shares outstanding	14,876,000	14,758,000
Weighted average number of common and common equivalent shares outstanding for diluted EPS computation	15,309,000	15,468,000
Basic and Diluted earnings per common share:
Continuing operations (in dollars per Share)	$ 0.46	$ 0.59
Continuing operations (in dollars per Share)	$ 0.45	$ 0.57
Antidilutive securities excluded from computation of diluted EPS	1,564,656,000	1,129,210,000
Stock options
Denominator [Abstract]
Effect of dilutive securities, share options (in shares)	17,000	99,000
Performance awards
Denominator [Abstract]
Effect of dilutive securities, share options (in shares)	416,000	611,000

(Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Components of Lease Expense

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


		Three months ended March 31,
	Income Statement Classification	2023		2024
Operating lease cost	Facilities and grounds expense(1)	$	875	$	978
Short-term lease cost	Facilities and grounds expense(1)	94		18
Variable lease cost	Facilities and grounds expense(1)	58		104

Finance lease cost:
Depreciation of leased assets	Depreciation and amortization(2)	$	108	$	126
Interest on lease liabilities	Interest expense	105		125
Total finance lease cost		213		251
Total lease cost		$	1,240	$	1,351



(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,
	2023		2024
Cash paid for operating leases included in operating activities	$	951	$	1,071
Cash paid for finance leases included in financing activities	223		277

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


	Three months ended March 31,
	2023		2024
Right-of-use assets obtained in exchange for new operating lease liabilities	$	908	$	852
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, 2023		March 31, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	16,295	$	16,512

Finance lease right-of-use assets	Property, plant and equipment, net	$	8,249	$	7,870
Accumulated depreciation	Property, plant and equipment, net	(3,059)		(3,162)
Finance lease right-of-use assets, net		$	5,190	$	4,708

Operating lease current liabilities	Current portion of operating lease obligations	$	2,713	$	2,840
Finance lease current liabilities	Current portion of finance lease obligations	592		514
Total current lease liabilities		$	3,305	$	3,354

Operating lease non-current liabilities	Obligations under operating leases, net of current portion	$	15,797	$	15,802
Finance lease non-current liabilities	Obligations under finance leases, net of current portion	5,831		5,434
Total non-current lease liabilities		$	21,628	$	21,236

Total lease liabilities		$	24,933	$	24,590

The average lease terms and discount rates at March 31, 2024 are as follows:


	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	7.6	8.1	%
Finance leases	10.4	8.3	%

Maturities of Operating Lease Liabilities

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2024 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2024	$	3,210	$	774
2025	3,960		964
2026	3,824		974
2027	3,583		974
2028	3,314		723
Thereafter	6,854		4,512
Total lease payments	24,745		8,921
Less: Interest	(6,103)		(2,973)
Present value of lease liabilities	$	18,642	$	5,948

Maturities of Financing Lease Liabilities

The aggregate future lease payments for non-cancelable operating and finance leases at March 31, 2024 are as follows (in thousands):


	Operating		Finance
Lease payments due:
Remainder of 2024	$	3,210	$	774
2025	3,960		964
2026	3,824		974
2027	3,583		974
2028	3,314		723
Thereafter	6,854		4,512
Total lease payments	24,745		8,921
Less: Interest	(6,103)		(2,973)
Present value of lease liabilities	$	18,642	$	5,948

Trust Investments (Cost and fair market value associated with preneed funeral trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preneed Cemetery Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 107,755	$ 102,879
Unrealized Gains	5,030	11,679
Unrealized Losses	(11,989)	(16,031)
Fair Market Value	100,796	98,527
Preneed cemetery trust investments	$ 101,990	$ 99,461
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	93.50%	95.80%
Preneed Cemetery Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,194	$ 934
Fair Market Value	1,194	934
Preneed Funeral Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	118,160	113,499
Unrealized Gains	4,521	10,938
Unrealized Losses	(10,369)	(14,042)
Fair Market Value	112,312	110,395
Preneed cemetery trust investments	$ 113,377	$ 111,247
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	95.10%	97.30%
Preneed Funeral Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 1,065	$ 852
Fair Market Value	1,065	852
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Cost	21,052	9,643
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	21,052	9,643
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	34,679	43,057
Unrealized Gains	2,459	9,466
Unrealized Losses	(5,314)	(7,935)
Fair Market Value	31,824	44,588
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost		553
Unrealized Gains		10
Unrealized Losses		(30)
Fair Market Value		533
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,611	3,575
Unrealized Gains	301	0
Unrealized Losses	0	(3)
Fair Market Value	3,912	3,572
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Cost	39,108	26,707
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	39,108	26,707
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| U.S. Treasury Debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	405	451
Unrealized Gains	0	0
Unrealized Losses	(37)	(34)
Fair Market Value	368	417
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	30,277	38,600
Unrealized Gains	2,170	8,858
Unrealized Losses	(4,557)	(6,855)
Fair Market Value	27,890	40,603
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost		401
Unrealized Gains		3
Unrealized Losses		(29)
Fair Market Value		375
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,342	3,383
Unrealized Gains	278	0
Unrealized Losses	0	(2)
Fair Market Value	3,620	3,381
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	7,849	7,764
Unrealized Gains	1,454	1,371
Unrealized Losses	(14)	(17)
Fair Market Value	9,289	9,118
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	15,489	15,071
Unrealized Gains	257	342
Unrealized Losses	(2,508)	(3,657)
Fair Market Value	13,238	11,756
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,296	10,965
Unrealized Gains	492	473
Unrealized Losses	(1,790)	(1,572)
Fair Market Value	9,998	9,866
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	79	79
Unrealized Gains	0	0
Unrealized Losses	(7)	(7)
Fair Market Value	72	72
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Fixed income
Debt and Equity Securities, FV-NI [Line Items]
Cost	12,490	11,369
Unrealized Gains	34	16
Unrealized Losses	(2,279)	(2,759)
Fair Market Value	10,245	8,626
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	546
Unrealized Gains	33
Unrealized Losses	(21)
Fair Market Value	558
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| U.S. agency obligations
Debt and Equity Securities, FV-NI [Line Items]
Cost	664	803
Unrealized Gains	0	1
Unrealized Losses	(56)	(51)
Fair Market Value	608	753
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	7,217	7,300
Unrealized Gains	1,346	1,297
Unrealized Losses	(13)	(16)
Fair Market Value	8,550	8,581
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Cost	13,931	13,848
Unrealized Gains	237	323
Unrealized Losses	(2,162)	(3,255)
Fair Market Value	12,006	10,916
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	10,084	9,786
Unrealized Gains	455	442
Unrealized Losses	(1,645)	(1,468)
Fair Market Value	8,894	8,760
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Fixed Income Securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	10,353	9,513
Unrealized Gains	27	15
Unrealized Losses	(1,936)	(2,383)
Fair Market Value	8,444	7,145
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Other Investments
Debt and Equity Securities, FV-NI [Line Items]
Cost	3,046	3,510
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	3,046	$ 3,510
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Cost	397
Unrealized Gains	8
Unrealized Losses	(19)
Fair Market Value	$ 386

Supplementary Data

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Data

SUPPLEMENTARY DATA

Balance Sheet

The following table presents the detail of certain balance sheet accounts (in thousands):


	December 31, 2023		March 31, 2024
Prepaid and other current assets:
Prepaid expenses	$	3,779	$	3,767

Federal income tax receivable	454		—
State income tax receivable	421		—
Other current assets	137		138
Total prepaid and other current assets	$	4,791	$	3,905

Current portion of debt and lease obligations:
Acquisition debt	$	537	$	599
Finance lease obligations	592		514
Operating lease obligations	2,713		2,840
Total current portion of debt and lease obligations	$	3,842	$	3,953

Accrued and other liabilities:
Incentive compensation	$	13,156	$	4,548
Vacation	3,647		3,758
Unrecognized tax benefit	3,382		3,405
Insurance	3,017		3,278

Interest	2,409		6,626
Ad valorem and franchise taxes	2,395		1,493
Salaries and wages	2,285		7,061

Perpetual care trust payable	1,358		1,529
Employee meetings and award trips	1,185		601
Commissions	1,144		1,258
Income tax payable	—		4,732
Other accrued liabilities	1,384		1,091
Total accrued and other liabilities	$	35,362	$	39,380

Other long-term liabilities:
Incentive compensation	$	1,855	$	917

Other long-term liabilities	—		1,025
Total other long-term liabilities	$	1,855	$	1,942

Cash Flow

The following information is supplemental disclosure for the Consolidated Statements of Cash Flows (in thousands):


	Three months ended March 31,
	2023		2024
Cash paid for interest	$	3,782	$	4,083
Cash paid for taxes	230		461

Basis of Presentation and Summary of Significant Accounting Policies Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Total benefit for income taxes	$ 3,749	$ 3,502
Income taxes before discrete items	32.80%	28.90%

Trust Investments (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preneed Cemetery Trust Investments
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 107,755	$ 102,879
Preneed Funeral Trust Investments
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 118,160	$ 113,499

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Dividends Declared

Our Board declared the following dividends payable on the dates below (in thousands, except per share amounts):


2024	Per Share		Dollar Value
March 1st	$	0.1125	$	1,686



2023	Per Share		Dollar Value
March 1st	$	0.1125	$	1,661

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Restricted stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	142,020	$	4,634	156,630	$	3,834
Returned for payroll taxes	1,434	$	49	16,315	$	418
Cancelled	2,400	$	79	26,240	$	841

(1)

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of the right (option) to purchase shares under the ESPP is estimated at the date of purchase with the four quarterly purchase dates using the following assumptions:


			2024
Dividend yield			1.84%
Expected volatility			41.15%
Risk-free interest rate			5.46%, 5.24%, 5.02%, 4.80%
Expected life (years)			0.25, 0.50, 0.75, 1.00

Share-based Payment Arrangement, Performance Shares, Outstanding Activity

Non-Employee Director and Board Advisor common stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Board of Directors(1)	3,518	$	107	3,999	$	108
Advisor to the Board(1)	163	$	5	184	$	5

(1)

Common stock granted during the three months ended March 31, 2023 and 2024 had a weighted average price of $30.52 and $27.04, respectively.

Share-based Payment Arrangement, Option, Activity

Stock option grants and cancellations are as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	214,191	$	2,506	370,590	$	3,830


Cancelled	92,440	$	1,231	294,728	$	3,757

(1)

The fair value of the options granted during the three months ended March 31, 2024 was estimated using the Black-Scholes option pricing model with the following assumptions:


Grant Date												February 21, 2024
Expected holding period (years)												6.00
Awards granted												370,590
Dividend yield												1.79%
Expected volatility												43.59%
Risk-free interest rate												4.31%
Black-Scholes value												$10.34

Additional stock option activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Cash		Shares	Cash
Exercised(1)	12,000	N/A		—	N/A
Returned for option price(2)	10,145	$	—	—	$	—
Returned for payroll taxes(3)	729	$	21	—	$	—



(1)			Stock options exercised during the three months ended March 31, 2023 had a weighted average exercise price of $25.43 with an aggregate intrinsic value of $0.1 million.
(2)			Represents shares withheld/cash received for the payment of the option price.
(3)			Represents shares withheld/cash paid for the payment of payroll taxes.

Share-based Payment Arrangement, Activity

Performance award activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value

Cancelled	40,804	$	1,119	80,276	$	871

Common stock activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Fair Value		Shares	Fair Value
Granted(1)	30,000	$	826	—	$	—
Returned for payroll taxes	1,001	$	28	—	$	—

(1)

Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity

ESPP activity is as follows (in thousands, except shares):


	Three months ended March 31,
	2023			2024
	Shares	Price		Shares	Price
ESPP	21,656	$	24.28	16,296	$	21.26

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Segment Reporting In November 2023, the FASB issued ASU, Segment Reporting - Improvements to Reportable Segment Disclosures (“Topic 280”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require that a public entity disclose, on an annual and interim basis (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; and (2) an amount for other segment items, as described in the amendments, by reportable segment and a description of its composition. Additionally, the amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and therefore were effective for us for our fiscal year beginning January 1, 2024 and for interim periods within our fiscal year beginning January 1, 2025. We expect the adoption will have no impact on our Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the FASB issued ASU, Income Taxes - Improvements to Income Tax Disclosures (“Topic 740”) to enhance the transparency about income tax information through improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation; and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The amendments in this update also require that all entities disclose on an annual basis (1) the amount of net income taxes paid disaggregated by federal and state taxes; and (2) the amount of net income taxes paid disaggregated by individual jurisdictions in which net income taxes paid is equal to or greater than five percent of total net income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We plan to adopt the amendments of Topic 740 for our fiscal year beginning January 1, 2025. We expect the adoption will have no impact on our Consolidated Financial Statements.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Section 65
-Paragraph 6
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 65
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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (e)(1)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section S99
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Senior Notes (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 176	$ 174
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	132	127
Amortization of debt issuance costs	$ 38	$ 36

- Definition

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

+ References

+ Details

Trust Investments (Components of preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Preneed funeral trust investments, at market value	$ 113,377	$ 111,247
Less: allowance for contract cancellation	(3,544)	(3,405)
Preneed funeral trust investments	$ 109,833	$ 107,842

Trust Investments (Estimated maturities of fixed preneed funeral trust income securities) (Details) - Preneed Funeral Trust Investments $ in Thousands	Mar. 31, 2024 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Due in one year or less	$ 80
Due in one to five years	11,310
Due in five to ten years	2,962
Thereafter	15,466
Total fixed income securities	$ 29,818

Intangible and Other Non-Current Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Other assets, noncurrent	$ 340		$ 380
Intangible and other non-current assets, net	37,872		37,677
Amortization of intangibles	332	$ 321
Amortization of intangibles	200
Accumulated amortization of other deferred costs	$ 3,980		3,788
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	$ 28,713		28,862
Trade Names \| Disposal Group, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Disposal group, intangible assets	200
Capitalized Commissions
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	4,715		4,678
Prepaid Agreements
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	1,269		1,335
Finite-lived intangible assets, accumulated amortization	3,276		3,158
Amortization of intangibles	$ 100
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	$ 2,835		2,422
Finite-lived intangible assets, accumulated amortization	528		$ 444
Amortization of intangibles	$ 100
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

Receivables (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Receivables (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 1,605		$ 1,506
Unearned finance charges associated with receivables	5,884		5,669
Provision for credit losses	$ 782	$ 699
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	$ 2,299		2,255
Provision for credit losses	336
Funeral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	302		266
Balances due on undelivered cemetery preneed contracts	10,700		10,700
Cemetery
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	1,303		1,240
Balances due on undelivered cemetery preneed contracts	$ 16,500		$ 15,800

Trust Investments (Perpetual care trust investment security transactions recorded in Other revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Revenues	$ 103,493	$ 95,514
Preneed Funeral Trust Investments
Gain (Loss) on Securities [Line Items]
Total		(9,090)
Other revenue
Gain (Loss) on Securities [Line Items]
Revenues	8,292	7,296
Other revenue \| Preneed Funeral Trust Investments
Gain (Loss) on Securities [Line Items]
Investment income	3,129	3,197
Realized losses, net	(374)	(456)
Total	$ 2,755	$ 2,741

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Trust Investments (Cost and fair market values associated with preneed cemetery trust investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Preneed Cemetery Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 107,755	$ 102,879
Unrealized Gains	5,030	11,679
Unrealized Losses	(11,989)	(16,031)
Fair Market Value	100,796	98,527
Preneed cemetery trust investments	$ 101,990	$ 99,461
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	93.50%	95.80%
Preneed Cemetery Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,194	$ 934
Fair Market Value	1,194	934
Preneed Funeral Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Total	118,160	113,499
Unrealized Gains	4,521	10,938
Unrealized Losses	(10,369)	(14,042)
Fair Market Value	112,312	110,395
Preneed cemetery trust investments	$ 113,377	$ 111,247
Preneed cemetery trust investments, fair market value as a percentage of cost (in Percent)	95.10%	97.30%
Preneed Funeral Trust Investments \| Accrued investment income
Debt and Equity Securities, FV-NI [Line Items]
Total	$ 1,065	$ 852
Fair Market Value	1,065	852
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Total	21,052	9,643
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	21,052	9,643
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Total	34,679	43,057
Unrealized Gains	2,459	9,466
Unrealized Losses	(5,314)	(7,935)
Fair Market Value	31,824	44,588
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Total	3,611	3,575
Unrealized Gains	301	0
Unrealized Losses	0	(3)
Fair Market Value	3,912	3,572
Fair Value, Inputs, Level 1 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total		553
Unrealized Gains		10
Unrealized Losses		(30)
Fair Market Value		533
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Cash and money market accounts
Debt and Equity Securities, FV-NI [Line Items]
Total	39,108	26,707
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Market Value	39,108	26,707
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Common stock
Debt and Equity Securities, FV-NI [Line Items]
Total	30,277	38,600
Unrealized Gains	2,170	8,858
Unrealized Losses	(4,557)	(6,855)
Fair Market Value	27,890	40,603
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Limited partnership fund
Debt and Equity Securities, FV-NI [Line Items]
Total	3,342	3,383
Unrealized Gains	278	0
Unrealized Losses	0	(2)
Fair Market Value	3,620	3,381
Fair Value, Inputs, Level 1 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total		401
Unrealized Gains		3
Unrealized Losses		(29)
Fair Market Value		375
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| U.S. agency obligations
Debt and Equity Securities, FV-NI [Line Items]
Total	664	803
Unrealized Gains	0	1
Unrealized Losses	(56)	(51)
Fair Market Value	608	753
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Total	7,849	7,764
Unrealized Gains	1,454	1,371
Unrealized Losses	(14)	(17)
Fair Market Value	9,289	9,118
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Total	15,489	15,071
Unrealized Gains	257	342
Unrealized Losses	(2,508)	(3,657)
Fair Market Value	13,238	11,756
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Total	11,296	10,965
Unrealized Gains	492	473
Unrealized Losses	(1,790)	(1,572)
Fair Market Value	9,998	9,866
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Mortgage-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Total	79	79
Unrealized Gains	0	0
Unrealized Losses	(7)	(7)
Fair Market Value	72	72
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total	546
Unrealized Gains	33
Unrealized Losses	(21)
Fair Market Value	558
Fair Value, Inputs, Level 2 \| Preneed Cemetery Trust Investments \| Fixed income
Debt and Equity Securities, FV-NI [Line Items]
Total	12,490	11,369
Unrealized Gains	34	16
Unrealized Losses	(2,279)	(2,759)
Fair Market Value	10,245	8,626
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Foreign debt
Debt and Equity Securities, FV-NI [Line Items]
Total	7,217	7,300
Unrealized Gains	1,346	1,297
Unrealized Losses	(13)	(16)
Fair Market Value	8,550	8,581
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Corporate debt
Debt and Equity Securities, FV-NI [Line Items]
Total	13,931	13,848
Unrealized Gains	237	323
Unrealized Losses	(2,162)	(3,255)
Fair Market Value	12,006	10,916
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Total	10,084	9,786
Unrealized Gains	455	442
Unrealized Losses	(1,645)	(1,468)
Fair Market Value	8,894	$ 8,760
Fair Value, Inputs, Level 2 \| Preneed Funeral Trust Investments \| Equity
Debt and Equity Securities, FV-NI [Line Items]
Total	397
Unrealized Gains	8
Unrealized Losses	(19)
Fair Market Value	$ 386

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Director	Former Director	Common stock	Common stock Director	Common stock Former Director	Additional Paid-in Capital	Additional Paid-in Capital Director	Additional Paid-in Capital Former Director	Retained Earnings	Treasury Stock, Common
Beginning balance, shares outstanding at Dec. 31, 2022				14,732,000
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 137,134			$ 264			$ 238,780			$ 176,843	$ (278,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 8,844									8,844
Issuance of common stock from employee stock purchase plan, shares	21,656			22,000
Issuance of common stock from employee stock purchase plan	$ 526			$ 0			526
Isuuance of common stock, shares					4,000	30,000
Issuance of common stock		$ 112	$ 826					$ 112	$ 826
Issuance of restricted common stock, shares				142,000
Issuance of restricted common stock	$ 0			$ 2			(2)
Exercise of stock options, shares	12,000			1,000
Exercise of stock options	$ (21)						(21)
Cancellation and retirement of restricted common stock, shares				(4,000)
Cancellation and surrender of restricted common stock	(77)						(77)
Stock-based compensation expense	1,203						1,203
Dividends on common stock	(1,661)						(1,661)
Other, shares				8,000
Other	276						276
Ending balance, shares outstanding at Mar. 31, 2023				14,935,000
Stockholders' equity, ending balance at Mar. 31, 2023	147,162			$ 266			239,962			185,687	(278,753)
Beginning balance, shares outstanding at Dec. 31, 2023				15,000,000
Stockholders' equity, beginning balance at Dec. 31, 2023	173,060			$ 266			241,291			210,256	(278,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,973									6,973
Issuance of common stock from employee stock purchase plan, shares	16,296			16,000
Issuance of common stock from employee stock purchase plan	$ 347						347
Isuuance of common stock, shares					4,000
Issuance of common stock		$ 113						$ 113
Issuance of restricted common stock, shares				157,000
Issuance of restricted common stock				$ 2			(2)
Exercise of stock options, shares	0
Cancellation and retirement of restricted common stock, shares				(43,000)
Cancellation and surrender of restricted common stock	$ (418)						(418)
Stock-based compensation expense	376						376
Dividends on common stock	(1,686)						(1,686)
Other, shares				31,000
Other	790						790
Ending balance, shares outstanding at Mar. 31, 2024				15,165,000
Stockholders' equity, ending balance at Mar. 31, 2024	$ 179,555			$ 268			$ 240,811			$ 217,229	$ (278,753)

Receivables Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Trade and financed receivables	$ 27,435	$ 27,281
Other receivables	719	1,285
Allowance for credit losses	(1,605)	(1,506)
Accounts receivable, net	26,549	27,060
Funeral
Segment Reporting Information [Line Items]
Trade and financed receivables	8,412	8,822
Other receivables	388	404
Allowance for credit losses	(302)	(266)
Accounts receivable, net	8,498	8,960
Cemetery
Segment Reporting Information [Line Items]
Trade and financed receivables	19,023	18,459
Other receivables	219	595
Allowance for credit losses	(1,303)	(1,240)
Accounts receivable, net	17,939	17,814
Corporate
Segment Reporting Information [Line Items]
Trade and financed receivables	0	0
Other receivables	112	286
Allowance for credit losses	0	0
Accounts receivable, net	$ 112	$ 286

Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation and Interim Condensed Disclosures, Policy

Principles of Consolidation and Interim Condensed Disclosures

Use of Estimates, Policy

Use of Estimates

Cash and Cash Equivalents, Policy

Cash and Cash Equivalents

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

Subsequent Events, Policy

Subsequent Events

New Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the FASB issued ASU, Segment Reporting - Improvements to Reportable Segment Disclosures (“Topic 280”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this update require that a public entity disclose, on an annual and interim basis (1) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; and (2) an amount for other segment items, as described in the amendments, by reportable segment and a description of its composition. Additionally, the amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and therefore were effective for us for our fiscal year beginning January 1, 2024 and for interim periods within our fiscal year beginning January 1, 2025. We expect the adoption will have no impact on our Consolidated Financial Statements.

Accounting Pronouncements Not Yet Adopted

Income Taxes

In December 2023, the FASB issued ASU, Income Taxes - Improvements to Income Tax Disclosures (“Topic 740”) to enhance the transparency about income tax information through improvements to income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation; and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The amendments in this update also require that all entities disclose on an annual basis (1) the amount of net income taxes paid disaggregated by federal and state taxes; and (2) the amount of net income taxes paid disaggregated by individual jurisdictions in which net income taxes paid is equal to or greater than five percent of total net income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We plan to adopt the amendments of Topic 740 for our fiscal year beginning January 1, 2025. We expect the adoption will have no impact on our Consolidated Financial Statements.

Property, Plant and Equipment, Policy

Property, Plant and Equipment

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


	December 31, 2023		March 31, 2024
Land	$	87,635	$	86,888
Buildings and improvements	263,522		260,864
Furniture, equipment and vehicles	74,372		72,880
Property, plant and equipment, at cost	425,529		420,632
Less: accumulated depreciation	(138,045)		(138,667)
Property, plant and equipment, net	$	287,484	$	281,965

Trust Investments (Estimated maturities of fixed preneed cemetery trust income securities) (Details) - Preneed Cemetery Trust Investments $ in Thousands	Mar. 31, 2024 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Due in one year or less	$ 136
Due in one to five years	12,662
Due in five to ten years	3,303
Thereafter	17,104
Total	$ 33,205

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 6,973	$ 8,844
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,460	4,769
Provision for credit losses	782	699
Stock-based compensation expense	489	2,141
Deferred income tax benefit	(2,342)	(178)
Amortization of intangibles	332	321
Amortization of debt issuance costs	176	174
Amortization and accretion of debt	132	127
Net loss on divestitures, disposals and impairment charges	1,545	241
Loss on property damage, net of insurance claims	0	271
Gain on sale of excess land	0	(530)
Changes in operating assets and liabilities that provided (used) cash:
Accounts and preneed receivables	(1,800)	120
Inventories, prepaid and other current assets	814	884
Increase (Decrease) in Prepaid Expense and Other Assets	(834)	(1,277)
Preneed funeral and cemetery trust investments	(15,255)	5,356
Accounts payable	862	(246)
Accrued and other liabilities	4,831	1,924
Deferred preneed funeral and cemetery revenue	2,267	8,132
Deferred preneed funeral and cemetery receipts held in trust	15,271	(5,903)
Net cash provided by operating activities	19,703	25,869
Cash flows from investing activities:
Acquisitions of businesses	0	(44,000)
Proceeds from divestitures and sale of other assets	10,877	1,275
Proceeds from insurance claims	46	421
Capital expenditures	(3,551)	(4,982)
Net cash (used in) provided by investing activities	7,372	(47,286)
Cash flows from financing activities:
Borrowings from the credit facility	13,600	51,700
Payments against the credit facility	(38,600)	(28,800)
Payments on acquisition debt and obligations under finance leases	(152)	(127)
Proceeds from the exercise of stock options and employee stock purchase plan contributions	347	526
Taxes paid on restricted stock vestings and exercise of stock options	(418)	(98)
Dividends paid on common stock	(1,686)	(1,661)
Net cash provided by (used in) financing activities	(26,909)	21,540
Net increase in cash and cash equivalents	166	123
Cash and cash equivalents at beginning of period	1,523	1,170
Cash and cash equivalents at end of period	$ 1,689	$ 1,293

Receivables from Preneed Trusts Receivables from Preneed Trusts (Composition of Assets Held in Trusts) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Historical Cost Basis
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	$ 22,301	$ 22,196
Historical Cost Basis \| Cash and cash equivalents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	6,568	6,547
Historical Cost Basis \| Fixed income investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	12,665	12,732
Historical Cost Basis \| Mutual funds and common stocks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	3,064	2,913
Historical Cost Basis \| Annuities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	4	4
Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	22,052	21,978
Fair Value \| Cash and cash equivalents
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	6,568	6,547
Fair Value \| Fixed income investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	12,665	12,732
Fair Value \| Mutual funds and common stocks
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	2,815	2,695
Fair Value \| Annuities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets held-in-trust	$ 4	$ 4

Business Combinations (Narrative) (Details) - Bakersfield, California $ in Millions	Mar. 22, 2023 USD ($) funeral_home cemetary crematory
Business Acquisition [Line Items]
Number of owned and operated funeral homes (in Funeral Homes) \| funeral_home	3
Number of owned and operated cemeteries (in Cemetaries) \| cemetary	2
Number of cremation focused businesses (in crematories) \| crematory	1
Purchase price \| $	$ 44.0

DIVESTED OPERATIONS

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTED OPERATIONS

During the three months ended March 31, 2024, we sold six funeral homes and one cemetery for an aggregate of $10.9 million. During the three months ended March 31, 2023, we sold one funeral home and two cemeteries for an aggregate of $0.8 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,
	2023		2024
Revenue	$	66	$	1,151

Operating income	26		122
Loss on divestitures(1)	(82)		(1,501)
Income tax benefit	16		452
Net loss from divested operations, after tax	$	(40)	$	(927)

(1)

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

Intangible and Other Non-Current Assets

3 Months Ended

Mar. 31, 2024

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, 2023		March 31, 2024
Tradenames	$	28,862	$	28,713
Capitalized commissions on preneed contracts, net of accumulated amortization of $3,788 and $3,980, respectively	4,678		4,715
Prepaid agreements not-to-compete, net of accumulated amortization of $3,158 and $3,276, respectively	1,335		1,269
Internal-use software, net of accumulated amortization of $444 and $528, respectively	2,422		2,835
Other	380		340
Intangible and other non-current assets, net	$	37,677	$	37,872

Tradenames

Our tradenames have indefinite lives and therefore are not amortized.

During the three months ended March 31, 2024, two of the funeral homes that we sold had a carrying value of tradenames of $0.2 million, which was included in the loss on sale and recorded in Net loss on divestitures, disposals and impairment charges on our Consolidated Statements of Operations.

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 $0.2 million for both the three months ended March 31, 2023 and 2024.

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 $0.1 million for both the three months ended March 31, 2023 and 2024.

Internal-use Software

Internal-use software is amortized on a straight-line basis typically over three to five years. Amortization expense was $0.1 million for both the three months ended March 31, 2023 and 2024.

The aggregate amortization expense for our capitalized commissions, prepaid agreements and internal-use software as of March 31, 2024 is as follows (in thousands):


	Capitalized Commissions		Prepaid Agreements		Internal-use Software
Years ending December 31,
Remainder of 2024	$	645	$	345	$	297
2025	803		390		606
2026	737		262		597
2027	653		142		591
2028	582		78		450
Thereafter	1,295		52		294
Total amortization expense	$	4,715	$	1,269	$	2,835

Business Combinations (Assets Acquired) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 22, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill Recorded	$ 414,895	$ 423,643		$ 410,137
Series of Individually Immaterial Business Acquisitions \| Bakersfield, California
Business Acquisition [Line Items]
Assets Acquired (Excluding Goodwill)			$ 44,266,000
Goodwill Recorded			13,506,000
Liabilities and Debt Assumed			$ (13,772,000)

- Definition

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

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill at the beginning of year	$ 423,643	$ 410,137	$ 410,137
Increase in goodwill related to acquisitions	0	13,500	13,506
Decrease in goodwill related to divestitures	8,748		0
Goodwill at the end of the period	414,895		423,643
Increase in goodwill related to acquisitions	0	13,500	$ 13,506
Cemetery
Goodwill [Roll Forward]
Increase in goodwill related to acquisitions	1,000	4,500
Increase in goodwill related to acquisitions	1,000	4,500
Funeral
Goodwill [Roll Forward]
Increase in goodwill related to acquisitions	7,800	9,000
Increase in goodwill related to acquisitions	$ 7,800	$ 9,000

- Definition

+ References + Details

Fair Value Measurements (Narrative) (Details) $ in Millions	Mar. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 10.0
Notes Payable, Other Payables \| Acquisition Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt	6.0
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt measured at fair value	$ 355.2

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Goodwill (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023		March 31, 2024
Goodwill at the beginning of the period	$	410,137	$	423,643
Increase in goodwill related to acquisitions	13,506		—
Decrease in goodwill related to divestitures	—		(8,748)

Goodwill at the end of the period	$	423,643	$	414,895

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Receivables Allowance for credit losses by portfolio segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (1,506)
Provision for Credit Losses	(446)
Write Offs	604
Recoveries	(257)
Balance at end of period	(1,605)
Funeral
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(266)
Provision for Credit Losses	(238)
Write Offs	459
Recoveries	(257)
Balance at end of period	(302)
Cemetery
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	(1,240)
Provision for Credit Losses	(208)
Write Offs	145
Recoveries	0
Balance at end of period	$ (1,303)

- Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
- Lease Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 978	$ 875
Short-term lease cost	18	94
Variable lease cost	104	58
Depreciation of leased assets	126	108
Interest on lease liabilities	125	105
Total finance lease cost	251	213
Total lease cost	$ 1,351	$ 1,240

Earnings Per Share

3 Months Ended

Mar. 31, 2024

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,
	2023		2024
Numerator for basic and diluted earnings per share:
Net income	$	8,844	$	6,973
Less: Earnings allocated to unvested restricted stock	(71)		(101)
Income attributable to common stockholders	$	8,773	$	6,872

Denominator:
Denominator for basic earnings per common share – weighted average shares outstanding	14,758		14,876
Effect of dilutive securities:
Stock options	99		17

Performance awards	611		416
Denominator for diluted earnings per common share – weighted average shares outstanding	15,468		15,309

Basic earnings per common share:	$	0.59	$	0.46
Diluted earnings per common share:	$	0.57	$	0.45

Stock options excluded from the computation of diluted earnings per share because the inclusion of such stock options would result in an antidilutive effect are as follows:


	Three months ended March 31,
	2023	2024
Antidilutive stock options	1,129,210	1,564,656

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, 2024, 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.

- Maturities of Operating and Financing Lease Liabilities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating
Remainder of 2024	$ 3,210
2025	3,960
2026	3,824
2027	3,583
2028	3,314
Thereafter	6,854
Total lease payments	24,745
Less: Interest	(6,103)
Present value of lease liabilities	18,642
Finance
Remainder of 2024	774
2025	964
2026	974
2027	974
2028	723
Thereafter	4,512
Total lease payments	8,921
Less: Interest	(2,973)
Present value of lease liabilities	$ 5,948

SEGMENT REPORTING (Revenue, pre-tax income and total and total assets by segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 103,493	$ 95,514
Operating Income (Loss)	19,477	20,634
Income (loss) before income taxes:	10,722	12,346
Total assets	1,260,519		$ 1,268,052
Funeral
Segment Reporting Information [Line Items]
Revenues	71,831	70,085
Operating Income (Loss)	23,074	22,192
Income (loss) before income taxes:	22,869	22,333
Total assets	790,358		802,368
Cemetery
Segment Reporting Information [Line Items]
Revenues	31,662	25,429
Operating Income (Loss)	12,642	8,613
Income (loss) before income taxes:	12,709	8,672
Total assets	452,517		448,018
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(16,239)	(10,171)
Income (loss) before income taxes:	(24,856)	(18,659)
Total assets	17,644		$ 17,666
Services
Segment Reporting Information [Line Items]
Revenues	49,699	48,207
Services \| Funeral
Segment Reporting Information [Line Items]
Revenues	44,807	43,602
Services \| Cemetery
Segment Reporting Information [Line Items]
Revenues	4,892	4,605
Merchandise
Segment Reporting Information [Line Items]
Revenues	26,799	26,903
Merchandise \| Funeral
Segment Reporting Information [Line Items]
Revenues	22,659	22,969
Merchandise \| Cemetery
Segment Reporting Information [Line Items]
Revenues	4,140	3,934
Cemetery property
Segment Reporting Information [Line Items]
Revenues	18,703	13,108
Cemetery property \| Funeral
Segment Reporting Information [Line Items]
Revenues	0	0
Cemetery property \| Cemetery
Segment Reporting Information [Line Items]
Revenues	18,703	13,108
Other revenue
Segment Reporting Information [Line Items]
Revenues	8,292	7,296
Other revenue \| Funeral
Segment Reporting Information [Line Items]
Revenues	4,365	3,514
Other revenue \| Cemetery
Segment Reporting Information [Line Items]
Revenues	$ 3,927	$ 3,782

Business Combinations (Purchase Price Allocation) (Details) - USD ($) $ in Thousands			3 Months Ended
	Jun. 30, 2023	Mar. 22, 2023	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Preneed trust assets, adjustments			$ 11,428
Goodwill				$ 414,895	$ 423,643	$ 410,137
Preneed trust liabilities, adjustments			(11,428)
Purchase price, total adjustments			0
Bakersfield, California
Business Acquisition [Line Items]
Current assets		$ 7,087		7,218
Current assets, adjustments			131
Preneed trust assets		0		11,428
Property, plant & equipment		12,577		12,822
Property, plant & equipment, adjustments			245
Cemetery property		9,035		9,035
Goodwill		13,612		13,506
Goodwill, adjustments			(106)
Intangible and other non-current assets		3,763		3,763
Assumed liabilities	$ (366)	(300)
Assumed liabilities, adjustments			(66)
Preneed trust liabilities		0		(11,428)
Deferred revenue		(1,774)		(1,978)
Deferred revenue, adjustments			$ (204)
Purchase price		$ 44,000		$ 44,000

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Directors compensation expense				$ 500			$ 200
Dividends declared per common share (in dollars per Share)	$ 0.1125	$ 0.1125		$ 0.1125			$ 0.1125
Issuance of common stock from employee stock purchase plan, shares				16,296			21,656
Employee Stock Purchase Plan Weighted Average Purchase Price Of Shares Purchased (in USD per share)				$ 21.26			$ 24.28
Remaining authorized repurchase amount				$ 48,900
Restricted Stock Units (RSUs)
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				156,630			142,020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Aggregate Grant Date Market Value				$ 3,834			$ 4,634
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 24.48			$ 32.63
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited				26,240			2,400
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				16,315			1,434
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation				$ 418			$ 49
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield				1.84%
Share-based compensation expense				$ 200			300
Expected volatility				41.15%
Risk-free interest rate				5.02%	5.24%	5.46%
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			4.80%
Expected holding period (years)			1 year
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 500			200
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield				1.79%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				33.00%
Share-based compensation expense				$ 200			700
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				370,590
Expected volatility				43.59%
Risk-free interest rate				4.31%
Expected holding period (years)				6 years
Proceeds from Stock Options Exercised				$ 0			0
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation				$ 0			$ 21
Stock options \| Monte-Carlo Pricing Model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price at grant date				$ 24.48
Common stock
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			30,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Aggregate Grant Date Market Value				$ 0			$ 826
Share-based compensation expense				$ 800
Share price at grant date							$ 27.54
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				0			1,001
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation				$ 0			$ 28
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				3,999			3,518
Share Based Compensation Arrangement By Share Based Payment Award, Options, Aggregate Grant Date Fair Value				$ 108			$ 107
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 27.04			$ 30.52
Advisor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				184			163
Share Based Compensation Arrangement By Share Based Payment Award, Options, Aggregate Grant Date Fair Value				$ 5			$ 5
Officers and Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Directors compensation expense				$ (400)			$ 100

CREDIT FACILITY AND ACQUISITION DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

CREDIT FACILITY AND ACQUISITION DEBT

At March 31, 2024, 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, and the maintenance of property and insurance, among 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, pay dividends and make other restricted payments, and certain financial maintenance covenants. At March 31, 2024, we were subject to the following financial covenants under our Credit Facility: (A) a Total Leverage Ratio not to exceed 5.50 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 at March 31, 2024.

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


	December 31, 2023		March 31, 2024
Credit Facility	$	179,100	$	154,100
Debt issuance costs, net of accumulated amortization of $2,478 and $2,616, respectively	(1,306)		(1,168)
Total Credit Facility	$	177,794	$	152,932

Acquisition debt	$	5,998	$	5,979
Less: current portion	(537)		(599)
Total acquisition debt, net of current portion	$	5,461	$	5,380

At March 31, 2024, we had outstanding borrowings under the Credit Facility of $154.1 million. We also had one letter of credit for $2.6 million under the Credit Facility. The letter of credit will expire on November 25, 2024 and is expected to automatically renew annually and secures our obligations under our various self-insured policies. At March 31, 2024, we had $93.3 million of availability under the Credit Facility.

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


	Three months ended March 31,
	2023		2024
Credit Facility interest expense	$	3,811	$	3,916
Credit Facility amortization of debt issuance costs	138		138

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, 2024, 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 7.9% and 8.9% for the three months ended March 31, 2023 and 2024, respectively.

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 6.5% to 7.3%. Original maturities typically range from five to twenty years.

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


	Three months ended March 31,
	2023		2024
Acquisition debt imputed interest expense	$	71	$	104

Senior Notes (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

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, 2023		March 31, 2024
Long-term liabilities:
Principal amount	$	400,000	$	400,000

Debt discount, net of accumulated amortization of $1,309 and $1,441, respectively	(3,191)		(3,059)
Debt issuance costs, net of accumulated amortization of $373 and $411, respectively	(904)		(866)
Carrying value of the Senior Notes	$	395,905	$	396,075

Schedule of Long-term Debt

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


	December 31, 2023		March 31, 2024
Credit Facility	$	179,100	$	154,100
Debt issuance costs, net of accumulated amortization of $2,478 and $2,616, respectively	(1,306)		(1,168)
Total Credit Facility	$	177,794	$	152,932

Acquisition debt	$	5,998	$	5,979
Less: current portion	(537)		(599)
Total acquisition debt, net of current portion	$	5,461	$	5,380

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


	Three months ended March 31,
	2023		2024
Acquisition debt imputed interest expense	$	71	$	104

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,
	2023		2024
Senior Notes interest expense	$	4,250	$	4,250
Senior Notes amortization of debt discount	127		132

Senior Notes amortization of debt issuance costs	36		38

- Definition

+ References

+ Details

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
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, 2024, the carrying value and fair value of our Credit Facility was $154.1 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, 2024, the carrying value of our acquisition debt was $6.0 million, which approximated its fair value. The fair value of our Senior Notes was $355.2 million at March 31, 2024 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 investment strategy of this fund is to generate attractive, risk-adjusted returns over a multi-year performance period through the construction of a concentrated portfolio of investments possessing certain distinct business attributes that suggest the potential for long-term value creation. Beginning March 31, 2024, the agreement permits us to withdraw a percentage of the value of the investments in this fund through quarterly withdrawal dates with the intention to permit withdrawal of the entire investment over twelve successive withdrawal dates. Our unfunded commitment for this investment at March 31, 2024 was $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.

- Definition

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

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-11961
Entity Registrant Name	CARRIAGE SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0423828
Entity Address, Address Line One	3040 Post Oak Boulevard
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	332-8400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	CSV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,165,486
Entity Central Index Key	0001016281
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Receivables Amortized cost basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
2024	$ 12,395
2023	29,871
2022	17,435
2021	8,853
2020	3,818
Prior	2,270
Receivables From Preneed Funeral Trust Gross	$ 74,642	$ 72,086

CREDIT FACILITY AND ACQUISITION DEBT (Long-term Debt Table) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accumulated amortization, debt issuance costs	$ 2,616	$ 2,478
Current maturities on long-term debt	(599)	(537)
Long-term Debt, Excluding Current Maturities	5,380	5,461
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $373 and $411, respectively	(1,168)
Revolving Credit Facility \| Credit Agreement 2018
Debt Instrument [Line Items]
Long-term Debt	154,100	179,100
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $373 and $411, respectively		(1,306)
Term Loan \| Credit Agreement
Debt Instrument [Line Items]
Long-term Debt	152,932	177,794
Acquisition Debt, Deferred Purchase Price \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term Debt	$ 5,979	$ 5,998

Trust Investments (Preneed cemetery trust investment security transactions) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Total		$ 0
Preneed Cemetery Trust Investments
Debt and Equity Securities, FV-NI [Line Items]
Unrealized losses, net	$ (6,959)	(12,153)
Total	0	0
Preneed Cemetery Trust Investments \| Interest Income and Other, Net
Debt and Equity Securities, FV-NI [Line Items]
Investment income	539	590
Expenses and taxes	(634)	(306)
Increase (decrease) in deferred preneed cemetery receipts held in trust	242	11,473
Realized gains	10,576	1,273
Realized losses	$ (3,764)	$ (877)

- Lease Term and Discount Rate (Details)	Mar. 31, 2024
Weighted-average remaining lease term (years)
Operating leases	7 years 7 months 6 days
Finance leases	10 years 4 months 24 days
Weighted-average discount rate
Operating leases	8.10%
Finance leases	8.30%

Trust Investments (Perpetual care trust investment security transactions recorded in Other, net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gain (Loss) on Securities [Line Items]
Total		$ 0
Preneed Funeral Trust Investments
Gain (Loss) on Securities [Line Items]
Realized gains		160
Realized losses		(177)
Net change in care trusts’ corpus		9,090
Total	$ 0
Preneed Funeral Trust Investments \| Interest Expense Net of Other Income
Gain (Loss) on Securities [Line Items]
Realized gains	1,306
Realized losses	(426)
Unrealized losses, net	(6,069)	$ (9,073)
Net change in care trusts’ corpus	$ 5,189

Trust Investments (Unrealized losses on preneed funeral trust investments) (Details) - Preneed Funeral Trust Investments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	$ 1,465	$ 899
In Loss Position Less than 12 months, Unrealized Losses	(18)	(64)
In Loss Position Greater than 12 months, Fair Market Value	12,072	11,449
In Loss Position Greater than 12 months, Unrealized Losses	(3,839)	(4,709)
Total, Fair Market Value	13,537	12,348
Total, Unrealized Losses	(3,857)	(4,773)
US agency securities
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	0
In Loss Position Less than 12 months, Unrealized Losses	0	0
In Loss Position Greater than 12 months, Fair Market Value	368	371
In Loss Position Greater than 12 months, Unrealized Losses	37	34
Total, Fair Market Value	368	371
Total, Unrealized Losses	37	34
Foreign debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	0	269
In Loss Position Less than 12 months, Unrealized Losses	0	(5)
In Loss Position Greater than 12 months, Fair Market Value	464	198
In Loss Position Greater than 12 months, Unrealized Losses	(13)	(11)
Total, Fair Market Value	464	467
Total, Unrealized Losses	(13)	(16)
Corporate debt
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	635	630
In Loss Position Less than 12 months, Unrealized Losses	(14)	(59)
In Loss Position Greater than 12 months, Fair Market Value	4,423	3,802
In Loss Position Greater than 12 months, Unrealized Losses	(2,148)	(3,196)
Total, Fair Market Value	5,058	4,432
Total, Unrealized Losses	(2,162)	(3,255)
Preferred stock
Gain (Loss) on Securities [Line Items]
In Loss Position Less than 12 months, Fair Market Value	830	0
In Loss Position Less than 12 months, Unrealized Losses	(4)	0
In Loss Position Greater than 12 months, Fair Market Value	6,817	7,078
In Loss Position Greater than 12 months, Unrealized Losses	(1,641)	(1,468)
Total, Fair Market Value	7,647	7,078
Total, Unrealized Losses	$ (1,645)	$ (1,468)