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v3.25.2

Business Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | A disaggregation of our consolidated data for the second quarters and first six months of 2025 and 2024 is presented in the tables which follow.
Restaurant |  |  |  |  |
| Second Quarter
| 2025
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 69,258 |  |  | $ | 2,753 |  |  | $ | 72,011 |
Cost and expenses: |  |  |  |  |
Cost of food | 13,241 |  |  | 926 |  |  | 14,167 |
Labor costs | 13,366 |  |  | 654 |  |  | 14,020 |
Occupancy and other | 11,985 |  |  | 1,107 |  |  | 13,092 |
Selling, general and administrative | 16,390 |  |  | 44 |  |  | 16,434 |
Depreciation, amortization and impairment | 7,844 |  |  | 19 |  |  | 7,863 |
Total costs and expenses | 62,826 |  |  | 2,750 |  |  | 65,576 |
Earnings before income taxes | $ | 6,432 |  |  | $ | 3 |  |  | $ | 6,435 |
| Second Quarter
| 2024
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 61,711 |  |  | $ | 2,764 |  |  | $ | 64,475 |
Cost and expenses: |  |  |  |  |
Cost of food | 11,457 |  |  | 900 |  |  | 12,357 |
Labor costs | 12,078 |  |  | 914 |  |  | 12,992 |
Occupancy and other | 12,330 |  |  | 556 |  |  | 12,886 |
Selling, general and administrative | 13,544 |  |  | 121 |  |  | 13,665 |
Depreciation, amortization and impairment | 6,793 |  |  | 17 |  |  | 6,810 |
Total costs and expenses | 56,202 |  |  | 2,508 |  |  | 58,710 |
Earnings before income taxes | $ | 5,509 |  |  | $ | 256 |  |  | $ | 5,765 |
| First Six Months
| 2025
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 131,174 |  |  | $ | 5,186 |  |  | $ | 136,360 |
Cost and expenses: |  |  |  |  |
Cost of food | 24,853 |  |  | 1,778 |  |  | 26,631 |
Labor costs | 26,215 |  |  | 1,245 |  |  | 27,460 |
Occupancy and other | 24,466 |  |  | 1,813 |  |  | 26,279 |
Selling, general and administrative | 31,805 |  |  | 83 |  |  | 31,888 |
Depreciation, amortization and impairment | 14,315 |  |  | 38 |  |  | 14,353 |
Total costs and expenses | 121,654 |  |  | 4,957 |  |  | 126,611 |
Earnings before income taxes | $ | 9,520 |  |  | $ | 229 |  |  | $ | 9,749 |
| First Six Months
| 2024
| Steak n Shake |  | Western Sizzlin |  | Total Restaurants
Revenue | $ | 121,065 |  |  | $ | 5,406 |  |  | $ | 126,471 |
Cost and expenses: |  |  |  |  |
Cost of food | 21,570 |  |  | 1,761 |  |  | 23,331 |
Labor costs | 23,775 |  |  | 1,761 |  |  | 25,536 |
Occupancy and other | 24,025 |  |  | 1,078 |  |  | 25,103 |
Selling, general and administrative | 28,231 |  |  | (125) |  |  | 28,106 |
Depreciation, amortization and impairment | 13,718 |  |  | 34 |  |  | 13,752 |
Total costs and expenses | 111,319 |  |  | 4,509 |  |  | 115,828 |
Earnings before income taxes | $ | 9,746 |  |  | $ | 897 |  |  | $ | 10,643 |
Insurance |  |  |  |  |  |  |  |  |  |  |
| Second Quarter
| 2025
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 9,098 |  |  | $ | 8,068 |  |  | $ | 17,166 |  |  | $ | 839 |  |  | $ | 818 |  |  | $ | 18,823 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 4,624 |  |  | 7,048 |  |  | 11,672 |  |  | — |  |  | — |  |  | 11,672 |
Underwriting expenses | 2,383 |  |  | 1,877 |  |  | 4,260 |  |  | — |  |  | — |  |  | 4,260 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 1,098 |  |  | 1,098 |
Total costs and expenses | 7,007 |  |  | 8,925 |  |  | 15,932 |  |  | — |  |  | 1,098 |  |  | 17,030 |
Earnings before income taxes | $ | 2,091 |  |  | $ | (857) |  |  | $ | 1,234 |  |  | $ | 839 |  |  | $ | (280) |  |  | $ | 1,793 |
| Second Quarter
| 2024
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 9,494 |  |  | $ | 6,797 |  |  | $ | 16,291 |  |  | $ | 955 |  |  | $ | 448 |  |  | $ | 17,694 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 6,161 |  |  | 4,801 |  |  | 10,962 |  |  | — |  |  | — |  |  | 10,962 |
Underwriting expenses | 2,002 |  |  | 2,781 |  |  | 4,783 |  |  | — |  |  | — |  |  | 4,783 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 99 |  |  | 99 |
Total costs and expenses | 8,163 |  |  | 7,582 |  |  | 15,745 |  |  | — |  |  | 99 |  |  | 15,844 |
Earnings before income taxes | $ | 1,331 |  |  | $ | (785) |  |  | $ | 546 |  |  | $ | 955 |  |  | $ | 349 |  |  | $ | 1,850 |
| First Six Months
| 2025
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 18,307 |  |  | $ | 16,624 |  |  | $ | 34,931 |  |  | $ | 1,676 |  |  | $ | 1,565 |  |  | $ | 38,172 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 10,906 |  |  | 12,771 |  |  | 23,677 |  |  | — |  |  | — |  |  | 23,677 |
Underwriting expenses | 4,095 |  |  | 5,212 |  |  | 9,307 |  |  | — |  |  | — |  |  | 9,307 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 1,858 |  |  | 1,858 |
Total costs and expenses | 15,001 |  |  | 17,983 |  |  | 32,984 |  |  | — |  |  | 1,858 |  |  | 34,842 |
Earnings before income taxes | $ | 3,306 |  |  | $ | (1,359) |  |  | $ | 1,947 |  |  | $ | 1,676 |  |  | $ | (293) |  |  | $ | 3,330 |
| First Six Months
| 2024
| First Guard |  | Southern Pioneer |  | Total Underwriting |  | Investment Income |  | Other |  | Total Insurance
Revenue | $ | 18,804 |  |  | $ | 13,409 |  |  | $ | 32,213 |  |  | $ | 1,870 |  |  | $ | 1,344 |  |  | $ | 35,427 |
Cost and expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance losses | 12,936 |  |  | 8,904 |  |  | 21,840 |  |  | — |  |  | — |  |  | 21,840 |
Underwriting expenses | 3,737 |  |  | 5,231 |  |  | 8,968 |  |  | — |  |  | — |  |  | 8,968 |
Other segment items | — |  |  | — |  |  | — |  |  | — |  |  | 523 |  |  | 523 |
Total costs and expenses | 16,673 |  |  | 14,135 |  |  | 30,808 |  |  | — |  |  | 523 |  |  | 31,331 |
Earnings before income taxes | $ | 2,131 |  |  | $ | (726) |  |  | $ | 1,405 |  |  | $ | 1,870 |  |  | $ | 821 |  |  | $ | 4,096 |
Other segment items include general and administrative costs, depreciation, and other income.
Oil and Gas | Second Quarter
| 2025
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 4,161 |  |  | $ | 3,337 |  |  | $ | 7,498 |
Cost and expenses: |  |  |  |  |
Production costs | 2,095 |  |  | 785 |  |  | 2,880 |
Depreciation, depletion and accretion | 1,777 |  |  | 1,334 |  |  | 3,111 |
General and administrative | 716 |  |  | 468 |  |  | 1,184 |
Total costs and expenses | 4,588 |  |  | 2,587 |  |  | 7,175 |
Gains on sales of properties | 794 |  |  | — |  |  | 794 |
Earnings before income taxes | $ | 367 |  |  | $ | 750 |  |  | $ | 1,117 |
| Second Quarter
| 2024
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 4,992 |  |  | $ | 3,679 |  |  | $ | 8,671 |
Cost and expenses: |  |  |  |  |
Production costs | 2,266 |  |  | 2,016 |  |  | 4,282 |
Depreciation, depletion and accretion | 781 |  |  | 1,097 |  |  | 1,878 |
General and administrative | 696 |  |  | 629 |  |  | 1,325 |
Total costs and expenses | 3,743 |  |  | 3,742 |  |  | 7,485 |
Gains on sales of properties | 16,165 |  |  | — |  |  | 16,165 |
Earnings before income taxes | $ | 17,414 |  |  | $ | (63) |  |  | $ | 17,351 |
| First Six Months
| 2025
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 10,051 |  |  | $ | 7,377 |  |  | $ | 17,428 |
Cost and expenses: |  |  |  |  |
Production costs | 4,541 |  |  | 2,385 |  |  | 6,926 |
Depreciation, depletion and accretion | 3,710 |  |  | 2,657 |  |  | 6,367 |
General and administrative | 1,365 |  |  | 1,122 |  |  | 2,487 |
Total costs and expenses | 9,616 |  |  | 6,164 |  |  | 15,780 |
Gains on sales of properties | 10,117 |  |  | — |  |  | 10,117 |
Earnings before income taxes | $ | 10,552 |  |  | $ | 1,213 |  |  | $ | 11,765 |
| First Six Months
| 2024
| Abraxas Petroleum |  | Southern Oil |  | Total Oil and Gas
Revenue | $ | 10,860 |  |  | $ | 7,321 |  |  | $ | 18,181 |
Cost and expenses: |  |  |  |  |
Production costs | 5,085 |  |  | 3,696 |  |  | 8,781 |
Depreciation, depletion and accretion | 2,328 |  |  | 2,342 |  |  | 4,670 |
General and administrative | 1,292 |  |  | 1,267 |  |  | 2,559 |
Total costs and expenses | 8,705 |  |  | 7,305 |  |  | 16,010 |
Gains on sales of properties | 16,646 |  |  | — |  |  | 16,646 |
Earnings before income taxes | $ | 18,801 |  |  | $ | 16 |  |  | $ | 18,817 |
Brand Licensing | Maxim
| Second Quarter |  | First Six Months
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 2,287 |  |  | $ | 301 |  |  | $ | 3,694 |  |  | $ | 513 |
Cost and expenses: |  |  |  |  |  |  |
Licensing and media cost | 2,421 |  |  | 523 |  |  | 4,072 |  |  | 1,026 |
General and administrative | 33 |  |  | 33 |  |  | 76 |  |  | 96 |
Depreciation and amortization | 100 |  |  | — |  |  | 170 |  |  | — |
Total costs and expenses | 2,554 |  |  | 556 |  |  | 4,318 |  |  | 1,122 |
Earnings before income taxes | $ | (267) |  |  | $ | (255) |  |  | $ | (624) |  |  | $ | (609) |
Reconciliation of revenues and earnings (loss) before income taxes of our business segments to the consolidated amounts for each of the three months and six months ended June 30 follows.
| Second Quarter
| Revenues |  | Earnings (losses) before income taxes
| 2025 |  | 2024 |  | 2025 |  | 2024
Total operating businesses | $ | 100,619 |  |  | $ | 91,141 |  |  | $ | 9,078 |  |  | $ | 24,711 |
Investment partnership gains (losses) | — |  |  | — |  |  | 58,504 |  |  | (79,890) |
Investment gains (losses) | — |  |  | — |  |  | 2,925 |  |  | (2,729) |
Interest expenses not allocated to segments | — |  |  | — |  |  | (852) |  |  | (42) |
Corporate and other | — |  |  | — |  |  | (4,553) |  |  | (4,965) |
| $ | 100,619 |  |  | $ | 91,141 |  |  | $ | 65,102 |  |  | $ | (62,915) |
| First Six Months
| Revenues |  | Earnings (losses) before income taxes
| 2025 |  | 2024 |  | 2025 |  | 2024
Total operating businesses | $ | 195,654 |  |  | $ | 180,592 |  |  | $ | 24,220 |  |  | $ | 32,947 |
Investment partnership gains (losses) | — |  |  | — |  |  | 8,912 |  |  | (57,905) |
Investment gains (losses) | — |  |  | — |  |  | 1,340 |  |  | (1,016) |
Interest expenses not allocated to segments | — |  |  | — |  |  | (1,752) |  |  | (42) |
Corporate and other | — |  |  | — |  |  | (8,801) |  |  | (7,504) |
| $ | 195,654 |  |  | $ | 180,592 |  |  | $ | 23,919 |  |  | $ | (33,520) |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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