0001193805-20-001399.txt : 20201109 0001193805-20-001399.hdr.sgml : 20201109 20201109084057 ACCESSION NUMBER: 0001193805-20-001399 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201109 DATE AS OF CHANGE: 20201109 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: 201296271 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 bh_10q.htm bh_10q.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 September 30, 2020

 

or

 

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, TX

 

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

BH

New York Stock Exchange

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 ☒    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). Yes ☒    No o

 

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

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

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  No ☒

 

Number of shares of common stock outstanding as of November 3, 2020:

 

Class A common stock –  

 

 

206,864

 

Class B common stock –

 

 

2,068,640

 

 

 

 

   

BIGLARI HOLDINGS INC.

INDEX

 

 

 

 

Page No.

Part I – Financial Information

 

 

 

 

 

 

Item 1.

Financial Statements

 

1

 

 

Consolidated Balance Sheets — September 30, 2020 and December 31, 2019 

 

1

 

 

Consolidated Statements of Earnings — Third Quarter and First Nine Months 2020 and 2019 

 

2

 

 

Consolidated Statements of Comprehensive Income — Third Quarter and First Nine Months 2020 and 2019 

 

2

 

 

Consolidated Statements of Cash Flows — First Nine Months 2020 and 2019

 

3

 

 

Consolidated Statements of Changes in Shareholders’ Equity — First Nine Months 2020 and 2019 

 

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 

 

26

 

Item 4.

Controls and Procedures 

 

26

 

 

 

 

 

 

Part II – Other Information

 

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

27

 

Item 1A.

Risk Factors

 

27

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

 

Item 3.

Defaults Upon Senior Securities

 

27

 

Item 4.

Mine Safety Disclosures

 

27

 

Item 5.

Other Information

 

27

 

Item 6.

Exhibits

 

27

 

Signatures

 

28

 

    

 

 

  

PART 1 – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

BIGLARI HOLDINGS INC.

 

CONSOLIDATED BALANCE SHEETS

 (dollars in thousands)

 

 

 

September 30,
2020

 

 

December 31,
2019

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$33,164

 

 

$67,772

 

Investments

 

 

85,082

 

 

 

44,856

 

Receivables

 

 

16,151

 

 

 

21,640

 

Inventories

 

 

2,908

 

 

 

4,674

 

Other current assets

 

 

5,622

 

 

 

6,449

 

Total current assets

 

 

142,927

 

 

 

145,391

 

Property and equipment

 

 

320,966

 

 

 

350,627

 

Operating lease assets

 

 

46,345

 

 

 

59,719

 

Goodwill and other intangible assets

 

 

75,656

 

 

 

67,389

 

Investment partnerships

 

 

383,670

 

 

 

505,542

 

Other assets

 

 

14,037

 

 

 

10,641

 

Total assets

 

$983,601

 

 

$1,139,309

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$117,888

 

 

$121,079

 

Current portion of operating lease liabilities

 

 

10,671

 

 

 

11,635

 

Current portion of notes payable and other borrowings

 

 

159,631

 

 

 

7,103

 

Total current liabilities

 

 

288,190

 

 

 

139,817

 

Long-term notes payable and other borrowings

 

 

76,099

 

 

 

263,182

 

Operating lease liabilities

 

 

39,865

 

 

 

53,271

 

Deferred taxes

 

 

30,130

 

 

 

54,230

 

Asset retirement obligations

 

 

9,896

 

 

 

10,447

 

Other liabilities

 

 

1,203

 

 

 

2,064

 

Total liabilities

 

 

445,383

 

 

 

523,011

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock

 

 

1,138

 

 

 

1,138

 

Additional paid-in capital

 

 

381,788

 

 

 

381,788

 

Retained earnings

 

 

536,721

 

 

 

611,039

 

Accumulated other comprehensive loss

 

 

(1,976)

 

 

(2,810)

Treasury stock, at cost

 

 

(379,453)

 

 

(374,857)

Biglari Holdings Inc. shareholders’ equity

 

 

538,218

 

 

 

616,298

 

Total liabilities and shareholders’ equity

 

$983,601

 

 

$1,139,309

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 
1

Table of Contents

  

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF EARNINGS

 (dollars in thousands except per share amounts)

 

 

 

 Third Quarter

 

 

 First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant operations

 

$79,674

 

 

$145,111

 

 

$272,582

 

 

$478,947

 

Insurance premiums and other

 

 

14,413

 

 

 

7,681

 

 

 

38,692

 

 

 

22,305

 

Oil and gas

 

 

6,029

 

 

 

6,500

 

 

 

19,554

 

 

 

6,500

 

Media and licensing

 

 

1,719

 

 

 

924

 

 

 

3,209

 

 

 

2,666

 

 

 

 

101,835

 

 

 

160,216

 

 

 

334,037

 

 

 

510,418

 

Cost and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant cost of sales

 

 

54,062

 

 

 

113,398

 

 

 

194,737

 

 

 

397,597

 

Insurance losses and underwriting expenses

 

 

11,290

 

 

 

5,242

 

 

 

28,866

 

 

 

16,400

 

Oil and gas production costs

 

 

2,171

 

 

 

2,595

 

 

 

6,570

 

 

 

2,595

 

Media and licensing costs

 

 

548

 

 

 

514

 

 

 

1,491

 

 

 

2,103

 

Selling, general and administrative

 

 

19,902

 

 

 

22,930

 

 

 

60,687

 

 

 

81,871

 

Impairments

 

 

3,698

 

 

 

5,079

 

 

 

21,817

 

 

 

7,417

 

Depreciation and amortization

 

 

7,275

 

 

 

7,514

 

 

 

24,284

 

 

 

18,191

 

Interest expense

 

 

3,743

 

 

 

5,024

 

 

 

11,652

 

 

 

15,244

 

 

 

 

102,689

 

 

 

162,296

 

 

 

350,104

 

 

 

541,418

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on debt extinguishment

 

 

-

 

 

 

-

 

 

 

5,713

 

 

 

-

 

Investment gains

 

 

354

 

 

 

-

 

 

 

1,863

 

 

 

-

 

Investment partnership gains (losses)

 

 

27,218

 

 

 

1,449

 

 

 

(89,276)

 

 

69,801

 

 

 

 

27,572

 

 

 

1,449

 

 

 

(81,700)

 

 

69,801

 

Earnings (loss) before income taxes

 

 

26,718

 

 

 

(631)

 

 

(97,767)

 

 

38,801

 

Income tax expense (benefit)

 

 

5,617

 

 

 

(614)

 

 

(23,449)

 

 

7,026

 

Net earnings (loss)

 

$21,101

 

 

$(17)

 

$(74,318)

 

$31,775

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per equivalent Class A share *

 

$60.07

 

 

$(0.05)

 

$(213.31)

 

$92.04

 

 

*Net earnings (loss) per equivalent Class B share outstanding are one-fifth of the equivalent Class A share or $12.01 and $(42.66) for the third quarter and first nine months of 2020, respectively, and $(0.01) and $18.41 for the third quarter and first nine months of 2019, respectively.

  

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Net earnings (loss)

 

$21,101

 

 

$(17)

 

$(74,318)

 

$31,775

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

344

 

 

 

(628)

 

 

834

 

 

 

(736)

Other comprehensive income (loss), net

 

 

344

 

 

 

(628)

 

 

834

 

 

 

(736)

Total comprehensive income (loss)

 

$21,445

 

 

$(645)

 

$(73,484)

 

$31,039

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 
2

Table of Contents

  

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

 

 

 

 First Nine Months

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

Operating activities

 

 

 

 

 

 

Net earnings (loss)

 

$(74,318)

 

$31,775

 

Adjustments to reconcile net earnings (loss) to operating cash flows:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

24,284

 

 

 

18,191

 

Provision for deferred income taxes

 

 

(23,755)

 

 

(35,902)

Asset impairments and other non-cash expenses

 

 

22,545

 

 

 

8,105

 

(Gains) losses on disposal of assets

 

 

(1,251)

 

 

200

 

Gain on debt extinguishment

 

 

(5,713)

 

 

-

 

Investment gains

 

 

(1,863)

 

 

-

 

Investment partnership (gains) losses

 

 

89,276

 

 

 

(69,801)

Distributions from investment partnerships

 

 

97,330

 

 

 

64,329

 

Changes in receivables and inventories

 

 

9,964

 

 

 

8,817

 

Changes in other assets

 

 

955

 

 

 

(1,241)

Changes in accounts payable and accrued expenses

 

 

(31,087

)

 

 

15,386

 

Net cash provided by operating activities

 

 

106,367

 

 

 

39,859

 

Investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(13,297)

 

 

(8,357)

Proceeds from property and equipment disposals

 

 

3,914

 

 

 

815

 

Acquisition of business, net of cash acquired

 

 

(34,240)

 

 

(51,057)

Distributions from investment partnerships

 

 

-

 

 

 

40,000

 

Purchases of limited partner interests

 

 

(69,330)

 

 

(40,000)

Purchases of investments

 

 

(240,351)

 

 

(91,927)

Redemptions of fixed maturity securities

 

 

241,223

 

 

 

87,250

 

Net cash used in investing activities

 

 

(112,081)

 

 

(63,276)

Financing activities

 

 

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

500

 

 

 

-

 

Principal payments on long-term debt

 

 

(22,729)

 

 

(1,650)

Principal payments on direct financing lease obligations

 

 

(4,152)

 

 

(4,353)

Net cash used in financing activities

 

 

(26,381)

 

 

(6,003)

Effect of exchange rate changes on cash

 

 

(13)

 

 

(29)

Decrease in cash, cash equivalents and restricted cash

 

 

(32,108)

 

 

(29,449)

Cash, cash equivalents and restricted cash at beginning of year

 

 

70,696

 

 

 

55,010

 

Cash, cash equivalents and restricted cash at end of third quarter

 

$38,588

 

 

$25,561

 

 

See accompanying Notes to Consolidated Financial Statements.

 

 
3

Table of Contents

   

BIGLARI HOLDINGS INC.

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands)

 

 

 

Common

 

 

Additional Paid-In 

 

 

Retained  

 

 

Accumulated
Other Comprehensive 

 

 

Treasury  

 

 

 

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

 Income (Loss)

 

 

Stock  

 

 

Total

 

Balance at December 31, 2019

 

$1,138

 

 

$381,788

 

 

$611,039

 

 

$(2,810)

 

$(374,857)

 

$616,298

 

Net earnings (loss)

 

 

 

 

 

 

 

 

 

 

(137,885)

 

 

 

 

 

 

 

 

 

 

(137,885)

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(312)

 

 

 

 

 

 

(312)

Adjustment to treasury stock for holdings in investment partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,089

 

 

 

1,089

 

Balance at March 31, 2020

 

$1,138

 

 

$381,788

 

 

$473,154

 

 

$(3,122)

 

$(373,768)

 

$479,190

 

Net earnings

 

 

 

 

 

 

 

 

 

 

42,466

 

 

 

 

 

 

 

 

 

 

 

42,466

 

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

802

 

 

 

 

 

 

 

802

 

Adjustment to treasury stock for holdings in investment partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

92

 

 

 

92

 

Balance at June 30, 2020

 

$1,138

 

 

$381,788

 

 

$515,620

 

 

$(2,320)

 

$(373,676)

 

$522,550

 

Net earnings

 

 

 

 

 

 

 

 

 

 

21,101

 

 

 

 

 

 

 

 

 

 

 

21,101

 

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

344

 

 

 

 

 

 

 

344

 

Adjustment to treasury stock for holdings in investment partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,777)

 

 

(5,777)

Balance at September 30, 2020

 

$1,138

 

 

$381,788

 

 

$536,721

 

 

$(1,976)

 

$(379,453)

 

$538,218

 

 

 

 

Common

 

 

Additional 

Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Treasury

 

 

 

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

 Income (Loss)

 

 

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

 

Net earnings (loss)

 

 

 

 

 

 

 

 

 

 

(17)

 

 

 

 

 

 

 

 

 

 

(17)

Other comprehensive income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(628)

 

 

 

 

 

 

(628)

Adjustment to treasury stock for holdings in investment partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(197)

 

 

(197)

Balance at September 30, 2019

 

$1,138

 

 

$381,904

 

 

$597,434

 

 

$(3,252)

 

$(375,704)

 

$601,520

 

   

See accompanying Notes to Consolidated Financial Statements.

 

 
4

Table of Contents

  

BIGLARI HOLDINGS INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(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. 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, 2019.

 

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.30% of the Company’s outstanding Class A common stock and 56.60% of the Company’s outstanding Class B common stock.

 

The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March and adversely affecting nearly all of our operations during the second and third quarters.

 

Our restaurants were required to close their dining rooms during the first quarter.  In order to reopen the dining rooms profitably, Steak n Shake will require funds for capital expenditures, which are limited under its current debt agreement. The purpose of the capital spending is to convert Steak n Shake’s full-service model into a self-service one.  In addition, our restaurants have incurred costs to ensure compliance with health and safety standards in response to COVID-19.

 

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company has significantly cut production and expenses in its oil and gas business.

  

The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition.

 

Business Acquisition

On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage, as well as homeowners and dwelling fire insurance coverages. The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.  The acquisition date fair values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are completed.  Pro-forma financial information of Southern Pioneer is not material.

 

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Pro-forma financial information of Southern Oil is not material.

 

 
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Note 1. Summary of Significant Accounting Policies (continued)

 

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc, Western Sizzlin Corporation, Maxim Inc., Southern Oil, First Guard Insurance Company, and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation.

 

Change in Presentation

Interest expense on finance leases and obligations has been combined with interest expense in 2020 and reclassified as a component of cost and expenses in the consolidated statement of earnings.  Prior period balances have been adjusted to conform to the change in presentation.

 

Note 2. New Accounting Standards

 

In June 2016, the Financial Accounting Standards Board 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 requires 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.  The Company adopted ASU 2016-13 effective January 1, 2020.  The impact of this standard is not material to the Company’s financial statements and related disclosures.

 

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 September 30, 2020 and December 31, 2019.

   

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

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 September 30, 2020 and December 31, 2019.  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 third quarters of 2020 and 2019 were 351,288 and 343,519, respectively.  The equivalent Class A weighted average number of common shares during the first nine months of 2020 and 2019 were 348,396 and 345,249, respectively.

 

Note 4. Investments

 

Available for sale investments were $80,619 and $40,393 as of September 30, 2020 and December 31, 2019, respectively.  Investments in equity securities and a related derivative position of $4,463 are also included in investments.  The investments are recorded at fair value.  The fair value of investments acquired with Southern Pioneer was $36,876.  The Company recorded $354 and $1,863 in investment gains during the third quarter and first nine months of 2020, respectively.  The Company did not have investment gains/losses during the first quarter of 2020 and during the first nine months of 2019.   Interest and dividends earned on investments are reported as other income by our insurance companies.  We consider investment income as a component of our aggregate insurance operating results.  However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

 

 
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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. (“Biglari Capital”) 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, 2019

 

$666,123

 

 

$160,581

 

 

$505,542

 

Investment partnership gains (losses)

 

 

(123,524)

 

 

(34,248)

 

 

(89,276)
Distributions (net of contributions) to investment partnerships

 

 

(28,000)

 

 

-

 

 

 

(28,000)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

4,596

 

 

 

(4,596)
Partnership interest at September 30, 2020

 

$514,599

 

 

$130,929

 

 

$383,670

 

 

 

 

Fair Value

 

 

Company

Common Stock

 

 

Carrying Value

 

Partnership interest at December 31, 2018

 

$715,102

 

 

$157,622

 

 

$557,480

 

Investment partnership gains (losses)

 

 

63,419

 

 

 

(6,382)

 

 

69,801

 

Distributions (net of contributions) to investment partnerships

 

 

(64,329)

 

 

-

 

 

 

(64,329)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

1,473

 

 

 

(1,473)
Partnership interest at September 30, 2019

 

$714,192

 

 

$152,713

 

 

$561,479

 

 

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

 

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Carrying value of investment partnerships

 

$383,670

 

 

$505,542

 

Deferred tax liability related to investment partnerships

 

 

(38,313)

 

 

(56,518)
Carrying value of investment partnerships net of deferred taxes

 

$345,357

 

 

$449,024

 

 

The Company’s proportionate share of Company stock held by investment partnerships at cost is $379,453 and $374,857 at September 30, 2020 and December 31, 2019, 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.

     

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gains (losses) on investment partnership

 

$27,218

 

 

$1,449

 

 

$(89,276)

 

$69,801

 

Tax expense (benefit)

 

 

6,163

 

 

 

49

 

 

 

(21,337)

 

 

15,910

 

Net earnings (loss)

 

$21,055

 

 

$1,400

 

 

$(67,939)

 

$53,891

 

     

 
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Note 5. Investment Partnerships (continued)

 

On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.

 

There were no incentive reallocations from Biglari Holdings to Biglari Capital during the first nine months of 2020 and 2019.

 

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 September 30, 2020

 

$98,041

 

 

$497,761

 

Total liabilities as of September 30, 2020

 

$120

 

 

$27,768

 

Revenue for the first nine months of 2020

 

$(18,941)

 

$(119,644)
Earnings for the first nine months of 2020

 

$(18,992)

 

$(120,849)
Biglari Holdings' ownership interest as of September 30, 2020

 

 

66.20%

 

 

95.30%

 

 

 

 

 

 

 

 

 

Total assets as of December 31, 2019

 

$117,135

 

 

$758,663

 

Total liabilities as of December 31, 2019

 

$158

 

 

$114,639

 

Revenue for the first nine months of 2019

 

$3,332

 

 

$71,578

 

Earnings for the first nine months of 2019

 

$3,278

 

 

$65,637

 

Biglari Holdings' ownership interest as of September 30, 2019

 

 

66.10%

 

 

93.50%

 

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.

 

Note 6. Property and Equipment

 

Property and equipment is composed of the following.

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Land

 

$143,839

 

 

$150,147

 

Buildings

 

 

139,320

 

 

 

144,243

 

Land and leasehold improvements

 

 

140,940

 

 

 

157,141

 

Equipment

 

 

192,201

 

 

 

196,264

 

Oil and gas properties

 

 

75,853

 

 

 

77,475

 

Construction in progress

 

 

1,036

 

 

 

3,789

 

 

 

 

693,189

 

 

 

729,059

 

Less accumulated depreciation and amortization

 

 

(372,223)

 

 

(378,432)
Property and equipment, net

 

$320,966

 

 

$350,627

 

 

Depletion expense related to oil and gas properties was $9,249 during the first nine months of 2020 and is included in depreciation and amortization in the consolidated statement of earnings.

 

The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability. Consequently, the Company recorded impairment charges of $3,698 in the third quarter of 2020 and $18,117 in the first nine months of 2020 mainly because of the decision to permanently close some Steak n Shake restaurants as well as to close the dining rooms of all company-operated restaurants.  The Company recorded an impairment to long-lived assets of $5,079 in the third quarter of 2019 and $7,417 in the first nine months of 2019 primarily related to Steak n Shake closed stores.  The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model.  Moreover, we also applied a market analysis for certain properties.

 

 
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Note 6. Property and Equipment (continued)

 

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. The Company evaluated the potential impact on its oil and gas properties, but concluded they were not impaired during the first nine months of 2020.  However, protracted low commodity prices may require impairments in future periods.

 

The duration and extent of the COVID-19 pandemic cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic may lead to future impairment of long-lived assets including right-of-use assets. In addition, significant estimates and assumptions used in the evaluation of long-lived assets for impairment may be subject to significant adjustments in future periods. 

 

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. The Company purchased Southern Pioneer on March 9, 2020.  The preliminary purchase price allocation reflects goodwill of $11,865.

 

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

 

 

 

September 30,
2020

 

Balance at beginning of year

 

$40,040

 

Goodwill from acquisition

 

 

11,865

 

Change in foreign exchange rates during the first nine months of 2020

 

 

27

 

Balance at end of period

 

$51,932

 

 

We evaluate 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 nine months of 2020 or 2019.

  

In response to the adverse effects of the COVID-19 pandemic, we considered whether goodwill needed to be evaluated for impairment as of September 30, 2020, specifically related to goodwill for certain restaurant reporting units.  Making estimates of the fair value of reporting units at this time are significantly affected by assumptions on the severity, duration and long-term effects of the pandemic on the reporting unit’s operations.  We considered the available facts and made qualitative assessments and judgments for what we believed represent reasonably possible outcomes. Although the fair values of certain of these reporting units declined since the time that the most recent annual impairment tests were conducted, we concluded it is more likely than not that goodwill was not impaired as of September 30, 2020.  However, COVID-19 pandemic events will continue to evolve and the negative effects on our operations could prove to be worse than we currently estimate.  The Company may record goodwill impairment charges in future periods. 

 

 
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 Note 7. Goodwill and Other Intangible Assets (continued)

 

Other Intangible Assets

Other intangible assets are composed of the following.

 

 

 

 

September 30, 2020

December 31, 2019

 

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

Franchise agreement

 

$5,310

 

 

$(5,310)

 

$-

 

 

$5,310

 

 

$(5,178)

 

$132

 

Other

 

 

810

 

 

 

(810)

 

 

-

 

 

 

810

 

 

 

(792)

 

 

18

 

Total

 

 

6,120

 

 

 

(6,120)

 

 

-

 

 

 

6,120

 

 

 

(5,970)

 

 

150

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

15,876

 

 

 

-

 

 

 

15,876

 

 

 

15,876

 

 

 

-

 

 

 

15,876

 

Other assets with indefinite lives

 

 

7,848

 

 

 

-

 

 

 

7,848

 

 

 

11,323

 

 

 

-

 

 

 

11,323

 

Total intangible assets

 

$29,844

 

 

$(6,120

)

 

$23,724

 

 

$33,319

 

 

$(5,970)

 

$27,349

 

 

Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.  During the first nine months of 2020, the Company recorded impairment charges of $3,700 on lease rights related to our international restaurant operations because of the adverse effects of the COVID-19 pandemic.  The impairment and fair value were determined using Level 3 inputs and available market data.  Amortization expense for the first nine months of 2020 and 2019 was $150 and $412, respectively. The Company’s intangible assets with definite lives are fully amortized.

 

Note 8. Restaurant Operations Revenues

 

Restaurant operations revenues were as follows.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$67,617

 

 

$136,651

 

 

$241,832

 

 

$454,344

 

Franchise royalties and fees

 

 

4,421

 

 

 

6,638

 

 

 

13,704

 

 

 

20,017

 

Franchise partner fees

 

 

6,894

 

 

 

989

 

 

 

14,775

 

 

 

1,668

 

Other

 

 

742

 

 

 

833

 

 

 

2,271

 

 

 

2,918

 

 

 

$79,674

 

 

$145,111

 

 

$272,582

 

 

$478,947

 

 

Net sales

Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied 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. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement. Our advertising arrangements with franchisees are reported in franchise royalties and fees. 

 

Franchise partner fees

Steak n Shake is in the process of transitioning company-operated restaurants to franchise partners. The franchise agreement stipulates that the franchisee make an upfront investment totaling ten thousand dollars. Potential franchise partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement. Each must meet the gold standard in service. Franchise partners are required to be hands-on operators. We limit a franchisee to a single location.  As the franchisor Steak n Shake assesses a fee of up to 15% of sales as well as 50% of profits.

 

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. 

 

 
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Note 9. Accounts Payable and Accrued Expenses

 

Accounts payable and accrued expenses include the following.

 

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Accounts payable

 

$26,546

 

 

$32,626

 

Gift card and other marketing

 

 

19,762

 

 

 

23,787

 

Salaries and wages

 

 

8,441

 

 

 

10,667

 

Taxes payable

 

 

14,497

 

 

 

29,275

 

Insurance accruals

 

 

32,091

 

 

 

11,418

 

Deferred revenue

 

 

10,905

 

 

 

10,454

 

Other

 

 

5,646

 

 

 

2,852

 

Accounts payable and accrued expenses

 

$117,888

 

 

$121,079

 

 

Note 10. Notes Payable and Other Borrowings

 

Notes payable and other borrowings include the following.

 

 

Current portion of notes payable and other borrowings

 

September 30,
2020

 

 

December 31,
2019

 

Notes payable

 

$153,056

 

 

$2,200

 

Unamortized original issue discount and debt issuance costs

 

 

(506)

 

 

(982)
Western Sizzlin revolver

 

 

500

 

 

 

-

 

Finance obligations

 

 

4,948

 

 

 

4,252

 

Finance lease liabilities

 

 

1,633

 

 

 

1,633

 

Total current portion of notes payable and other borrowings

 

$159,631

 

 

$7,103

 

 

 

 

 

 

 

 

 

 

Long-term notes payable and other borrowings

 

 

 

 

 

 

 

 

Notes payable

 

$-

 

 

$179,298

 

Unamortized original issue discount and debt issuance costs

 

 

-

 

 

 

(252)
Finance obligations

 

 

69,663

 

 

 

74,497

 

Finance leases liabilities

 

 

6,436

 

 

 

9,639

 

Total long-term notes payable and other borrowings

 

$76,099

 

 

$263,182

 

 

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement that 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. As of September 30, 2020, $153,056 was outstanding. Biglari Holdings is not a guarantor under the credit facility and has no plans to provide a guarantee to the term loan lenders. Absent a resolution with the lenders, Steak n Shake may need to seek refinancing options, which may not be available.  In addition, the duration of the pandemic could have a material adverse effect on financing options or Steak n Shake’s ability to comply with the terms of its credit agreement.

 

The term loan amortizes in equal quarterly installments at an annual rate of 1.00% 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.

 

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 4.75% as of September 30, 2020.

 

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.

 

 
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Note 10. Notes Payable and Other Borrowings (continued)

 

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.

 

The fair value of long-term debt, excluding capitalized lease obligations, was approximately $80,000 at September 30, 2020.  The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

 

The Company retired $26,792 of debt during the first nine months of 2020. 

 

Interest expense is summarized as follows.

 

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest expense

 

$2,150

 

 

$3,090

 

 

$6,973

 

 

$9,298

 

Interest on finance leases and obligations

 

 

1,593

 

 

 

1,934

 

 

 

4,679

 

 

 

5,946

 

 

 

$3,743

 

 

$5,024

 

 

$11,652

 

 

$15,244

 

 

Western Sizzlin Revolver

Western Sizzlin had $500 and $0 of debt outstanding under its revolver as of September 30, 2020 and December 31, 2019, respectively. Western Sizzlin reduced its revolver to $0 on October 30, 2020.

 

Note 11. Leased Assets and Lease Commitments

 

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.

 

During 2020, the Company negotiated lease concessions on certain lease arrangements related to the COVID-19 pandemic and has accounted for these under the ASC 842 COVID-19 Election.

 

Total lease cost consists of the following.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

    Amortization of right-of-use assets

 

$279

 

 

$487

 

 

$1,087

 

 

$1,466

 

    Interest on lease liabilities

 

 

136

 

 

 

208

 

 

 

392

 

 

 

630

 

Operating lease costs *

 

 

2,096

 

 

 

4,445

 

 

 

8,321

 

 

 

12,305

 

Total lease costs

 

$2,511

 

 

$5,140

 

 

$9,800

 

 

$14,401

 

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

 

 
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Table of Contents

   

Note 11. Leased Assets and Lease Commitments (continued)

 

Supplemental cash flow information related to leases is as follows.

  

 

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Financing cash flows from finance leases

 

$1,132

 

 

$1,201

 

Operating cash flows from finance leases

 

$463

 

 

$630

 

Operating cash flows from operating leases

 

$10,382

 

 

$12,558

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Finance lease liabilities

 

$-

 

 

$1,097

 

Operating lease liabilities

 

$73

 

 

$11,069

 

Supplemental balance sheet information related to leases is as follows. 

 

 

 

 

September 30,
2020

 

 

December 31,
2019

 

Finance leases:

 

 

 

 

 

 

Property and equipment, net

 

$6,476

 

 

$10,783

 

 

 

 

 

 

 

 

 

 

Current portion of notes payable and other borrowings

 

$1,633

 

 

$1,633

 

Long-term notes payable and other borrowings

 

 

6,436

 

 

 

9,639

 

Total finance lease liablities

 

$8,069

 

 

$11,272

 

 

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

 

 

 

 

September 30,
2020

 

Weighted-average remaining lease terms:

 

 

Finance leases

 

5.8 years

 

Operating leases

 

5.8 years

 

 

 

 

 

Weighted-average discount rates:

 

 

 

Finance leases

 

 

7.10%
Operating leases

 

 

6.90%

 

Maturities of lease liabilities as of September 30, 2020 are as follows.

     

 

Year

Operating

Leases

 

 

Finance
Leases

 

2020

 

$3,853

 

 

$545

 

2021

 

 

13,244

 

 

 

2,135

 

2022

 

 

11,162

 

 

 

1,614

 

2023

 

 

9,821

 

 

 

1,410

 

2024

 

 

7,902

 

 

 

1,373

 

After 2024

 

 

15,680

 

 

 

2,756

 

Total lease payments

 

 

61,662

 

 

 

9,833

 

Less interest

 

 

11,126

 

 

 

1,764

 

Total lease liabilities

 

$50,536

 

 

$8,069

 

 

 
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Note 12. Accumulated Other Comprehensive Income

 

During the third quarter of 2020 accumulated other comprehensive losses decreased by $344 and increased by $628 during the third quarter of 2019. During the first nine months of 2020 accumulated other comprehensive losses decreased by $834 and increased by $736 during the first nine months of 2019.  As of September 30, 2020 and 2019, the balances in accumulated other comprehensive loss were $1,976 and $3,252, respectively.  There were no reclassifications from accumulated other comprehensive income to earnings during the first nine months of 2020 and 2019.  All changes in accumulated other comprehensive income during the first nine months of 2020 and 2019 were because of foreign currency translation adjustments.

 

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 the first nine months of 2020 and 2019. 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 third quarter of 2020 was $5,617 compared to a tax benefit of $614 for the third quarter of 2019.  Income tax benefit for the first nine months of 2020 was $23,449 compared to an income tax expense of $7,026 for the first nine months of 2019.  The variance in income taxes between 2020 and 2019 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pretax losses were $89,276 during the first nine months of 2020, compared to pretax gains of $69,801 during the first nine months of 2019.  As of September 30, 2020 and December 31, 2019, we had $348 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 shareholder withdrew the motion 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, including the ability to vote the Company’s shares that are eliminated for financial reporting purposes. 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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  On April 7, 2020, the Indiana Supreme Court denied the petition to transfer.  All of the cases referenced above are completed and each case was concluded in the Company’s favor.

 

 
14

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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 Levels 1 and 2 of the fair value hierarchy. 

 

Bonds: The Company’s investments in bonds are classified within Level l of the fair value hierarchy.

 

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 depending on the instrument.

 

As of September 30, 2020 and December 31, 2019, the fair values of financial assets were as follows.

 

 

 

September 30, 2020

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$17,719

 

 

$-

 

 

$-

 

 

$17,719

 

 

$43,095

 

 

$-

 

 

$-

 

 

$43,095

 

Equity securities

 

 

6,488

 

 

 

5,691

 

 

 

-

 

 

 

12,179

 

 

 

25

 

 

 

6,397

 

 

 

-

 

 

 

6,422

 

Bonds

 

 

55,007

 

 

 

-

 

 

 

-

 

 

 

55,007

 

 

 

38,911

 

 

 

-

 

 

 

-

 

 

 

38,911

 

Options on equity securities

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,166

 

 

 

-

 

 

 

2,166

 

Non-qualified deferred compensation plan investments

 

 

1,382

 

 

 

-

 

 

 

-

 

 

 

1,382

 

 

 

2,175

 

 

 

-

 

 

 

-

 

 

 

2,175

 

Total assets at fair value

 

$80,596

 

 

$8,563

 

 

$-

 

 

$89,159

 

 

$84,206

 

 

$8,563

 

 

$-

 

 

$92,769

 

 

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

 

 
15

Table of Contents

  

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 services to the Company. The services agreement has a five-year term, effective on October 1, 2017.  The fixed fee of $700 per month can be adjusted annually.  The monthly fee will remain at $700 during 2020. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2020 and 2019. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  The Biglari Entities are owned by Mr. Biglari. 

 

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 became 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. Our insurance operations include First Guard and Southern Pioneer.  The Company also reports segment information for Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in corporate. 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.

 

A disaggregation of our consolidated data for the third quarters and first nine months of 2020 and 2019 is presented in the tables which follow.

 

 

 

Revenue

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$78,313

 

 

$141,354

 

 

$267,637

 

 

$467,471

 

Western Sizzlin

 

 

1,361

 

 

 

3,757

 

 

 

4,945

 

 

 

11,476

 

Total Restaurant Operations

 

 

79,674

 

 

 

145,111

 

 

 

272,582

 

 

 

478,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

7,898

 

 

 

7,681

 

 

 

23,194

 

 

 

22,305

 

Southern Pioneer

 

 

6,515

 

 

 

-

 

 

 

15,498

 

 

 

-

 

Total Insurance Operations

 

 

14,413

 

 

 

7,681

 

 

 

38,692

 

 

 

22,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

6,029

 

 

 

6,500

 

 

 

19,554

 

 

 

6,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,719

 

 

 

924

 

 

 

3,209

 

 

 

2,666

 

 

 

$101,835

 

 

$160,216

 

 

$334,037

 

 

$510,418

 

 

 
16

Table of Contents

  

Note 17. Business Segment Reporting (continued)

 

 

 

Earnings (Losses) Before Income Taxes

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$(63)

 

$(861)

 

$(12,075)

 

$(22,776)

Western Sizzlin

 

 

(396)

 

 

544

 

 

 

(937)

 

 

1,433

 

Total Restaurant Operations

 

 

(459)

 

 

(317)

 

 

(13,012)

 

 

(21,343)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

2,152

 

 

 

2,279

 

 

 

7,193

 

 

 

5,673

 

Southern Pioneer

 

 

518

 

 

 

-

 

 

 

1,458

 

 

 

-

 

Total Insurance Operations

 

 

2,670

 

 

 

2,279

 

 

 

8,651

 

 

 

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

592

 

 

 

1,448

 

 

 

1,355

 

 

 

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,150

 

 

 

364

 

 

 

1,605

 

 

 

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Businesses

 

 

3,953

 

 

 

3,774

 

 

 

(1,401)

 

 

(13,794)

Corporate and Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

(2,657)

 

 

(2,764)

 

 

(7,693)

 

 

(7,908)

Investment gains

 

 

354

 

 

 

-

 

 

 

1,863

 

 

 

-

 

Investment partnership gains (losses)

 

 

27,218

 

 

 

1,449

 

 

 

(89,276)

 

 

69,801

 

Total Corporate and Investments

 

 

24,915

 

 

 

(1,315)

 

 

(95,106)

 

 

61,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and debt exinguishment gains not allocated to segments

 

 

(2,150)

 

 

(3,090)

 

 

(1,260)

 

 

(9,298)

 

 

$26,718

 

 

$(631)

 

$(97,767)

 

$38,801

 

 

 
17

Table of Contents

  

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

 

(dollars in thousands except per share data)

 

Overview

 

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.3% of the Company’s outstanding Class A common stock and 56.6% of the Company’s outstanding Class B common stock.

 

On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.

 

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.

 

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

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant

 

$(15)

 

$(121)

 

$(10,484)

 

$(14,888)

Insurance

 

 

2,204

 

 

 

1,790

 

 

 

6,819

 

 

 

4,465

 

Oil and gas

 

 

389

 

 

 

1,060

 

 

 

1,278

 

 

 

1,060

 

Media and licensing

 

 

885

 

 

 

281

 

 

 

1,236

 

 

 

329

 

Total operating businesses

 

 

3,463

 

 

 

3,010

 

 

 

(1,151)

 

 

(9,034)

Corporate

 

 

(2,081)

 

 

(2,117)

 

 

(5,762)

 

 

(6,116)

Investment gains

 

 

276

 

 

 

-

 

 

 

1,468

 

 

 

-

 

Investment partnership gains (losses)

 

 

21,055

 

 

 

1,400

 

 

 

(67,939)

 

 

53,891

 

Interest expense on notes payable and debt extinguishment

 

 

(1,612)

 

 

(2,310)

 

 

(934)

 

 

(6,966)

 

 

$21,101

 

 

$(17)

 

$(74,318)

 

$31,775

 

 

Restaurant businesses include Steak n Shake Inc. and Western Sizzlin Corporation.  Steak n Shake and Western Sizzlin are engaged in the ownership, operation, and franchising of restaurants.

 

Insurance businesses include First Guard Insurance Company and Southern Pioneer. First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers.  Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage for auto dealers as well as homeowners, dwelling fire insurance and credit-related insurance coverages.

 

Oil and gas business is composed of Southern Oil. 

 

Media and licensing business is composed of Maxim Inc.

 

 
18

Table of Contents

  

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

 

Restaurants

 

Steak n Shake and Western Sizzlin comprise 570 company-operated and franchise restaurants as of September 30, 2020.

 

 

Steak n Shake

 

 

Western Sizzlin

 

 

 

Company- operated

 

 

Franchise
Partner

 

 

Traditional
Franchise

 

 

Company-operated

 

 

Franchise

 

 

Total

 

Total stores as of December 31, 2019

 

 

368

 

 

 

29

 

 

 

213

 

 

 

4

 

 

 

48

 

 

 

662

 

Corporate stores transitioned

 

 

(41)

 

 

40

 

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

Net restaurants opened (closed)

 

 

(67)

 

 

-

 

 

 

(15)

 

 

(1)

 

 

(9)

 

 

(92)

Total stores as of September 30, 2020

 

 

260

 

 

 

69

 

 

 

199

 

 

 

3

 

 

 

39

 

 

 

570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total stores as of December 31, 2018

 

 

411

 

 

 

2

 

 

 

213

 

 

 

4

 

 

 

55

 

 

 

685

 

Corporate stores transitioned

 

 

(18)

 

 

18

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net restaurants opened (closed)

 

 

(111)

 

 

-

 

 

 

4

 

 

 

-

 

 

 

(5)

 

 

(112)

Total stores as of September 30, 2019

 

 

282

 

 

 

20

 

 

 

217

 

 

 

4

 

 

 

50

 

 

 

573

 

 

Most of our restaurant dining rooms were closed by March 17, 2020 with the remainder closing before the end of the first quarter because of the COVID-19 pandemic.  In addition, as of September 30, 2020, 37 of the 260 company-operated Steak n Shake stores were temporarily closed.  As of September 30, 2019, 106 of the 282 company-operated Steak n Shake stores were temporarily closed.

 

Earnings of our restaurant operations are summarized below.

   

 

 

 Third Quarter

 

 

 

 

 

 First Nine Months

 

 

 

 

 

 

2020

 

 

 

 

 

2019

 

 

 

 

 

2020

 

 

 

 

 

2019

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$67,617

 

 

 

 

 

$136,651

 

 

 

 

 

$241,832

 

 

 

 

 

$454,344

 

 

 

 

Franchise royalties and fees

 

 

4,421

 

 

 

 

 

 

6,638

 

 

 

 

 

 

13,704

 

 

 

 

 

 

20,017

 

 

 

 

Franchise partner fees

 

 

6,894

 

 

 

 

 

 

989

 

 

 

 

 

 

14,775

 

 

 

 

 

 

1,668

 

 

 

 

Other revenue

 

 

742

 

 

 

 

 

 

833

 

 

 

 

 

 

2,271

 

 

 

 

 

 

2,918

 

 

 

 

Total revenue

 

 

79,674

 

 

 

 

 

 

145,111

 

 

 

 

 

 

272,582

 

 

 

 

 

 

478,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of food

 

 

19,508

 

 

 

28.9%

 

 

40,464

 

 

 

29.6%

 

 

70,880

 

 

 

29.3%

 

 

142,757

 

 

 

31.4%

Restaurant operating costs

 

 

30,451

 

 

 

45.0%

 

 

67,435

 

 

 

49.3%

 

 

110,903

 

 

 

45.9%

 

 

236,825

 

 

 

52.1%

Occupancy costs

 

 

4,103

 

 

 

6.1%

 

 

5,499

 

 

 

4.0%

 

 

12,954

 

 

 

5.4%

 

 

18,015

 

 

 

4.0%

Total cost of sales

 

 

54,062

 

 

 

 

 

 

 

113,398

 

 

 

 

 

 

 

194,737

 

 

 

 

 

 

 

397,597

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

12,059

 

 

 

15.1%

 

 

10,907

 

 

 

7.5%

 

 

30,146

 

 

 

11.1%

 

 

40,029

 

 

 

8.4%

Marketing

 

 

3,891

 

 

 

4.9%

 

 

7,565

 

 

 

5.2%

 

 

18,406

 

 

 

6.8%

 

 

30,811

 

 

 

6.4%

Other expenses

 

 

454

 

 

 

0.6%

 

 

1,359

 

 

 

0.9%

 

 

1,721

 

 

 

0.6%

 

 

2,831

 

 

 

0.6%

Total selling, general and administrative

 

 

16,404

 

 

 

20.6%

 

 

19,831

 

 

 

13.7%

 

 

50,273

 

 

 

18.4%

 

 

73,671

 

 

 

15.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairments

 

 

3,698

 

 

 

4.6%

 

 

5,079

 

 

 

3.5%

 

 

21,817

 

 

 

8.0%

 

 

7,417

 

 

 

1.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,376

 

 

 

5.5%

 

 

5,186

 

 

 

3.6%

 

 

14,088

 

 

 

5.2%

 

 

15,659

 

 

 

3.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on finance leases and obligations

 

 

1,593

 

 

 

 

 

 

 

1,934

 

 

 

 

 

 

 

4,679

 

 

 

 

 

 

 

5,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before income taxes

 

 

(459)

 

 

 

 

 

 

(317)

 

 

 

 

 

 

(13,012)

 

 

 

 

 

 

(21,343)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

(444)

 

 

 

 

 

 

(196)

 

 

 

 

 

 

(2,528)

 

 

 

 

 

 

(6,455)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to net earnings

 

$(15)

 

 

 

 

 

$(121)

 

 

 

 

 

$(10,484)

 

 

 

 

 

$(14,888)

 

 

 

 

 

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

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

 

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

    

The COVID-19 pandemic has adversely affected our restaurant operations and financial results.  Our restaurants were required to close their dining rooms during the first quarter.  To mitigate high labor costs associated with full service, Steak n Shake is seeking to reopen dining rooms with a self-service model, which will require significant investments in equipment. The funds needed for the transition are limited under its current debt agreement. 

   

Net sales for the third quarter and first nine months of 2020 were $67,617 and $241,832, respectively, representing a decrease of $69,034 or 50.5% and $212,512 or 46.8% over the third quarter and first nine months of 2019, respectively.  Same store traffic for the third quarter and first nine months of 2020 decreased by 54.2% and 44.6%, respectively, compared to 2019 primarily because of the effects of the COVID-19 pandemic.

 

Franchise royalties and fees decreased by $2,217 or 33.4% during the third quarter of 2020 compared to 2019.  Franchise royalties and fees decreased by $6,313 or 31.5% during the first nine months of 2020 compared to 2019.  Allowances for doubtful accounts were recorded in connection with franchisees whose stores closed during the pandemic. 

 

Franchise partner fees were $6,894 during third quarter 2020 compared to $989 during 2019.  Franchise partner fees were $14,775 during the first nine months of 2020 compared to $1,668 during 2019.  As of September 30, 2020, there were 69 franchise partner units compared to 20 franchise partner units as of September 30, 2019.

 

Cost of food during the third quarter and first nine months of 2020 was $19,508 or 28.9% of net sales and $70,880 or 29.3% of net sales, respectively, compared to the third quarter and first nine months in 2019 of $40,464 or 29.6% of net sales and $142,757 or 31.4% of net sales, respectively.  The decrease as a percentage of net sales is primarily attributable to an increase in menu prices along with a reduction in menu offerings. 

 

Restaurant operating costs during the third quarter of 2020 were $30,451 compared to $67,435 in 2019.  Restaurant operating costs during the first nine months of 2020 were $110,903 compared to $236,825 in 2019.  The closure of restaurants and dining rooms, along with the transition to franchise partners, account for the decline in restaurant operating costs.

 

General and administrative costs during the third quarter and first nine months of 2020 were $12,059 or 15.1% of total revenues and $30,146 or 11.1% of total revenues, respectively, compared to expenses in the third quarter and first nine months of 2019, which were $10,907 or 7.5% of total revenues and $40,029 or 8.4% of total revenues, respectively.  The increase during the third quarter is primarily attributable to legal and professional fees.

 

Marketing expense during the third quarter and first nine months of 2020 were $3,891 or 4.9% of total revenues and $18,406 or 6.8% of total revenues, respectively, compared to expenses during the third quarter and first nine months of 2019 of $7,565 or 5.2% of total revenues and $30,811 or 6.4% of total revenues, respectively. Management reduced the level of marketing expenditures beginning in the second quarter of 2020.

 

One-time savings were obtained in both the second and third quarter by negotiating with various vendors, reducing overall expenses. These reductions were derived because of the COVID-19 pandemic.

 

Our restaurants recorded an impairment to long-lived assets of $3,698 and $5,079 in the third quarters of 2020 and 2019, respectively, and $21,817 and $7,417 during the first nine months of 2020 and 2019, respectively.  The impairments are primarily attributable to the closure of Steak n Shake stores.

 

 
20

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

 

Insurance

 

We view our insurance businesses as possessing two activities: underwriting and investing. Underwriting decisions are the responsibility of the unit managers, whereas investing decisions are the responsibility of our Chairman and CEO, Sardar Biglari. Business units are operated under separate local management.

 

Biglari Holdings’ insurance operations consist of First Guard and Southern Pioneer. First Guard is a direct underwriter of commercial trucking insurance, selling physical damage and nontrucking liability insurance to truckers. 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. Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage for auto dealers as well as homeowners, dwelling fire insurance and credit-related insurance coverages. The financial results for Southern Pioneer are from the acquisition date (March 9, 2020) to the end of the quarter.

 

Premiums earned by the insurance group during the third quarter and first nine months of 2020 were $13,427 and $35,590, respectively, and pre-tax underwriting gain during the third quarter and first nine months of 2020 were $2,137 and $6,724, respectively. 

 

Earnings of our insurance operations are summarized below.

 

 

 

 Third Quarter

 

 

 First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Premiums written

 

$13,427

 

 

$7,376

 

 

$35,590

 

 

$21,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance losses

 

 

7,419

 

 

 

3,898

 

 

 

18,494

 

 

 

12,133

 

Underwriting expenses

 

 

3,871

 

 

 

1,344

 

 

 

10,372

 

 

 

4,267

 

Pre-tax underwriting gain

 

 

2,137

 

 

 

2,134

 

 

 

6,724

 

 

 

4,902

 

Other income and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income and commissions

 

 

817

 

 

 

305

 

 

 

2,749

 

 

 

1,003

 

Other income (expenses)

 

 

(284)

 

 

(160)

 

 

(822)

 

 

(232)

Total other income

 

 

533

 

 

 

145

 

 

 

1,927

 

 

 

771

 

Earnings before income taxes

 

 

2,670

 

 

 

2,279

 

 

 

8,651

 

 

 

5,673

 

Income tax expense

 

 

466

 

 

 

489

 

 

 

1,832

 

 

 

1,208

 

Contribution to net earnings

 

$2,204

 

 

$1,790

 

 

$6,819

 

 

$4,465

 

 

First Guard’s underwriting results are summarized below.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Premiums written

 

$7,505

 

 

$7,376

 

 

$22,195

 

 

$21,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance losses

 

 

3,736

 

 

 

3,898

 

 

 

10,268

 

 

 

12,133

 

Underwriting expenses

 

 

1,692

 

 

 

1,344

 

 

 

4,974

 

 

 

4,267

 

Pre-tax underwriting gain

 

$2,077

 

 

$2,134

 

 

$6,953

 

 

$4,902

 

 

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

 

Southern Pioneer’s underwriting results are summarized below.

 

 

 

2020

 

 

 

Third Quarter

 

 

First Nine Months

 

Premiums written

 

$5,922

 

 

$13,395

 

 

 

 

 

 

 

 

 

 

Insurance losses

 

 

3,683

 

 

 

8,226

 

Underwriting expenses

 

 

2,179

 

 

 

5,398

 

Pre-tax underwriting gain (loss)

 

$60

 

 

$(229)

 

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

 

Oil and Gas

 

Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Southern Oil was acquired on September 9, 2019.  Earnings for Southern Oil are summarized below.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Oil and gas revenue

 

$6,029

 

 

$6,500

 

 

$19,554

 

 

$6,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and gas production costs

 

 

2,171

 

 

 

2,595

 

 

 

6,570

 

 

 

2,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and accretion

 

 

2,804

 

 

 

2,226

 

 

 

9,651

 

 

 

2,226

 

General and administrative expenses

 

 

462

 

 

 

231

 

 

 

1,978

 

 

 

231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

 

592

 

 

 

1,448

 

 

 

1,355

 

 

 

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

203

 

 

 

388

 

 

 

77

 

 

 

388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contribution to net earnings

 

$389

 

 

$1,060

 

 

$1,278

 

 

$1,060

 

 

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company significantly cut its production and expenses. However, crude oil prices improved in mid-2020 in response to the lifting of COVID-19 restrictions, resulting in the increase of oil demand. As a consequence, Southern Oil began to restore the majority of its curtailed production. Southern Oil is a debt-free company.

  

Media and Licensing

 

Earnings of our media and licensing operations are summarized below.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Media and licensing revenue

 

$1,719

 

 

$924

 

 

$3,209

 

 

$2,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media and licensing costs

 

 

548

 

 

 

514

 

 

 

1,491

 

 

 

2,103

 

General and administrative expenses

 

 

21

 

 

 

46

 

 

 

113

 

 

 

135

 

Earnings before income taxes

 

 

1,150

 

 

 

364

 

 

 

1,605

 

 

 

428

 

Income tax expense

 

 

265

 

 

 

83

 

 

 

369

 

 

 

99

 

Contribution to net earnings

 

$885

 

 

$281

 

 

$1,236

 

 

$329

 

 

 
22

Table of Contents

  

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

 

We acquired Maxim with the idea of transforming its business model.  The magazine developed the Maxim brand, a franchise we are utilizing to generate nonmagazine revenue, notably through licensing, a cash-generating business related to consumer products, services, and events.

 

Investment Gains

 

Investment gains net of tax were $276 and $1,468 during the third quarter and first nine months of 2020, respectively. The Company did not have investment gains/losses during the first nine months of 2019.  Interest and dividends earned on investments are reported as other income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results.  However, we consider investment gains and losses, whether realized or unrealized as non-operating.

 

Investment Partnership Gains (Losses)

 

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

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Investment partnership gains (losses)

 

$27,218

 

 

$1,449

 

 

$(89,276)

 

$69,801

 

Tax expense (benefit)

 

 

6,163

 

 

 

49

 

 

 

(21,337)

 

 

15,910

 

Contribution to net earnings

 

$21,055

 

 

$1,400

 

 

$(67,939)

 

$53,891

 

  

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.  Changes in the market values of investments can be highly volatile. 

 

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 and Debt Extinguishment

 

The Company’s interest expense is summarized below.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest expense on notes payable and other borrowings

 

$2,150

 

 

$3,090

 

 

$6,973

 

 

$9,298

 

Tax benefit

 

 

538

 

 

 

780

 

 

 

1,754

 

 

 

2,332

 

Interest expense net of tax

 

$1,612

 

 

$2,310

 

 

$5,219

 

 

$6,966

 

 

The Company recorded a gain on debt extinguishment of $5,713 ($4,285 net of tax) during the first and second quarters of 2020 in connection with Steak n Shake’s debt retirement of $26,792.

 

The outstanding balance on Steak n Shake’s credit facility on September 30, 2020 was $153,056 compared to $182,048 on September 30, 2019.  The interest rate was 4.75% as of September 30, 2020 and 5.80% as of September 30, 2019.

 

Corporate

 

Corporate expenses exclude the activities in the restaurant, media and licensing, insurance, and oil and gas businesses. Corporate net losses during the third quarter and first nine months of 2020 were relatively flat compared to the same period during 2019. 

 

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

 

Income Taxes

 

Income tax expense for the third quarter of 2020 was $5,617 compared to a tax benefit of $614 for the third quarter of 2019.  Income tax benefit for the first nine months of 2020 was $23,449 compared to an income tax expense of $7,026 for the first nine months of 2019.  The variance in income taxes between 2020 and 2019 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pretax losses were $89,276 during the first nine months of 2020, compared to pretax gains of $69,801 during the first nine months of 2019.

 

Financial Condition

 

Consolidated cash and investments are summarized below.

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Cash and cash equivalents

 

$33,164

 

 

$67,772

 

Investments

 

 

85,082

 

 

 

44,856

 

Fair value of interest in investment partnerships

 

 

514,599

 

 

 

666,123

 

Total cash and investments

 

 

632,845

 

 

 

778,751

 

Less: portion of Company stock held by investment partnerships

 

 

(130,929)

 

 

(160,581)

Carrying value of cash and investments on balance sheet

 

$501,916

 

 

$618,170

 

 

Liquidity

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

 

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

Net cash provided by operating activities

 

$106,367

 

 

$39,859

 

Net cash used in investing activities

 

 

(112,081)

 

 

(63,276)

Net cash used in financing activities

 

 

(26,381)

 

 

(6,003)

Effect of exchange rate changes on cash

 

 

(13)

 

 

(29)

Decrease in cash, cash equivalents and restricted cash

 

$(32,108)

 

$(29,449)

  

Cash provided by operating activities was $106,367 during the first nine months of 2020 compared to cash provided by operating activities of $39,859 during the first nine months of 2019.  The cash provided by operating activities is mainly attributable to distributions from investment partnerships of $97,330 for 2020 and $64,329 for 2019.

 

Cash used in investing activities during the first nine months of 2020 was $112,081 compared to $63,276 during the first nine months of 2019.  Cash used in investing activities during the first nine months of 2020 included capital expenditures of $13,297, purchases of investments net of redemptions of fixed maturity securities of $68,458 and acquisition of business for $34,240 (net of cash acquired).  Cash used in investing activities during the first nine months of 2019 included capital expenditures of $8,357 and purchases of investments net of redemptions of fixed maturity securities of $4,677.

 

During the first nine months of 2020 and 2019 we incurred debt payments of $26,881 and $6,003, respectively.  During the first nine months of 2020, the Company retired $26,792 of term loan under Steak n Shake’s credit facility.

 

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.

 

 
24

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

 

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement that 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. As of September 30, 2020, $153,056 was outstanding. Biglari Holdings is not a guarantor under the credit facility and has no plans to provide a guarantee to the term loan lenders. Absent a resolution with the lenders, Steak n Shake may need to seek refinancing options, which may not be available. In addition, the duration of the pandemic could have a material adverse effect on financing options or Steak n Shake’s ability to comply with the terms of its credit agreement. 

   

The term loan amortizes in equal quarterly installments at an annual rate of 1.0% 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.

 

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 4.75% as of September 30, 2020.

 

The credit agreement includes customary affirmative and negative covenants and events of default.  As of September 30, 2020, we were in compliance with all covenants. 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.

 

The Company retired $26,792 of debt during the first six months of 2020. 

 

Western Sizzlin Revolver

Western Sizzlin had $500 and $0 of debt outstanding under its revolver as of September 30, 2020 and December 31, 2019, respectively. Western Sizzlin reduced its revolver to $0 on October 30, 2020.

 

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, 2019.

 

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 and Item 1A of this report. We undertake no obligation to publicly update or revise them, except as may be required by law.

 

 
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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. 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 $46,875 along with a corresponding change in shareholders’ equity of approximately 7%. 

 

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 September 30, 2020, a hypothetical 100 basis point increase in short-term interest rates would have an impact of approximately $1,000 on our net earnings.

 

We have had minimal exposure to foreign currency exchange rate fluctuations in the first nine months of 2020 and 2019.

 

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 September 30, 2020.

 

There have been no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2020 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

 
26

Table of Contents

  

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

 

There have been no material changes from the risk factors as previously disclosed in Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

From August 13, 2020 through September 11, 2020, The Lion Fund II, L.P. purchased 3,906 shares of Class A common stock and 22,966 shares of Class B common stock. The Lion Fund II, L.P. 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 1, 2020 – July 31, 2020

 

 

-

 

 

$-

 

 

 

-

 

 

$-

 

 

 

-

 

 

 

-

 

August 1, 2020 – August 31, 2020

 

 

3,652

 

 

$461.98

 

 

 

16,755

 

 

$94.03

 

 

 

-

 

 

 

-

 

September 1, 2020 – September 30, 2020

 

 

254

 

 

$493.20

 

 

 

6,211

 

 

$97.22

 

 

 

-

 

 

 

-

 

Total

 

 

3,906

 

 

 

 

 

 

 

22,966

 

 

 

 

 

 

 

-

 

 

 

 

 

 

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.

 

 

 

104

 

Cover page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)

_________________

*

Furnished herewith.

 

 
27

Table of Contents

  

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.

 

 

Biglari Holdings inc.

    
Date:  November 6, 2020By:

/s/ Bruce Lewis

 

 

Bruce Lewis 
  

Controller

 

 

 

28

 

EX-31.01 2 bh_ex3101.htm bh_ex3101.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: November 6, 2020 

 

/s/ Sardar Biglari

 

 

 

Sardar Biglari

 

 

 

Chairman and Chief Executive Officer

 

EX-31.02 3 bh_ex3102.htm bh_ex3102.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.;

 

 

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: November 6, 2020  By: /s/ Bruce Lewis

 

 

Bruce Lewis

 
   

Controller

 

 

EX-32.01 4 bh_ex3201.htm bh_ex3201.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 September 30, 2020 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
November 6, 2020

 

 

 

/s/ Bruce Lewis

 

Bruce Lewis

 

Controller

November 6, 2020

 

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Summary of Significant Accounting Policies</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Description of Business</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. 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, 2019.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.30% of the Company’s outstanding Class A common stock and 56.60% of the Company’s outstanding Class B common stock.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March and adversely affecting nearly all of our operations during the second and third quarters.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Our restaurants were required to close their dining rooms during the first quarter.  In order to reopen the dining rooms profitably, Steak n Shake will require funds for capital expenditures, which are limited under its current debt agreement. The purpose of the capital spending is to convert Steak n Shake’s full-service model into a self-service one.  In addition, our restaurants have incurred costs to ensure compliance with health and safety standards in response to COVID-19.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company has significantly cut production and expenses in its oil and gas business.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Business Acquisition</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property &amp; Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage, as well as homeowners and dwelling fire insurance coverages. The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.  The acquisition date fair values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are completed.  Pro-forma financial information of Southern Pioneer is not material.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Pro-forma financial information of Southern Oil is not material.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Principles of Consolidation</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc, Western Sizzlin Corporation, Maxim Inc., Southern Oil, First Guard Insurance Company, and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Change in Presentation</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Interest expense on finance leases and obligations has been combined with interest expense in 2020 and reclassified as a component of cost and expenses in the consolidated statement of earnings.  Prior period balances have been adjusted to conform to the change in presentation.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. 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, 2019.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.30% of the Company’s outstanding Class A common stock and 56.60% of the Company’s outstanding Class B common stock.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March and adversely affecting nearly all of our operations during the second and third quarters.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Our restaurants were required to close their dining rooms during the first quarter.  In order to reopen the dining rooms profitably, Steak n Shake will require funds for capital expenditures, which are limited under its current debt agreement. The purpose of the capital spending is to convert Steak n Shake’s full-service model into a self-service one.  In addition, our restaurants have incurred costs to ensure compliance with health and safety standards in response to COVID-19.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company has significantly cut production and expenses in its oil and gas business.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition.</p> 0.6630 0.5660 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property &amp; Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage, as well as homeowners and dwelling fire insurance coverages. The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.  The acquisition date fair values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are completed.  Pro-forma financial information of Southern Pioneer is not material.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Pro-forma financial information of Southern Oil is not material.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc, Western Sizzlin Corporation, Maxim Inc., Southern Oil, First Guard Insurance Company, and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Interest expense on finance leases and obligations has been combined with interest expense in 2020 and reclassified as a component of cost and expenses in the consolidated statement of earnings.  Prior period balances have been adjusted to conform to the change in presentation.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 2. New Accounting Standards</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-13, <em>Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments</em>. 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 requires 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.  The Company adopted ASU 2016-13 effective January 1, 2020.  The impact of this standard is not material to the Company’s financial statements and related disclosures. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 3. Earnings Per Share</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The following table presents shares authorized, issued and outstanding on September 30, 2020 and December 31, 2019.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">   </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">September 30, 2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class A</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class B</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class A</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class B</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in">Common stock authorized </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">500,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">10,000,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">500,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">10,000,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in">Common stock issued and outstanding </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">206,864</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,068,640</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">206,864</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,068,640</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The Company has applied the “two-class method” of computing earnings per share as prescribed in ASC 260, “Earnings Per Share.”  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On an equivalent Class A common stock basis, there were 620,592 shares outstanding as of September 30, 2020 and December 31, 2019.  There are no dilutive securities outstanding.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 third quarters of 2020 and 2019 were 351,288 and 343,519, respectively.  The equivalent Class A weighted average number of common shares during the first nine months of 2020 and 2019 were 348,396 and 345,249, respectively.</p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">September 30, 2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class A</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class B</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class A</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px 0px 0px 0in; text-align:center;">Class B</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in">Common stock authorized </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">500,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">10,000,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">500,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">10,000,000</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in">Common stock issued and outstanding </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">206,864</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,068,640</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">206,864</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,068,640</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 500000 10000000 500000 10000000 206864 2068640 206864 2068640 620592 351288 343519 348396 345249 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 4. Investments</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong> </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Available for sale investments were $80,619 and $40,393 as of September 30, 2020 and December 31, 2019, respectively.  Investments in equity securities and a related derivative position of $4,463 are also included in investments.  The investments are recorded at fair value.  The fair value of investments acquired with Southern Pioneer was $36,876.  The Company recorded $354 and $1,863 in investment gains during the third quarter and first nine months of 2020, respectively.  The Company did not have investment gains/losses during the first quarter of 2020 and during the first nine months of 2019.   Interest and dividends earned on investments are reported as other income by our insurance companies.  We consider investment income as a component of our aggregate insurance operating results.  However, we consider investment gains and losses, whether realized or unrealized, as non-operating.</p> 80619000 40393000 4463000 36876000 354000 1863000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 5. Investment Partnerships    </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>  </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. (“Biglari Capital”) is the general partner of the investment partnerships and is an entity solely owned by Mr. Biglari.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Fair Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Company </p><p style="MARGIN: 0px; text-align:center;">Common Stock</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Carrying Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">666,123</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">160,581</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">505,542</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Investment partnership gains (losses) </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(123,524</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(34,248</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Distributions (net of contributions) to investment partnerships</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Increase in proportionate share of Company stock held </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,596</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,596</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">514,599</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">130,929</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">383,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Fair Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Company </p><p style="MARGIN: 0px; text-align:center;">Common Stock</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Carrying Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at December 31, 2018 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">715,102</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,622</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">557,480</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Investment partnership gains (losses) </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">63,419</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,382</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Distributions (net of contributions) to investment partnerships</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(64,329</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(64,329</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Increase in proportionate share of Company stock held</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,473</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,473</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at September 30, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">714,192</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">152,713</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">561,479</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The carrying value of the investment partnerships net of deferred taxes is presented below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31,</p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Carrying value of investment partnerships </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">383,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">505,542</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Deferred tax liability related to investment partnerships </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(38,313</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(56,518</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Carrying value of investment partnerships net of deferred taxes </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">345,357</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">449,024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The Company’s proportionate share of Company stock held by investment partnerships at cost is $379,453 and $374,857 at September 30, 2020 and December 31, 2019, respectively, and is recorded as treasury stock.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">      </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Gains (losses) on investment partnership </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,218</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,449</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Tax expense (benefit) </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,163</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">49</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(21,337</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,910</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Net earnings (loss) </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">21,055</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">1,400</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(67,939</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">53,891</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">There were no incentive reallocations from Biglari Holdings to Biglari Capital during the first nine months of 2020 and 2019.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Equity in Investment Partnerships</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Lion Fund</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Lion Fund II</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total assets as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">98,041</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">497,761</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total liabilities as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,768</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Revenue for the first nine months of 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(18,941</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(119,644</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Earnings for the first nine months of 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(18,992</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120,849</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Biglari Holdings' ownership interest as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">66.20</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">95.30</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total assets as of December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">117,135</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">758,663</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total liabilities as of December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">158</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">114,639</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Revenue for the first nine months of 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,332</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">71,578</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Earnings for the first nine months of 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,278</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">65,637</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Biglari Holdings' ownership interest as of September 30, 2019</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">66.10</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">93.50</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table><p style="margin:0px"> </p><p style="margin:0px">Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.</p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Fair Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Company </p><p style="MARGIN: 0px; text-align:center;">Common Stock</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Carrying Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">666,123</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">160,581</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">505,542</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Investment partnership gains (losses) </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(123,524</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(34,248</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Distributions (net of contributions) to investment partnerships</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Increase in proportionate share of Company stock held </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,596</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(4,596</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">514,599</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">130,929</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">383,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Fair Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Company </p><p style="MARGIN: 0px; text-align:center;">Common Stock</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Carrying Value</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at December 31, 2018 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">715,102</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,622</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">557,480</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Investment partnership gains (losses) </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">63,419</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,382</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Distributions (net of contributions) to investment partnerships</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(64,329</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(64,329</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Increase in proportionate share of Company stock held</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;"><p style="MARGIN: 0px; text-align:right;">-</p></td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,473</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(1,473</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Partnership interest at September 30, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">714,192</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">152,713</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">561,479</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 666123000 160581000 505542000 -123524000 -34248000 -89276000 -28000000 0 -28000000 0 4596000 -4596000 514599000 130929000 383670000 715102000 157622000 557480000 63419000 -6382000 69801000 -64329000 0 -64329000 0 1473000 -1473000 714192000 152713000 561479000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31,</p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Carrying value of investment partnerships </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">383,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">505,542</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Deferred tax liability related to investment partnerships </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(38,313</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(56,518</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Carrying value of investment partnerships net of deferred taxes </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">345,357</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">449,024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 383670000 505542000 -38313000 -56518000 345357000 449024000 379453000 374857000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Gains (losses) on investment partnership </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,218</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,449</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Tax expense (benefit) </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,163</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">49</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(21,337</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,910</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Net earnings (loss) </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">21,055</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">1,400</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(67,939</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">53,891</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 27218000 1449000 -89276000 69801000 6163000 49000 -21337000 15910000 21055000 1400000 -67939000 53891000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Equity in Investment Partnerships</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Lion Fund</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Lion Fund II</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total assets as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">98,041</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">497,761</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total liabilities as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,768</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Revenue for the first nine months of 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(18,941</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(119,644</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Earnings for the first nine months of 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(18,992</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(120,849</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Biglari Holdings' ownership interest as of September 30, 2020 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">66.20</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">95.30</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total assets as of December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">117,135</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">758,663</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total liabilities as of December 31, 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">158</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">114,639</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Revenue for the first nine months of 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,332</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">71,578</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Earnings for the first nine months of 2019 </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,278</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">65,637</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Biglari Holdings' ownership interest as of September 30, 2019</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">66.10</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">93.50</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table> 98041000 497761000 120000 27768000 -18941000 -119644000 -18992000 -120849000 0.6620 0.9530 117135000 758663000 158000 114639000 3332000 71578000 3278000 65637000 0.6610 0.9350 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 6. Property and Equipment</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong> </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Property and equipment is composed of the following.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, </p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Land </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">143,839</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">150,147</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Buildings </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">139,320</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">144,243</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Land and leasehold improvements </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">140,940</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,141</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Equipment</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">192,201</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">196,264</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Oil and gas properties</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">75,853</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">77,475</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Construction in progress</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,036</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,789</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">693,189</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">729,059</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Less accumulated depreciation and amortization </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(372,223</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(378,432</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Property and equipment, net</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">320,966</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">350,627</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Depletion expense related to oil and gas properties was $9,249 during the first nine months of 2020 and is included in depreciation and amortization in the consolidated statement of earnings.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability. Consequently, the Company recorded impairment charges of $3,698 in the third quarter of 2020 and $18,117 in the first nine months of 2020 mainly because of the decision to permanently close some Steak n Shake restaurants as well as to close the dining rooms of all company-operated restaurants.  The Company recorded an impairment to long-lived assets of $5,079 in the third quarter of 2019 and $7,417 in the first nine months of 2019 primarily related to Steak n Shake closed stores.  The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model.  Moreover, we also applied a market analysis for certain properties.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. The Company evaluated the potential impact on its oil and gas properties, but concluded they were not impaired during the first nine months of 2020.  However, protracted low commodity prices may require impairments in future periods. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The duration and extent of the COVID-19 pandemic cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic may lead to future impairment of long-lived assets including right-of-use assets. In addition, significant estimates and assumptions used in the evaluation of long-lived assets for impairment may be subject to significant adjustments in future periods.  </p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, </p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Land </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">143,839</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">150,147</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Buildings </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">139,320</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">144,243</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Land and leasehold improvements </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">140,940</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,141</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Equipment</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">192,201</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">196,264</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Oil and gas properties</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">75,853</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">77,475</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Construction in progress</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,036</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,789</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">693,189</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">729,059</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Less accumulated depreciation and amortization </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(372,223</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">(378,432</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Property and equipment, net</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">320,966</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">350,627</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 143839000 150147000 139320000 144243000 140940000 157141000 192201000 196264000 75853000 77475000 1036000 3789000 693189000 729059000 372223000 378432000 320966000 350627000 9249000 3698000 18117000 5079000 7417000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 7. Goodwill and Other Intangible Assets</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>  </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Goodwill</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions. The Company purchased Southern Pioneer on March 9, 2020.  The preliminary purchase price allocation reflects goodwill of $11,865.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">A reconciliation of the change in the carrying value of goodwill is as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020 </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Balance at beginning of year </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">40,040</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Goodwill from acquisition </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,865</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Change in foreign exchange rates during the first nine months of 2020 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">27</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Balance at end of period </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">51,932</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">We evaluate 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 nine months of 2020 or 2019. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">   </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">In response to the adverse effects of the COVID-19 pandemic, we considered whether goodwill needed to be evaluated for impairment as of September 30, 2020, specifically related to goodwill for certain restaurant reporting units.  Making estimates of the fair value of reporting units at this time are significantly affected by assumptions on the severity, duration and long-term effects of the pandemic on the reporting unit’s operations.  We considered the available facts and made qualitative assessments and judgments for what we believed represent reasonably possible outcomes. Although the fair values of certain of these reporting units declined since the time that the most recent annual impairment tests were conducted, we concluded it is more likely than not that goodwill was not impaired as of September 30, 2020.  However, COVID-19 pandemic events will continue to evolve and the negative effects on our operations could prove to be worse than we currently estimate.  The Company may record goodwill impairment charges in future periods.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Other Intangible Assets</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Other intangible assets are composed of the following.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td colspan="10" style="BORDER-BOTTOM: #000000 1px solid;"><p style="MARGIN: 0px; text-align:center;">September 30, 2020</p></td><td/><td/><td class="hdcell" colspan="10" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="margin:0px">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Gross carrying amount</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Accumulated amortization</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Gross carrying amount</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Accumulated amortization</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Franchise agreement</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,310</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,310</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,310</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,178</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">132</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">810</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(810</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">810</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(792</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">18</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="margin:0px">Total </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(6,120</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,970</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px">Intangible assets with indefinite lives:</p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Trade names</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other assets with indefinite lives </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,848</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,848</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,323</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,323</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total intangible assets </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">29,844</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">(6,120</td><td style="width:1%;vertical-align:top;white-space: nowrap;"><p style="MARGIN: 0px; text-align:left;">)</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">23,724</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">33,319</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:top;text-align:right;">(5,970</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">27,349</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.  During the first nine months of 2020, the Company recorded impairment charges of $3,700 on lease rights related to our international restaurant operations because of the adverse effects of the COVID-19 pandemic.  The impairment and fair value were determined using Level 3 inputs and available market data.  Amortization expense for the first nine months of 2020 and 2019 was $150 and $412, respectively. The Company’s intangible assets with definite lives are fully amortized. </p> 11865000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020 </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Balance at beginning of year </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">40,040</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Goodwill from acquisition </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,865</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Change in foreign exchange rates during the first nine months of 2020 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">27</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Balance at end of period </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">51,932</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 40040000 11865000 27000 51932000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td colspan="10" style="BORDER-BOTTOM: #000000 1px solid;"><p style="MARGIN: 0px; text-align:center;">September 30, 2020</p></td><td/><td/><td class="hdcell" colspan="10" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="margin:0px">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Gross carrying amount</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Accumulated amortization</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Gross carrying amount</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Accumulated amortization</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Franchise agreement</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,310</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,310</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,310</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,178</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">132</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">810</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(810</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">810</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">(792</td><td style="PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">18</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="margin:0px">Total </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(6,120</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,120</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">(5,970</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px">Intangible assets with indefinite lives:</p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td><td class="ffcell"><p style="margin:0px"> </p></td><td><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Trade names</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">15,876</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other assets with indefinite lives </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,848</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">7,848</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,323</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">11,323</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total intangible assets </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">29,844</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">(6,120</td><td style="width:1%;vertical-align:top;white-space: nowrap;"><p style="MARGIN: 0px; text-align:left;">)</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">23,724</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">33,319</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:top;text-align:right;">(5,970</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">27,349</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 5310000 -5310000 0 5310000 -5178000 132000 810000 -810000 0 810000 -792000 18000 6120000 -6120000 0 6120000 -5970000 150000 15876000 0 15876000 15876000 0 15876000 7848000 0 7848000 11323000 0 11323000 29844000 -6120000 23724000 33319000 -5970000 27349000 3700000 150000 412000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 8. Restaurant Operations Revenues</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Restaurant operations revenues were as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Net sales </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">67,617</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">136,651</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">241,832</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">454,344</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Franchise royalties and fees </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,421</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,638</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,704</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,017</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Franchise partner fees </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,894</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">989</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,775</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,668</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">742</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">833</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,271</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,918</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">79,674</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">145,111</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">272,582</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">478,947</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Net sales</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied 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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Franchise royalties and fees</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Franchise royalties and fees are composed of royalties and fees from Steak n Shake and Western Sizzlin franchisees. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement. Our advertising arrangements with franchisees are reported in franchise royalties and fees. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Franchise partner fees</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Steak n Shake is in the process of transitioning company-operated restaurants to franchise partners. The franchise agreement stipulates that the franchisee make an upfront investment totaling ten thousand dollars. Potential franchise partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement. Each must meet the gold standard in service. Franchise partners are required to be hands-on operators. We limit a franchisee to a single location.  As the franchisor Steak n Shake assesses a fee of up to 15% of sales as well as 50% of profits.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Gift card revenue</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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.  </p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Net sales </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">67,617</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">136,651</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">241,832</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">454,344</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Franchise royalties and fees </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,421</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,638</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,704</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">20,017</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Franchise partner fees </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,894</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">989</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,775</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,668</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">742</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">833</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,271</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,918</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">79,674</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">145,111</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">272,582</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">478,947</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 67617000 136651000 241832000 454344000 4421000 6638000 13704000 20017000 6894000 989000 14775000 1668000 742000 833000 2271000 2918000 79674000 145111000 272582000 478947000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 9. Accounts Payable and Accrued Expenses</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Accounts payable and accrued expenses include the following.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, </p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Accounts payable</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,546</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,626</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Gift card and other marketing</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,762</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,787</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Salaries and wages</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,441</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,667</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Taxes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,497</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">29,275</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Insurance accruals</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,091</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,418</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Deferred revenue </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,905</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,454</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,646</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,852</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Accounts payable and accrued expenses</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">117,888</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">121,079</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30,<br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, </p><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Accounts payable</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,546</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,626</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Gift card and other marketing</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,762</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,787</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Salaries and wages</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,441</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,667</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Taxes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">14,497</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">29,275</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Insurance accruals</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">32,091</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,418</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Deferred revenue </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,905</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,454</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Other </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,646</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,852</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Accounts payable and accrued expenses</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">117,888</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">121,079</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/> 26546000 32626000 19762000 23787000 8441000 10667000 14497000 29275000 32091000 11418000 10905000 10454000 5646000 2852000 117888000 121079000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 10. Notes Payable and Other Borrowings </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Notes payable and other borrowings include the following.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="vertical-align:bottom;"><strong>Current portion of notes payable and other borrowings</strong></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31,<br/>2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Notes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">153,056</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,200</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Unamortized original issue discount and debt issuance costs </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(506</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(982</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Western Sizzlin revolver </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Finance obligations </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,948</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,252</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Finance lease liabilities</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total current portion of notes payable and other borrowings</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">159,631</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">7,103</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><strong>Long-term notes payable and other borrowings</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Notes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">179,298</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Unamortized original issue discount and debt issuance costs</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(252</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Finance obligations</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,663</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">74,497</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Finance leases liabilities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,436</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,639</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total long-term notes payable and other borrowings </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">76,099</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">263,182</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Steak n Shake Credit Facility</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement that 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. As of September 30, 2020, $153,056 was outstanding. Biglari Holdings is not a guarantor under the credit facility and has no plans to provide a guarantee to the term loan lenders. Absent a resolution with the lenders, Steak n Shake may need to seek refinancing options, which may not be available. <em> </em>In addition, the duration of the pandemic could have a material adverse effect on financing options or Steak n Shake’s ability to comply with the terms of its credit agreement.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The term loan amortizes in equal quarterly installments at an annual rate of 1.00% 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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 4.75% as of September 30, 2020.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The fair value of long-term debt, excluding capitalized lease obligations, was approximately $80,000 at September 30, 2020.  The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The Company retired $26,792 of debt during the first nine months of 2020.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Interest expense is summarized as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Interest expense </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,090</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,973</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,298</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Interest on finance leases and obligations</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,593</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,934</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,679</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,946</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">3,743</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">5,024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">11,652</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">15,244</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Western Sizzlin Revolver</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Western Sizzlin had $500 and $0 of debt outstanding under its revolver as of September 30, 2020 and December 31, 2019, respectively. Western Sizzlin reduced its revolver to $0 on October 30, 2020.</p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="vertical-align:bottom;"><strong>Current portion of notes payable and other borrowings</strong></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31,<br/>2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Notes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">153,056</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,200</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Unamortized original issue discount and debt issuance costs </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(506</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(982</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Western Sizzlin revolver </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Finance obligations </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,948</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,252</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Finance lease liabilities</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total current portion of notes payable and other borrowings</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">159,631</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">7,103</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><strong>Long-term notes payable and other borrowings</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Notes payable </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">179,298</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Unamortized original issue discount and debt issuance costs</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(252</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Finance obligations</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">69,663</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">74,497</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Finance leases liabilities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,436</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,639</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total long-term notes payable and other borrowings </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">76,099</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">263,182</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 153056000 2200000 -506000 -982000 500000 0 4948000 4252000 1633000 1633000 159631000 7103000 0 179298000 0 -252000 69663000 74497000 6436000 9639000 76099000 263182000 220000000 March 19, 2021 153056000 0.0100 0.0475 80000000 26792000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Interest expense </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,090</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,973</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,298</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Interest on finance leases and obligations</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,593</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,934</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,679</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,946</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">3,743</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">5,024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">11,652</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">15,244</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 2150000 3090000 6973000 9298000 1593000 1934000 4679000 5946000 3743000 5024000 11652000 15244000 500000 0 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 11. Leased Assets and Lease Commitments</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">During 2020, the Company negotiated lease concessions on certain lease arrangements related to the COVID-19 pandemic and has accounted for these under the ASC 842 COVID-19 Election.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Total lease cost consists of the following.</p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;">Finance lease costs:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 30px;vertical-align:top;">    Amortization of right-of-use assets </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">487</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,087</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,466</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">    Interest on lease liabilities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">136</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">392</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">630</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Operating lease costs * </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,096</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,445</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,321</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">12,305</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total lease costs </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">2,511</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">5,140</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">9,800</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">14,401</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"><em>*Includes short-term leases, variable lease costs and sublease income, which are immaterial.</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Supplemental cash flow information related to leases is as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">  </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="MARGIN: 0px 0px 0px 15px;vertical-align:top;">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Financing cash flows from finance leases </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,132</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,201</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating cash flows from finance leases </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">463</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">630</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating cash flows from operating leases</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,382</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,558</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Right-of-use assets obtained in exchange for lease obligations:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Finance lease liabilities </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,097</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating lease liabilities </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">73</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="font-size:10pt;font-family:times new roman;margin:0px">Supplemental balance sheet information related to leases is as follows.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, <br/>2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;">Finance leases:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Property and equipment, net </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">6,476</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">10,783</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Current portion of notes payable and other borrowings </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Long-term notes payable and other borrowings </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,436</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,639</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total finance lease liablities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">8,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">11,272</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Weighted-average lease terms and discount rates are as follows.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="MARGIN: 0px; TEXT-INDENT: 15px;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:bottom;">Weighted-average remaining lease terms:</td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;"/><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 75px; TEXT-INDENT: 15px;vertical-align:bottom;">Finance leases </td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:right;">5.8 years </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:bottom;">Operating leases </td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:right;">5.8 years </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Weighted-average discount rates:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:top;">Finance leases </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7.10</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="TEXT-INDENT: 15px;vertical-align:top;">Operating leases</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6.90</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Maturities of lease liabilities as of September 30, 2020 are as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">      </p><p style="margin:0px"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;vertical-align:bottom;">Year</td><td style="white-space: nowrap;"/><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Operating </p><p style="MARGIN: 0px; text-align:center;">Leases</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Finance<br/>Leases</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2020 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,853</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">545</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2021 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,244</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,135</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2022 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,162</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,614</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2023 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,821</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,410</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2024 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,902</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,373</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">After 2024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">15,680</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,756</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total lease payments</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">61,662</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,833</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:top;">Less interest </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">11,126</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,764</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total lease liabilities</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">50,536</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">8,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;">Finance lease costs:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 30px;vertical-align:top;">    Amortization of right-of-use assets </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">487</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,087</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,466</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">    Interest on lease liabilities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">136</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">208</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">392</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">630</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Operating lease costs * </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,096</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">4,445</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">8,321</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">12,305</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total lease costs </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">2,511</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">5,140</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">9,800</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">14,401</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 279000 487000 1087000 1466000 136000 208000 392000 630000 2096000 4445000 8321000 12305000 2511000 5140000 9800000 14401000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="MARGIN: 0px 0px 0px 15px;vertical-align:top;">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Financing cash flows from finance leases </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,132</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,201</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating cash flows from finance leases </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">463</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">630</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating cash flows from operating leases</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,382</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,558</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Right-of-use assets obtained in exchange for lease obligations:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Finance lease liabilities </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,097</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Operating lease liabilities </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">73</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 1132000 1201000 463000 630000 10382000 12558000 0 1097000 73000 11069000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">December 31, <br/>2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;">Finance leases:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Property and equipment, net </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">6,476</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">10,783</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Current portion of notes payable and other borrowings </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,633</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; text-align:left;">Long-term notes payable and other borrowings </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,436</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,639</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total finance lease liablities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">8,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">11,272</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 6476000 10783000 1633000 1633000 6436000 9639000 8069000 11272000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="MARGIN: 0px; TEXT-INDENT: 15px;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">September 30, <br/>2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:bottom;">Weighted-average remaining lease terms:</td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="width:9%;"/><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 75px; TEXT-INDENT: 15px;vertical-align:bottom;">Finance leases </td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:right;">5.8 years </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:bottom;">Operating leases </td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="hdcell" style="width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:right;">5.8 years </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Weighted-average discount rates:</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td/><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:top;">Finance leases </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7.10</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="TEXT-INDENT: 15px;vertical-align:top;">Operating leases</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6.90</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr></tbody></table> 5.8 years 5.8 years 0.0710 0.0690 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;vertical-align:bottom;">Year</td><td style="white-space: nowrap;"/><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Operating </p><p style="MARGIN: 0px; text-align:center;">Leases</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Finance<br/>Leases</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2020 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,853</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">545</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2021 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,244</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,135</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2022 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,162</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,614</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2023 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,821</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,410</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">2024 </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,902</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,373</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">After 2024</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">15,680</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,756</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total lease payments</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">61,662</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,833</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px;vertical-align:top;">Less interest </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">11,126</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,764</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Total lease liabilities</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">50,536</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">8,069</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 3853000 545000 13244000 2135000 11162000 1614000 9821000 1410000 7902000 1373000 15680000 2756000 61662000 9833000 11126000 1764000 50536000 8069000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 12. Accumulated Other Comprehensive Income</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">During the third quarter of 2020 accumulated other comprehensive losses decreased by $344 and increased by $628 during the third quarter of 2019. During the first nine months of 2020 accumulated other comprehensive losses decreased by $834 and increased by $736 during the first nine months of 2019.  As of September 30, 2020 and 2019, the balances in accumulated other comprehensive loss were $1,976 and $3,252, respectively.  There were no reclassifications from accumulated other comprehensive income to earnings during the first nine months of 2020 and 2019.  All changes in accumulated other comprehensive income during the first nine months of 2020 and 2019 were because of foreign currency translation adjustments.</p> 344000 628000 834000 736000 -1976000 -3252000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 13. Income Taxes</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">In determining the quarterly provision for income taxes, the Company used a discrete effective tax rate method based on statutory tax rates for the first nine months of 2020 and 2019. 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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Income tax expense for the third quarter of 2020 was $5,617 compared to a tax benefit of $614 for the third quarter of 2019.  Income tax benefit for the first nine months of 2020 was $23,449 compared to an income tax expense of $7,026 for the first nine months of 2019.  The variance in income taxes between 2020 and 2019 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pretax losses were $89,276 during the first nine months of 2020, compared to pretax gains of $69,801 during the first nine months of 2019.  As of September 30, 2020 and December 31, 2019, we had $348 of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets. </p> 5617000 614000 23449000 7026000 89276000 69801000 348000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 14. Commitments and Contingencies<br/></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 shareholder withdrew the motion to enjoin the shareholder vote on April 26, 2018.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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, including the ability to vote the Company’s shares that are eliminated for financial reporting purposes. 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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  On April 7, 2020, the Indiana Supreme Court denied the petition to transfer.  All of the cases referenced above are completed and each case was concluded in the Company’s favor.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 15. Fair Value of Financial Assets</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;font-size:10pt;font-family:times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"><p style="margin:0px"> </p></td><td style="width:4%;vertical-align:top;"><p style="margin:0px 0px 0px 0in"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in">Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.</p><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 0in; 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.</p><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="vertical-align:top;"><p style="margin:0px 0px 0px 0in"><span style="font-family:symbol">·</span></p></td><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 0in; 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.</p></td></tr></tbody></table><p style="margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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:</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Cash equivalents:</em> Cash equivalents primarily consist of money market funds which are classified within Level 1 of the fair value hierarchy.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Equity securities: </em>The Company’s investments in equity securities are classified within Levels 1 and 2 of the fair value hierarchy.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Bonds:</em> The Company’s investments in bonds are classified within Level l of the fair value hierarchy.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Non-qualified deferred compensation plan investments: </em>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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>Derivative instruments:</em> Options related to equity securities are marked to market each reporting period and are classified within Level 2 of the fair value hierarchy depending on the instrument.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">As of September 30, 2020 and December 31, 2019, the fair values of financial assets were as follows.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td colspan="14" style="BORDER-BOTTOM: #000000 1px solid;"><p style="MARGIN: 0px; text-align:center;">September 30, 2020</p></td><td/><td/><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="margin:0px">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 1</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 2</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 3</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 1</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 2</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 3</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><strong>Assets</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Cash equivalents </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">17,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">17,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">43,095</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">43,095</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Equity securities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,488</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,691</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,179</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">25</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,397</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,422</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Bonds </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">55,007</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">55,007</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">38,911</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">38,911</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Options on equity securities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,872</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,872</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,166</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,166</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Non-qualified deferred compensation plan investments </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,175</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,175</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total assets at fair value </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">80,596</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">8,563</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">89,159</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">84,206</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">8,563</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">92,769</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="font-size:10pt;font-family:times new roman;margin:0px">  </p><p style="font-size:10pt;font-family:times new roman;margin:0px">There were no changes in our valuation techniques used to measure fair values on a recurring basis.  </p> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td colspan="14" style="BORDER-BOTTOM: #000000 1px solid;"><p style="MARGIN: 0px; text-align:center;">September 30, 2020</p></td><td/><td/><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:6%;vertical-align:bottom;text-align:center;"><p style="margin:0px">December 31, 2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 1</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 2</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 3</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 1</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 2</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Level 3</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:6%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Total</p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><strong>Assets</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:6%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Cash equivalents </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">17,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">17,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">43,095</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">43,095</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Equity securities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,488</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">5,691</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">12,179</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">25</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,397</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">6,422</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Bonds </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">55,007</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">55,007</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">38,911</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">38,911</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Options on equity securities </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,872</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,872</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,166</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:6%;vertical-align:bottom;text-align:right;">2,166</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;">Non-qualified deferred compensation plan investments </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">1,382</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,175</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:6%;vertical-align:bottom;text-align:right;">2,175</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Total assets at fair value </td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">80,596</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">8,563</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">89,159</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">84,206</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">8,563</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 2pt double;width:6%;vertical-align:bottom;text-align:right;">92,769</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table> 17719000 0 0 17719000 43095000 0 0 43095000 6488000 5691000 0 12179000 25000 6397000 0 6422000 55007000 0 0 55007000 38911000 0 0 38911000 0 2872000 0 2872000 0 2166000 0 2166000 1382000 0 0 1382000 2175000 0 0 2175000 80596000 8563000 0 89159000 84206000 8563000 0 92769000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 16. Related Party Transactions<br/></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em> </em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Services Agreement</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 services to the Company. The services agreement has a five-year term, effective on October 1, 2017.  The fixed fee of $700 per month can be adjusted annually.  The monthly fee will remain at $700 during 2020. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2020 and 2019. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  The Biglari Entities are owned by Mr. Biglari.  </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong><em>Incentive Agreement Amendment</em></strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">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 became effective in 2019. </p> 700000 6300000 <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>Note 17. Business Segment Reporting</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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. Our insurance operations include First Guard and Southern Pioneer.  The Company also reports segment information for Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in corporate. 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. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">A disaggregation of our consolidated data for the third quarters and first nine months of 2020 and 2019 is presented in the tables which follow.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"> </p><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Revenue </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="MARGIN: 0px;vertical-align:top;"><strong>Operating Businesses:</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Restaurant Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px; text-align:left;">Steak n Shake</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">78,313</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">141,354</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">267,637</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">467,471</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Western Sizzlin </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,361</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,757</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">4,945</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">11,476</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Restaurant Operations</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">79,674</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">145,111</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">272,582</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">478,947</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Insurance Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">First Guard</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,898</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,681</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,194</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,305</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Southern Pioneer</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,515</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,498</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Insurance Operations</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">14,413</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">7,681</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">38,692</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">22,305</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Southern Oil</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,029</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,554</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Maxim</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">924</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,209</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,666</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">101,835</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">160,216</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">334,037</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">510,418</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Earnings (Losses) Before Income Taxes </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><strong>Operating Businesses:</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Restaurant Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Steak n Shake</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(63</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(861</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(12,075</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(22,776</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Western Sizzlin </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(396</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">544</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(937</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,433</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Restaurant Operations </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(459</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(317</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(13,012</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(21,343</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Insurance Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">First Guard</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,152</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,193</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,673</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Southern Pioneer</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">518</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,458</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Insurance Operations </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">8,651</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">5,673</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Southern Oil </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">592</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,448</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,355</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,448</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Maxim </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">364</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,605</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">428</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Total Operating Businesses </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,953</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,774</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,401</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,794</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;"><strong>Corporate and Investments:</strong></p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Corporate </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,657</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,764</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,693</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,908</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Investment gains </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">354</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,863</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Investment partnership gains (losses)</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">27,218</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,449</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Total Corporate and Investments</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">24,915</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(1,315</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(95,106</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">61,893</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Interest expense and debt exinguishment gains not allocated to segments</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(2,150</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(3,090</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(1,260</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(9,298</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">26,718</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(631</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(97,767</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">38,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Revenue </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="MARGIN: 0px;vertical-align:top;"><strong>Operating Businesses:</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Restaurant Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px 0px 0px 15px; TEXT-INDENT: 15px; text-align:left;">Steak n Shake</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">78,313</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">141,354</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">267,637</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">467,471</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Western Sizzlin </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,361</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,757</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">4,945</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">11,476</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Restaurant Operations</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">79,674</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">145,111</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">272,582</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">478,947</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Insurance Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">First Guard</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,898</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,681</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">23,194</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,305</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Southern Pioneer</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">6,515</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">15,498</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Insurance Operations</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">14,413</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">7,681</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">38,692</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">22,305</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Southern Oil</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,029</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,554</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,500</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Maxim</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,719</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">924</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">3,209</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,666</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">101,835</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">160,216</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">334,037</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">510,418</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/> 78313000 141354000 267637000 467471000 1361000 3757000 4945000 11476000 79674000 145111000 272582000 478947000 7898000 7681000 23194000 22305000 6515000 0 15498000 0 14413000 7681000 38692000 22305000 6029000 6500000 19554000 6500000 1719000 924000 3209000 2666000 101835000 160216000 334037000 510418000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="14" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Earnings (Losses) Before Income Taxes </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">Third Quarter</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="6" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">First Nine Months</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2020</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:center;"><p style="MARGIN: 0px; text-align:center;">2019</p></td><td style="white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><strong>Operating Businesses:</strong></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Restaurant Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" colspan="2" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Steak n Shake</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(63</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(861</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(12,075</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(22,776</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Western Sizzlin </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(396</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">544</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(937</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,433</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Restaurant Operations </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(459</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(317</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(13,012</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(21,343</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Insurance Operations:</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">First Guard</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,152</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,193</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,673</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 30px; text-align:left;">Southern Pioneer</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">518</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,458</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: black 1px solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: black 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Total Insurance Operations </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,670</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">2,279</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">8,651</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">5,673</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Southern Oil </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">592</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,448</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,355</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,448</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Maxim </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,150</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">364</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,605</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">428</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Total Operating Businesses </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,953</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,774</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,401</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(13,794</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;"><strong>Corporate and Investments:</strong></p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Corporate </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,657</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,764</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,693</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(7,908</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Investment gains </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">354</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,863</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">-</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="MARGIN: 0px; TEXT-INDENT: 15px; text-align:left;">Investment partnership gains (losses)</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">27,218</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">1,449</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(89,276</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">69,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Total Corporate and Investments</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">24,915</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(1,315</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(95,106</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">61,893</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="width:9%;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="MARGIN: 0px; text-align:left;">Interest expense and debt exinguishment gains not allocated to segments</p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(2,150</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(3,090</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(1,260</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 0.5pt solid;width:9%;vertical-align:bottom;text-align:right;">(9,298</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px;background-color:#ffffff"><td><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">26,718</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(631</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">(97,767</td><td style="width:1%;vertical-align:top;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td><td style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-TOP: medium none; BORDER-BOTTOM: 2pt double;width:9%;vertical-align:bottom;text-align:right;">38,801</td><td style="width:1%;white-space: nowrap;"><p style="margin:0px"> </p></td></tr></tbody></table><p style="margin:0px"/> -63000 -861000 -12075000 -22776000 -396000 544000 -937000 1433000 -459000 -317000 -13012000 -21343000 2152000 2279000 7193000 5673000 518000 0 1458000 0 2670000 2279000 8651000 5673000 592000 1448000 1355000 1448000 1150000 364000 1605000 428000 3953000 3774000 -1401000 -13794000 -2657000 -2764000 -7693000 -7908000 354000 0 1863000 0 27218000 1449000 -89276000 69801000 24915000 -1315000 -95106000 61893000 -2150000 -3090000 -1260000 -9298000 26718000 -631000 -97767000 38801000 XML 11 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Cover - shares
9 Months Ended
Sep. 30, 2020
Nov. 03, 2020
Document Information Line Items    
Entity Registrant Name BIGLARI HOLDINGS INC.  
Entity Central Index Key 0001726173  
Document Type 10-Q  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Small Business false  
Entity Shell Company false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Document Period End Date Sep. 30, 2020  
Entity Filer Category Accelerated Filer  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2020  
Entity Common Stock Shares Outstanding   206,864
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-38477  
Entity Incorporation State Country Code IN  
Entity Tax Identification Number 82-3784946  
Entity Address City Or Town San Antonio  
Entity Address Address Line 2 Suite 400  
Entity Address State Or Province TX  
Entity Address Postal Zip Code 78257  
City Area Code 210  
Local Phone Number 344-3400  
Entity Interactive Data Current Yes  
Entity Address Address Line 1 17802 IH 10 West  
Class A Common Stock [Member]    
Document Information Line Items    
Security 12b Title Class A Common Stock, no par value  
Security Exchange Name NYSE  
Trading Symbol BH.A  
Class B Common Stock [Member]    
Document Information Line Items    
Entity Common Stock Shares Outstanding   2,068,640
Security 12b Title Class B Common Stock, no par value  
Security Exchange Name NYSE  
Trading Symbol BH  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 33,164 $ 67,772
Investments 85,082 44,856
Receivables 16,151 21,640
Inventories 2,908 4,674
Other current assets 5,622 6,449
Total current assets 142,927 145,391
Property and equipment 320,966 350,627
Operating lease assets 46,345 59,719
Goodwill and other intangible assets 75,656 67,389
Investment partnerships 383,670 505,542
Other assets 14,037 10,641
Total assets 983,601 1,139,309
Current liabilities:    
Accounts payable and accrued expenses 117,888 121,079
Current portion of operating lease liabilities 10,671 11,635
Current portion of notes payable and other borrowings 159,631 7,103
Total current liabilities 288,190 139,817
Long-term notes payable and other borrowings 76,099 263,182
Operating lease liabilities 39,865 53,271
Deferred taxes 30,130 54,230
Asset retirement obligations 9,896 10,447
Other liabilities 1,203 2,064
Total liabilities 445,383 523,011
Shareholders' equity    
Common stock 1,138 1,138
Additional paid-in capital 381,788 381,788
Retained earnings 536,721 611,039
Accumulated other comprehensive loss (1,976) (2,810)
Treasury stock, at cost (379,453) (374,857)
Biglari Holdings Inc. shareholders' equity 538,218 616,298
Total liabilities and shareholders' equity $ 983,601 $ 1,139,309
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Restaurant operations $ 79,674,000 $ 145,111,000 $ 272,582,000 $ 478,947,000
Insurance premiums and other 14,413,000 7,681,000 38,692,000 22,305,000
Oil and gas 6,029,000 6,500,000 19,554,000 6,500,000
Media and licensing 1,719,000 924,000 3,209,000 2,666,000
Revenues 101,835,000 160,216,000 334,037,000 510,418,000
Cost and expenses        
Restaurant cost of sales 54,062,000 113,398,000 194,737,000 397,597,000
Insurance losses and underwriting expenses 11,290,000 5,242,000 28,866,000 16,400,000
Oil and gas production costs 2,171,000 2,595,000 6,570,000 2,595,000
Media and licensing costs 548,000 514,000 1,491,000 2,103,000
Selling, general and administrative 19,902,000 22,930,000 60,687,000 81,871,000
Impairments 3,698,000 5,079,000 21,817,000 7,417,000
Depreciation and amortization 7,275,000 7,514,000 24,284,000 18,191,000
Interest expense 3,743,000 5,024,000 11,652,000 15,244,000
Total 102,689,000 162,296,000 350,104,000 541,418,000
Other income        
Gain on debt extinguishment 0 0 5,713,000 0
Investment gains 354,000 0 1,863,000 0
Investment partnership gains (losses) 27,218,000 1,449,000 (89,276,000) 69,801,000
Total 27,572,000 1,449,000 (81,700,000) 69,801,000
Earnings (loss) before income taxes 26,718,000 (631,000) (97,767,000) 38,801,000
Income tax expense (benefit) 5,617,000 (614,000) (23,449,000) 7,026,000
Net earnings (loss) $ 21,101,000 $ (17,000) $ (74,318,000) $ 31,775,000
Earnings per share        
Net earnings (loss) per equivalent Class A share * $ 60.07 $ (0.05) $ (213.31) $ 92.04
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)        
Net earnings (loss) $ 21,101 $ (17) $ (74,318) $ 31,775
Other comprehensive income (loss):        
Foreign currency translation 344 (628) 834 (736)
Other comprehensive income (loss), net 344 (628) 834 (736)
Total comprehensive income (loss) $ 21,445 $ (645) $ (73,484) $ 31,039
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net earnings (loss) $ (74,318,000) $ 31,775,000
Adjustments to reconcile net earnings (loss) to operating cash flows:    
Depreciation and amortization 24,284,000 18,191,000
Provision for deferred income taxes (23,755,000) (35,902,000)
Asset impairments and other non-cash expenses 22,545,000 8,105,000
(Gains) losses on disposal of assets (1,251,000) 200,000
Gain on debt extinguishment (5,713,000) 0
Investment gains (1,863,000) 0
Investment partnership (gains) losses 89,276,000 (69,801,000)
Distributions from investment partnerships 97,330,000 64,329,000
Changes in receivables and inventories 9,964,000 8,817,000
Changes in other assets 955,000 (1,241,000)
Changes in accounts payable and accrued expenses (31,087,000) 15,386,000
Net cash provided by operating activities 106,367,000 39,859,000
Investing activities    
Capital expenditures (13,297,000) (8,357,000)
Proceeds from property and equipment disposals 3,914,000 815,000
Acquisition of business, net of cash acquired (34,240,000) (51,057,000)
Distributions from investment partnerships 0 40,000,000
Purchases of limited partner interests (69,330,000) (40,000,000)
Purchases of investments (240,351,000) (91,927,000)
Redemptions of fixed maturity securities 241,223,000 87,250,000
Net cash used in investing activities (112,081,000) (63,276,000)
Financing activities    
Proceeds from revolving credit facility 500,000 0
Principal payments on long-term debt (22,729,000) (1,650,000)
Principal payments on direct financing lease obligations (4,152,000) (4,353,000)
Net cash used in financing activities (26,381,000) (6,003,000)
Effect of exchange rate changes on cash (13,000) (29,000)
Decrease in cash, cash equivalents and restricted cash (32,108,000) (29,449,000)
Cash, cash equivalents and restricted cash at beginning of year 70,696,000 55,010,000
Cash, cash equivalents and restricted cash at end of third quarter $ 38,588,000 $ 25,561,000
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Balance, amount at Dec. 31, 2018 $ 570,455 $ 1,138 $ 381,904 $ 564,160 $ (2,516) $ (374,231)
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, amount at Mar. 31, 2019 581,354 1,138 381,904 575,477 (2,820) (374,345)
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, amount at Jun. 30, 2019 602,362 1,138 381,904 597,451 (2,624) (375,507)
Net earnings (17)     (17)    
Other comprehensive income, net (628)       (628)  
Adjustment to treasury stock for holdings in investment partnerships (197)         (197)
Balance, amount at Sep. 30, 2019 601,520 1,138 381,904 597,434 (3,252) (375,704)
Balance, amount at Dec. 31, 2019 616,298 1,138 381,788 611,039 (2,810) (374,857)
Net earnings (137,885)     (137,885)    
Other comprehensive income, net (312)       (312)  
Adjustment to treasury stock for holdings in investment partnerships 1,089         1,089
Balance, amount at Mar. 31, 2020 479,190 1,138 381,788 473,154 (3,122) (373,768)
Net earnings 42,466     42,466    
Other comprehensive income, net 802       802  
Adjustment to treasury stock for holdings in investment partnerships 92         92
Balance, amount at Jun. 30, 2020 522,550 1,138 381,788 515,620 (2,320) (373,676)
Net earnings 21,101     21,101    
Other comprehensive income, net 344       344  
Adjustment to treasury stock for holdings in investment partnerships (5,777)         (5,777)
Balance, amount at Sep. 30, 2020 $ 538,218 $ 1,138 $ 381,788 $ 536,721 $ (1,976) $ (379,453)
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2020
Summary of Significant Accounting Policies  
Note 1. Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

 

Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. 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, 2019.

 

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.30% of the Company’s outstanding Class A common stock and 56.60% of the Company’s outstanding Class B common stock.

 

The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March and adversely affecting nearly all of our operations during the second and third quarters.

 

Our restaurants were required to close their dining rooms during the first quarter.  In order to reopen the dining rooms profitably, Steak n Shake will require funds for capital expenditures, which are limited under its current debt agreement. The purpose of the capital spending is to convert Steak n Shake’s full-service model into a self-service one.  In addition, our restaurants have incurred costs to ensure compliance with health and safety standards in response to COVID-19.

 

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company has significantly cut production and expenses in its oil and gas business.

  

The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition.

 

Business Acquisition

On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage, as well as homeowners and dwelling fire insurance coverages. The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.  The acquisition date fair values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are completed.  Pro-forma financial information of Southern Pioneer is not material.

 

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Pro-forma financial information of Southern Oil is not material.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc, Western Sizzlin Corporation, Maxim Inc., Southern Oil, First Guard Insurance Company, and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation.

 

Change in Presentation

Interest expense on finance leases and obligations has been combined with interest expense in 2020 and reclassified as a component of cost and expenses in the consolidated statement of earnings.  Prior period balances have been adjusted to conform to the change in presentation.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.2
New Accounting Standards
9 Months Ended
Sep. 30, 2020
Summary of Significant Accounting Policies  
Note 2. New Accounting Standards

Note 2. New Accounting Standards

 

In June 2016, the Financial Accounting Standards Board 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 requires 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.  The Company adopted ASU 2016-13 effective January 1, 2020.  The impact of this standard is not material to the Company’s financial statements and related disclosures.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share
9 Months Ended
Sep. 30, 2020
Earnings per share  
Note 3. Earnings Per Share

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 September 30, 2020 and December 31, 2019.

   

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

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 September 30, 2020 and December 31, 2019.  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 third quarters of 2020 and 2019 were 351,288 and 343,519, respectively.  The equivalent Class A weighted average number of common shares during the first nine months of 2020 and 2019 were 348,396 and 345,249, respectively.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Investments
9 Months Ended
Sep. 30, 2020
Investments  
Note 4. Investments

Note 4. Investments

 

Available for sale investments were $80,619 and $40,393 as of September 30, 2020 and December 31, 2019, respectively.  Investments in equity securities and a related derivative position of $4,463 are also included in investments.  The investments are recorded at fair value.  The fair value of investments acquired with Southern Pioneer was $36,876.  The Company recorded $354 and $1,863 in investment gains during the third quarter and first nine months of 2020, respectively.  The Company did not have investment gains/losses during the first quarter of 2020 and during the first nine months of 2019.   Interest and dividends earned on investments are reported as other income by our insurance companies.  We consider investment income as a component of our aggregate insurance operating results.  However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships
9 Months Ended
Sep. 30, 2020
Investment Partnerships  
Note 5. Investment Partnerships

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. (“Biglari Capital”) 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, 2019

 

$666,123

 

 

$160,581

 

 

$505,542

 

Investment partnership gains (losses)

 

 

(123,524)

 

 

(34,248)

 

 

(89,276)
Distributions (net of contributions) to investment partnerships

 

 

(28,000)

 

 

-

 

 

 

(28,000)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

4,596

 

 

 

(4,596)
Partnership interest at September 30, 2020

 

$514,599

 

 

$130,929

 

 

$383,670

 

 

 

 

Fair Value

 

 

Company

Common Stock

 

 

Carrying Value

 

Partnership interest at December 31, 2018

 

$715,102

 

 

$157,622

 

 

$557,480

 

Investment partnership gains (losses)

 

 

63,419

 

 

 

(6,382)

 

 

69,801

 

Distributions (net of contributions) to investment partnerships

 

 

(64,329)

 

 

-

 

 

 

(64,329)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

1,473

 

 

 

(1,473)
Partnership interest at September 30, 2019

 

$714,192

 

 

$152,713

 

 

$561,479

 

 

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

 

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Carrying value of investment partnerships

 

$383,670

 

 

$505,542

 

Deferred tax liability related to investment partnerships

 

 

(38,313)

 

 

(56,518)
Carrying value of investment partnerships net of deferred taxes

 

$345,357

 

 

$449,024

 

 

The Company’s proportionate share of Company stock held by investment partnerships at cost is $379,453 and $374,857 at September 30, 2020 and December 31, 2019, 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.

     

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gains (losses) on investment partnership

 

$27,218

 

 

$1,449

 

 

$(89,276)

 

$69,801

 

Tax expense (benefit)

 

 

6,163

 

 

 

49

 

 

 

(21,337)

 

 

15,910

 

Net earnings (loss)

 

$21,055

 

 

$1,400

 

 

$(67,939)

 

$53,891

 

On December 31 of each year, the general partner of the investment partnerships, Biglari Capital, will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements. Our investments in these partnerships are committed on a rolling 5-year basis.

 

There were no incentive reallocations from Biglari Holdings to Biglari Capital during the first nine months of 2020 and 2019.

 

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 September 30, 2020

 

$98,041

 

 

$497,761

 

Total liabilities as of September 30, 2020

 

$120

 

 

$27,768

 

Revenue for the first nine months of 2020

 

$(18,941)

 

$(119,644)
Earnings for the first nine months of 2020

 

$(18,992)

 

$(120,849)
Biglari Holdings' ownership interest as of September 30, 2020

 

 

66.20%

 

 

95.30%

 

 

 

 

 

 

 

 

 

Total assets as of December 31, 2019

 

$117,135

 

 

$758,663

 

Total liabilities as of December 31, 2019

 

$158

 

 

$114,639

 

Revenue for the first nine months of 2019

 

$3,332

 

 

$71,578

 

Earnings for the first nine months of 2019

 

$3,278

 

 

$65,637

 

Biglari Holdings' ownership interest as of September 30, 2019

 

 

66.10%

 

 

93.50%

 

Revenue in the above summarized financial information of the investment partnerships includes investment income and unrealized gains and losses on investments.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment
9 Months Ended
Sep. 30, 2020
Property and Equipment  
Note 6. Property and Equipment

Note 6. Property and Equipment

 

Property and equipment is composed of the following.

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Land

 

$143,839

 

 

$150,147

 

Buildings

 

 

139,320

 

 

 

144,243

 

Land and leasehold improvements

 

 

140,940

 

 

 

157,141

 

Equipment

 

 

192,201

 

 

 

196,264

 

Oil and gas properties

 

 

75,853

 

 

 

77,475

 

Construction in progress

 

 

1,036

 

 

 

3,789

 

 

 

 

693,189

 

 

 

729,059

 

Less accumulated depreciation and amortization

 

 

(372,223)

 

 

(378,432)
Property and equipment, net

 

$320,966

 

 

$350,627

 

 

Depletion expense related to oil and gas properties was $9,249 during the first nine months of 2020 and is included in depreciation and amortization in the consolidated statement of earnings.

 

The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability. Consequently, the Company recorded impairment charges of $3,698 in the third quarter of 2020 and $18,117 in the first nine months of 2020 mainly because of the decision to permanently close some Steak n Shake restaurants as well as to close the dining rooms of all company-operated restaurants.  The Company recorded an impairment to long-lived assets of $5,079 in the third quarter of 2019 and $7,417 in the first nine months of 2019 primarily related to Steak n Shake closed stores.  The fair value of the long-lived assets was determined based on Level 3 inputs using a discounted cash flow model.  Moreover, we also applied a market analysis for certain properties.

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. The Company evaluated the potential impact on its oil and gas properties, but concluded they were not impaired during the first nine months of 2020.  However, protracted low commodity prices may require impairments in future periods.

 

The duration and extent of the COVID-19 pandemic cannot be reasonably estimated at this time. The risks and uncertainties resulting from the pandemic may lead to future impairment of long-lived assets including right-of-use assets. In addition, significant estimates and assumptions used in the evaluation of long-lived assets for impairment may be subject to significant adjustments in future periods. 

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2020
Goodwill and Other Intangible Assets  
Note 7. Goodwill and Other Intangible Assets

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. The Company purchased Southern Pioneer on March 9, 2020.  The preliminary purchase price allocation reflects goodwill of $11,865.

 

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

 

 

 

September 30,
2020

 

Balance at beginning of year

 

$40,040

 

Goodwill from acquisition

 

 

11,865

 

Change in foreign exchange rates during the first nine months of 2020

 

 

27

 

Balance at end of period

 

$51,932

 

 

We evaluate 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 nine months of 2020 or 2019.

  

In response to the adverse effects of the COVID-19 pandemic, we considered whether goodwill needed to be evaluated for impairment as of September 30, 2020, specifically related to goodwill for certain restaurant reporting units.  Making estimates of the fair value of reporting units at this time are significantly affected by assumptions on the severity, duration and long-term effects of the pandemic on the reporting unit’s operations.  We considered the available facts and made qualitative assessments and judgments for what we believed represent reasonably possible outcomes. Although the fair values of certain of these reporting units declined since the time that the most recent annual impairment tests were conducted, we concluded it is more likely than not that goodwill was not impaired as of September 30, 2020.  However, COVID-19 pandemic events will continue to evolve and the negative effects on our operations could prove to be worse than we currently estimate.  The Company may record goodwill impairment charges in future periods. 

Other Intangible Assets

Other intangible assets are composed of the following.

 

 

 

 

September 30, 2020

December 31, 2019

 

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

Franchise agreement

 

$5,310

 

 

$(5,310)

 

$-

 

 

$5,310

 

 

$(5,178)

 

$132

 

Other

 

 

810

 

 

 

(810)

 

 

-

 

 

 

810

 

 

 

(792)

 

 

18

 

Total

 

 

6,120

 

 

 

(6,120)

 

 

-

 

 

 

6,120

 

 

 

(5,970)

 

 

150

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

15,876

 

 

 

-

 

 

 

15,876

 

 

 

15,876

 

 

 

-

 

 

 

15,876

 

Other assets with indefinite lives

 

 

7,848

 

 

 

-

 

 

 

7,848

 

 

 

11,323

 

 

 

-

 

 

 

11,323

 

Total intangible assets

 

$29,844

 

 

$(6,120

)

 

$23,724

 

 

$33,319

 

 

$(5,970)

 

$27,349

 

 

Intangible assets with indefinite lives consist of trade names, franchise rights as well as lease rights.  During the first nine months of 2020, the Company recorded impairment charges of $3,700 on lease rights related to our international restaurant operations because of the adverse effects of the COVID-19 pandemic.  The impairment and fair value were determined using Level 3 inputs and available market data.  Amortization expense for the first nine months of 2020 and 2019 was $150 and $412, respectively. The Company’s intangible assets with definite lives are fully amortized.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Restaurant Operations Revenues
9 Months Ended
Sep. 30, 2020
Restaurant Operations Revenues  
Note 8. Restaurant Operations Revenues

Note 8. Restaurant Operations Revenues

 

Restaurant operations revenues were as follows.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$67,617

 

 

$136,651

 

 

$241,832

 

 

$454,344

 

Franchise royalties and fees

 

 

4,421

 

 

 

6,638

 

 

 

13,704

 

 

 

20,017

 

Franchise partner fees

 

 

6,894

 

 

 

989

 

 

 

14,775

 

 

 

1,668

 

Other

 

 

742

 

 

 

833

 

 

 

2,271

 

 

 

2,918

 

 

 

$79,674

 

 

$145,111

 

 

$272,582

 

 

$478,947

 

 

Net sales

Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied 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. Royalties are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement. Our advertising arrangements with franchisees are reported in franchise royalties and fees. 

 

Franchise partner fees

Steak n Shake is in the process of transitioning company-operated restaurants to franchise partners. The franchise agreement stipulates that the franchisee make an upfront investment totaling ten thousand dollars. Potential franchise partners are screened based on entrepreneurial attitude and ability, but they become franchise partners based on achievement. Each must meet the gold standard in service. Franchise partners are required to be hands-on operators. We limit a franchisee to a single location.  As the franchisor Steak n Shake assesses a fee of up to 15% of sales as well as 50% of profits.

 

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. 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses
9 Months Ended
Sep. 30, 2020
Accounts Payable and Accrued Expenses  
Note 9. Accounts Payable and Accrued Expenses

Note 9. Accounts Payable and Accrued Expenses

 

Accounts payable and accrued expenses include the following.

 

 

 

 

September 30,
2020

 

 

December 31,

2019

 

Accounts payable

 

$26,546

 

 

$32,626

 

Gift card and other marketing

 

 

19,762

 

 

 

23,787

 

Salaries and wages

 

 

8,441

 

 

 

10,667

 

Taxes payable

 

 

14,497

 

 

 

29,275

 

Insurance accruals

 

 

32,091

 

 

 

11,418

 

Deferred revenue

 

 

10,905

 

 

 

10,454

 

Other

 

 

5,646

 

 

 

2,852

 

Accounts payable and accrued expenses

 

$117,888

 

 

$121,079

 

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable and Other Borrowings
9 Months Ended
Sep. 30, 2020
Notes Payable and Other Borrowings  
Note 10. Notes Payable and Other Borrowings

Note 10. Notes Payable and Other Borrowings

 

Notes payable and other borrowings include the following.

 

 

Current portion of notes payable and other borrowings

 

September 30,
2020

 

 

December 31,
2019

 

Notes payable

 

$153,056

 

 

$2,200

 

Unamortized original issue discount and debt issuance costs

 

 

(506)

 

 

(982)
Western Sizzlin revolver

 

 

500

 

 

 

-

 

Finance obligations

 

 

4,948

 

 

 

4,252

 

Finance lease liabilities

 

 

1,633

 

 

 

1,633

 

Total current portion of notes payable and other borrowings

 

$159,631

 

 

$7,103

 

 

 

 

 

 

 

 

 

 

Long-term notes payable and other borrowings

 

 

 

 

 

 

 

 

Notes payable

 

$-

 

 

$179,298

 

Unamortized original issue discount and debt issuance costs

 

 

-

 

 

 

(252)
Finance obligations

 

 

69,663

 

 

 

74,497

 

Finance leases liabilities

 

 

6,436

 

 

 

9,639

 

Total long-term notes payable and other borrowings

 

$76,099

 

 

$263,182

 

 

Steak n Shake Credit Facility

On March 19, 2014, Steak n Shake and its subsidiaries entered into a credit agreement that 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. As of September 30, 2020, $153,056 was outstanding. Biglari Holdings is not a guarantor under the credit facility and has no plans to provide a guarantee to the term loan lenders. Absent a resolution with the lenders, Steak n Shake may need to seek refinancing options, which may not be available.  In addition, the duration of the pandemic could have a material adverse effect on financing options or Steak n Shake’s ability to comply with the terms of its credit agreement.

 

The term loan amortizes in equal quarterly installments at an annual rate of 1.00% 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.

 

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 4.75% as of September 30, 2020.

 

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.

 

The fair value of long-term debt, excluding capitalized lease obligations, was approximately $80,000 at September 30, 2020.  The fair value of our debt was estimated based on quoted market prices. The fair value was determined to be a Level 3 fair value measurement.

 

The Company retired $26,792 of debt during the first nine months of 2020. 

 

Interest expense is summarized as follows.

 

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest expense

 

$2,150

 

 

$3,090

 

 

$6,973

 

 

$9,298

 

Interest on finance leases and obligations

 

 

1,593

 

 

 

1,934

 

 

 

4,679

 

 

 

5,946

 

 

 

$3,743

 

 

$5,024

 

 

$11,652

 

 

$15,244

 

 

Western Sizzlin Revolver

Western Sizzlin had $500 and $0 of debt outstanding under its revolver as of September 30, 2020 and December 31, 2019, respectively. Western Sizzlin reduced its revolver to $0 on October 30, 2020.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments
9 Months Ended
Sep. 30, 2020
Leased Assets and Lease Commitments  
Note 11. Leased Assets and Lease Commitments

Note 11. Leased Assets and Lease Commitments

 

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.

 

During 2020, the Company negotiated lease concessions on certain lease arrangements related to the COVID-19 pandemic and has accounted for these under the ASC 842 COVID-19 Election.

 

Total lease cost consists of the following.

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

    Amortization of right-of-use assets

 

$279

 

 

$487

 

 

$1,087

 

 

$1,466

 

    Interest on lease liabilities

 

 

136

 

 

 

208

 

 

 

392

 

 

 

630

 

Operating lease costs *

 

 

2,096

 

 

 

4,445

 

 

 

8,321

 

 

 

12,305

 

Total lease costs

 

$2,511

 

 

$5,140

 

 

$9,800

 

 

$14,401

 

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

Supplemental cash flow information related to leases is as follows.

  

 

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Financing cash flows from finance leases

 

$1,132

 

 

$1,201

 

Operating cash flows from finance leases

 

$463

 

 

$630

 

Operating cash flows from operating leases

 

$10,382

 

 

$12,558

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Finance lease liabilities

 

$-

 

 

$1,097

 

Operating lease liabilities

 

$73

 

 

$11,069

 

Supplemental balance sheet information related to leases is as follows. 

 

 

 

 

September 30,
2020

 

 

December 31,
2019

 

Finance leases:

 

 

 

 

 

 

Property and equipment, net

 

$6,476

 

 

$10,783

 

 

 

 

 

 

 

 

 

 

Current portion of notes payable and other borrowings

 

$1,633

 

 

$1,633

 

Long-term notes payable and other borrowings

 

 

6,436

 

 

 

9,639

 

Total finance lease liablities

 

$8,069

 

 

$11,272

 

 

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

 

 

 

 

September 30,
2020

 

Weighted-average remaining lease terms:

 

 

Finance leases

 

5.8 years

 

Operating leases

 

5.8 years

 

 

 

 

 

Weighted-average discount rates:

 

 

 

Finance leases

 

 

7.10%
Operating leases

 

 

6.90%

 

Maturities of lease liabilities as of September 30, 2020 are as follows.

     

 

Year

Operating

Leases

 

 

Finance
Leases

 

2020

 

$3,853

 

 

$545

 

2021

 

 

13,244

 

 

 

2,135

 

2022

 

 

11,162

 

 

 

1,614

 

2023

 

 

9,821

 

 

 

1,410

 

2024

 

 

7,902

 

 

 

1,373

 

After 2024

 

 

15,680

 

 

 

2,756

 

Total lease payments

 

 

61,662

 

 

 

9,833

 

Less interest

 

 

11,126

 

 

 

1,764

 

Total lease liabilities

 

$50,536

 

 

$8,069

 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Accumulated Other Comprehensive Income
9 Months Ended
Sep. 30, 2020
Accumulated Other Comprehensive Income  
Note 12. Accumulated Other Comprehensive Income

Note 12. Accumulated Other Comprehensive Income

 

During the third quarter of 2020 accumulated other comprehensive losses decreased by $344 and increased by $628 during the third quarter of 2019. During the first nine months of 2020 accumulated other comprehensive losses decreased by $834 and increased by $736 during the first nine months of 2019.  As of September 30, 2020 and 2019, the balances in accumulated other comprehensive loss were $1,976 and $3,252, respectively.  There were no reclassifications from accumulated other comprehensive income to earnings during the first nine months of 2020 and 2019.  All changes in accumulated other comprehensive income during the first nine months of 2020 and 2019 were because of foreign currency translation adjustments.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
9 Months Ended
Sep. 30, 2020
Income Taxes  
Note 13. Income Taxes

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 the first nine months of 2020 and 2019. 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 third quarter of 2020 was $5,617 compared to a tax benefit of $614 for the third quarter of 2019.  Income tax benefit for the first nine months of 2020 was $23,449 compared to an income tax expense of $7,026 for the first nine months of 2019.  The variance in income taxes between 2020 and 2019 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pretax losses were $89,276 during the first nine months of 2020, compared to pretax gains of $69,801 during the first nine months of 2019.  As of September 30, 2020 and December 31, 2019, we had $348 of unrecognized tax benefits, which are included in other liabilities in the consolidated balance sheets.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
9 Months Ended
Sep. 30, 2020
Commitments and Contingencies  
Note 14. Commitments and Contingencies

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 shareholder withdrew the motion 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, including the ability to vote the Company’s shares that are eliminated for financial reporting purposes. 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. On December 4, 2019, the Indiana Court of Appeals issued a unanimous decision affirming the trial court’s decision to dismiss the shareholder litigation. On January 20, 2020, the shareholders filed a petition to transfer with the Indiana Supreme Court seeking review of the decision of the Court of Appeals.  The Company opposed the petition.  On April 7, 2020, the Indiana Supreme Court denied the petition to transfer.  All of the cases referenced above are completed and each case was concluded in the Company’s favor.

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Assets
9 Months Ended
Sep. 30, 2020
Fair Value of Financial Assets  
Note 15. Fair Value of Financial Assets

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 Levels 1 and 2 of the fair value hierarchy. 

 

Bonds: The Company’s investments in bonds are classified within Level l of the fair value hierarchy.

 

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 depending on the instrument.

 

As of September 30, 2020 and December 31, 2019, the fair values of financial assets were as follows.

 

 

 

September 30, 2020

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$17,719

 

 

$-

 

 

$-

 

 

$17,719

 

 

$43,095

 

 

$-

 

 

$-

 

 

$43,095

 

Equity securities

 

 

6,488

 

 

 

5,691

 

 

 

-

 

 

 

12,179

 

 

 

25

 

 

 

6,397

 

 

 

-

 

 

 

6,422

 

Bonds

 

 

55,007

 

 

 

-

 

 

 

-

 

 

 

55,007

 

 

 

38,911

 

 

 

-

 

 

 

-

 

 

 

38,911

 

Options on equity securities

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,166

 

 

 

-

 

 

 

2,166

 

Non-qualified deferred compensation plan investments

 

 

1,382

 

 

 

-

 

 

 

-

 

 

 

1,382

 

 

 

2,175

 

 

 

-

 

 

 

-

 

 

 

2,175

 

Total assets at fair value

 

$80,596

 

 

$8,563

 

 

$-

 

 

$89,159

 

 

$84,206

 

 

$8,563

 

 

$-

 

 

$92,769

 

 

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

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions
9 Months Ended
Sep. 30, 2020
Related Party Transactions  
Note 16. Related Party Transactions

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 services to the Company. The services agreement has a five-year term, effective on October 1, 2017.  The fixed fee of $700 per month can be adjusted annually.  The monthly fee will remain at $700 during 2020. The Company paid Biglari Enterprises $6,300 in service fees during the first nine months of 2020 and 2019. The services agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  The Biglari Entities are owned by Mr. Biglari. 

 

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 became effective in 2019.

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Reporting
9 Months Ended
Sep. 30, 2020
Business Segment Reporting  
Note 17. Business Segment Reporting

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. Our insurance operations include First Guard and Southern Pioneer.  The Company also reports segment information for Maxim and Southern Oil. Other business activities not specifically identified with reportable business segments are presented in corporate. 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.

 

A disaggregation of our consolidated data for the third quarters and first nine months of 2020 and 2019 is presented in the tables which follow.

 

 

 

Revenue

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$78,313

 

 

$141,354

 

 

$267,637

 

 

$467,471

 

Western Sizzlin

 

 

1,361

 

 

 

3,757

 

 

 

4,945

 

 

 

11,476

 

Total Restaurant Operations

 

 

79,674

 

 

 

145,111

 

 

 

272,582

 

 

 

478,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

7,898

 

 

 

7,681

 

 

 

23,194

 

 

 

22,305

 

Southern Pioneer

 

 

6,515

 

 

 

-

 

 

 

15,498

 

 

 

-

 

Total Insurance Operations

 

 

14,413

 

 

 

7,681

 

 

 

38,692

 

 

 

22,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

6,029

 

 

 

6,500

 

 

 

19,554

 

 

 

6,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,719

 

 

 

924

 

 

 

3,209

 

 

 

2,666

 

 

 

$101,835

 

 

$160,216

 

 

$334,037

 

 

$510,418

 

 

 

Earnings (Losses) Before Income Taxes

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$(63)

 

$(861)

 

$(12,075)

 

$(22,776)

Western Sizzlin

 

 

(396)

 

 

544

 

 

 

(937)

 

 

1,433

 

Total Restaurant Operations

 

 

(459)

 

 

(317)

 

 

(13,012)

 

 

(21,343)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

2,152

 

 

 

2,279

 

 

 

7,193

 

 

 

5,673

 

Southern Pioneer

 

 

518

 

 

 

-

 

 

 

1,458

 

 

 

-

 

Total Insurance Operations

 

 

2,670

 

 

 

2,279

 

 

 

8,651

 

 

 

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

592

 

 

 

1,448

 

 

 

1,355

 

 

 

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,150

 

 

 

364

 

 

 

1,605

 

 

 

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Businesses

 

 

3,953

 

 

 

3,774

 

 

 

(1,401)

 

 

(13,794)

Corporate and Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

(2,657)

 

 

(2,764)

 

 

(7,693)

 

 

(7,908)

Investment gains

 

 

354

 

 

 

-

 

 

 

1,863

 

 

 

-

 

Investment partnership gains (losses)

 

 

27,218

 

 

 

1,449

 

 

 

(89,276)

 

 

69,801

 

Total Corporate and Investments

 

 

24,915

 

 

 

(1,315)

 

 

(95,106)

 

 

61,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and debt exinguishment gains not allocated to segments

 

 

(2,150)

 

 

(3,090)

 

 

(1,260)

 

 

(9,298)

 

 

$26,718

 

 

$(631)

 

$(97,767)

 

$38,801

 

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2020
Summary of Significant Accounting Policies  
Description of Business

The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. 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, 2019.

 

Biglari Holdings is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. 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 investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.

 

As of September 30, 2020, Mr. Biglari’s beneficial ownership was approximately 66.30% of the Company’s outstanding Class A common stock and 56.60% of the Company’s outstanding Class B common stock.

 

The novel coronavirus (“COVID-19”) was declared a pandemic by the World Health Organization, which caused governments to contain its spread, thereby significantly affecting our operating businesses beginning in March and adversely affecting nearly all of our operations during the second and third quarters.

 

Our restaurants were required to close their dining rooms during the first quarter.  In order to reopen the dining rooms profitably, Steak n Shake will require funds for capital expenditures, which are limited under its current debt agreement. The purpose of the capital spending is to convert Steak n Shake’s full-service model into a self-service one.  In addition, our restaurants have incurred costs to ensure compliance with health and safety standards in response to COVID-19.

 

The COVID-19 pandemic has caused oil demand to decrease significantly, creating oversupplied markets that have resulted in lower commodity prices and margins. In response, the Company has significantly cut production and expenses in its oil and gas business.

  

The risks and uncertainties resulting from the pandemic may continue to affect our future earnings, cash flows and financial condition.

Business Acquisition

On March 9, 2020, Biglari Holdings acquired the stock of Southern Pioneer Property & Casualty Insurance Company, and its agency, Southern Pioneer Insurance Agency, Inc. (collectively “Southern Pioneer”). Southern Pioneer underwrites specialty insurance products including garage liability insurance, commercial property coverage, as well as homeowners and dwelling fire insurance coverages. The financial results for Southern Pioneer from the acquisition date to the end of the third quarter are included in the Company’s consolidated financial statements.  The acquisition date fair values of assets and liabilities of Southern Pioneer are provisional and subject to revision as the related valuations are completed.  Pro-forma financial information of Southern Pioneer is not material.

 

On September 9, 2019, a wholly-owned subsidiary of the Company, Southern Oil Company, acquired the stock of Southern Oil of Louisiana Inc. (collectively “Southern Oil”). Southern Oil primarily operates oil and natural gas properties offshore in the shallow waters of the Gulf of Mexico.  Pro-forma financial information of Southern Oil is not material.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries including Steak n Shake Inc, Western Sizzlin Corporation, Maxim Inc., Southern Oil, First Guard Insurance Company, and Southern Pioneer.  Intercompany accounts and transactions have been eliminated in consolidation.

Change in Presentation

Interest expense on finance leases and obligations has been combined with interest expense in 2020 and reclassified as a component of cost and expenses in the consolidated statement of earnings.  Prior period balances have been adjusted to conform to the change in presentation.

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share (Tables)
9 Months Ended
Sep. 30, 2020
Earnings per share  
Summary of outstanding shares

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

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

 

XML 36 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Tables)
9 Months Ended
Sep. 30, 2020
Investment Partnerships  
Fair value and carrying value of our partnership interest

 

 

Fair Value

 

 

Company

Common Stock

 

 

Carrying Value

 

Partnership interest at December 31, 2019

 

$666,123

 

 

$160,581

 

 

$505,542

 

Investment partnership gains (losses)

 

 

(123,524)

 

 

(34,248)

 

 

(89,276)
Distributions (net of contributions) to investment partnerships

 

 

(28,000)

 

 

-

 

 

 

(28,000)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

4,596

 

 

 

(4,596)
Partnership interest at September 30, 2020

 

$514,599

 

 

$130,929

 

 

$383,670

 

 

 

 

Fair Value

 

 

Company

Common Stock

 

 

Carrying Value

 

Partnership interest at December 31, 2018

 

$715,102

 

 

$157,622

 

 

$557,480

 

Investment partnership gains (losses)

 

 

63,419

 

 

 

(6,382)

 

 

69,801

 

Distributions (net of contributions) to investment partnerships

 

 

(64,329)

 

 

-

 

 

 

(64,329)
Increase in proportionate share of Company stock held

 

 

-

 

 

 

1,473

 

 

 

(1,473)
Partnership interest at September 30, 2019

 

$714,192

 

 

$152,713

 

 

$561,479

 

Carrying value of investment partnerships net of deferred taxes

 

 

September 30,
2020

 

 

December 31,

2019

 

Carrying value of investment partnerships

 

$383,670

 

 

$505,542

 

Deferred tax liability related to investment partnerships

 

 

(38,313)

 

 

(56,518)
Carrying value of investment partnerships net of deferred taxes

 

$345,357

 

 

$449,024

 

Gains (loss) from investment partnerships

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gains (losses) on investment partnership

 

$27,218

 

 

$1,449

 

 

$(89,276)

 

$69,801

 

Tax expense (benefit)

 

 

6,163

 

 

 

49

 

 

 

(21,337)

 

 

15,910

 

Net earnings (loss)

 

$21,055

 

 

$1,400

 

 

$(67,939)

 

$53,891

 

Summarized financial information for equity in investment partnerships

 

 

Equity in Investment Partnerships

 

 

 

Lion Fund

 

 

Lion Fund II

 

Total assets as of September 30, 2020

 

$98,041

 

 

$497,761

 

Total liabilities as of September 30, 2020

 

$120

 

 

$27,768

 

Revenue for the first nine months of 2020

 

$(18,941)

 

$(119,644)
Earnings for the first nine months of 2020

 

$(18,992)

 

$(120,849)
Biglari Holdings' ownership interest as of September 30, 2020

 

 

66.20%

 

 

95.30%

 

 

 

 

 

 

 

 

 

Total assets as of December 31, 2019

 

$117,135

 

 

$758,663

 

Total liabilities as of December 31, 2019

 

$158

 

 

$114,639

 

Revenue for the first nine months of 2019

 

$3,332

 

 

$71,578

 

Earnings for the first nine months of 2019

 

$3,278

 

 

$65,637

 

Biglari Holdings' ownership interest as of September 30, 2019

 

 

66.10%

 

 

93.50%
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2020
Property and Equipment  
Schedule of Property and Equipment

 

 

September 30,
2020

 

 

December 31,

2019

 

Land

 

$143,839

 

 

$150,147

 

Buildings

 

 

139,320

 

 

 

144,243

 

Land and leasehold improvements

 

 

140,940

 

 

 

157,141

 

Equipment

 

 

192,201

 

 

 

196,264

 

Oil and gas properties

 

 

75,853

 

 

 

77,475

 

Construction in progress

 

 

1,036

 

 

 

3,789

 

 

 

 

693,189

 

 

 

729,059

 

Less accumulated depreciation and amortization

 

 

(372,223)

 

 

(378,432)
Property and equipment, net

 

$320,966

 

 

$350,627

 

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2020
Goodwill and Other Intangible Assets  
Schedule of goodwill

 

 

September 30,
2020

 

Balance at beginning of year

 

$40,040

 

Goodwill from acquisition

 

 

11,865

 

Change in foreign exchange rates during the first nine months of 2020

 

 

27

 

Balance at end of period

 

$51,932

 

Schedule of other intangible assets

 

 

September 30, 2020

December 31, 2019

 

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

 

Gross carrying amount

 

 

Accumulated amortization

 

 

Total

 

Franchise agreement

 

$5,310

 

 

$(5,310)

 

$-

 

 

$5,310

 

 

$(5,178)

 

$132

 

Other

 

 

810

 

 

 

(810)

 

 

-

 

 

 

810

 

 

 

(792)

 

 

18

 

Total

 

 

6,120

 

 

 

(6,120)

 

 

-

 

 

 

6,120

 

 

 

(5,970)

 

 

150

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names

 

 

15,876

 

 

 

-

 

 

 

15,876

 

 

 

15,876

 

 

 

-

 

 

 

15,876

 

Other assets with indefinite lives

 

 

7,848

 

 

 

-

 

 

 

7,848

 

 

 

11,323

 

 

 

-

 

 

 

11,323

 

Total intangible assets

 

$29,844

 

 

$(6,120

)

 

$23,724

 

 

$33,319

 

 

$(5,970)

 

$27,349

 

XML 39 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Restaurant Operations Revenues (Tables)
9 Months Ended
Sep. 30, 2020
Restaurant Operations Revenues (Tables)  
Schedule of restaurant operations revenues

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales

 

$67,617

 

 

$136,651

 

 

$241,832

 

 

$454,344

 

Franchise royalties and fees

 

 

4,421

 

 

 

6,638

 

 

 

13,704

 

 

 

20,017

 

Franchise partner fees

 

 

6,894

 

 

 

989

 

 

 

14,775

 

 

 

1,668

 

Other

 

 

742

 

 

 

833

 

 

 

2,271

 

 

 

2,918

 

 

 

$79,674

 

 

$145,111

 

 

$272,582

 

 

$478,947

 

XML 40 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable And Accrued Expenses (Tables)
9 Months Ended
Sep. 30, 2020
Accounts Payable and Accrued Expenses  
Schedule of accounts payable and accrued expenses

 

 

September 30,
2020

 

 

December 31,

2019

 

Accounts payable

 

$26,546

 

 

$32,626

 

Gift card and other marketing

 

 

19,762

 

 

 

23,787

 

Salaries and wages

 

 

8,441

 

 

 

10,667

 

Taxes payable

 

 

14,497

 

 

 

29,275

 

Insurance accruals

 

 

32,091

 

 

 

11,418

 

Deferred revenue

 

 

10,905

 

 

 

10,454

 

Other

 

 

5,646

 

 

 

2,852

 

Accounts payable and accrued expenses

 

$117,888

 

 

$121,079

 

XML 41 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable and Other Borrowings (Tables)
9 Months Ended
Sep. 30, 2020
Notes Payable and Other Borrowings  
Schedule of notes payable and other borrowings
Current portion of notes payable and other borrowings

 

September 30,
2020

 

 

December 31,
2019

 

Notes payable

 

$153,056

 

 

$2,200

 

Unamortized original issue discount and debt issuance costs

 

 

(506)

 

 

(982)
Western Sizzlin revolver

 

 

500

 

 

 

-

 

Finance obligations

 

 

4,948

 

 

 

4,252

 

Finance lease liabilities

 

 

1,633

 

 

 

1,633

 

Total current portion of notes payable and other borrowings

 

$159,631

 

 

$7,103

 

 

 

 

 

 

 

 

 

 

Long-term notes payable and other borrowings

 

 

 

 

 

 

 

 

Notes payable

 

$-

 

 

$179,298

 

Unamortized original issue discount and debt issuance costs

 

 

-

 

 

 

(252)
Finance obligations

 

 

69,663

 

 

 

74,497

 

Finance leases liabilities

 

 

6,436

 

 

 

9,639

 

Total long-term notes payable and other borrowings

 

$76,099

 

 

$263,182

 

Schedule of interest expense

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest expense

 

$2,150

 

 

$3,090

 

 

$6,973

 

 

$9,298

 

Interest on finance leases and obligations

 

 

1,593

 

 

 

1,934

 

 

 

4,679

 

 

 

5,946

 

 

 

$3,743

 

 

$5,024

 

 

$11,652

 

 

$15,244

 

XML 42 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Tables)
9 Months Ended
Sep. 30, 2020
Leased Assets and Lease Commitments  
Schedule of lease cost

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

    Amortization of right-of-use assets

 

$279

 

 

$487

 

 

$1,087

 

 

$1,466

 

    Interest on lease liabilities

 

 

136

 

 

 

208

 

 

 

392

 

 

 

630

 

Operating lease costs *

 

 

2,096

 

 

 

4,445

 

 

 

8,321

 

 

 

12,305

 

Total lease costs

 

$2,511

 

 

$5,140

 

 

$9,800

 

 

$14,401

 

Schedule of supplemental cash flow information related to leases

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Financing cash flows from finance leases

 

$1,132

 

 

$1,201

 

Operating cash flows from finance leases

 

$463

 

 

$630

 

Operating cash flows from operating leases

 

$10,382

 

 

$12,558

 

Right-of-use assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

Finance lease liabilities

 

$-

 

 

$1,097

 

Operating lease liabilities

 

$73

 

 

$11,069

 

Schedule of supplemental balance sheet information related to leases

 

 

September 30,
2020

 

 

December 31,
2019

 

Finance leases:

 

 

 

 

 

 

Property and equipment, net

 

$6,476

 

 

$10,783

 

 

 

 

 

 

 

 

 

 

Current portion of notes payable and other borrowings

 

$1,633

 

 

$1,633

 

Long-term notes payable and other borrowings

 

 

6,436

 

 

 

9,639

 

Total finance lease liablities

 

$8,069

 

 

$11,272

 

Schedule of weighted-average lease terms and discount rates

 

 

September 30,
2020

 

Weighted-average remaining lease terms:

 

 

Finance leases

 

5.8 years

 

Operating leases

 

5.8 years

 

 

 

 

 

Weighted-average discount rates:

 

 

 

Finance leases

 

 

7.10%
Operating leases

 

 

6.90%
Schedule of maturities of lease liabilities at September 30, 2020
Year

Operating

Leases

 

 

Finance
Leases

 

2020

 

$3,853

 

 

$545

 

2021

 

 

13,244

 

 

 

2,135

 

2022

 

 

11,162

 

 

 

1,614

 

2023

 

 

9,821

 

 

 

1,410

 

2024

 

 

7,902

 

 

 

1,373

 

After 2024

 

 

15,680

 

 

 

2,756

 

Total lease payments

 

 

61,662

 

 

 

9,833

 

Less interest

 

 

11,126

 

 

 

1,764

 

Total lease liabilities

 

$50,536

 

 

$8,069

 

XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Assets (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value of Financial Assets  
Schedule of fair value assets

 

 

September 30, 2020

December 31, 2019

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$17,719

 

 

$-

 

 

$-

 

 

$17,719

 

 

$43,095

 

 

$-

 

 

$-

 

 

$43,095

 

Equity securities

 

 

6,488

 

 

 

5,691

 

 

 

-

 

 

 

12,179

 

 

 

25

 

 

 

6,397

 

 

 

-

 

 

 

6,422

 

Bonds

 

 

55,007

 

 

 

-

 

 

 

-

 

 

 

55,007

 

 

 

38,911

 

 

 

-

 

 

 

-

 

 

 

38,911

 

Options on equity securities

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,872

 

 

 

-

 

 

 

2,166

 

 

 

-

 

 

 

2,166

 

Non-qualified deferred compensation plan investments

 

 

1,382

 

 

 

-

 

 

 

-

 

 

 

1,382

 

 

 

2,175

 

 

 

-

 

 

 

-

 

 

 

2,175

 

Total assets at fair value

 

$80,596

 

 

$8,563

 

 

$-

 

 

$89,159

 

 

$84,206

 

 

$8,563

 

 

$-

 

 

$92,769

 

XML 44 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2020
Business Segment Reporting  
Schedule of revenue by segment

 

 

Revenue

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$78,313

 

 

$141,354

 

 

$267,637

 

 

$467,471

 

Western Sizzlin

 

 

1,361

 

 

 

3,757

 

 

 

4,945

 

 

 

11,476

 

Total Restaurant Operations

 

 

79,674

 

 

 

145,111

 

 

 

272,582

 

 

 

478,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

7,898

 

 

 

7,681

 

 

 

23,194

 

 

 

22,305

 

Southern Pioneer

 

 

6,515

 

 

 

-

 

 

 

15,498

 

 

 

-

 

Total Insurance Operations

 

 

14,413

 

 

 

7,681

 

 

 

38,692

 

 

 

22,305

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

6,029

 

 

 

6,500

 

 

 

19,554

 

 

 

6,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,719

 

 

 

924

 

 

 

3,209

 

 

 

2,666

 

 

 

$101,835

 

 

$160,216

 

 

$334,037

 

 

$510,418

 

Schedule of earnings (losses) before income taxes by segment

 

 

Earnings (Losses) Before Income Taxes

 

 

 

Third Quarter

 

 

First Nine Months

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Businesses:

 

 

 

 

 

 

 

 

 

 

 

 

Restaurant Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Steak n Shake

 

$(63)

 

$(861)

 

$(12,075)

 

$(22,776)

Western Sizzlin

 

 

(396)

 

 

544

 

 

 

(937)

 

 

1,433

 

Total Restaurant Operations

 

 

(459)

 

 

(317)

 

 

(13,012)

 

 

(21,343)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Guard

 

 

2,152

 

 

 

2,279

 

 

 

7,193

 

 

 

5,673

 

Southern Pioneer

 

 

518

 

 

 

-

 

 

 

1,458

 

 

 

-

 

Total Insurance Operations

 

 

2,670

 

 

 

2,279

 

 

 

8,651

 

 

 

5,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southern Oil

 

 

592

 

 

 

1,448

 

 

 

1,355

 

 

 

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxim

 

 

1,150

 

 

 

364

 

 

 

1,605

 

 

 

428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Businesses

 

 

3,953

 

 

 

3,774

 

 

 

(1,401)

 

 

(13,794)

Corporate and Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate

 

 

(2,657)

 

 

(2,764)

 

 

(7,693)

 

 

(7,908)

Investment gains

 

 

354

 

 

 

-

 

 

 

1,863

 

 

 

-

 

Investment partnership gains (losses)

 

 

27,218

 

 

 

1,449

 

 

 

(89,276)

 

 

69,801

 

Total Corporate and Investments

 

 

24,915

 

 

 

(1,315)

 

 

(95,106)

 

 

61,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and debt exinguishment gains not allocated to segments

 

 

(2,150)

 

 

(3,090)

 

 

(1,260)

 

 

(9,298)

 

 

$26,718

 

 

$(631)

 

$(97,767)

 

$38,801

 

XML 45 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details Narrative) - Mr. Biglari [Member]
Sep. 30, 2020
Class A Common Stock [Member]  
Equity method investment, ownership percentage 66.30%
Class B Common Stock [Member]  
Equity method investment, ownership percentage 56.60%
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share (Details) - shares
Sep. 30, 2020
Dec. 31, 2019
Class A Common Stock [Member]    
Common stock authorized 500,000 500,000
Common stock issued and outstanding 206,864 206,864
Class B Common Stock [Member]    
Common stock authorized 10,000,000 10,000,000
Common stock issued and outstanding 2,068,640 2,068,640
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings Per Share (Details Narrative) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Earnings per share          
Equivalent Class A weighted average number of common shares 351,288 343,519 348,396 345,249  
Equivalent Class A common stock outsanding 620,592   620,592   620,592
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Investments (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Available for sale investments $ 80,619 $ 80,619 $ 40,393
Investments in equity securities and a related derivative position 4,463 4,463  
Gain on investment 354 1,863  
Southern Pioneer [Member]      
Fair value of investment $ 36,876 $ 36,876  
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Details) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Fair Value [Member]    
Partnership interest at Beginning $ 666,123,000 $ 715,102,000
Investment partnership gains (losses) (123,524,000) 63,419,000
Distributions (net of contributions) to investment partnerships (28,000,000) (64,329,000)
Increase in proportionate share of Company stock held 0 0
Partnership interest at Ending 514,599,000 714,192,000
Company Common Stock [Member]    
Partnership interest at Beginning 160,581,000 157,622,000
Investment partnership gains (losses) (34,248,000) (6,382,000)
Distributions (net of contributions) to investment partnerships 0 0
Increase in proportionate share of Company stock held 4,596,000 1,473,000
Partnership interest at Ending 130,929,000 152,713,000
Carrying Value [Member]    
Partnership interest at Beginning 505,542,000 557,480,000
Investment partnership gains (losses) (89,276,000) 69,801,000
Distributions (net of contributions) to investment partnerships (28,000,000) (64,329,000)
Increase in proportionate share of Company stock held (4,596,000) (1,473,000)
Partnership interest at Ending $ 383,670,000 $ 561,479,000
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Investment Partnerships    
Carrying value of investment partnerships $ 383,670 $ 505,542
Deferred tax liability related to investment partnerships (38,313) (56,518)
Carrying value of investment partnerships net of deferred taxes $ 345,357 $ 449,024
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Details 2) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Investment Partnerships        
Gains (losses) on investment partnership $ 27,218 $ 1,449 $ (89,276) $ 69,801
Tax expense (benefit) 6,163 49 (21,337) 15,910
Net earnings (loss) $ 21,055 $ 1,400 $ (67,939) $ 53,891
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Details 3) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Lion Fund [Member]      
Total assets $ 98,041   $ 117,135
Total liabilities 120   158
Revenue (18,941) $ 3,332  
Earnings $ (18,992) $ 3,278  
Biglari Holdings' ownership interest 66.20% 66.10%  
Lion Fund II [Member]      
Total assets $ 497,761   758,663
Total liabilities 27,768   $ 114,639
Revenue (119,644) $ 71,578  
Earnings $ (120,849) $ 65,637  
Biglari Holdings' ownership interest 95.30% 93.50%  
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Partnerships (Details Narrative) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Investment Partnerships    
Proportionate share of Company stock held by investment partnerships at cost $ 379,453 $ 374,857
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Property and Equipment    
Land $ 143,839 $ 150,147
Buildings 139,320 144,243
Land and leasehold improvements 140,940 157,141
Equipment 192,201 196,264
Oil and gas properties 75,853 77,475
Construction in progress 1,036 3,789
Property and equipment, gross 693,189 729,059
Less accumulated depreciation and amortization (372,223) (378,432)
Property and equipment, net $ 320,966 $ 350,627
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Property and Equipment (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Property and Equipment        
Oil and gas properties, depletion expenses     $ 9,249  
Impairments charges $ 3,698   $ 18,117  
Impairment to long-lived assets   $ 5,079   $ 7,417
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets (Details)
$ in Thousands
9 Months Ended
Sep. 30, 2020
USD ($)
Goodwill and Other Intangible Assets  
Goodwill, beginning balance $ 40,040
Goodwill from acquisition 11,865
Change in foreign exchange rates during the first nine months of 2020 27
Goodwill, ending balance $ 51,932
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets (Details 1) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Gross carrying amount $ 29,844,000 $ 33,319,000
Accumulated amortization (6,120,000) (5,970,000)
Total intangible assets 23,724,000 27,349,000
Finite-Lived Intangible Assets [Member]    
Gross carrying amount 6,120,000 6,120,000
Accumulated amortization (6,120,000) (5,970,000)
Total intangible assets 0 150,000
Finite-Lived Intangible Assets [Member] | Franchise Agreement [Member]    
Gross carrying amount 5,310,000 5,310,000
Accumulated amortization (5,310,000) (5,178,000)
Total intangible assets 0 132,000
Finite-Lived Intangible Assets [Member] | Other [Member]    
Gross carrying amount 810,000 810,000
Accumulated amortization (810,000) (792,000)
Total intangible assets 0 18,000
Indefinite-lived Intangible Assets [Member] | Other [Member]    
Gross carrying amount 7,848,000 11,323,000
Accumulated amortization 0 0
Total intangible assets 7,848,000 11,323,000
Indefinite-lived Intangible Assets [Member] | Trade names [Member]    
Gross carrying amount 15,876,000 15,876,000
Accumulated amortization 0 0
Total intangible assets $ 15,876,000 $ 15,876,000
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Goodwill and Other Intangible Assets (Details Narrative) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Other Intangible Assets    
Amortization expense $ 150 $ 412
Effect of preliminary price allocation on goodwill 11,865  
Impairment charges $ 3,700  
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Restaurant Operations Revenues (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Restaurant Operations Revenues        
Net sales $ 67,617 $ 136,651 $ 241,832 $ 454,344
Franchise royalties and fees 4,421 6,638 13,704 20,017
Franchise partner fees 6,894 989 14,775 1,668
Other 742 833 2,271 2,918
Restaurant operations revenue $ 79,674 $ 145,111 $ 272,582 $ 478,947
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Accounts Payable and Accrued Expenses    
Accounts payable $ 26,546 $ 32,626
Gift card and other marketing 19,762 23,787
Salaries and wages 8,441 10,667
Taxes payable 14,497 29,275
Insurance accruals 32,091 11,418
Deferred revenue 10,905 10,454
Other 5,646 2,852
Accounts payable and accrued expenses $ 117,888 $ 121,079
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable and Other Borrowings (Details) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current portion of notes payable and other borrowings    
Notes payable $ 153,056,000 $ 2,200,000
Unamortized original issue discount and debt issuance costs (506,000) (982,000)
Western Sizzlin revolver 500,000 0
Finance obligations 4,948,000 4,252,000
Finance lease liabilities 1,633,000 1,633,000
Total current portion of notes payable and other borrowings 159,631,000 7,103,000
Long-term notes payable and other borrowings    
Notes payable 0 179,298,000
Unamortized original issue discount and debt issuance costs 0 (252,000)
Finance obligations 69,663,000 74,497,000
Finance lease liabilities 6,436,000 9,639,000
Total long-term notes payable and other borrowings $ 76,099,000 $ 263,182,000
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable and Other Borrowings (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Notes Payable and Other Borrowings        
Interest expense $ 2,150 $ 3,090 $ 6,973 $ 9,298
Interest on finance leases and obligations 1,593 1,934 4,679 5,946
Total interest expense $ 3,743 $ 5,024 $ 11,652 $ 15,244
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Payable and Other Borrowings (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
Mar. 19, 2014
Sep. 30, 2020
Oct. 30, 2020
Dec. 31, 2019
Secured debt retired   $ 26,792,000    
Fair value of long-term debt   $ 80,000,000    
Steak n Shake Credit Facility [Member]        
Debt instrument, interest rate   4.75%    
Debt instrument, face amount $ 220,000,000      
Debt instrument, maturity date March 19, 2021      
Debt instrument, outstanding balance   $ 153,056,000    
Loan amortization rate   1.00%    
Western Sizzlin [Member]        
Debt, line of credit   $ 500,000   $ 0
Subsequent Event [Member] | Western Sizzlin [Member]        
Reduction in revolver     $ 0  
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Finance lease costs:        
Amortization of right-of-use assets $ 279 $ 487 $ 1,087 $ 1,466
Interest on lease liabilities 136 208 392 630
Operating lease costs 2,096 4,445 8,321 12,305
Total lease costs $ 2,511 $ 5,140 $ 9,800 $ 14,401
XML 65 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Details 1) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash paid for amounts included in the measurement of lease liablities:    
Financing cash flows from finance leases $ 1,132 $ 1,201
Operating cash flows from finance leases 463 630
Operating cash flows from operating leases 10,382 12,558
Right-of-use assets obtained in exchange for lease obligations:    
Finance lease liabilities 0 1,097
Operating lease liabilities $ 73 $ 11,069
XML 66 R56.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Details 2) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Finance leases:    
Property and equipment, net $ 6,476 $ 10,783
Current portion of notes payable and other borrowings 1,633 1,633
Long-term notes payable and other borrowings 6,436 9,639
Total finance lease liablities $ 8,069 $ 11,272
XML 67 R57.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Details 3)
9 Months Ended
Sep. 30, 2020
Weighted-average remaining lease terms:  
Finance leases 5.8 years
Operating leases 5.8 years
Weighted-average discount rates:  
Finance leases 7.10%
Operating leases 6.90%
XML 68 R58.htm IDEA: XBRL DOCUMENT v3.20.2
Leased Assets and Lease Commitments (Details 4)
$ in Thousands
Sep. 30, 2020
USD ($)
Operating Leases [Member]  
2020 $ 3,853
2021 13,244
2022 11,162
2023 9,821
2024 7,902
After 2024 15,680
Total lease payments 61,662
Less interest 11,126
Total lease liabilities 50,536
Finance Leases [Member]  
2020 545
2021 2,135
2022 1,614
2023 1,410
2024 1,373
After 2024 2,756
Total lease payments 9,833
Less interest 1,764
Total lease liabilities $ 8,069
XML 69 R59.htm IDEA: XBRL DOCUMENT v3.20.2
Accumulated Other Comprehensive Income (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Accumulated Other Comprehensive Income          
Accumulated other comprehensive loss increase/decrease $ 344 $ 628 $ 834 $ 736  
Accumulated other comprehensive loss $ (1,976) $ (3,252) $ (1,976) $ (3,252) $ (2,810)
XML 70 R60.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Income Taxes          
Income tax (benefit) expense $ 5,617,000 $ 614,000 $ 23,449,000 $ 7,026,000  
Unrecognized tax benefits $ 348,000   348,000   $ 348
Investment partnership pretax gains (losses)     $ 89,276,000 $ 69,801,000  
XML 71 R61.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value of Financial Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Assets    
Cash equivalents $ 17,719 $ 43,095
Equity securities 12,179 6,422
Bonds 55,007 38,911
Options on equity securities 2,872 2,166
Non-qualified deferred compensation plan investments 1,382 2,175
Total assets at fair value 89,159 92,769
Level 1 [Member]    
Assets    
Cash equivalents 17,719 43,095
Equity securities 6,488 25
Bonds 55,007 38,911
Options on equity securities 0 0
Non-qualified deferred compensation plan investments 1,382 2,175
Total assets at fair value 80,596 84,206
Level 2 [Member]    
Assets    
Cash equivalents 0 0
Equity securities 5,691 6,397
Bonds 0 0
Options on equity securities 2,872 2,166
Non-qualified deferred compensation plan investments 0 0
Total assets at fair value 8,563 8,563
Level 3 [Member]    
Assets    
Cash equivalents 0 0
Equity securities 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 72 R62.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions (Details Narrative) - Services Agreement [Member] - Biglari Entities [Member] - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Period fees payment $ 700,000  
Services fees $ 6,300,000 $ 6,300
XML 73 R63.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Reporting (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Total revenues $ 101,835,000 $ 160,216,000 $ 334,037,000 $ 510,418,000
Steak n Shake [Member]        
Total revenues 78,313,000 141,354,000 267,637,000 467,471,000
Western Sizzlin [Member]        
Total revenues 1,361,000 3,757,000 4,945,000 11,476,000
Total Restaurant Operations [Member]        
Total revenues 79,674,000 145,111,000 272,582,000 478,947,000
First Guard [Member]        
Total revenues 7,898,000 7,681,000 23,194,000 22,305,000
Southern Pioneer [Member]        
Total revenues 6,515,000 0 15,498,000 0
Total Insurance Operations [Member]        
Total revenues 14,413,000 7,681,000 38,692,000 22,305,000
Southern Oil [Member]        
Total revenues 6,029,000 6,500,000 19,554,000 6,500,000
Maxim [Member]        
Total revenues $ 1,719,000 $ 924,000 $ 3,209,000 $ 2,666,000
XML 74 R64.htm IDEA: XBRL DOCUMENT v3.20.2
Business Segment Reporting (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings (loss) before income taxes $ 26,718 $ (631) $ (97,767) $ 38,801
Restaurant [Member] | Total Restaurant Operations [Member]        
Earnings (loss) before income taxes (459) (317) (13,012) (21,343)
Restaurant [Member] | Western Sizzlin [Member]        
Earnings (loss) before income taxes (396) 544 (937) 1,433
Restaurant [Member] | Steak n Shake [Member]        
Earnings (loss) before income taxes (63) (861) (12,075) (22,776)
Operating Business [Member]        
Earnings (loss) before income taxes 3,953 3,774 (1,401) (13,794)
Operating Business [Member] | First Guard [Member]        
Earnings (loss) before income taxes 2,152 2,279 7,193 5,673
Operating Business [Member] | Southern Pioneer [Member]        
Earnings (loss) before income taxes 518 0 1,458 0
Operating Business [Member] | Total Insurance Operations [Member]        
Earnings (loss) before income taxes 2,670 2,279 8,651 5,673
Operating Business [Member] | Southern Oil [Member]        
Earnings (loss) before income taxes 592 1,448 1,355 1,448
Operating Business [Member] | Maxim [Member]        
Earnings (loss) before income taxes 1,150 364 1,605 428
Corporate [Member] | Corporate 1 [Member]        
Earnings (loss) before income taxes (2,657) (2,764) (7,693) (7,908)
Corporate [Member] | Investment Gains [Member]        
Earnings (loss) before income taxes 354 0 1,863 0
Corporate [Member] | Investment Partnership Gains (Losses) [Member]        
Earnings (loss) before income taxes 27,218 1,449 (89,276) 69,801
Corporate [Member] | Total Corporate And Investments [Member]        
Earnings (loss) before income taxes 24,915 (1,315) (95,106) 61,893
Reconciliation Of Segments [Member] | Interest expense on notes payable and other borrowings [Member]        
Earnings (loss) before income taxes $ (2,150) $ (3,090) $ (1,260) $ (9,298)
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