0000921895-19-002092.txt : 20190802 0000921895-19-002092.hdr.sgml : 20190802 20190802165427 ACCESSION NUMBER: 0000921895-19-002092 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190802 DATE AS OF CHANGE: 20190802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Biglari Holdings Inc. CENTRAL INDEX KEY: 0001726173 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 823784946 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38477 FILM NUMBER: 19996678 BUSINESS ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 BUSINESS PHONE: 210-344-3400 MAIL ADDRESS: STREET 1: 17802 IH 10 WEST STREET 2: SUITE 400 CITY: SAN ANTONIO STATE: TX ZIP: 78257 FORMER COMPANY: FORMER CONFORMED NAME: NBHSA Inc. DATE OF NAME CHANGE: 20171221 10-Q 1 form10q07428007_08022019.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 001-38477

BIGLARI HOLDINGS INC.

(Exact name of registrant as specified in its charter)


INDIANA		82-3784946
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

17802 IH 10 West, Suite 400

San Antonio, Texas

78257

(Address of principal executive offices)

(Zip Code)

(210) 344-3400

Registrant’s telephone number, including area code

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Class A Common Stock, no par value

Class B Common Stock, no par value

BH.A

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yesx Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Emerging growth company o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of shares of common stock outstanding as of July 31, 2019:

Class A common stock –	206,864
Class B common stock –	2,068,640

Index

BIGLARI HOLDINGS INC.

INDEX


		Page No.
Part I – Financial Information

Item 1.	Financial Statements
	Consolidated Balance Sheets — June 30, 2019 and December 31, 2018	1
	Consolidated Statements of Earnings — Second Quarter and First Six Months 2019 and 2018	2
	Consolidated Statements of Comprehensive Income — Second Quarter and First Six Months 2019 and 2018	2
	Consolidated Statements of Cash Flows — First Six Months 2019 and 2018	3
	Consolidated Statements of Changes in Shareholders’ Equity — First Six Months 2019 and 2018	4
	Notes to Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25
Item 4.	Controls and Procedures	25

Part II – Other Information

Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits	26
Signatures		27

Index

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BIGLARI HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

	June 30, 2019			December 31, 2018
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	27,662		$	48,557
Investments		41,476			33,860
Receivables		8,833			15,743
Inventories		5,166			7,537
Other current assets		4,610			9,236
Total current assets		87,747			114,933
Property and equipment		296,694			274,716
Operating lease assets		66,372			—
Goodwill and other intangible assets		67,820			68,166
Investment partnerships		622,066			557,480
Other assets		13,970			14,198
Total assets	$	1,154,669		$	1,029,493

Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses	$	130,442		$	117,265
Current portion of operating lease liabilities		11,918			—
Current portion of notes payable and other borrowings		6,924			5,720
Total current liabilities		149,284			122,985
Long-term notes payable and other borrowings		265,809			240,001
Operating lease liabilities		60,354			—
Deferred taxes		74,952			86,871
Other liabilities		1,908			9,181
Total liabilities		552,307			459,038

Shareholders’ equity
Common stock		1,138			1,138
Additional paid-in capital		381,904			381,904
Retained earnings		597,451			564,160
Accumulated other comprehensive loss		(2,624	)		(2,516	)
Treasury stock, at cost		(375,507	)		(374,231	)
Biglari Holdings Inc. shareholders’ equity		602,362			570,455
Total liabilities and shareholders’ equity	$	1,154,669		$	1,029,493

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(dollars in thousands except per share amounts)

	Second Quarter						First Six Months
	2019			2018			2019			2018
	(Unaudited)						(Unaudited)
Revenues
Restaurant operations	$	160,061		$	200,594		$	333,836		$	394,528
Insurance premiums and other		7,417			6,745			14,624			13,292
Media advertising and other		865			1,400			1,742			3,144
		168,343			208,739			350,202			410,964
Cost and expenses
Restaurant cost of sales		131,750			160,559			284,199			318,909
Insurance losses and underwriting expenses		5,498			4,473			11,158			10,401
Media cost of sales		641			980			1,589			2,497
Selling, general and administrative		26,423			32,950			61,279			65,600
Depreciation and amortization		5,206			4,816			10,677			9,762
		169,518			203,778			368,902			407,169
Other income (expenses)
Interest expense		(3,150	)		(2,898	)		(6,208	)		(5,652	)
Interest on finance leases and obligations		(2,003	)		(2,151	)		(4,012	)		(4,337	)
Investment partnership gains (losses)		34,198			(8,341	)		68,352			(4,846	)
Total other income (expenses)		29,045			(13,390	)		58,132			(14,835	)
Earnings (loss) before income taxes		27,870			(8,429	)		39,432			(11,040	)
Income tax expense (benefit)		5,896			(890	)		7,640			(1,687	)
Net earnings (loss)	$	21,974		$	(7,539	)	$	31,792		$	(9,353	)
Earnings per share
Net earnings (loss) per equivalent Class A share *	$	63.50		$	(21.73	)	$	91.85		$	(26.76	)

*Net earnings (loss) per equivalent Class B share outstanding is one-fifth of the equivalent Class A share or $12.70 and $18.37 for the second quarter and first six months of 2019, respectively, and $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

	Second Quarter					First Six Months
	2019		2018			2019			2018
	(Unaudited)					(Unaudited)

Net earnings (loss)	$	21,974	$	(7,539	)	$	31,792		$	(9,353	)
Other comprehensive income:
Reclassification to earnings		—		—			—			(73	)
Applicable income taxes		—		—			—			15
Foreign currency translation		196		(1,141	)		(108	)		(645	)
Other comprehensive income (loss), net		196		(1,141	)		(108	)		(703	)
Total comprehensive income (loss)	$	22,170	$	(8,680	)	$	31,684		$	(10,056	)

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

	First Six Months
	2019			2018
	(Unaudited)
Operating activities
Net earnings (loss)	$	31,792		$	(9,353	)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization		10,677			9,762
Provision for deferred income taxes		(12,184	)		(2,858	)
Asset impairments and other non-cash expenses		3,442			714
(Gains) losses on disposal of assets		(663	)		103
Investment partnership (gains) losses		(68,352	)		4,846
Distributions from investment partnerships		2,490			7,700
Changes in receivables and inventories		9,272			4,817
Changes in other assets		35			1,212
Changes in accounts payable and accrued expenses		15,196			(17,408	)
Net cash used in operating activities		(8,295	)		(465	)
Investing activities
Capital expenditures		(6,238	)		(7,218	)
Proceeds from property and equipment disposals		390			2,476
Distributions from investment partnerships		40,000			—
Purchases of limited partner interests		(40,000	)		—
Purchases of investments		(56,321	)		(24,972	)
Redemptions of fixed maturity securities		53,550			24,000
Net cash used in investing activities		(8,619	)		(5,714	)
Financing activities
Payments on revolving credit facility		—			(132	)
Principal payments on long-term debt		(1,100	)		(1,100	)
Principal payments on direct financing lease obligations		(2,884	)		(2,749	)
Proceeds for exercise of stock options		—			49
Net cash used in financing activities		(3,984	)		(3,932	)
Effect of exchange rate changes on cash		3			(55	)
Decrease in cash, cash equivalents and restricted cash		(20,895	)		(10,166	)
Cash, cash equivalents and restricted cash at beginning of year		55,010			67,230
Cash, cash equivalents and restricted cash at end of second quarter	$	34,115		$	57,064

See accompanying Notes to Consolidated Financial Statements

Index

BIGLARI HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands)

	Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at December 31, 2018	$	1,138	$	381,904		$	564,160		$	(2,516	)	$	(374,231	)	$	570,455
Net earnings							9,818									9,818
Adoption of accounting standards							1,499									1,499
Other comprehensive income, net										(304	)					(304	)
Adjustment to treasury stock for holdings in investment partnerships													(114	)		(114	)
Balance at March 31, 2019	$	1,138	$	381,904		$	575,477		$	(2,820	)	$	(374,345	)	$	581,354
Net earnings							21,974									21,974
Other comprehensive income, net										196						196
Adjustment to treasury stock for holdings in investment partnerships													(1,162	)		(1,162	)
Balance at June 30, 2019	$	1,138	$	381,904		$	597,451		$	(2,624	)	$	(375,507	)	$	602,362


		Common Stock		Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total
Balance at December 31, 2017	$	1,071	$	382,014		$	565,504		$	(1,404	)	$	(375,857	)	$	571,328
Net earnings (loss)							(1,814	)								(1,814	)
Adoption of accounting standards							90									90
Other comprehensive income, net										438						438
Adjustment to treasury stock for holdings in investment partnerships													(18,377	)		(18,377	)
Exercise of stock options				(39	)								81			42
Balance at March 31, 2018	$	1,071	$	381,975		$	563,780		$	(966	)	$	(394,153	)	$	551,707
Net earnings (loss)							(7,539	)								(7,539	)
Other comprehensive income, net										(1,141	)					(1,141	)
Conversion of common stock		67		(67	)		(20,826	)					20,826			—
Adjustment to treasury stock for holdings in investment partnerships													(304	)		(304	)
Exercise of stock options				(4	)								11			7
Balance at June 30, 2018	$	1,138	$	381,904		$	535,415		$	(2,107	)	$	(373,620	)	$	542,730

See accompanying Notes to Consolidated Financial Statements.

Index

BIGLARI HOLDINGS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2019

(dollars in thousands, except share and per share data)

Note 1. Summary of Significant Accounting Policies

Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). Intercompany accounts and transactions have been eliminated in consolidation.

Note 2. New Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842). We adopted Accounting Standards Codification (“ASC”) 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. We applied ASC 840 to all comparative periods which included a cumulative-effect adjustment of $1,499 to retained earnings on January 1, 2019. Adoption of ASC 842 also resulted in an increase to total assets and liabilities due to the recording of operating lease assets of $63,261 and operating lease liabilities of $69,671 as of January 1, 2019 and due to the recording of finance lease assets of $11,638 and finance lease liabilities of $11,784. The difference between the asset and liability amounts primarily relates to previously recorded deferred/prepaid rent. The standard had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated statements of earnings and statements of cash flow. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases.

Index

Note 2. New Accounting Standards (continued)

In adopting and applying ASC 842, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. In addition, we elected certain practical expedients and accounting policies, including an accounting policy election to keep leases with an initial term of 12 months or less from the balance sheet. We recognize those lease payments in the consolidated statements of earnings on a straight-line basis over the lease term.

Note 3. Earnings Per Share

Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.

The following table presents shares authorized, issued and outstanding on June 30, 2019 and December 31, 2018.

	June 30, 2019			December 31, 2018
		Class A	Class B		Class A	Class B
Common stock authorized		500,000	10,000,000		500,000	10,000,000
Common stock issued and outstanding		206,864	2,068,640		206,864	2,068,640

The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.

For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average number of common shares during the second quarters of 2019 and 2018 were 346,034 and 346,988, respectively. The equivalent Class A weighted average number of common shares during the first six months of 2019 and 2018 were 346,129 and 349,575, respectively.

Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5^th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Note 4. Investments

Available for sale investments were $37,013 and $33,860 as of June 30, 2019 and December 31, 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in investments as of June 30, 2019 and in other current assets as of December 31, 2018. The investments are recorded at fair value.

Note 5. Investment Partnerships

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.

Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

Index

Note 5. Investment Partnerships (continued)

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2018	$	715,102		$	157,622		$	557,480
Investment partnership gains		54,374			(13,978	)		68,352
Contributions (net of distributions) to investment partnerhips		(2,490	)					(2,490	)
Increase in proportionate share of Company stock held					1,276			(1,276	)
Partnership interest at June 30, 2019	$	766,986		$	144,920		$	622,066

		Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

The carrying value of the investment partnerships net of deferred taxes is presented below.

	June 30, 2019			December 31, 2018
Carrying value of investment partnerships	$	622,066		$	557,480
Deferred tax liability related to investment partnerships		(83,187	)		(92,703	)
Carrying value of investment partnerships net of deferred taxes	$	538,879		$	464,777

The Company’s proportionate share of Company stock held by investment partnerships at cost is $375,507 and $374,231 at June 30, 2019 and December 31, 2018, respectively, and is recorded as treasury stock.

The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

	Second Quarter					First Six Months
	2019		2018			2019		2018
Gains (losses) on investment partnership	$	34,198	$	(8,341	)	$	68,352	$	(4,846	)
Tax expense (benefit)		7,944		(2,464	)		15,861		(2,044	)
Net earnings (loss)	$	26,254	$	(5,877	)	$	52,491	$	(2,802	)

On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first six months of 2019 or 2018. Our investments in these partnerships are committed on a rolling 5-year basis.

Index

Note 5. Investment Partnerships (continued)

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2019	$	106,657		$	911,690
Total liabilities as of June 30, 2019	$	90		$	165,787
Revenue for the first six months of 2019	$	121		$	62,499
Earnings for the first six months of 2019	$	88		$	58,068
Biglari Holdings’ ownership interest as of June 30, 2019		66.1	%		93.4	%

Total assets as of December 31, 2018	$	107,207		$	901,750
Total liabilities as of December 31, 2018	$	447		$	202,770
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

Transactions with The Lion Fund II, L.P. were as follows.

	Second Quarter						First Six Months
	2019			2018			2019			2018
Contributions	$	—		$	—		$	40,000		$	—
Distributions		(2,490	)		(2,500	)		(42,490	)		(7,700	)
	$	(2,490	)	$	(2,500	)	$	(2,490	)	$	(7,700	)

Note 6. Property and Equipment

Property and equipment is composed of the following.

	June 30, 2019			December 31, 2018
Land	$	151,671		$	146,015
Buildings		145,915			142,658
Land and leasehold improvements		162,839			158,938
Equipment		200,076			201,738
Construction in progress		2,910			1,703
		663,411			651,052
Less accumulated depreciation and amortization		(366,717	)		(376,336	)
Property and equipment, net	$	296,694		$	274,716

The Company recorded an impairment to long-lived assets of $438 and $2,338 in selling, general and administrative expenses in the second quarter and first six months of 2019, respectively, and no impairment to long-lived assets in the first six months of 2018. The fair value of the long-lived assets was determined based on Level 2 inputs using a discounted cash flow model and quoted prices for the properties. The fair value of the assets impaired was not material for any of the applicable periods.

As of June 30, 2019, a total of 103 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores. The Company has recorded impairments of $2,006 during the first six months of 2019 associated with temporarily closed units. Although the Company is committed to the franchise partnership model, future impairments are possible.

Index

Note 7. Goodwill and Other Intangible Assets

Goodwill

Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.

A reconciliation of the change in the carrying value of goodwill is as follows.

	Restaurants			Other		Total
Goodwill at December 31, 2018	$	28,139		$	11,913	$	40,052
Change in foreign exchange rates during the first six months of 2019		(4	)		—		(4	)
Goodwill at June 30, 2019	$	28,135		$	11,913	$	40,048

We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first six months of 2019 or 2018.

Other Intangible Assets

Other intangible assets are composed of the following.

	June 30, 2019							December 31, 2018
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,912	)	$	398	$	5,310	$	(4,647	)	$	663
Other		810		(783	)		27		810		(774	)		36
Total		6,120		(5,695	)		425		6,120		(5,421	)		699
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,471		—			11,471		11,539		—			11,539
Total intangible assets	$	33,467	$	(5,695	)	$	27,772	$	33,535	$	(5,421	)	$	28,114

Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first six months of 2019 and 2018 was $274 and $281, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Second Quarter				First Six Months
	2019		2018		2019		2018
Net sales	$	152,062	$	191,797	$	317,693	$	377,368
Franchise royalties and fees		7,146		7,773		14,058		14,875
Other		853		1,024		2,085		2,285
	$	160,061	$	200,594	$	333,836	$	394,528

Index

Note 8. Restaurant Operations Revenues (continued)

Net sales

Net sales were composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.

Franchise royalties and fees

Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years.

Our advertising arrangements with franchisees are reported in franchise royalties and fees.

Gift card revenue

Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following.

	June 30, 2019		December 31, 2018
Accounts payable	$	31,416	$	41,967
Gift card liability		17,199		22,685
Salaries, wages, and vacation		19,000		13,107
Taxes payable		30,264		11,214
Insurance accruals		13,693		12,127
Deferred revenue		13,657		11,681
Other		5,213		4,484
Accounts payable and accrued expenses	$	130,442	$	117,265

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	June 30, 2019			December 31, 2018
Notes payable	$	2,200		$	2,200
Unamortized original issue discount and debt issuance costs		(962	)		(943	)
Finance obligations		4,052			4,463
Finance lease liabilities		1,634			—
Total current portion of notes payable and other borrowings	$	6,924		$	5,720

Long-term notes payable and other borrowings
Notes payable	$	180,398		$	181,498
Unamortized original issue discount and debt issuance costs		(748	)		(1,234	)
Finance obligations		75,709			59,737
Finance leases liabilities		10,450			—
Total long-term notes payable and other borrowings	$	265,809		$	240,001

Index

Note 10. Notes Payable and Other Borrowings (continued)

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.

Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 6.19% as of June 30, 2019.

The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of June 30, 2019, $182,598 was outstanding under the term loan.

Note 11. Leases

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 2. Under ASC 842, leases are generally classified as either operating right-of-use assets or finance lease assets. Right-of-use assets represent the Company's right to use an underlying asset during the lease term. Right-of-use liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and liabilities are calculated by using the net present value of fixed lease payments over the lease term. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. The Company applied an incremental borrowing rate to determine the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments.

A significant portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance obligations. Finance obligations are recorded in notes payable and other borrowings.

Operating lease expense and finance lease depreciation expense are recognized on a straight line basis over the lease term.

Total lease cost consists of the following.

	Second Quarter 2019		First Six Months 2019
Finance lease costs:
Amortization of right-of-use assets	$	487	$	979
Interest on lease liabilities		215		422
Operating lease costs *		4,003		7,860
Total lease costs	$	4,705	$	9,261

*Includes short-term leases, variable lease costs and sublease income, which are immaterial

Index

Note 11. Leases (continued)

Supplemental cash flow information related to leases is as follows.

	First Six Months 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	797
Operating cash flows from finance leases	$	422
Operating cash flows from operating leases	$	8,375
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	$	1,097
Operating lease liabilities	$	8,919

Supplemental balance sheet information related to leases is as follows.

	June 30, 2019
Finance leases:
Property and equipment, net	$	11,755

Current portion of notes payable and other borrowings	$	1,634
Long-term notes payable and other borrowings		10,450
Total finance lease liablities	$	12,084

Weighted-average lease terms and discount rates are as follows.

	June 30, 2019
Weighted-average remaining lease terms:
Finance leases		8.7 years
Operating leases		7.3 years

Weighted-average discount rates:
Finance leases		7.1%
Operating leases		6.9%

Maturities of lease liabilities as of June 30, 2019 are as follows.

Year	Operating Leases		Finance Leases
2019	$	8,439	$	1,218
2020		15,797		2,377
2021		14,701		2,358
2022		12,438		1,869
2023		10,588		1,669
After 2023		31,397		6,815
Total lease payments		93,360		16,306
Less interest		21,088		4,222
Total lease liabilities	$	72,272	$	12,084

Index

Note 11. Leases (continued)

On December 31, 2018, obligations under non-cancelable finance obligations, capital leases, and operating leases (excluding real estate taxes, insurance and maintenance costs) require the following minimum future rental payments.

								Operating Leases
Year		Finance Obligations		Capital Leases		Total		Operating Property		Non-Operating Property
2019	$	11,114	$	55	$	11,169	$	17,914	$	483
2020		8,040		55		8,095		16,691		554
2021		5,925		55		5,980		16,787		578
2022		2,951		5		2,956		15,603		599
2023		1,587		—		1,587		14,071		539
After 2023		1,673		—		1,673		36,709		1,790
Total minimum future rental payments		31,290		170		31,460	$	117,775	$	4,543
Less amount representing interest		18,004		60		18,064
Total principal obligations under leases		13,286		110		13,396
Less current portion		4,433		30		4,463
Non-current principal obligations under leases		8,853		80		8,933
Residual value at end of lease term		50,744		60		50,804
Obligations under leases	$	59,597	$	140	$	59,737

Note 12. Accumulated Other Comprehensive Income

During the first six months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Six months ended June 30, 2019								Six months ended June 30, 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,516	)	$	—	$	(2,516	)	$	(1,462	)	$	58		$	(1,404	)
Reclassification to
(earnings) loss					—		—						(58	)		(58	)
Foreign currency translation		(108	)				(108	)		(645	)					(645	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—		$	(2,107	)

During the second quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Second Quarter 2019								Second Quarter 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,820	)	$	—	$	(2,820	)	$	(966	)	$	—	$	(966	)
Reclassification to
(earnings) loss					—		—						—		—
Foreign currency translation		196					196			(1,141	)				(1,141	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—	$	(2,107	)

Index

Note 12. Accumulated Other Comprehensive Income (continued)

There were no reclassifications from accumulated other comprehensive income to earnings during the second quarters of 2019 and 2018 and first six months of 2019. Reclassifications made from accumulated other comprehensive income to earnings during the first six months of 2018 were $58.

Note 13. Income Taxes

In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for 2019 and an estimated annual effective tax rate for 2018. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.

Income tax expense for the second quarter of 2019 was $5,896 compared to an income tax benefit of $890 for the second quarter of 2018. Income tax expense for the first six months of 2019 was $7,640 compared to an income tax benefit of $1,687 for the first six months of 2018. The variance in income taxes between 2019 and 2018 is attributable to taxes on income generated by the investment partnerships.

As of June 30, 2019 and December 31, 2018, we had approximately $352 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

Note 14. Commitments and Contingencies

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow.

On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure.

On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure. On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.

On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.

On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. The Company continues to believe the claim is without merit and will defend the appeal vigorously.

On September 8, 2014, two former restaurant manager employees filed a purported class action lawsuit against Steak n Shake (Drake v. Steak n Shake). On January 30, 2017, a former restaurant manager employee filed a purported class action lawsuit against Steak n Shake (Clendenen v. Steak n Shake). The plaintiffs generally allege claims that Steak n Shake improperly classified its managerial employees as exempt. On February 28, 2019, a jury returned a verdict in the Drake case against Steak n Shake. The Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement on July 26, 2019.

Index

Note 15. Fair Value of Financial Assets

The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.

The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 1 or Level 2 of the fair value hierarchy depending on the instrument.

Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.

Index

Note 15. Fair Value of Financial Assets (continued)

As of June 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.

	June 30, 2019								December 31, 2018

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	10,118	$	—	$	—	$	10,118	$	21,448	$	—	$	—	$	21,448
Equity securities:
Consumer goods		—		6,421		—		6,421		1,708		4,100		—		5,808
Bonds		35,557		—		—		35,557		32,404		—		—		32,404
Options on equity securities		—		2,142		—		2,142		—		2,755		—		2,755
Non-qualified deferred compensation plan investments		2,057		—		—		2,057		2,149		—		—		2,149
Total assets at fair value	$	47,732	$	8,563	$	—	$	56,295	$	57,709	$	6,855	$	—	$	64,564

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Note 16. Related Party Transactions

Services Agreement

During 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide business and administrative related services to the Company. The Biglari Entities are owned by Mr. Biglari. The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The monthly fee will remain at $700 during 2019. The Company paid Biglari Enterprises $4,200 in service fees during the first six months of 2019 and 2018. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. by the Company.

License Agreement

During 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The Company and its subsidiaries paid no royalties to Mr. Biglari under the License Agreement during its term. The License Agreement was terminated on March 26, 2019.

Incentive Agreement Amendment

The Incentive Agreement was amended on March 26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment is effective in 2019.

Note 17. Business Segment Reporting

Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. The Company also reports segment information for First Guard and Maxim. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.

Index

Note 17. Business Segment Reporting (continued)

Revenue for the second quarters and first six months of 2019 and 2018 were as follows.

	Revenue
	Second Quarter				First Six Months
	2019		2018		2019		2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	156,006	$	196,578	$	326,117	$	386,871
Western Sizzlin		4,055		4,016		7,719		7,657
Total Restaurant Operations		160,061		200,594		333,836		394,528
First Guard		7,417		6,745		14,624		13,292
Maxim		865		1,400		1,742		3,144
	$	168,343	$	208,739	$	350,202	$	410,964

Earnings (losses) before income taxes for the second quarters and first six months of 2019 and 2018 were as follows.

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2019			2018			2019			2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	(3,057	)	$	2,659		$	(21,915	)	$	1,667
Western Sizzlin		506			674			889			1,048
Total Restaurant Operations		(2,551	)		3,333			(21,026	)		2,715
First Guard		1,850			2,301			3,394			2,811
Maxim		176			16			64			(201	)
Other		114			164			253			303
Total Operating Businesses		(411	)		5,814			(17,315	)		5,628
Corporate and Investments:
Corporate		(2,767	)		(3,004	)		(5,397	)		(6,170	)
Investment partnership gains (losses)		34,198			(8,341	)		68,352			(4,846	)
Total Corporate and Investments		31,431			(11,345	)		62,955			(11,016	)
Interest expense on notes payable and other borrowings		(3,150	)		(2,898	)		(6,208	)		(5,652	)
	$	27,870		$	(8,429	)	$	39,432		$	(11,040	)

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands except per share data)

Overview

As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Since 2017, Steak n Shake has experienced sales declines, which is the primary reason for Steak n Shake’s lower profitability. To mitigate the sales declines and increase profitability, Steak n Shake is emphasizing its franchise partnership program. As of June 30, 2019, a total of 103 Steak n Shake restaurants have been temporarily closed. Steak n Shake is actively working to identify franchise partners for these closed stores. However, no assurances can be given that Steak n Shake will be able to secure suitable franchise partners or that its strategy will restore profitability.

Net earnings (loss) attributable to Biglari Holdings shareholders are disaggregated in the table that follows. Amounts are recorded after deducting income taxes.

	Second Quarter						First Six Months
	2019			2018			2019			2018
Operating businesses:
Restaurant	$	(1,424	)	$	1,640		$	(14,767	)	$	1,184
Insurance		1,459			1,810			2,675			2,204
Media		132			13			48			(155	)
Other		85			122			188			224
Total operating businesses		252			3,585			(11,856	)		3,457
Corporate		(2,170	)		(3,450	)		(4,187	)		(6,145	)
Investment partnership gains (losses)		26,254			(5,877	)		52,491			(2,802	)
Interest expense on notes payable and other borrowings		(2,362	)		(1,797	)		(4,656	)		(3,863	)
	$	21,974		$	(7,539	)	$	31,792		$	(9,353	)

Our restaurant businesses include Steak n Shake Inc. (“Steak n Shake”) and Western Sizzlin Corporation (“Western Sizzlin”). As of June 30, 2019, Steak n Shake comprised 307 company-operated restaurants and 213 franchise units. Western Sizzlin comprised 4 company-operated restaurants and 52 franchise units.

Our insurance business is composed of First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers.

Our media business is composed of Maxim Inc. (“Maxim”). Maxim’s business lies principally in media and licensing.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Restaurants

Steak n Shake and Western Sizzlin comprise 576 company-operated and franchise restaurants as of June 30, 2019.

	Steak n Shake					Western Sizzlin
	Company- operated			Franchise		Company-operated		Franchise			Total
Total stores as of December 31, 2018		413			213		4		55			685
Restaurants temporarily (closed)		(103	)		—		—		—			(103	)
Net restaurants opened (closed)		(3	)		—		—		(3	)		(6	)
Total stores as of June 30, 2019		307			213		4		52			576

Total stores as of December 31, 2017		415			200		4		58			677
Net restaurants opened (closed)		—			3		—		(1	)		2
Total stores as of June 30, 2018		415			203		4		57			679

A total of 103 restaurants were temporarily closed until such time that a franchise partner is identified.

Earnings of our restaurant operations are summarized below.

	Second Quarter									First Six Months
	2019					2018				2019					2018
Revenue
Net sales	$	152,062				$	191,797			$	317,693				$	377,368
Franchise royalties and fees		7,146					7,773				14,058					14,875
Other revenue		853					1,024				2,085					2,285
Total revenue		160,061					200,594				333,836					394,528

Restaurant cost of sales
Cost of food		47,316		31.1	%		57,117	29.8	%		102,293		32.2	%		113,045	30.0	%
Restaurant operating costs		80,483		52.9	%		98,853	51.5	%		173,662		54.7	%		196,668	52.1	%
Rent		3,951		2.6	%		4,589	2.4	%		8,244		2.6	%		9,196	2.4	%
Total cost of sales		131,750					160,559				284,199					318,909

Selling, general and administrative
General and administrative		12,021		7.5	%		16,877	8.4	%		29,122		8.7	%		31,964	8.1	%
Marketing		10,117		6.3	%		12,086	6.0	%		23,246		7.0	%		25,679	6.5	%
Other expenses		1,617		1.0	%		871	0.4	%		3,810		1.1	%		1,423	0.4	%
Total selling, general and administrative		23,755		14.8	%		29,834	14.9	%		56,178		16.8	%		59,066	15.0	%

Depreciation and amortization		5,104		3.2	%		4,717	2.4	%		10,473		3.1	%		9,501	2.4	%

Interest on finance leases and obligations		2,003					2,151				4,012					4,337

Earnings (loss) before income taxes		(2,551	)				3,333				(21,026	)				2,715

Income tax expense (benefit)		(1,127	)				1,693				(6,259	)				1,531

Contribution to net earnings	$	(1,424	)			$	1,640			$	(14,767	)			$	1,184

Cost of food, restaurant operating costs and rent expense are expressed as a percentage of net sales.

General and administrative, marketing, other expenses and depreciation and amortization are expressed as a percentage of total revenue.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Net sales during the second quarter and first six months of 2019 were $152,062 and $317,693, respectively, representing a decrease of $39,735 and $59,675 over the second quarter and first six months of 2018, respectively. The decreases in net sales during 2019 were primarily attributable to the temporary store closures. Steak n Shake’s same-store sales decreased 5.9% whereas customer traffic decreased 9.2% during the second quarter. Steak n Shake’s same-store sales decreased 6.5% whereas customer traffic decreased 8.1% during the first six months. The term “same-store sales” refers to the sales of company-operated units open at least 18 months at the beginning of the current period and have remained open through the end of the period.

In the second quarter and first six months of 2019 franchise royalties and fees were relatively flat compared to those in 2018. Steak n Shake opened five franchise units and closed five franchise units during the second quarter of 2019. There were 213 Steak n Shake franchise units as of June 30, 2019 compared to 203 franchise units as of June 30, 2018.

Cost of food in the second quarter and first six months of 2019 was $47,316 or 31.1% of net sales and $102,293 or 32.2% of net sales, respectively, compared to the second quarter and first six months in 2018 of $57,117 or 29.8% of net sales and $113,045 or 30.0% of net sales, respectively. The increase as a percentage of net sales during 2019 was attributable to a promotion that increased food costs.

Restaurant operating costs during the second quarter of 2019 were $80,483 or 52.9% of net sales compared to $98,853 or 51.5% of net sales in 2018. Restaurant operating costs for the first six months of 2019 were $173,662 or 54.7% of net sales compared to $196,668 or 52.1% of net sales in 2018. Costs as a percentage of net sales increased 1.4% and 2.6% during the second quarter and first six months of 2019, respectively, compared to 2018. The increase as a percentage of net sales was principally due to higher wages.

General and administrative expenses during the second quarter and first six months of 2019 were $12,021 or 7.5% and $29,122 or 8.7% of total revenues, respectively, compared to expenses in the second quarter and first six months of 2018, which were $16,877 or 8.4% and $31,964 or 8.1% of total revenues, respectively. General and administrative expenses decreased during the second quarter of 2019 compared to 2018 primarily because of reduction in personnel. General and administrative expenses decreased during the first six months of 2019 compared to 2018 due to lower personnel expenses of $10,350 offset by an accrual of $8,350 related to legal settlements.

Other expenses increased during the second quarter and first six months of 2019 due to asset impairments of $438 and $2,338, respectively.

Marketing expenses during the second quarter and first six months of 2019 were $10,117 or 6.3% and $23,246 or 7.0% of total revenues, respectively, compared to expenses in the second quarter and first six months of 2018, which were $12,086 or 6.0% and $25,679 or 6.5% of total revenues, respectively.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Insurance

First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers. Earnings of our insurance business are summarized below.

	Second Quarter					First Six Months
	2019			2018		2019			2018
Premiums written	$	7,065		$	6,505	$	13,926		$	12,833

Insurance losses		4,060			2,826		8,235			7,414
Underwriting expenses		1,438			1,647		2,923			2,987
Pre-tax underwriting gain		1,567			2,032		2,768			2,432
Other income and expenses
Investment income and commissions		352			240		698			459
Other income (expenses)		(69	)		29		(72	)		(80	)
Total other income		283			269		626			379
Earnings before income taxes		1,850			2,301		3,394			2,811
Income tax expense		391			491		719			607
Contribution to net earnings	$	1,459		$	1,810	$	2,675		$	2,204

First Guard’s insurance products are marketed primarily through direct response methods via the Internet or by telephone. First Guard’s cost-efficient direct response marketing methods enable it to be a low-cost trucking insurer.

Premiums earned during the second quarter of 2019 were $7,065, an increase of $560 or 8.6% compared to 2018. Premiums earned during the first six months of 2019 were $13,926, an increase of $1,093 or 8.5% compared to 2018. Pre-tax underwriting gain was $1,567 and $2,768 in the second quarter and first six months of 2019, respectively, compared to $2,032 and $2,432 in the second quarter and first six months of 2018, respectively.

Insurance premiums and other on the consolidated statement of earnings includes premiums earned, investment income and commissions. In the preceding table, investment income and commissions are included in other income.

Media

Maxim’s business lies principally in media and licensing. Earnings of our media operations are summarized below.

	Second Quarter				First Six Months
	2019		2018		2019		2018
Revenue	$	865	$	1,400	$	1,742	$	3,144

Media cost of sales		641		980		1,589		2,497
General and administrative expenses		48		398		89		834
Depreciation and amortization		—		6		—		14
Earnings (loss) before income taxes		176		16		64		(201	)
Income tax expense (benefit)		44		3		16		(46	)
Contribution to net earnings	$	132	$	13	$	48	$	(155	)

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Investment Partnership Gains (Losses)

Earnings (loss) from our investments in partnerships are summarized below.

	Second Quarter					First Six Months
	2019		2018			2019		2018
Investment partnership gains (losses)	$	34,198	$	(8,341	)	$	68,352	$	(4,846	)
Tax expense (benefit)		7,944		(2,464	)		15,861		(2,044	)
Contribution to net earnings	$	26,254	$	(5,877	)	$	52,491	$	(2,802	)

Investment partnership gains include gains/losses from changes in market values of underlying investments and dividends earned by the partnerships. Dividend income has a lower effective tax rate than income from capital gains.

The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.

The investment partnerships hold the Company’s common stock as investments. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. Gains and losses on Company common stock included in the earnings of the partnerships are eliminated.

Interest Expense

The Company’s interest expense is summarized below.

	Second Quarter				First Six Months
	2019		2018		2019		2018
Interest expense on notes payable and other borrowings	$	3,150	$	2,898	$	6,208	$	5,652
Tax benefit		788		1,101		1,552		1,789
Interest expense net of tax	$	2,362	$	1,797	$	4,656	$	3,863

The outstanding balance on Steak n Shake’s credit facility on June 30, 2019 was $182,598 compared to $184,798 on June 30, 2018. The interest rate was 6.19% as of June 30, 2019 and 5.85% as of June 30, 2018.

Corporate

Corporate expenses exclude the activities in the restaurant, insurance, media and other companies. Corporate net losses during the second quarter and first six months of 2019 were $2,170 and $4,187, respectively, versus net losses of $3,450 and $6,145 during the second quarter and first six months of 2018, respectively. The decrease in net losses is primarily due to lower legal costs.

Income Tax Expense

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

Financial Condition

Our consolidated shareholders’ equity on June 30, 2019 was $602,362, an increase of $31,907 compared to the December 31, 2018 balance. The increase during the first six months of 2019 was primarily attributable to net income of $31,792.

Consolidated cash and investments are summarized below.

	June 30, 2019			December 31, 2018
Cash and cash equivalents	$	27,662		$	48,557
Investments		41,476			33,860
Investments reported in other current assets		—			4,463
Fair value of interest in investment partnerships		766,986			715,102
Total cash and investments		836,124			801,982
Less portion of Company stock held by investment partnerships		(144,920	)		(157,622	)
Carrying value of cash and investments on balance sheet	$	691,204		$	644,360

Liquidity

Our balance sheet continues to maintain significant liquidity. Consolidated cash flow activities are summarized below.

	First Six Months
	2019			2018
Net cash used in operating activities	$	(8,295	)	$	(465	)
Net cash used in investing activities		(8,619	)		(5,714	)
Net cash used in financing activities		(3,984	)		(3,932	)
Effect of exchange rate changes on cash		3			(55	)
Decrease in cash, cash equivalents and restricted cash	$	(20,895	)	$	(10,166	)

Cash used in operating activities was $8,295 during the first six months of 2019 compared to cash used in operating activities of $465 during the first six months of 2018. Cash used in operating activities during the first six months of 2019 included a net loss adjusted for non-cash items of $35,288, which was offset by an increase in cash from working capital accounts of $24,503. The loss was primarily due to decreased revenues from restaurants. The increase of cash from changes in working capital accounts was primarily due to increase in income tax liabilities related to gains from investment partnerships. Cash used in operating activities during the first six months of 2018 included distributions from investment partnerships of $7,700, which was offset by changes in working capital accounts of $11,379. The decrease of cash from changes in working capital accounts during 2018 was primarily due to the payment of the 2017 incentive fee.

Cash used in investing activities during the first six months of 2019 was $8,619 compared to $5,714 during the first six months of 2018. Cash used in investing activities included capital expenditures of $6,238 and $7,218 during the first six months of 2019 and 2018, respectively.

During the first six months of 2019 and 2018 we incurred debt payments of $3,984 and $3,981, respectively.

We intend to meet the working capital needs of our operating subsidiaries principally through anticipated cash flows generated from operations, cash on hand, existing credit facilities, and the sale of excess properties and investments. We continually review available financing alternatives.

Steak n Shake Credit Facility

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)

The credit agreement includes customary affirmative and negative covenants and events of default. As of June 30, 2019, we were in compliance with all covenants. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.

Critical Accounting Policies

Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain accounting policies require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized in our consolidated financial statements from such estimates are necessarily based on numerous assumptions involving varying and potentially significant degrees of judgment and uncertainty. Accordingly, the amounts currently reflected in our consolidated financial statements will likely increase or decrease in the future as additional information becomes available. There have been no material changes to critical accounting policies previously disclosed in our annual report on Form 10-K for the year ended December 31, 2018.

Recently Issued Accounting Pronouncements

For detailed information regarding recently issued accounting pronouncements and the expected impact on our consolidated financial statements, see Note 2, “New Accounting Standards” in the accompanying notes to consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures, or other financial items, and assumptions underlying any of the foregoing. Forward-looking statements reflect management’s current expectations regarding future events and use words such as “anticipate,” “believe,” “expect,” “may,” and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are all based on currently available operating, financial, and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to, the risks and uncertainties described in Item 1A, Risk Factors of our annual report on Form 10-K. We undertake no obligation to publicly update or revise them, except as may be required by law.

Index

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

The majority of our investments are conducted through investment partnerships which generally hold common stocks. We also hold marketable securities directly. Through investments in the investment partnerships we hold a concentrated position in the common stock of Cracker Barrel Old Country Store, Inc. A significant decline in the general stock market or in the prices of major investments may produce a large net loss and decrease in our consolidated shareholders’ equity. Decreases in values of equity investments can have a materially adverse effect on our earnings and on consolidated shareholders’ equity.

We prefer to hold equity investments for very long periods of time so we are not troubled by short-term price volatility with respect to our investments. Our interests in the investment partnerships are committed on a rolling 5-year basis, and any distributions upon our withdrawal of funds will be paid out over two years (and may be paid in kind rather than in cash). Market prices for equity securities are subject to fluctuation. Consequently the amount realized in the subsequent sale of an investment may significantly differ from the reported market value. A hypothetical 10% increase or decrease in the market price of our investments would result in a respective increase or decrease in the carrying value of our investments of $66,354 along with a corresponding change in shareholders’ equity of approximately 8%.

Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. At June 30, 2019, a hypothetical 100 basis point increase in short-term interest rates would have an impact of approximately $1,400 on our net earnings.

We have had minimal exposure to foreign currency exchange rate fluctuations in the first six months of 2019 and 2018.

ITEM 4. Controls and Procedures

Based on an evaluation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), our Chief Executive Officer and Controller have concluded that our disclosure controls and procedures were effective as of June 30, 2019.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Part II Other Information

Item 1. lEGAL PROCEEDINGS

Information in response to this Item is included in Note 14 to the Consolidated Financial Statements included in Part 1, Item 1 of this Form 10-Q and is incorporated herein by reference.

Item 1A. Risk Factors

The following are material changes in the risk factors previously disclosed in the Company’s Form 10-K for 2018.

Steak n Shake’s converting company-operated units into franchise partnerships may not be successful in reversing its declining sales or profitability.

Since 2017, Steak n Shake experienced declining sales and profitability. To mitigate the declining sales and increase profitability, Steak n Shake is emphasizing its franchise partnership model. As of June 30, 2019, a total of 103 Steak n Shake restaurants have been temporarily closed. Steak n Shake is actively working to identify franchise partners for these stores. There are no assurances that Steak n Shake will be able to secure suitable franchise partners or that the franchise partnership model will restore profitability. Moreover, Steak n Shake may need to seek additional financing, which may not be available on terms commensurate with its current financing arrangement.

Index

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

From May 20, 2019 through June 14, 2019, Mr. Biglari purchased 7,702 shares of Class A common stock and 23,646 shares of Class B common stock. Mr. Biglari may be deemed to be an “affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended. The purchases were made through open market transactions.

	Total Number of Class A Shares Purchased		Average Price Paid per Class A Share		Total Number of Class B Shares Purchased		Average Price Paid per Class B Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs

April 1, 2019 – April 30, 2019		—	$	—		—	$	—		—		—
May 1, 2019 – May 31, 2019		1,300	$	563.07		1,637	$	100.03		—		—
June 1, 2019 – June 30, 2019		6,402	$	609.62		22,009	$	104.48		—		—
Total		7,702				23,646				—

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number		Description

31.01		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.02		Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.01*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive Data Files.

_________________

*	Furnished herewith.

Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: August 2, 2019

	Biglari Holdings inc.

	By:	/s/ Bruce Lewis
		Bruce Lewis Controller

EX-31.01 2 ex3101to10q07428007_08022019.htm

Exhibit 31.01

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sardar Biglari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2019
			/s/ Sardar Biglari
			Sardar Biglari
			Chairman and Chief Executive Officer

EX-31.02 3 ex3102to10q07428007_08022019.htm

Exhibit 31.02

CERTIFICATION PURSUANT TO RULE 13a-14(a)/15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce Lewis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Biglari Holdings Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2019
			/s/ Bruce Lewis
			Bruce Lewis
			Controller

EX-32.01 4 ex3201to10q07428007_08022019.htm

Exhibit 32.01

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Biglari Holdings Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned certify, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Sardar Biglari
Sardar Biglari
Chairman and Chief Executive Officer August 2, 2019


/s/ Bruce Lewis
Bruce Lewis
Controller August 2, 2019

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Description of Business The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.   Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”).  Intercompany accounts and transactions have been eliminated in consolidation.

Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.   The following table presents shares authorized, issued and outstanding on June 30, 2019 and December 31, 2018.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class A</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class B</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Class A</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Class B</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-bottom: 2.5pt">Common stock authorized</td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 3%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">500,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left"> </td><td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">10,000,000</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Common stock issued and outstanding</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">206,864</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,068,640</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”    On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.   For financial reporting purposes, the proportional ownership of the Company’s common stock owned by the investment partnerships is excluded in the earnings per share calculation. After giving effect for the investment partnerships’ proportional ownership of common stock, the equivalent Class A weighted average number of common shares during the second quarters of 2019 and 2018 were 346,034 and 346,988, respectively. The equivalent Class A weighted average number of common shares during the first six months of 2019 and 2018 were 346,129 and 349,575, respectively.   Each Class A common share is entitled to one vote. Class B common stock possesses economic rights equal to one-fifth (1/5th) of such rights of Class A common stock; however, Class B common stock has no voting rights.

Available for sale investments were $37,013 and $33,860 as of June 30, 2019 and December 31, 2018, respectively. Investments in equity securities and a related derivative position of $4,463 are included in investments as of June 30, 2019 and in other current assets as of December 31, 2018. The investments are recorded at fair value.

The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though they are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock.    Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.   The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%">Partnership interest at December 31, 2018</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">715,102</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">157,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">557,480</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Investment partnership gains</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">54,374</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(13,978</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">68,352</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Contributions (net of distributions) to investment partnerships </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,490</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,490</td><td style="font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,276</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,276</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 2.5pt">Partnership interest at June 30, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">766,986</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">144,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">622,066</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Fair Value</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Company Common Stock</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%">Partnership interest at December 31, 2017</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">925,279</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">359,258</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">566,021</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Investment partnership gains (losses)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(128,725</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(123,879</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,846</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contributions (net of distributions) to investment partnerships </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,700</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,700</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Increase in proportionate share of Company stock held</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,681</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(18,681</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 2.5pt">Partnership interest at June 30, 2018</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">788,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">254,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">534,794</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The carrying value of the investment partnerships net of deferred taxes is presented below.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Carrying value of investment partnerships</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">622,066</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">557,480</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Deferred tax liability related to investment partnerships</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(83,187</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(92,703</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Carrying value of investment partnerships net of deferred taxes</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">538,879</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">464,777</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company’s proportionate share of Company stock held by investment partnerships at cost is $375,507 and $374,231 at June 30, 2019 and December 31, 2018, respectively, and is recorded as treasury stock.   The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock. Fair value is according to our proportional ownership interest of the fair value of investments held by the investment partnerships. The fair value measurement is classified as level 3 within the fair value hierarchy.   Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Gains (losses) on investment partnership</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">34,198</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(8,341</td><td style="width: 1%; text-align: left">)</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">68,352</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(4,846</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Tax expense (benefit)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,944</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,464</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,861</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,044</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Net earnings (loss)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,254</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,877</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">52,491</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,802</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   On December 31 of each year, the general partner of the investment partnerships will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above a hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The Company did not accrue an incentive fee during the first six months of 2019 or 2018. Our investments in these partnerships are committed on a rolling 5-year basis.    Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Equity in Investment Partnerships</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Lion Fund</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Lion Fund II</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; font-weight: bold">Total assets as of June 30, 2019</td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">106,657</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">911,690</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Total liabilities as of June 30, 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">90</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">165,787</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Revenue for the first six months of 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">121</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">62,499</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Earnings for the first six months of 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">88</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">58,068</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Biglari Holdings’ ownership interest as of June 30, 2019</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">66.1</td><td style="font-weight: bold; text-align: left">%</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">93.4</td><td style="font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total assets as of December 31, 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">107,207</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">901,750</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total liabilities as of December 31, 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">447</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">202,770</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Revenue for the first six months of 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(49,773</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(99,751</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Earnings (loss) for the first six months of 2018</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(49,805</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(104,290</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td>Biglari Holdings’ ownership interest as of June 30, 2018</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65.3</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92.2</td><td style="text-align: left">%</td></tr> </table>   Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments. The investments held by the investment partnerships are largely concentrated in the common stock of one investee, Cracker Barrel Old Country Store, Inc.   Transactions with The Lion Fund II, L.P. were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 43%; text-align: left">Contributions</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">40,000</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Distributions</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,490</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(42,490</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,700</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,490</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,500</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,490</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7,700</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

Property and equipment is composed of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%">Land</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">151,671</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">146,015</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Buildings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">145,915</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">142,658</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Land and leasehold improvements</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">162,839</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,938</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Equipment</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">200,076</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">201,738</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,910</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,703</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">663,411</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">651,052</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation and amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(366,717</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(376,336</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">296,694</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">274,716</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The Company recorded an impairment to long-lived assets of $438 and $2,338 in selling, general and administrative expenses in the second quarter and first six months of 2019, respectively, and no impairment to long-lived assets in the first six months of 2018. The fair value of the long-lived assets was determined based on Level 2 inputs using a discounted cash flow model and quoted prices for the properties. The fair value of the assets impaired was not material for any of the applicable periods.   As of June 30, 2019, a total of 103 Steak n Shake restaurants have been temporarily closed. The Company is actively working to identify franchise partners for these stores. The Company has recorded impairments of $2,006 during the first six months of 2019 associated with temporarily closed units. Although the Company is committed to the franchise partnership model, future impairments are possible.

Goodwill Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.   A reconciliation of the change in the carrying value of goodwill is as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Restaurants</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 46%; text-align: left">Goodwill at December 31, 2018</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,139</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">11,913</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">40,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Change in foreign exchange rates during the first six months of 2019   </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(4</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Goodwill at June 30, 2019</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">28,135</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,913</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">40,048</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   We are required to assess goodwill and any indefinite-lived intangible assets for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill impairment occurs when the estimated fair value of goodwill is less than its carrying value. The valuation methodology and underlying financial information included in our determination of fair value require significant management judgments. We use both market and income approaches to derive fair value. The judgments in these two approaches include, but are not limited to, comparable market multiples, long-term projections of future financial performance, and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. No impairment charges for goodwill were recorded in the first six months of 2019 or 2018. Other Intangible Assets Other intangible assets are composed of the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Gross carrying amount</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Accumulated amortization</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Franchise agreement</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">5,310</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(4,912</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">398</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">5,310</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(4,647</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">663</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">810</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(783</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">810</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(774</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Total</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,120</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,695</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">425</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,120</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,421</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">699</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Intangible assets with indefinite lives:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Trade names</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">15,876</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,876</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Other assets with indefinite lives</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,471</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,471</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,539</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,539</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">33,467</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,695</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,772</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">33,535</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,421</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,114</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Intangible assets subject to amortization consist of franchise agreements connected with the purchase of Western Sizzlin as well as rights to favorable leases related to prior acquisitions. These intangible assets are being amortized over their estimated weighted average of useful lives ranging from eight to twelve years. Amortization expense for the first six months of 2019 and 2018 was $274 and $281, respectively. The Company’s intangible assets with definite lives will fully amortize in 2020. Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.

Restaurant operations revenues were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">152,062</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">191,797</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">317,693</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">377,368</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Franchise royalties and fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,146</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,773</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,058</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,875</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">853</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,024</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,085</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,285</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">160,061</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">200,594</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">333,836</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">394,528</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Net sales Net sales were composed of retail sales of food through Company-owned stores. Company-owned store revenues are recognized when control of the food items are transferred to our customers at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.   Franchise royalties and fees Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalty revenues are based on a percentage of franchise sales and are recognized when the retail food items are purchased by franchise customers. Initial franchise fees received are deferred when amounts are received and recognized as revenue on a straight-line basis over the term of each respective franchise agreement, which is typically 20 years.   Our advertising arrangements with franchisees are reported in franchise royalties and fees.   Gift card revenue Restaurant operations sells gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimates breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.

Accounts payable and accrued expenses include the following.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Accounts payable</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">31,416</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">41,967</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Gift card liability</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">17,199</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Salaries, wages, and vacation</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,107</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Taxes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">30,264</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,214</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Insurance accruals</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,693</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,127</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred revenue</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">13,657</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">5,213</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,484</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable and accrued expenses</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">130,442</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,265</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The Company adopted ASC 842 on January 1, 2019, as discussed in Note 2.  Under ASC 842, leases are generally classified as either operating right-of-use assets or finance lease assets. Right-of-use assets represent the Company's right to use an underlying asset during the lease term. Right-of-use liabilities represent the Company's obligation to make lease payments arising from the lease. These assets and liabilities are calculated by using the net present value of fixed lease payments over the lease term. The Company's lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised.  The Company applied an incremental borrowing rate to determine the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments.   A significant portion of our operating and finance lease portfolio includes restaurant locations. The Company’s operating leases with a term of 12 months or greater were recognized as operating right-of-use assets and liabilities and recorded as operating lease assets and operating lease liabilities. Historical capital leases and certain historical build-to-suit leases were reclassified from obligations under leases to finance lease assets and liabilities. Finance lease assets are recorded in property and equipment and finance lease liabilities are recorded in notes payable and other borrowings. Historical sale-and-leaseback transactions in which the Company is deemed to have a continued interest in the leased asset are recorded as property and equipment and as finance obligations. Finance obligations are recorded in notes payable and other borrowings.   Operating lease expense and finance lease depreciation expense are recognized on a straight line basis over the lease term.   Total lease cost consists of the following.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance lease costs:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">  Amortization of right-of-use assets</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">487</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">979</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Interest on lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">215</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">422</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Operating lease costs *</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,003</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,860</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease costs</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,705</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,261</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>    *Includes short-term leases, variable lease costs and sublease income, which are immaterial.   Supplemental cash flow information related to leases is as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left; padding-left: 9px">Financing cash flows from finance leases</td><td style="width: 10%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 18%; font-weight: bold; text-align: right">797</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Operating cash flows from finance leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">422</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Operating cash flows from operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,375</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Right-of-use assets obtained in exchange for lease obligations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Finance lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,097</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Operating lease liabilities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">8,919</td><td style="font-weight: bold; text-align: left"> </td></tr> </table>    Supplemental balance sheet information related to leases is as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance leases:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="width: 10%; font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="width: 18%; border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,755</td><td style="width: 1%; padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-family: Calibri, Helvetica, Sans-Serif"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Current portion of notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,634</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">  Long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,450</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,084</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Weighted-average lease terms and discount rates are as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Weighted-average remaining lease terms:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Finance leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> 8.7 years </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> 7.3 years </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Weighted-average discount rates:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%; text-align: left">  Finance leases</td><td style="width: 10%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 18%; font-weight: bold; text-align: right">7.1</td><td style="width: 1%; font-weight: bold; text-align: left">%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">  Operating leases</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6.9</td><td style="font-weight: bold; text-align: left">%</td></tr> </table>   Maturities of lease liabilities as of June 30, 2019 are as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Finance Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 40%; text-align: left">2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">8,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">1,218</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">After 2023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">31,397</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,815</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease payments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">93,360</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">16,306</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">  Less interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,088</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,084</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   On December 31, 2018, obligations under non-cancelable finance obligations, capital leases, and operating leases (excluding real estate taxes, insurance and maintenance costs) require the following minimum future rental payments.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Leases</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Finance Obligations</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Capital Leases</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Total</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Property</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Non-Operating Property</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 44%; text-align: left">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11,114</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">55</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">17,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">483</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,603</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt">After 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 2.5pt">Total minimum future rental payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,460</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,004</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,064</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Total principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Non-current principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Residual value at end of lease term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,744</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 2.5pt">Obligations under leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

During the first six months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">58</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,404</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(108</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(108</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(645</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(645</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   During the second quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Second Quarter 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,820</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,820</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(966</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(966</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">196</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">196</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,141</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   There were no reclassifications from accumulated other comprehensive income to earnings during the second quarters of 2019 and 2018 and first six months of 2019. Reclassifications made from accumulated other comprehensive income to earnings during the first six months of 2018 were $58.

In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for 2019 and an estimated annual effective tax rate for 2018. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.   Income tax expense for the second quarter of 2019 was $5,896 compared to an income tax benefit of $890 for the second quarter of 2018.  Income tax expense for the first six months of 2019 was $7,640 compared to an income tax benefit of $1,687 for the first six months of 2018.  The variance in income taxes between 2019 and 2018 is attributable to taxes on income generated by the investment partnerships.   As of June 30, 2019 and December 31, 2018, we had approximately $352 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.   The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. </td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.</td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">·</td><td style="text-align: justify">Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.</td></tr></table>     The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:   Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.   Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.    Bonds: The Company’s investments in bonds are classified within Level 1 or Level 2 of the fair value hierarchy depending on the instrument.   Non-qualified deferred compensation plan investments: The assets of the non-qualified plan are set up in a rabbi trust. They represent mutual funds and publicly traded securities, each of which are classified within Level 1 of the fair value hierarchy.   Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.   As of June 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">10,118</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">10,118</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,421</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,421</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">35,557</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">35,557</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options on equity securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,142</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,142</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,732</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">56,295</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   There were no changes in our valuation techniques used to measure fair values on a recurring basis.

Services Agreement During 2017, the Company entered into a services agreement with Biglari Enterprises LLC and Biglari Capital Corp. (collectively, the “Biglari Entities”) under which the Biglari Entities provide business and administrative related services to the Company. The Biglari Entities are owned by Mr. Biglari. The services agreement has a five-year term, effective on October 1, 2017. The fixed fee is $700 per month for the first year with adjustments in years two through five. The monthly fee will remain at $700 during 2019. The Company paid Biglari Enterprises $4,200 in service fees during the first six months of 2019 and 2018. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp. by the Company.   License Agreement During 2013, the Company entered into a Trademark License Agreement (the “License Agreement”) with Mr. Biglari. The Company and its subsidiaries paid no royalties to Mr. Biglari under the License Agreement during its term. The License Agreement was terminated on March 26, 2019.  Incentive Agreement Amendment The Incentive Agreement was amended on March 26, 2019 to remove the annual limitation on Mr. Biglari’s incentive compensation, as well as the requirement of Mr. Biglari to use 30% of his incentive payments to purchase shares of the Company. In connection with the amendment, the change of control and severance provisions contained in the Incentive Agreement were eliminated and the License Agreement was terminated. The amendment is effective in 2019.

Our reportable business segments are organized in a manner that reflects how management views those business activities. Our restaurant operations include Steak n Shake and Western Sizzlin. The Company also reports segment information for First Guard and Maxim. Other business activities not specifically identified with reportable business segments are presented in “other” within total operating businesses. We report our earnings from investment partnerships separate from our corporate expenses. We assess and measure segment operating results based on segment earnings as disclosed below. Segment earnings from operations are neither necessarily indicative of cash available to fund cash requirements, nor synonymous with cash flow from operations. The tabular information that follows shows data of our reportable segments reconciled to amounts reflected in the consolidated financial statements.   Revenue for the second quarters and first six months of 2019 and 2018 were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Revenue</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">156,006</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">196,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">326,117</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">386,871</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,055</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,016</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">7,719</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,657</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">160,061</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,594</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">333,836</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">394,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">7,417</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,745</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">14,624</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Maxim</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">865</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,400</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,742</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,144</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">168,343</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">208,739</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">350,202</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">410,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Earnings (losses) before income taxes for the second quarters and first six months of 2019 and 2018 were as follows.    <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(3,057</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(21,915</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,667</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">506</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">889</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,551</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,333</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(21,026</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,715</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,850</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,301</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,394</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,811</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">176</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">64</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(201</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">114</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">253</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">303</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(411</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,814</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(17,315</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,628</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,767</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,004</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,397</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,170</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34,198</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,341</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">68,352</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,846</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">31,431</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,345</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">62,955</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,016</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,150</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,898</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,208</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,652</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,870</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,429</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,432</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,040</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018.   Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.   As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”).  Intercompany accounts and transactions have been eliminated in consolidation.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Operating Leases</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Finance Leases</td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%; text-align: left"> </td><td style="width: 40%; text-align: left">2019</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">8,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 26%; text-align: right">1,218</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,797</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,377</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2021</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,358</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2022</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,438</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,869</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">2023</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,588</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,669</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">After 2023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">31,397</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6,815</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease payments</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">93,360</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">16,306</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">  Less interest</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,088</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,222</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: left">Total lease liabilities</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,084</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Six months ended June 30, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,516</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,462</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">58</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,404</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(108</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(108</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(645</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(645</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="11" style="text-align: center; border-bottom: Black 1pt solid">Second Quarter 2018</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Foreign currency translation adjustments</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center"> Investment gain (loss)</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Accumulated other comprehensive income (loss)</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left">Beginning Balance  </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,820</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">(2,820</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(966</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(966</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Reclassification to</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">(earnings) loss</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Foreign currency translation </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">196</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">196</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,141</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,141</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Ending Balance</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,107</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: right"> </td><td> </td> <td colspan="15" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td><td style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Assets</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 28%; text-align: left">Cash equivalents</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">10,118</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">—  </td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 5%; font-weight: bold; text-align: right">10,118</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">21,448</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Equity securities:</td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; font-weight: bold; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif"> </td> <td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: right"> </td><td style="font-family: Calibri, Helvetica, Sans-Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Consumer goods</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,421</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">6,421</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,808</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td>Bonds</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">35,557</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">35,557</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,404</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options on equity securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,142</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—  </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">2,142</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,755</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-qualified deferred</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">compensation plan</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,149</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">47,732</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—  </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">56,295</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,709</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—  </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings (Losses) Before Income Taxes</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second Quarter</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First Six Months</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Operating Businesses:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Restaurant Operations:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%; text-align: left; padding-left: 18px">Steak n Shake</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(3,057</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,659</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">(21,915</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,667</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 18px">Western Sizzlin</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">506</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">889</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Total Restaurant Operations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,551</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,333</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(21,026</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,715</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">First Guard</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,850</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,301</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">3,394</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,811</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Maxim</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">176</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">64</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(201</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Other</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">114</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">253</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">303</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Operating Businesses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(411</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,814</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(17,315</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,628</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Corporate and Investments:</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 9px">Corporate</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(2,767</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,004</td><td style="text-align: left">)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(5,397</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,170</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 9px">Investment partnership gains (losses)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34,198</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,341</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">68,352</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,846</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Total Corporate and Investments</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">31,431</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,345</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">62,955</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,016</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Interest expense on notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,150</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,898</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(6,208</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,652</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,870</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8,429</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">39,432</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(11,040</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

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-201000

-17315000

5628000

68352000

-4846000

303000

253000

62955000

-11016000

-5397000

-6170000

27870000

-8429000

-3057000

2659000

506000

674000

-2551000

3333000

1850000

2301000

176000

16000

114000

164000

-411000

5814000

-2767000

-3004000

34198000

-8341000

31431000

-11345000

-3150000

-2898000

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Fair Value</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Company Common Stock</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%; line-height: 107%">Partnership interest at December 31, 2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">715,102</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">157,622</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">557,480</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Investment partnership gains</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">54,374</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(13,978</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">68,352</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Contributions (net of distributions) to investment partnerships </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,490</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,490</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Increase in proportionate share of Company stock held</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,276</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(1,276</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Partnership interest at June 30, 2019</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">766,986</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">144,920</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">622,066</td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Fair Value</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Company Common Stock</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">Carrying Value</td></tr> <tr style="vertical-align: bottom"> <td style="width: 50%; line-height: 107%">Partnership interest at December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">925,279</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">359,258</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 5%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">566,021</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Investment partnership gains (losses)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(128,725</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(123,879</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(4,846</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Contributions (net of distributions) to investment partnerships </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(7,700</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(7,700</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Increase in proportionate share of Company stock held</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">18,681</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">(18,681</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Partnership interest at June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">788,854</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">254,060</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">534,794</td> <td style="line-height: 107%"> </td></tr> </table>

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP; however ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and related disclosures.   In February 2016, the FASB issued ASU 2016-02, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842).  We adopted Accounting Standards Codification (“ASC”) 842 “Leases” on January 1, 2019. Most significantly, ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. We applied ASC 840 to all comparative periods which included a cumulative-effect adjustment of $1,499 to retained earnings on January 1, 2019. Adoption of ASC 842 also resulted in an increase to total assets and liabilities due to the recording of operating lease assets of $63,261 and operating lease liabilities of $69,671 as of January 1, 2019 and due to the recording of finance lease assets of $11,638 and finance lease liabilities of $11,784. The difference between the asset and liability amounts primarily relates to previously recorded deferred/prepaid rent. The standard had a material impact on our consolidated balance sheets, but did not have a material impact on our consolidated statements of earnings and statements of cash flow. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases.   In adopting and applying ASC 842, we elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. In addition, we elected certain practical expedients and accounting policies, including an accounting policy election to keep leases with an initial term of 12 months or less from the balance sheet. We recognize those lease payments in the consolidated statements of earnings on a straight-line basis over the lease term.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 56%; text-align: left">Notes payable</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 15%; font-weight: bold; text-align: right">2,200</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">2,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(962</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(943</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,052</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,463</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance lease liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,634</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total current portion of notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,924</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,720</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Long-term notes payable and other borrowings</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Notes payable</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">180,398</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">181,498</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Unamortized original issue discount and debt issuance costs</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(748</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,234</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Finance obligations</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">75,709</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Finance leases liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,450</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Total long-term notes payable and other borrowings</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">265,809</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">240,001</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-943000 -962000 -1234000 -748000

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Leases</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid">Year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Finance Obligations</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Capital Leases</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Total</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Operating Property</td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"> </td><td style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Non-Operating Property</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 1%"> </td> <td style="width: 44%; text-align: left">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11,114</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">55</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">11,169</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">17,914</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">483</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,691</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">554</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,925</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,787</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">578</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,951</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,956</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,603</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,587</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt">After 2023</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,673</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,709</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,790</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 2.5pt">Total minimum future rental payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">170</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">31,460</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">117,775</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,543</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Less amount representing interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,004</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18,064</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Total principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,286</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,433</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left">Non-current principal obligations under leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 1pt">Residual value at end of lease term</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,744</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,804</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="text-align: left; padding-bottom: 2.5pt">Obligations under leases</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,597</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">140</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">59,737</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow.   On January 29, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari as a result of the dual class structure.   On March 26, 2018, a shareholder of the Company filed a purported class action complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. This shareholder generally alleges claims of breach of fiduciary duty by the members of our Board of Directors. This shareholder sought to enjoin the shareholder vote on April 26, 2018 to approve the dual class structure. On April 16, 2018, the shareholders withdrew their motions to enjoin the shareholder vote on April 26, 2018.   On May 17, 2018, the shareholders who filed the January 29, 2018 complaint and the March 26, 2018 complaint filed a new, consolidated complaint against the Company and the members of our Board of Directors in the Superior Court of Hamilton County, Indiana. The shareholders generally allege claims of breach of fiduciary duty by the members of our Board of Directors and unjust enrichment to Mr. Biglari arising out of the dual class structure. The shareholders seek, for themselves and on behalf of all other shareholders as a class, a declaration that the defendants breached their duty to the shareholders and the class, and to recover unspecified damages, pre-judgment and post-judgment interest, and an award of their attorneys’ fees and other costs.   On December 14, 2018, the judge of the Superior Court of Hamilton County, Indiana issued an order granting the Company’s motion to dismiss the shareholders’ lawsuits. On January 11, 2019, the shareholders filed an appeal of the judge’s order dismissing the lawsuits. The Company continues to believe the claim is without merit and will defend the appeal vigorously.   On September 8, 2014, two former restaurant manager employees filed a purported class action lawsuit against Steak n Shake (Drake v. Steak n Shake). On January 30, 2017, a former restaurant manager employee filed a purported class action lawsuit against Steak n Shake (Clendenen v. Steak n Shake). The plaintiffs generally allege claims that Steak n Shake improperly classified its managerial employees as exempt. On February 28, 2019, a jury returned a verdict in the Drake case against Steak n Shake. The Company agreed to settle both cases for $8,350 and the Court approved the terms of the settlement on July 26, 2019.

21088000 4222000

Notes payable and other borrowings include the following.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Current portion of notes payable and other borrowings</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">June 30, 2019</td> <td style="line-height: 107%"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%">December 31, 2018</td></tr> <tr style="vertical-align: bottom"> <td style="width: 57%; line-height: 107%">Notes payable</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 15%; text-align: right; line-height: 107%">2,200</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 15%; text-align: right; line-height: 107%">2,200</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Unamortized original issue discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(962</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(943</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Finance obligations</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,052</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,463</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Finance lease liabilities</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">1,634</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Total current portion of notes payable and other borrowings</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,924</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">5,720</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Long-term notes payable and other borrowings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Notes payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">180,398</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">181,498</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Unamortized original issue discount and debt issuance costs</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(748</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(1,234</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Finance obligations</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">75,709</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">59,737</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Finance leases liabilities</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">10,450</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%">—  </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Total long-term notes payable and other borrowings</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">265,809</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">240,001</td> <td style="line-height: 107%"> </td></tr> </table>   Steak n Shake Credit Facility On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement which provided for a senior secured term loan facility in an aggregate principal amount of $220,000. The term loan is scheduled to mature on March 19, 2021. It amortizes at an annual rate of 1.0% in equal quarterly installments, beginning June 30, 2014, at 0.25% of the original principal amount of the term loan, subject to mandatory prepayments from excess cash flow, asset sales and other events described in the credit agreement. The balance will be due at maturity.   Steak n Shake has the right to request an incremental term loan facility from participating lenders and/or eligible assignees at any time, up to an aggregate total principal amount not to exceed $70,000 if certain customary conditions within the credit agreement are met.   Interest on the term loan is based on a Eurodollar rate plus an applicable margin of 3.75% or on the prime rate plus an applicable margin of 2.75%. The interest rate on the term loan was 6.19% as of June 30, 2019.   The credit agreement includes customary affirmative and negative covenants and events of default. Steak n Shake’s credit facility contains restrictions on its ability to pay dividends to Biglari Holdings.   The term loan is secured by first priority security interests in substantially all the assets of Steak n Shake. Disruptions in debt capital markets that restrict access to funding when needed could adversely affect the results of operations, liquidity and capital resources of Steak n Shake. Biglari Holdings is not a guarantor under the credit facility. As of June 30, 2019, $182,598 was outstanding under the term loan.

346129

349575

346034

346988

Net earnings (loss) per equivalent Class B share outstanding is one-fifth of the equivalent Class A share or $12.70 and $18.37 for the second quarter and first six months of 2019, respectively, and $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively. Includes short-term leases, variable lease costs and sublease income, which are immaterial. 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Currency Translation Adjustments Investment Gain (Loss) Securities Financing Transaction [Axis] Fair Value Company Common Stock Carrying Value Derivative Instrument [Axis] Steak n Shake Agreement 2014 Other First Guard Maxim Operating Business Corporate Investment Partnership Gains (Losses) Other Total Corporate And Investments Corporate Class of Stock [Axis] Class A Common Stock Class B Common Stock Lease Arrangement, Type [Axis] Operating Leases Finance Leases Finance Obligations Capital Leases Operating Property Non-Operating Property Statement [Table] Statement [Line Items] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity's Reporting Status Current Entity Filer Category Entity Emerging Growth Company Entity Small Business Entity Shell Company Trading Symbol Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Investments Receivables Inventories Other current assets Total current assets Property and equipment Operating lease assets Goodwill and other intangible assets Investment partnerships Other assets Total assets Liabilities and shareholders' equity Liabilities Current liabilities: Accounts payable and accrued expenses Current portion of operating lease liabilities Current portion of notes payable and other borrowings Total current liabilities Long-term notes payable and other borrowings Operating lease liabilities Deferred taxes Other liabilities Total liabilities Shareholders' equity Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Treasury stock, at cost Biglari Holdings Inc. shareholders' equity Total liabilities and shareholders' equity Income Statement [Abstract] Revenues Restaurant operations Insurance premiums and other Media advertising and other Total revenues Cost and expenses Restaurant cost of sales Insurance losses and underwriting expenses Media cost of sales Selling, general and administrative Depreciation and amortization Total cost and expenses Other income (expenses) Interest expense Interest on finance leases and obligations Investment partnership gains (losses) Total other income (expenses) Earnings (loss) before income taxes Income tax expense (benefit) Net earnings (loss) Earnings per share Net earnings (loss) per equivalent Class A share Consolidated Statements Of Comprehensive Income Net earnings (loss) Other comprehensive income: Reclassification to earnings Applicable income taxes Foreign currency translation Other comprehensive income (loss), net Total comprehensive income (loss) Statement of Cash Flows [Abstract] Operating activities Net earnings (loss) Adjustments to reconcile net earnings (loss) to operating cash flows: Provision for deferred income taxes Asset impairments and other non-cash expenses (Gains) losses on disposal of 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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 31, 2019
Entity Registrant Name	Biglari Holdings Inc.
Entity Central Index Key	0001726173
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Class A Common Stock
Entity Common Stock, Shares Outstanding		206,864
Class B Common Stock
Entity Common Stock, Shares Outstanding		2,068,640

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 27,662	$ 48,557
Investments	41,476	33,860
Receivables	8,833	15,743
Inventories	5,166	7,537
Other current assets	4,610	9,236
Total current assets	87,747	114,933
Property and equipment	296,694	274,716
Operating lease assets	66,372	0
Goodwill and other intangible assets	67,820	68,166
Investment partnerships	622,066	557,480
Other assets	13,970	14,198
Total assets	1,154,669	1,029,493
Current liabilities:
Accounts payable and accrued expenses	130,442	117,265
Current portion of operating lease liabilities	11,918	0
Current portion of notes payable and other borrowings	6,924	5,720
Total current liabilities	149,284	122,985
Long-term notes payable and other borrowings	265,809	240,001
Operating lease liabilities	60,354	0
Deferred taxes	74,952	86,871
Other liabilities	1,908	9,181
Total liabilities	552,307	459,038
Shareholders' equity
Common stock	1,138	1,138
Additional paid-in capital	381,904	381,904
Retained earnings	597,451	564,160
Accumulated other comprehensive loss	(2,624)	(2,516)
Treasury stock, at cost	(375,507)	(374,231)
Biglari Holdings Inc. shareholders' equity	602,362	570,455
Total liabilities and shareholders' equity	$ 1,154,669	$ 1,029,493

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CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Revenues

Restaurant operations

$ 160,061

$ 200,594

$ 333,836

$ 394,528

Insurance premiums and other

7,417

6,745

14,624

13,292

Media advertising and other

865

1,400

1,742

3,144

Total revenues

168,343

208,739

350,202

410,964

Cost and expenses

Restaurant cost of sales

131,750

160,559

284,199

318,909

Insurance losses and underwriting expenses

5,498

4,473

11,158

10,401

Media cost of sales

641

980

1,589

2,497

Selling, general and administrative

26,423

32,950

61,279

65,600

Depreciation and amortization

5,206

4,816

10,677

9,762

Total cost and expenses

169,518

203,778

368,902

407,169

Other income (expenses)

Interest expense

(3,150)

(2,898)

(6,208)

(5,652)

Interest on finance leases and obligations

(2,003)

(2,151)

(4,012)

(4,337)

Investment partnership gains (losses)

34,198

(8,341)

68,352

(4,846)

Total other income (expenses)

29,045

(13,390)

58,132

(14,835)

Earnings (loss) before income taxes

27,870

(8,429)

39,432

(11,040)

Income tax expense (benefit)

5,896

(890)

7,640

(1,687)

Net earnings (loss)

$ 21,974

$ (7,539)

$ 31,792

$ (9,353)

Earnings per share

Net earnings (loss) per equivalent Class A share

^[1]

$ 63.50

$ (21.73)

$ 91.85

$ (26.76)

[1]	Net earnings (loss) per equivalent Class B share outstanding is one-fifth of the equivalent Class A share or $12.70 and $18.37 for the second quarter and first six months of 2019, respectively, and $(4.35) and $(5.35) for the second quarter and first six months of 2018, respectively.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Statements Of Comprehensive Income
Net earnings (loss)	$ 21,974	$ (7,539)	$ 31,792	$ (9,353)
Other comprehensive income:
Reclassification to earnings	0	0	0	(73)
Applicable income taxes	0	0	0	15
Foreign currency translation	196	(1,141)	(108)	(645)
Other comprehensive income (loss), net	196	(1,141)	(108)	(703)
Total comprehensive income (loss)	$ 22,170	$ (8,680)	$ 31,684	$ (10,056)

- Definition

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

+ References + Details

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net earnings (loss)	$ 31,792	$ (9,353)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation and amortization	10,677	9,762
Provision for deferred income taxes	(12,184)	(2,858)
Asset impairments and other non-cash expenses	3,442	714
(Gains) losses on disposal of assets	(663)	103
Investment partnership (gains) losses	(68,352)	4,846
Distributions from investment partnerships	2,490	7,700
Changes in receivables and inventories	9,272	4,817
Changes in other assets	35	1,212
Changes in accounts payable and accrued expenses	15,196	(17,408)
Net cash used in operating activities	(8,295)	(465)
Investing activities
Capital expenditures	(6,238)	(7,218)
Proceeds from property and equipment disposals	390	2,476
Distributions from investment partnerships	40,000	0
Purchases of limited partner interests	(40,000)	0
Purchases of investments	(56,321)	(24,972)
Redemptions of fixed maturity securities	53,550	24,000
Net cash used in investing activities	(8,619)	(5,714)
Financing activities
Payments on revolving credit facility	0	(132)
Principal payments on long-term debt	(1,100)	(1,100)
Principal payments on direct financing lease obligations	(2,884)	(2,749)
Proceeds from exercise of stock options	0	49
Net cash used in financing activities	(3,984)	(3,932)
Effect of exchange rate changes on cash	3	(55)
Decrease in cash, cash equivalents and restricted cash	(20,895)	(10,166)
Cash, cash equivalents and restricted cash at beginning of year	55,010	67,230
Cash, cash equivalents and restricted cash at end of second quarter	$ 34,115	$ 57,064

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2017	$ 1,071	$ 382,014	$ 565,504	$ (1,404)	$ (375,857)	$ 571,328
Net earnings (loss)			(1,814)			(1,814)
Adoption of accounting standards			90			90
Other comprehensive income, net				438		438
Adjustment to treasury stock for holdings in investment partnerships					(18,377)	(18,377)
Exercise of stock options		(39)			81	42
Balance at Mar. 31, 2018	1,071	381,975	563,780	(966)	(394,153)	551,707
Balance at Dec. 31, 2017	1,071	382,014	565,504	(1,404)	(375,857)	571,328
Net earnings (loss)						(9,353)
Other comprehensive income, net						(703)
Balance at Jun. 30, 2018	1,138	381,904	535,415	(2,107)	(373,620)	542,730
Balance at Mar. 31, 2018	1,071	381,975	563,780	(966)	(394,153)	551,707
Net earnings (loss)			(7,539)			(7,539)
Other comprehensive income, net				(1,141)		(1,141)
Conversion of common stock	67	(67)	(20,826)		20,826	0
Adjustment to treasury stock for holdings in investment partnerships					(304)	(304)
Exercise of stock options		(4)			11	7
Balance at Jun. 30, 2018	1,138	381,904	535,415	(2,107)	(373,620)	542,730
Balance at Dec. 31, 2018	1,138	381,904	564,160	(2,516)	(374,231)	570,455
Net earnings (loss)			9,818			9,818
Adoption of accounting standards			1,499			1,499
Other comprehensive income, net				(304)		(304)
Adjustment to treasury stock for holdings in investment partnerships					(114)	(114)
Balance at Mar. 31, 2019	1,138	381,904	575,477	(2,820)	(374,345)	581,354
Balance at Dec. 31, 2018	1,138	381,904	564,160	(2,516)	(374,231)	570,455
Net earnings (loss)						31,792
Other comprehensive income, net						(108)
Balance at Jun. 30, 2019	1,138	381,904	597,451	(2,624)	(375,507)	602,362
Balance at Mar. 31, 2019	1,138	381,904	575,477	(2,820)	(374,345)	581,354
Net earnings (loss)			21,974			21,974
Other comprehensive income, net				196		196
Adjustment to treasury stock for holdings in investment partnerships					(1,162)	(1,162)
Balance at Jun. 30, 2019	$ 1,138	$ 381,904	$ 597,451	$ (2,624)	$ (375,507)	$ 602,362

- Definition

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

+ References + Details

XML 19 R7.htm IDEA: XBRL DOCUMENT

Note 1. Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Note 1. Summary of Significant Accounting Policies

Description of Business

As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.

Principles of Consolidation

XML 20 R8.htm IDEA: XBRL DOCUMENT

Note 2. New Accounting Standards

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Note 2. New Accounting Standards

XML 21 R9.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings per share

Note 3. Earnings Per Share

The following table presents shares authorized, issued and outstanding on June 30, 2019 and December 31, 2018.

	June 30, 2019			December 31, 2018
		Class A	Class B		Class A	Class B
Common stock authorized		500,000	10,000,000		500,000	10,000,000
Common stock issued and outstanding		206,864	2,068,640		206,864	2,068,640

The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”

On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of June 30, 2019 and December 31, 2018. There are no dilutive securities outstanding.

XML 22 R10.htm IDEA: XBRL DOCUMENT

Note 4. Investments

6 Months Ended

Jun. 30, 2019

Schedule of Investments [Abstract]

Note 4. Investments

XML 23 R11.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships

6 Months Ended

Jun. 30, 2019

Note 5. Investment Partnerships

Note 5. Investment Partnerships

Biglari Capital Corp. is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest is presented below.

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2018	$	715,102		$	157,622		$	557,480
Investment partnership gains		54,374			(13,978	)		68,352
Contributions (net of distributions) to investment partnerships		(2,490	)					(2,490	)
Increase in proportionate share of Company stock held					1,276			(1,276	)
Partnership interest at June 30, 2019	$	766,986		$	144,920		$	622,066

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

The carrying value of the investment partnerships net of deferred taxes is presented below.

	June 30, 2019			December 31, 2018
Carrying value of investment partnerships	$	622,066		$	557,480
Deferred tax liability related to investment partnerships		(83,187	)		(92,703	)
Carrying value of investment partnerships net of deferred taxes	$	538,879		$	464,777

Gains (losses) from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.

	Second Quarter					First Six Months
	2019		2018			2019		2018
Gains (losses) on investment partnership	$	34,198	$	(8,341	)	$	68,352	$	(4,846	)
Tax expense (benefit)		7,944		(2,464	)		15,861		(2,044	)
Net earnings (loss)	$	26,254	$	(5,877	)	$	52,491	$	(2,802	)

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2019	$	106,657		$	911,690
Total liabilities as of June 30, 2019	$	90		$	165,787
Revenue for the first six months of 2019	$	121		$	62,499
Earnings for the first six months of 2019	$	88		$	58,068
Biglari Holdings’ ownership interest as of June 30, 2019		66.1	%		93.4	%

Total assets as of December 31, 2018	$	107,207		$	901,750
Total liabilities as of December 31, 2018	$	447		$	202,770
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Transactions with The Lion Fund II, L.P. were as follows.

	Second Quarter						First Six Months
	2019			2018			2019			2018
Contributions	$	—		$	—		$	40,000		$	—
Distributions		(2,490	)		(2,500	)		(42,490	)		(7,700	)
	$	(2,490	)	$	(2,500	)	$	(2,490	)	$	(7,700	)

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Note 6. Property and Equipment

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Note 6. Property and Equipment

Property and equipment is composed of the following.

	June 30, 2019			December 31, 2018
Land	$	151,671		$	146,015
Buildings		145,915			142,658
Land and leasehold improvements		162,839			158,938
Equipment		200,076			201,738
Construction in progress		2,910			1,703
		663,411			651,052
Less accumulated depreciation and amortization		(366,717	)		(376,336	)
Property and equipment, net	$	296,694		$	274,716

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Note 7. Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Other Intangible Assets

Goodwill

Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.

A reconciliation of the change in the carrying value of goodwill is as follows.

	Restaurants			Other		Total
Goodwill at December 31, 2018	$	28,139		$	11,913	$	40,052
Change in foreign exchange rates during the first six months of 2019		(4	)		—		(4	)
Goodwill at June 30, 2019	$	28,135		$	11,913	$	40,048

Other Intangible Assets

Other intangible assets are composed of the following.

	June 30, 2019							December 31, 2018
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,912	)	$	398	$	5,310	$	(4,647	)	$	663
Other		810		(783	)		27		810		(774	)		36
Total		6,120		(5,695	)		425		6,120		(5,421	)		699
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,471		—			11,471		11,539		—			11,539
Total intangible assets	$	33,467	$	(5,695	)	$	27,772	$	33,535	$	(5,421	)	$	28,114

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Note 8. Restaurant Operations Revenues

6 Months Ended

Jun. 30, 2019

Note 8. Restaurant Operations Revenues

Note 8. Restaurant Operations Revenues

Restaurant operations revenues were as follows.

	Second Quarter				First Six Months
	2019		2018		2019		2018
Net sales	$	152,062	$	191,797	$	317,693	$	377,368
Franchise royalties and fees		7,146		7,773		14,058		14,875
Other		853		1,024		2,085		2,285
	$	160,061	$	200,594	$	333,836	$	394,528

Net sales

Franchise royalties and fees

Our advertising arrangements with franchisees are reported in franchise royalties and fees.

Gift card revenue

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Note 9. Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2019

Payables and Accruals [Abstract]

Note 9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses include the following.

	June 30, 2019		December 31, 2018
Accounts payable	$	31,416	$	41,967
Gift card liability		17,199		22,685
Salaries, wages, and vacation		19,000		13,107
Taxes payable		30,264		11,214
Insurance accruals		13,693		12,127
Deferred revenue		13,657		11,681
Other		5,213		4,484
Accounts payable and accrued expenses	$	130,442	$	117,265

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Note 10. Notes Payable and Other Borrowings

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Note 10. Notes Payable and Other Borrowings

Notes payable and other borrowings include the following.

Current portion of notes payable and other borrowings	June 30, 2019			December 31, 2018
Notes payable	$	2,200		$	2,200
Unamortized original issue discount and debt issuance costs		(962	)		(943	)
Finance obligations		4,052			4,463
Finance lease liabilities		1,634			—
Total current portion of notes payable and other borrowings	$	6,924		$	5,720

Long-term notes payable and other borrowings
Notes payable	$	180,398		$	181,498
Unamortized original issue discount and debt issuance costs		(748	)		(1,234	)
Finance obligations		75,709			59,737
Finance leases liabilities		10,450			—
Total long-term notes payable and other borrowings	$	265,809		$	240,001

Steak n Shake Credit Facility

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Note 11. Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Note 11. Leases

Operating lease expense and finance lease depreciation expense are recognized on a straight line basis over the lease term.

Total lease cost consists of the following.

	Second Quarter 2019		First Six Months 2019
Finance lease costs:
Amortization of right-of-use assets	$	487	$	979
Interest on lease liabilities		215		422
Operating lease costs *		4,003		7,860
Total lease costs	$	4,705	$	9,261

*Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Supplemental cash flow information related to leases is as follows.

	First Six Months 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	797
Operating cash flows from finance leases	$	422
Operating cash flows from operating leases	$	8,375
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	$	1,097
Operating lease liabilities	$	8,919

Supplemental balance sheet information related to leases is as follows.

	June 30, 2019
Finance leases:
Property and equipment, net	$	11,755

Current portion of notes payable and other borrowings	$	1,634
Long-term notes payable and other borrowings		10,450
Total finance lease liabilities	$	12,084

Weighted-average lease terms and discount rates are as follows.

	June 30, 2019
Weighted-average remaining lease terms:
Finance leases		8.7 years
Operating leases		7.3 years

Weighted-average discount rates:
Finance leases		7.1	%
Operating leases		6.9	%

Maturities of lease liabilities as of June 30, 2019 are as follows.

Year		Operating Leases		Finance Leases
	2019	$	8,439	$	1,218
	2020		15,797		2,377
	2021		14,701		2,358
	2022		12,438		1,869
	2023		10,588		1,669
	After 2023		31,397		6,815
	Total lease payments		93,360		16,306
	Less interest		21,088		4,222
	Total lease liabilities	$	72,272	$	12,084

									Operating Leases
Year			Finance Obligations		Capital Leases		Total		Operating Property		Non-Operating Property
	2019	$	11,114	$	55	$	11,169	$	17,914	$	483
	2020		8,040		55		8,095		16,691		554
	2021		5,925		55		5,980		16,787		578
	2022		2,951		5		2,956		15,603		599
	2023		1,587		—		1,587		14,071		539
	After 2023		1,673		—		1,673		36,709		1,790
	Total minimum future rental payments		31,290		170		31,460	$	117,775	$	4,543
	Less amount representing interest		18,004		60		18,064
	Total principal obligations under leases		13,286		110		13,396
	Less current portion		4,433		30		4,463
	Non-current principal obligations under leases		8,853		80		8,933
	Residual value at end of lease term		50,744		60		50,804
	Obligations under leases	$	59,597	$	140	$	59,737

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Note 12. Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Note 12. Accumulated Other Comprehensive Income

During the first six months of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Six months ended June 30, 2019								Six months ended June 30, 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,516	)	$	—	$	(2,516	)	$	(1,462	)	$	58		$	(1,404	)
Reclassification to
(earnings) loss					—		—						(58	)		(58	)
Foreign currency translation		(108	)				(108	)		(645	)					(645	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—		$	(2,107	)

During the second quarter of 2019 and 2018, the changes in the balances of each component of accumulated other comprehensive income, net of tax, were as follows.

	Second Quarter 2019								Second Quarter 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,820	)	$	—	$	(2,820	)	$	(966	)	$	—	$	(966	)
Reclassification to
(earnings) loss					—		—						—		—
Foreign currency translation		196					196			(1,141	)				(1,141	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—	$	(2,107	)

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Note 13. Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Note 13. Income Taxes

As of June 30, 2019 and December 31, 2018, we had approximately $352 and $341, respectively, of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

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Note 14. Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Note 14. Commitments and Contingencies

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Note 15. Fair Value of Financial Assets

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Note 15. Fair Value of Financial Assets

The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.

Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.

Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.

Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.

The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:

Cash equivalents: Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.

Equity securities: The Company’s investments in equity securities are classified within Level 1 of the fair value hierarchy.

Bonds: The Company’s investments in bonds are classified within Level 1 or Level 2 of the fair value hierarchy depending on the instrument.

Derivative instruments: Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy.

As of June 30, 2019 and December 31, 2018, the fair values of financial assets were as follows.

	June 30, 2019								December 31, 2018

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	10,118	$	—	$	—	$	10,118	$	21,448	$	—	$	—	$	21,448
Equity securities:
Consumer goods		—		6,421		—		6,421		1,708		4,100		—		5,808
Bonds		35,557		—		—		35,557		32,404		—		—		32,404
Options on equity securities		—		2,142		—		2,142		—		2,755		—		2,755
Non-qualified deferred
compensation plan
investments		2,057		—		—		2,057		2,149		—		—		2,149
Total assets at fair value	$	47,732	$	8,563	$	—	$	56,295	$	57,709	$	6,855	$	—	$	64,564

There were no changes in our valuation techniques used to measure fair values on a recurring basis.

- 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

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Note 16. Related Party Transactions

6 Months Ended

Jun. 30, 2019

Note 16. Related Party Transactions

Services Agreement

License Agreement

Incentive Agreement Amendment

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Note 17. Business Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Note 17. Business Segment Reporting

Revenue for the second quarters and first six months of 2019 and 2018 were as follows.

	Revenue
	Second Quarter				First Six Months
	2019		2018		2019		2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	156,006	$	196,578	$	326,117	$	386,871
Western Sizzlin		4,055		4,016		7,719		7,657
Total Restaurant Operations		160,061		200,594		333,836		394,528
First Guard		7,417		6,745		14,624		13,292
Maxim		865		1,400		1,742		3,144
	$	168,343	$	208,739	$	350,202	$	410,964

Earnings (losses) before income taxes for the second quarters and first six months of 2019 and 2018 were as follows.

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2019			2018			2019			2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	(3,057	)	$	2,659		$	(21,915	)	$	1,667
Western Sizzlin		506			674			889			1,048
Total Restaurant Operations		(2,551	)		3,333			(21,026	)		2,715
First Guard		1,850			2,301			3,394			2,811
Maxim		176			16			64			(201	)
Other		114			164			253			303
Total Operating Businesses		(411	)		5,814			(17,315	)		5,628
Corporate and Investments:
Corporate		(2,767	)		(3,004	)		(5,397	)		(6,170	)
Investment partnership gains (losses)		34,198			(8,341	)		68,352			(4,846	)
Total Corporate and Investments		31,431			(11,345	)		62,955			(11,016	)
Interest expense on notes payable and other borrowings		(3,150	)		(2,898	)		(6,208	)		(5,652	)
	$	27,870		$	(8,429	)	$	39,432		$	(11,040	)

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Note 1. Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Description of Business	The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. (“Biglari Holdings” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the entire fiscal year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018. Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including media, property and casualty insurance, and restaurants. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company. The Company’s long-term objective is to maximize per-share intrinsic value. All major operating, investment, and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. As of June 30, 2019, Mr. Biglari’s beneficial ownership was approximately 60.7% of the Company’s outstanding Class A common stock and 55.4% of the Company’s outstanding Class B common stock.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western Sizzlin”), Maxim Inc. (“Maxim”) and First Guard Insurance Company and its agency, 1st Guard Corporation (collectively “First Guard”). Intercompany accounts and transactions have been eliminated in consolidation.

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Note 3. Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings per share

Summary of outstanding shares

	June 30, 2019			December 31, 2018
		Class A	Class B		Class A	Class B
Common stock authorized		500,000	10,000,000		500,000	10,000,000
Common stock issued and outstanding		206,864	2,068,640		206,864	2,068,640

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Note 5. Investment Partnerships (Tables)

6 Months Ended

Jun. 30, 2019

Note 5. Investment Partnerships

Fair value and carrying value of our partnership interest

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2018	$	715,102		$	157,622		$	557,480
Investment partnership gains		54,374			(13,978	)		68,352
Contributions (net of distributions) to investment partnerships		(2,490	)					(2,490	)
Increase in proportionate share of Company stock held					1,276			(1,276	)
Partnership interest at June 30, 2019	$	766,986		$	144,920		$	622,066

	Fair Value			Company Common Stock			Carrying Value
Partnership interest at December 31, 2017	$	925,279		$	359,258		$	566,021
Investment partnership gains (losses)		(128,725	)		(123,879	)		(4,846	)
Contributions (net of distributions) to investment partnerships		(7,700	)					(7,700	)
Increase in proportionate share of Company stock held					18,681			(18,681	)
Partnership interest at June 30, 2018	$	788,854		$	254,060		$	534,794

Carrying value of investment partnerships net of deferred taxes

	June 30, 2019			December 31, 2018
Carrying value of investment partnerships	$	622,066		$	557,480
Deferred tax liability related to investment partnerships		(83,187	)		(92,703	)
Carrying value of investment partnerships net of deferred taxes	$	538,879		$	464,777

Gains (loss) from investment partnerships

	Second Quarter					First Six Months
	2019		2018			2019		2018
Gains (losses) on investment partnership	$	34,198	$	(8,341	)	$	68,352	$	(4,846	)
Tax expense (benefit)		7,944		(2,464	)		15,861		(2,044	)
Net earnings (loss)	$	26,254	$	(5,877	)	$	52,491	$	(2,802	)

Summarized financial information for equity in investment partnerships

		Equity in Investment Partnerships
		Lion Fund			Lion Fund II
Total assets as of June 30, 2019	$	106,657		$	911,690
Total liabilities as of June 30, 2019	$	90		$	165,787
Revenue for the first six months of 2019	$	121		$	62,499
Earnings for the first six months of 2019	$	88		$	58,068
Biglari Holdings’ ownership interest as of June 30, 2019		66.1	%		93.4	%

Total assets as of December 31, 2018	$	107,207		$	901,750
Total liabilities as of December 31, 2018	$	447		$	202,770
Revenue for the first six months of 2018	$	(49,773	)	$	(99,751	)
Earnings (loss) for the first six months of 2018	$	(49,805	)	$	(104,290	)
Biglari Holdings’ ownership interest as of June 30, 2018		65.3	%		92.2	%

Contributions to and distributions from the investment partnerships

	Second Quarter						First Six Months
	2019			2018			2019			2018
Contributions	$	—		$	—		$	40,000		$	—
Distributions		(2,490	)		(2,500	)		(42,490	)		(7,700	)
	$	(2,490	)	$	(2,500	)	$	(2,490	)	$	(7,700	)

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Note 6. Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

	June 30, 2019			December 31, 2018
Land	$	151,671		$	146,015
Buildings		145,915			142,658
Land and leasehold improvements		162,839			158,938
Equipment		200,076			201,738
Construction in progress		2,910			1,703
		663,411			651,052
Less accumulated depreciation and amortization		(366,717	)		(376,336	)
Property and equipment, net	$	296,694		$	274,716

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Note 7. Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

	Restaurants			Other		Total
Goodwill at December 31, 2018	$	28,139		$	11,913	$	40,052
Change in foreign exchange rates during the first six months of 2019		(4	)		—		(4	)
Goodwill at June 30, 2019	$	28,135		$	11,913	$	40,048

Schedule of other intangible assets

	June 30, 2019							December 31, 2018
	Gross carrying amount		Accumulated amortization			Total		Gross carrying amount		Accumulated amortization			Total
Franchise agreement	$	5,310	$	(4,912	)	$	398	$	5,310	$	(4,647	)	$	663
Other		810		(783	)		27		810		(774	)		36
Total		6,120		(5,695	)		425		6,120		(5,421	)		699
Intangible assets with indefinite lives:
Trade names		15,876		—			15,876		15,876		—			15,876
Other assets with indefinite lives		11,471		—			11,471		11,539		—			11,539
Total intangible assets	$	33,467	$	(5,695	)	$	27,772	$	33,535	$	(5,421	)	$	28,114

XML 41 R29.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues (Tables)

6 Months Ended

Jun. 30, 2019

Note 8. Restaurant Operations Revenues

Summary of restaurant operations revenues

	Second Quarter				First Six Months
	2019		2018		2019		2018
Net sales	$	152,062	$	191,797	$	317,693	$	377,368
Franchise royalties and fees		7,146		7,773		14,058		14,875
Other		853		1,024		2,085		2,285
	$	160,061	$	200,594	$	333,836	$	394,528

XML 42 R30.htm IDEA: XBRL DOCUMENT

Note 9. Accounts Payable And Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2019

Note 9. Accounts Payable And Accrued Expenses

Schedule of accounts payable and accrued expenses

	June 30, 2019		December 31, 2018
Accounts payable	$	31,416	$	41,967
Gift card liability		17,199		22,685
Salaries, wages, and vacation		19,000		13,107
Taxes payable		30,264		11,214
Insurance accruals		13,693		12,127
Deferred revenue		13,657		11,681
Other		5,213		4,484
Accounts payable and accrued expenses	$	130,442	$	117,265

XML 43 R31.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of notes payable and other borrowings

Current portion of notes payable and other borrowings	June 30, 2019			December 31, 2018
Notes payable	$	2,200		$	2,200
Unamortized original issue discount and debt issuance costs		(962	)		(943	)
Finance obligations		4,052			4,463
Finance lease liabilities		1,634			—
Total current portion of notes payable and other borrowings	$	6,924		$	5,720

Long-term notes payable and other borrowings
Notes payable	$	180,398		$	181,498
Unamortized original issue discount and debt issuance costs		(748	)		(1,234	)
Finance obligations		75,709			59,737
Finance leases liabilities		10,450			—
Total long-term notes payable and other borrowings	$	265,809		$	240,001

XML 44 R32.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of lease cost

	Second Quarter 2019		First Six Months 2019
Finance lease costs:
Amortization of right-of-use assets	$	487	$	979
Interest on lease liabilities		215		422
Operating lease costs *		4,003		7,860
Total lease costs	$	4,705	$	9,261

*Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Schedule of supplemental cash flow information related to leases

	First Six Months 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	797
Operating cash flows from finance leases	$	422
Operating cash flows from operating leases	$	8,375
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	$	1,097
Operating lease liabilities	$	8,919

Schedule of supplemental balance sheet information related to leases

	June 30, 2019
Finance leases:
Property and equipment, net	$	11,755

Current portion of notes payable and other borrowings	$	1,634
Long-term notes payable and other borrowings		10,450
Total finance lease liabilities	$	12,084

Schedule of weighted-average lease terms and discount rates

	June 30, 2019
Weighted-average remaining lease terms:
Finance leases		8.7 years
Operating leases		7.3 years

Weighted-average discount rates:
Finance leases		7.1	%
Operating leases		6.9	%

Schedule of maturities of lease liabilities at June 30, 2019

Year		Operating Leases		Finance Leases
	2019	$	8,439	$	1,218
	2020		15,797		2,377
	2021		14,701		2,358
	2022		12,438		1,869
	2023		10,588		1,669
	After 2023		31,397		6,815
	Total lease payments		93,360		16,306
	Less interest		21,088		4,222
	Total lease liabilities	$	72,272	$	12,084

Schedule of future minimum lease payments at December 31, 2018

									Operating Leases
Year			Finance Obligations		Capital Leases		Total		Operating Property		Non-Operating Property
	2019	$	11,114	$	55	$	11,169	$	17,914	$	483
	2020		8,040		55		8,095		16,691		554
	2021		5,925		55		5,980		16,787		578
	2022		2,951		5		2,956		15,603		599
	2023		1,587		—		1,587		14,071		539
	After 2023		1,673		—		1,673		36,709		1,790
	Total minimum future rental payments		31,290		170		31,460	$	117,775	$	4,543
	Less amount representing interest		18,004		60		18,064
	Total principal obligations under leases		13,286		110		13,396
	Less current portion		4,433		30		4,463
	Non-current principal obligations under leases		8,853		80		8,933
	Residual value at end of lease term		50,744		60		50,804
	Obligations under leases	$	59,597	$	140	$	59,737

XML 45 R33.htm IDEA: XBRL DOCUMENT

Note 12. Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Component of accumulated other comprehensive income

	Six months ended June 30, 2019								Six months ended June 30, 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)			Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,516	)	$	—	$	(2,516	)	$	(1,462	)	$	58		$	(1,404	)
Reclassification to
(earnings) loss					—		—						(58	)		(58	)
Foreign currency translation		(108	)				(108	)		(645	)					(645	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—		$	(2,107	)

	Second Quarter 2019								Second Quarter 2018
		Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)			Foreign currency translation adjustments			Investment gain (loss)		Accumulated other comprehensive income (loss)
Beginning Balance	$	(2,820	)	$	—	$	(2,820	)	$	(966	)	$	—	$	(966	)
Reclassification to
(earnings) loss					—		—						—		—
Foreign currency translation		196					196			(1,141	)				(1,141	)
Ending Balance	$	(2,624	)	$	—	$	(2,624	)	$	(2,107	)	$	—	$	(2,107	)

XML 46 R34.htm IDEA: XBRL DOCUMENT

Note 15. Fair Value of Financial Assets (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of fair value assets

	June 30, 2019								December 31, 2018

		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	10,118	$	—	$	—	$	10,118	$	21,448	$	—	$	—	$	21,448
Equity securities:
Consumer goods		—		6,421		—		6,421		1,708		4,100		—		5,808
Bonds		35,557		—		—		35,557		32,404		—		—		32,404
Options on equity securities		—		2,142		—		2,142		—		2,755		—		2,755
Non-qualified deferred
compensation plan
investments		2,057		—		—		2,057		2,149		—		—		2,149
Total assets at fair value	$	47,732	$	8,563	$	—	$	56,295	$	57,709	$	6,855	$	—	$	64,564

XML 47 R35.htm IDEA: XBRL DOCUMENT

Note 17. Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of revenue by segment

	Revenue
	Second Quarter				First Six Months
	2019		2018		2019		2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	156,006	$	196,578	$	326,117	$	386,871
Western Sizzlin		4,055		4,016		7,719		7,657
Total Restaurant Operations		160,061		200,594		333,836		394,528
First Guard		7,417		6,745		14,624		13,292
Maxim		865		1,400		1,742		3,144
	$	168,343	$	208,739	$	350,202	$	410,964

Schedule of earnings (losses) before income taxes by segment

	Earnings (Losses) Before Income Taxes
	Second Quarter						First Six Months
	2019			2018			2019			2018
Operating Businesses:
Restaurant Operations:
Steak n Shake	$	(3,057	)	$	2,659		$	(21,915	)	$	1,667
Western Sizzlin		506			674			889			1,048
Total Restaurant Operations		(2,551	)		3,333			(21,026	)		2,715
First Guard		1,850			2,301			3,394			2,811
Maxim		176			16			64			(201	)
Other		114			164			253			303
Total Operating Businesses		(411	)		5,814			(17,315	)		5,628
Corporate and Investments:
Corporate		(2,767	)		(3,004	)		(5,397	)		(6,170	)
Investment partnership gains (losses)		34,198			(8,341	)		68,352			(4,846	)
Total Corporate and Investments		31,431			(11,345	)		62,955			(11,016	)
Interest expense on notes payable and other borrowings		(3,150	)		(2,898	)		(6,208	)		(5,652	)
	$	27,870		$	(8,429	)	$	39,432		$	(11,040	)

XML 48 R36.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share (Details) - shares	Jun. 30, 2019	Dec. 31, 2018
Class A Common Stock
Common stock authorized	500,000	500,000
Common stock issued	206,864	206,864
Common stock outstanding	206,864	206,864
Class B Common Stock
Common stock authorized	10,000,000	10,000,000
Common stock issued	2,068,640	2,068,640
Common stock outstanding	2,068,640	2,068,640

XML 49 R37.htm IDEA: XBRL DOCUMENT

Note 3. Earnings Per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
Note 3. Earnings Per Share (Details Narrative) - shares	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Note 3.Earnings Per Share Details Narrative Abstract
Equivalent Class A weighted average number of common shares	346,034	346,988	346,129	349,575

XML 50 R38.htm IDEA: XBRL DOCUMENT

Note 4. Investments (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Abstract]
Available for sale investments	$ 37,013	$ 33,860
Investments in equity securities and a related derivative position	$ 4,463	$ 4,463

XML 51 R39.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment partnership gains (losses)	$ 34,198	$ (8,341)	$ 68,352	$ (4,846)
Fair Value
Partnership interest, beginning			715,102	925,279
Investment partnership gains (losses)			54,374	(128,725)
Contributions (net of distributions) to investment partnerships			(2,490)	(7,700)
Increase in proportionate share of Company stock held			0	0
Partnership interest, ending	766,986	788,854	766,986	788,854
Company Common Stock
Partnership interest, beginning			157,622	359,258
Investment partnership gains (losses)			(13,978)	(123,879)
Contributions (net of distributions) to investment partnerships			0	0
Increase in proportionate share of Company stock held			1,276	18,681
Partnership interest, ending	144,920	254,060	144,920	254,060
Carrying Value
Partnership interest, beginning			557,480	566,021
Investment partnership gains (losses)			68,352	(4,846)
Contributions (net of distributions) to investment partnerships			(2,490)	(7,700)
Increase in proportionate share of Company stock held			(1,276)	(18,681)
Partnership interest, ending	$ 622,066	$ 534,794	$ 622,066	$ 534,794

XML 52 R40.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Note 5. Investment Partnerships
Carrying value of investment partnerships	$ 622,066	$ 557,480
Deferred tax liability related to investment partnerships	(83,187)	(92,703)
Carrying value of investment partnerships net of deferred taxes	$ 538,879	$ 464,777

XML 53 R41.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Note 5.Investment Partnerships Details 2Abstract
Gains (losses) on investment partnership	$ 34,198	$ (8,341)	$ 68,352	$ (4,846)
Tax expense (benefit)	7,944	(2,464)	15,861	(2,044)
Net earnings (loss)	$ 26,254	$ (5,877)	$ 52,491	$ (2,802)

XML 54 R42.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Lion Fund
Total assets	$ 106,657		$ 107,207
Total liabilities	90		447
Revenue for the first six months	121	$ (49,773)
Earnings (loss) for the first six months	$ 88	$ (49,805)
Biglari Holdings' ownership interest	66.10%	65.30%
Lion Fund II
Total assets	$ 911,690		901,750
Total liabilities	165,787		$ 202,770
Revenue for the first six months	62,499	$ (99,751)
Earnings (loss) for the first six months	$ 58,068	$ (104,290)
Biglari Holdings' ownership interest	93.40%	92.20%

XML 55 R43.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details 4) - Lion Fund II - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Contributions	$ 0	$ 0	$ 40,000	$ 0
Distributions	(2,490)	(2,500)	(42,490)	(7,700)
Total contributions and distributions	$ (2,490)	$ (2,500)	$ (2,490)	$ (7,700)

XML 56 R44.htm IDEA: XBRL DOCUMENT

Note 5. Investment Partnerships (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Note 5. Investment Partnerships
Proportionate share of Company stock held by investment partnerships at cost	$ 375,507	$ 374,231

XML 57 R45.htm IDEA: XBRL DOCUMENT

Note 6. Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land	$ 151,671	$ 146,015
Buildings	145,915	142,658
Land and leasehold improvements	162,839	158,938
Equipment	200,076	201,738
Construction in progress	2,910	1,703
Property and equipment, gross	663,411	651,052
Less accumulated depreciation and amortization	(366,717)	(376,336)
Property and equipment, net	$ 296,694	$ 274,716

XML 58 R46.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill, beginning	$ 40,052
Change in foreign exchange rates during the first six months of 2019	(4)
Goodwill, ending	40,048
Restaurant
Goodwill, beginning	28,139
Change in foreign exchange rates during the first six months of 2019	(4)
Goodwill, ending	28,135
Other
Goodwill, beginning	11,913
Change in foreign exchange rates during the first six months of 2019	0
Goodwill, ending	$ 11,913

XML 59 R47.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Gross carrying amount	$ 33,467	$ 33,535
Accumulated amortization	(5,695)	(5,421)
Total intangible assets	27,772	28,114
Finite-Lived Intangible Assets
Gross carrying amount	6,120	6,120
Accumulated amortization	(5,695)	(5,421)
Total intangible assets	425	699
Franchise Agreement \| Finite-Lived Intangible Assets
Gross carrying amount	5,310	5,310
Accumulated amortization	(4,912)	(4,647)
Total intangible assets	398	663
Other \| Finite-Lived Intangible Assets
Gross carrying amount	810	810
Accumulated amortization	(783)	(774)
Total intangible assets	27	36
Other \| Indefinite-lived Intangible Assets
Gross carrying amount	11,471	11,539
Accumulated amortization	0	0
Total intangible assets	11,471	11,539
Trade names \| Indefinite-lived Intangible Assets
Gross carrying amount	15,876	15,876
Accumulated amortization	0	0
Total intangible assets	$ 15,876	$ 15,876

XML 60 R48.htm IDEA: XBRL DOCUMENT

Note 7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 274	$ 281

XML 61 R49.htm IDEA: XBRL DOCUMENT

Note 8. Restaurant Operations Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Note 8. Restaurant Operations Revenues
Net sales	$ 152,062	$ 191,797	$ 317,693	$ 377,368
Franchise royalties and fees	7,146	7,773	14,058	14,875
Other	853	1,024	2,085	2,285
Restaurant operations revenue	$ 160,061	$ 200,594	$ 333,836	$ 394,528

XML 62 R50.htm IDEA: XBRL DOCUMENT

Note 9. Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable	$ 31,416	$ 41,967
Gift card liability	17,199	22,685
Salaries, wages, and vacation	19,000	13,107
Taxes payable	30,264	11,214
Insurance accruals	13,693	12,127
Deferred revenue	13,657	11,681
Other	5,213	4,484
Accounts payable and accrued expenses	$ 130,442	$ 117,265

XML 63 R51.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current portion of notes payable and other borrowings
Notes payable	$ 2,200	$ 2,200
Unamortized original issue discount and debt issuance costs	(962)	(943)
Finance obligations	4,052	4,463
Finance lease liabilities	1,634	0
Total current portion of notes payable and other borrowings	6,924	5,720
Long-term notes payable and other borrowings
Notes payable	180,398	181,498
Unamortized original issue discount and debt issuance costs	(748)	(1,234)
Finance obligations	75,709	59,737
Finance lease liabilities	10,450	0
Total long-term notes payable and other borrowings	$ 265,809	$ 240,001

XML 64 R52.htm IDEA: XBRL DOCUMENT

Note 10. Notes Payable and Other Borrowings (Details Narrative) - Steak n Shake Agreement 2014 $ in Thousands	Jun. 30, 2019 USD ($)
Interest rate	6.19%
Outstanding debt	$ 182,598

XML 65 R53.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Finance lease costs:

Amortization of right-of-use assets

$ 487

$ 979

Interest on lease liabilities

215

422

Operating lease costs

^[1]

4,003

7,860

Total lease costs

$ 4,705

$ 9,261

[1]	Includes short-term leases, variable lease costs and sublease income, which are immaterial.

XML 66 R54.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details 1) $ in Thousands	6 Months Ended
Note 11. Leases (Details 1) $ in Thousands	Jun. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liablities:
Financing cash flows from finance leases	$ 797
Operating cash flows from finance leases	422
Operating cash flows from operating leases	8,375
Right-of-use assets obtained in exchange for lease obligations:
Finance lease liabilities	1,097
Operating lease liabilities	$ 8,919

XML 67 R55.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details 2) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finance leases:
Property and equipment, net	$ 11,755
Current portion of notes payable and other borrowings	1,634	$ 0
Long-term notes payable and other borrowings	10,450	$ 0
Total finance lease liablities	$ 12,084

XML 68 R56.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details 3)	Jun. 30, 2019
Weighted-average remaining lease terms:
Finance leases	8 years 8 months 12 days
Operating leases	7 years 3 months 18 days
Weighted-average discount rates:
Finance leases	7.10%
Operating leases	6.90%

XML 69 R57.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details 4) $ in Thousands	Jun. 30, 2019 USD ($)
Operating Leases
2019	$ 8,439
2020	15,797
2021	14,701
2022	12,438
2023	10,588
After 2023	31,397
Total lease payments	93,360
Less interest	21,088
Total lease liabilities	72,272
Finance Leases
2019	1,218
2020	2,377
2021	2,358
2022	1,869
2023	1,669
After 2023	6,815
Total lease payments	16,306
Less interest	4,222
Total lease liabilities	$ 12,084

XML 70 R58.htm IDEA: XBRL DOCUMENT

Note 11. Leases (Details 5) $ in Thousands	Dec. 31, 2018 USD ($)
2019	$ 11,169
2020	8,095
2021	5,980
2022	2,956
2023	1,587
After 2023	1,673
Total minimum future rental payments	31,460
Less amount representing interest	18,064
Total principal obligations under leases	13,396
Less current portion	4,463
Non-current principal obligations under leases	8,933
Residual value at end of lease term	50,804
Obligations under leases	59,737
Finance Obligations
2019	11,114
2020	8,040
2021	5,925
2022	2,951
2023	1,587
After 2023	1,673
Total minimum future rental payments	31,290
Less amount representing interest	18,004
Total principal obligations under leases	13,286
Less current portion	4,433
Non-current principal obligations under leases	8,853
Residual value at end of lease term	50,744
Obligations under leases	59,597
Capital Leases
2019	55
2020	55
2021	55
2022	5
2023	0
After 2023	0
Total minimum future rental payments	170
Less amount representing interest	60
Total principal obligations under leases	110
Less current portion	30
Non-current principal obligations under leases	80
Residual value at end of lease term	60
Obligations under leases	140
Operating Property
2019	17,914
2020	16,691
2021	16,787
2022	15,603
2023	14,071
After 2023	36,709
Total minimum future rental payments	117,775
Non-Operating Property
2019	483
2020	554
2021	578
2022	599
2023	539
After 2023	1,790
Total minimum future rental payments	$ 4,543

XML 71 R59.htm IDEA: XBRL DOCUMENT

Note 12. Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Beginning balance	$ (2,820)	$ (966)	$ (2,516)	$ (1,404)
Reclassification to (earnings) loss	0	0	0	(58)
Foreign currency translation	196	(1,141)	(108)	(645)
Ending balance	(2,624)	(2,107)	(2,624)	(2,107)
Foreign Currency Translation Adjustments
Beginning balance	(2,820)	(966)	(2,516)	(1,462)
Reclassification to (earnings) loss	0	0	0	0
Foreign currency translation	196	(1,141)	(108)	(645)
Ending balance	(2,624)	(2,107)	(2,624)	(2,107)
Investment Gain (Loss)
Beginning balance	0	0	0	58
Reclassification to (earnings) loss	0	0	0	(58)
Foreign currency translation	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

XML 72 R60.htm IDEA: XBRL DOCUMENT

Note 13. Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 5,896	$ (890)	$ 7,640	$ (1,687)
Unrecognized tax benefits	$ 352		$ 352		$ 341

XML 73 R61.htm IDEA: XBRL DOCUMENT

Note 15. Fair Value of Financial Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash equivalents	$ 10,118	$ 21,448
Equity securities: Consumer goods	6,421	5,808
Bonds	35,557	32,404
Options on equity securities	2,142	2,755
Non-qualified deferred compensation plan investments	2,057	2,149
Total assets at fair value	56,295	64,564
Level 1
Assets
Cash equivalents	10,118	21,448
Equity securities: Consumer goods	0	1,708
Bonds	35,557	32,404
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	2,057	2,149
Total assets at fair value	47,732	57,709
Level 2
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	6,421	4,100
Bonds	0	0
Options on equity securities	2,142	2,755
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	8,563	6,855
Level 3
Assets
Cash equivalents	0	0
Equity securities: Consumer goods	0	0
Bonds	0	0
Options on equity securities	0	0
Non-qualified deferred compensation plan investments	0	0
Total assets at fair value	$ 0	$ 0

XML 74 R62.htm IDEA: XBRL DOCUMENT

Note 17. Business Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue	$ 168,343	$ 208,739	$ 350,202	$ 410,964
Steak n Shake
Revenue	156,006	196,578	326,117	386,871
Western Sizzlin
Revenue	4,055	4,016	7,719	7,657
Total Restaurant Operations
Revenue	160,061	200,594	333,836	394,528
First Guard
Revenue	7,417	6,745	14,624	13,292
Maxim
Revenue	865	1,400	1,742	3,144
Total Revenue
Revenue	$ 168,343	$ 208,739	$ 350,202	$ 410,964

XML 75 R63.htm IDEA: XBRL DOCUMENT

Note 17. Business Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings (loss) before income taxes	$ 27,870	$ (8,429)	$ 39,432	$ (11,040)
Restaurant \| Steak n Shake
Earnings (loss) before income taxes	(3,057)	2,659	(21,915)	1,667
Restaurant \| Western Sizzlin
Earnings (loss) before income taxes	506	674	889	1,048
Restaurant \| Total Restaurant Operations
Earnings (loss) before income taxes	(2,551)	3,333	(21,026)	2,715
Operating Business
Earnings (loss) before income taxes	(411)	5,814	(17,315)	5,628
Operating Business \| First Guard
Earnings (loss) before income taxes	1,850	2,301	3,394	2,811
Operating Business \| Maxim
Earnings (loss) before income taxes	176	16	64	(201)
Operating Business \| Other
Earnings (loss) before income taxes	114	164	253	303
Corporate \| Corporate
Earnings (loss) before income taxes	(2,767)	(3,004)	(5,397)	(6,170)
Corporate \| Investment Partnership Gains (Losses)
Earnings (loss) before income taxes	34,198	(8,341)	68,352	(4,846)
Corporate \| Total Corporate And Investments
Earnings (loss) before income taxes	31,431	(11,345)	62,955	(11,016)
Reconciliation Of Segments \| Interest expense on notes payable and other borrowings
Earnings (loss) before income taxes	$ (3,150)	$ (2,898)	$ (6,208)	$ (5,652)

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