Rush Enterprises (RUSHA) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document Information [Line Items]
Entity Registrant Name	RUSH ENTERPRISES INC \TX\
Entity Central Index Key	1,012,019
Trading Symbol	rusha
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		8,636,549
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		31,147,127

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 123,807	$ 82,026
Accounts receivable, net	142,556	156,199
Note receivable affiliate	16,742	10,166
Inventories, net	916,601	840,304
Prepaid expenses and other	9,557	8,798
Assets held for sale	11,714	13,955
Total current assets	1,220,977	1,111,448
Investments	6,375	6,231
Property and equipment, net	1,118,758	1,135,805
Goodwill, net	290,191	290,191
Other assets, net	55,498	59,372
Total assets	2,691,799	2,603,047
Current liabilities:
Floor plan notes payable	692,125	646,945
Current maturities of long-term debt	137,320	130,717
Current maturities of capital lease obligations	15,443	14,449
Liabilities directly associated with assets held for sale		783
Trade accounts payable	114,148	97,844
Customer deposits	29,748	18,418
Accrued expenses	88,951	83,974
Total current liabilities	1,077,735	993,130
Long-term debt, net of current maturities	443,465	472,503
Capital lease obligations, net of current maturities	66,313	70,044
Other long-term liabilities	9,298	7,214
Deferred income taxes, net	200,108	197,331
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2017 and 2016	0	0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 30,793,032 Class A shares and 8,637,855 Class B shares outstanding in 2017; and 30,007,088 Class A shares and 9,245,447 Class B shares outstanding in 2016	448	438
Additional paid-in capital	330,617	309,127
Treasury stock, at cost: 934,171 class A shares and 4,456,753 class B shares in 2017 and 934,171 class A shares and 3,650,491 class B shares in 2016	(113,091)	(86,882)
Retained earnings	676,906	640,428
Accumulated other comprehensive loss, net of tax		(286)
Total shareholders’ equity	894,880	862,825
Total liabilities and shareholders’ equity	$ 2,691,799	$ 2,603,047

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A [Member]
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares outstanding (in shares)	30,793,032	30,007,088
Treasury stock, shares (in shares)	934,171	934,171
Common Class B [Member]
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares outstanding (in shares)	8,637,855	9,245,447
Treasury stock, shares (in shares)	4,456,753	3,650,491

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
New and used commercial vehicle sales	$ 775,988	$ 636,853	$ 1,411,941	$ 1,305,398
Aftermarket products and services sales	366,599	328,665	716,705	670,604
Lease and rental sales	53,048	52,152	104,292	103,039
Finance and insurance	4,392	4,837	8,321	9,336
Other	3,496	3,955	7,061	8,925
Total revenue	1,203,523	1,026,462	2,248,320	2,097,302
Cost of products sold:
New and used commercial vehicle sales	718,253	591,331	1,306,373	1,214,991
Aftermarket products and services sales	231,992	209,519	456,458	427,762
Lease and rental sales	44,206	45,134	88,510	90,801
Total cost of products sold	994,451	845,984	1,851,341	1,733,554
Gross profit	209,072	180,478	396,979	363,748
Selling, general and administrative expense	159,353	146,080	309,756	308,532
Depreciation and amortization expense	12,444	12,821	24,936	25,468
Gain (loss) on sale of assets	132	(5)	(31)	5
Operating income	37,407	21,572	62,256	29,753
Interest expense, net	2,824	3,763	5,615	8,002
Income before taxes	34,583	17,809	56,641	21,751
Provision for income taxes	12,584	6,992	20,163	8,539
Net income	$ 21,999	$ 10,817	$ 36,478	$ 13,212
Earnings per common share:
Basic (in dollars per share)	$ 0.55	$ 0.27	$ 0.92	$ 0.33
Diluted (in dollars per share)	$ 0.54	$ 0.27	$ 0.90	$ 0.32
Weighted average shares outstanding:
Basic (in shares)	39,641	40,250	39,493	40,402
Diluted (in shares)	40,839	40,778	40,737	40,914
Comprehensive income	$ 22,285	$ 10,828	$ 36,764	$ 13,223

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 36,478,000	$ 13,212,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	77,653,000	78,539,000
(Loss) gain on sale of property and equipment	31,000	(5,000)
Loss on impairment of assets		8,236,000
Stock-based compensation expense related to stock options and employee stock purchases	8,660,000	6,749,000
Deferred income tax expense	2,594,000	159,000
Excess tax expense from stock-based compensation		1,007,000
Change in accounts receivable, net	7,067,000	27,612,000
Change in inventories, net	(52,425,000)	58,015,000
Change in prepaid expenses and other, net	(1,143,000)	21,836,000
Change in trade accounts payable	14,506,000	(1,356,000)
Draws on floor plan notes payable – trade, net	20,994,000	10,984,000
Change in customer deposits	11,330,000	(1,227,000)
Change in accrued expenses	4,977,000	(805,000)
Net cash provided by operating activities	130,722,000	222,956,000
Cash flows from investing activities:
Acquisition of property and equipment	(79,572,000)	(115,268,000)
Proceeds from the sale of property and equipment	3,192,000	327,000
Business acquisitions		(681,000)
Proceeds from the sale of available for sale securities	325,000	250,000
Change in other assets	4,887,000	(334,000)
Net cash used in investing activities	(71,168,000)	(115,706,000)
Cash flows from financing activities:
Draws (payments) on floor plan notes payable – non-trade, net	24,186,000	(35,650,000)
Proceeds from long-term debt	51,108,000	68,490,000
Principal payments on long-term debt	(74,326,000)	(83,561,000)
Principal payments on capital lease obligations	(6,647,000)	(9,851,000)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	12,840,000	2,445,000
Excess tax expense from stock-based compensation		(1,007,000)
Common stock repurchased	(24,411,000)	(20,299,000)
Debt issuance costs	(523,000)
Net cash (used in) financing activities	(17,773,000)	(79,433,000)
Net increase in cash and cash equivalents	41,781,000	27,817,000
Cash and cash equivalents, beginning of period	82,026,000	64,847,000
Cash and cash equivalents, end of period	123,807,000	92,664,000
Supplemental disclosure of cash flow information:
Interest	16,565,000	19,757,000
Income taxes, net of refunds	17,012,000	(13,129,000)
Noncash activities:
Assets acquired under capital leases	5,513,000	10,017,000
Common stock repurchased	$ 1,798,000

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 The interim consolidated financial statements included herein have been prepared by Rush Enterprises, Inc. and its subsidiaries (collectively referred to as the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All adjustments have been made to the accompanying interim consolidated financial statements, which, in the opinion of the Company’s management, are necessary for a fair presentation of its operating results. All adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10 December 31, 2016. not may

Note 2 - Other Assets

Note 2 - Other Assets	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Other Assets Disclosure [Text Block]	2 The total capitalized costs of the Company’s SAP enterprise software and SAP dealership management system of $31.5 $18.3 June 30, 2017. 15 Amortization expense relating to the SAP software, which is recognized in depreciation and amortization expense in the Consolidated Statement of Income and Comprehensive Income , was $0.9 for the three June 30, 2017 $0.8 three June 30, 2016, $ 1.7 six June 30, 2017 June 30, 2016. $ 3.4 five The Company’s only significant identifiable intangible assets, other than goodwill, are rights under franchise agreements with manufacturers. The fair value of the franchise right is determined at the acquisition date by discounting the projected cash flows specific to each acquisition. The carrying value of the Company’s manufacturer franchise rights was $ 7.0 June 30, 2017 December 31, 2016, no not Due to the fact that manufacturer franchise rights are specific to a geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for the purpose of testing franchise rights for impairment. Management reviews indefinite-lived manufacturer franchise rights for impairment annually during the fourth may The significant estimates and assumptions used by management in assessing the recoverability of manufacturer franchise rights include estimated future cash flows, present value discount rate, and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluations of manufacturer franchise rights can vary within a range of outcomes. No

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3 From time to time, the Company is involved in litigation arising out of its operations in the ordinary course of business. The Company maintains liability insurance, including product liability coverage, in amounts deemed adequate by management. To date, aggregate costs to us for claims, including product liability actions, have not not no no not

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4 The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 21,999 $ 10,817 $ 36,478 $ 13,212 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,641 40,250 39,493 40,402 Effect of dilutive securities– Employee stock options and restricted stock awards 1,198 528 1,244 512 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,839 40,778 40,737 40,914 Basic earnings per common share $ .55 $ .27 $ .92 $ .33 Diluted earnings per common share and common share equivalents $ .54 $ .27 $ .90 $ .32 Options to purchase shares of common stock that were outstanding for the three six June 30, 2017, 2016, not Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average anti-dilutive options 662 2,525 695 2,522

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5 – Stock Options and Restricted Stock Awards The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718 10, Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation (Topic 718 ) January 1, 2017. The Company recorded excess tax benefits of $0.9 three June 30, 2017 $2.0 six June 30. 2017, Stock-based compensation expense, calculated using the Black-Scholes option-pricing model for employee stock options, and included in selling, general and administrative expense, was $3.9 three June 30, 2017, $3.2 three June 30, 2016. six June 30, 2017, $8.7 six June 30, 2016, $6.7 As of June 30, 2017 , the Company had $10.3 3.1 $9.4 1.8

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 The Company has various financial instruments that it must measure at fair value on a recurring basis. The Company also applies the provisions of fair value measurement to various nonrecurring measurements for its financial and nonfinancial assets and liabilities. Applicable accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company measures its assets and liabilities using inputs from the following three Level 1 Level 2 not Level 3 Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of the Company’s financial instruments approximate fair value due either to their short-term nature or existence of variable interest rates, which approximate market rates. Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at June 30, 2017, December 31, 2016. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not 2 If investments are deemed to be impaired, the Company determines whether the impairment is temporary or other than temporary. If the impairment is deemed to be temporary, the Company records an unrealized loss in other comprehensive income. If the impairment is deemed other than temporary, the Company records the impairment in the Company’s Consolidated Statements of Income and Comprehensive Income. Auction Rate Securities In prior years, the Company invested in interest-bearing short-term investments primarily consisting of investment-grade auction rate securities classified as available-for-sale and reported at fair value. These types of investments were designed to provide liquidity through an auction process that reset the applicable interest rates at predetermined periods ranging from 1 35 Auctions for investment grade securities held by the Company have failed. However, a failed auction does not not As of June 30, 2017, 2030 $ 6.4 December 31, 2016, $6.2 $6.7 $150,000 2014, $275,000 2015, $450,000 2016, $325,000 second 2017. The Company valued the auction rate securities at June 30, 2017, first 2019, 225 The Company recorded a pre-tax impairment charge of $1.0 2011 $427,000 2014 $469,000 second 2017. The table below presents disclosures about the auction rate securities measured at fair value on a recurring basis in the Company’s financial statements as follows (in thousands): At June 30, 2017 At December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities $ - $ - $ 6,375 $ - $ - $ 6,231 C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value June 30, 2017 Investment in auction rate securities $ 6,375 $ - $ 6,375 December 31, 2016 Investment in auction rate securities $ 6,700 $ 469 $ 6,231 Long-Lived Assets During the first 2016, $7.1 March 31, 2016 $0.4 June 30, 2016. The fair value measurements for the Company’s long-lived assets are based on Level 3 third During 2016, four $6.1 first 2017, one $1.0 second 2017, two $1.2 The following table presents long-lived assets measured and recorded at fair value on a nonrecurring basis (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs June 30, 201 7 Loss during the Ended June 30, 2017 Loss during the Ended June 30, 2016 Loss during the Six Months Ended June 30, 2017 Loss during the Six Months Ended June 30, 2016 Long-lived assets held for sale $ 11,714 $ – $ (400) $ – $ (7,481) For further discussion of assets held for sale, see Note 10

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 The Company currently has one one not The Company also has revenues attributable to three None The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not The following table contains summarized information about reportable segment revenues, segment income or loss from continuing operations and segment assets for the periods ended June 30, 2017 2016 Truck Segment All Other Total As of and for the three months ended June 30, 201 7 Revenues from external customers $ 1,199,703 $ 3,821 $ 1,203,523 Segment operating income (loss) 37,546 (139 ) 37,407 Segment income (loss) before taxes 34,766 (183 ) 34,583 Segment assets 2,655,860 35,939 2,691,799 For the six months ended June 30, 201 7 Revenues from external customers $ 2,240,556 $ 7,764 $ 2,248,320 Segment operating income (loss) 62,540 (284 ) 62,256 Segment income (loss) before taxes 57,010 (368 ) 56,641 As of and for the three months ended June 30, 201 6 Revenues from external customers $ 1,022,547 $ 3,915 $ 1,026,462 Segment operating income (loss) 21,588 (16 ) 21,572 Segment income (loss) before taxes 17,865 (56 ) 17,809 Segment assets 2,779,789 32,906 2,812,695 For the six months ended June 30, 2016 Revenues from external customers $ 2,089,837 $ 7,465 $ 2,097,302 Segment operating income (loss) 30,156 (403 ) 29,753 Segment income (loss) before taxes 22,235 (484 ) 21,751

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 The Company had unrecognized income tax benefits totaling $2.4 June 30, 2017 December 31, 2016, may No $ 145,000 June 30, 2017 December 31, 2016. The Company does not 12 June 30, 2017, December 31, 2013 2016, December 31, 2012 2016, In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 January 1, 2017. $0.9 three June 30, 2017, $2.0 six June 30, 2017,

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	9 (Loss) The following tables show the components of accumulated other comprehensive loss, net of tax (in thousands): Available for Sale Securities Balance at December 31, 2016 $ (286 ) Change in fair value 286 Balance at June 30, 2017 $ − Available for Sale Securities Balance at December 31, 2015 $ (305 ) Change in fair value 10 Balance at June 30, 2016 $ (295 )

Note 10 - Restructuring Costs

Note 10 - Restructuring Costs	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	10 March 31, 2016, $8.1 $2.7 six June 30, 2016. $5.0 six June 30, 2016. During 2016, four $6.1 first 2017, one $1.0 second 2017, two $1.2 June 30, 2017,

Note 11 - New Accounting Pronou

Note 11 - New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11 In March 2016, No. 2016 09, January 1, 2017. $0.9 three June 30, 2017 $2.0 six June 30, 2017, no not 2016 09 not In February 2016, No. 2016 02, Leases (Topic 842 12 December 15, 2018, 2016 02 January 1, 2019. In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 2014 09 first 2018, two Subsequently, the FASB issued the following standards related to ASU 2014 09: No. 2016 08, Revenue from Contracts with Customers (Topic 606 No. 2016 10, Revenue from Contracts with Customers (Topic 606 No. 2016 12, Revenue from Contracts with Customers (Topic 606 The Company will adopt ASU 2014 09 January 1, 2018 2016, not

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 21,999 $ 10,817 $ 36,478 $ 13,212 Denominator– Denominator for basic earnings per share – weighted average shares outstanding 39,641 40,250 39,493 40,402 Effect of dilutive securities– Employee stock options and restricted stock awards 1,198 528 1,244 512 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 40,839 40,778 40,737 40,914 Basic earnings per common share $ .55 $ .27 $ .92 $ .33 Diluted earnings per common share and common share equivalents $ .54 $ .27 $ .90 $ .32
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average anti-dilutive options 662 2,525 695 2,522

Note 6 - Financial Instrument18

Note 6 - Financial Instruments and Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	At June 30, 2017 At December 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Inputs Level 3 Inputs Investment in auction rate securities $ - $ - $ 6,375 $ - $ - $ 6,231
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	C ost Basis Gross Unrealized Loss In Accumulated OCI Fair Value June 30, 2017 Investment in auction rate securities $ 6,375 $ - $ 6,375 December 31, 2016 Investment in auction rate securities $ 6,700 $ 469 $ 6,231
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	Description Fair Value Measurements Using Significant Unobservable Inputs June 30, 201 7 Loss during the Ended June 30, 2017 Loss during the Ended June 30, 2016 Loss during the Six Months Ended June 30, 2017 Loss during the Six Months Ended June 30, 2016 Long-lived assets held for sale $ 11,714 $ – $ (400) $ – $ (7,481)

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Total As of and for the three months ended June 30, 201 7 Revenues from external customers $ 1,199,703 $ 3,821 $ 1,203,523 Segment operating income (loss) 37,546 (139 ) 37,407 Segment income (loss) before taxes 34,766 (183 ) 34,583 Segment assets 2,655,860 35,939 2,691,799 For the six months ended June 30, 201 7 Revenues from external customers $ 2,240,556 $ 7,764 $ 2,248,320 Segment operating income (loss) 62,540 (284 ) 62,256 Segment income (loss) before taxes 57,010 (368 ) 56,641 As of and for the three months ended June 30, 201 6 Revenues from external customers $ 1,022,547 $ 3,915 $ 1,026,462 Segment operating income (loss) 21,588 (16 ) 21,572 Segment income (loss) before taxes 17,865 (56 ) 17,809 Segment assets 2,779,789 32,906 2,812,695 For the six months ended June 30, 2016 Revenues from external customers $ 2,089,837 $ 7,465 $ 2,097,302 Segment operating income (loss) 30,156 (403 ) 29,753 Segment income (loss) before taxes 22,235 (484 ) 21,751

Note 9 - Accumulated Other Co20

Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Available for Sale Securities Balance at December 31, 2016 $ (286 ) Change in fair value 286 Balance at June 30, 2017 $ − Available for Sale Securities Balance at December 31, 2015 $ (305 ) Change in fair value 10 Balance at June 30, 2016 $ (295 )

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Capitalized Computer Software, Accumulated Amortization	$ 18,300		$ 18,300
Goodwill and Intangible Asset Impairment	0	$ 0	0	$ 0
Other Assets [Member]
Indefinite-Lived Franchise Rights	7,000		7,000		$ 7,000
Computer Software, Intangible Asset [Member]
Interest Costs Capitalized			$ 31,500
Finite-Lived Intangible Asset, Useful Life			15 years
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3,400		$ 3,400
Finite-Lived Intangible Assets, Amortization Expense, Year Three	3,400		3,400
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3,400		3,400
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,400		3,400
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	3,400		3,400
Computer Software, Intangible Asset [Member] | Depreciation and Amortization [Member]
Amortization of Intangible Assets	$ 900	$ 800	$ 1,700	$ 1,700

Note 4 - Earnings Per Share - E

Note 4 - Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 21,999	$ 10,817	$ 36,478	$ 13,212
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	39,641	40,250	39,493	40,402
Effect of dilutive securities– Employee stock options and restricted stock awards (in shares)	1,198	528	1,244	512
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	40,839	40,778	40,737	40,914
Basic earnings per common share (in dollars per share)	$ 0.55	$ 0.27	$ 0.92	$ 0.33
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.54	$ 0.27	$ 0.90	$ 0.32

Note 4 - Earnings Per Share - A

Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Weighted average anti-dilutive options (in shares)	662	2,525	695	2,522

Note 5 - Stock Options and Re24

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit)	$ 12,584	$ 6,992	$ 20,163	$ 8,539
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	10,300		$ 10,300
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years 36 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	9,400		$ 9,400
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 292 days
Selling, General and Administrative Expenses [Member] | Employee Stock Option [Member]
Allocated Share-based Compensation Expense	3,900	$ 3,200	$ 8,700	$ 6,700
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (900)		$ (2,000)

Note 6 - Financial Instrument25

Note 6 - Financial Instruments and Fair Value (Details Textual)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
Real Estate Held-for-sale	$ 1,200,000	$ 1,000,000			$ 1,200,000		$ 6,100,000
Asset Impairment Charges	$ 469,000					$ 8,236,000			$ 427,000	$ 1,000,000
Impairment of Real Estate			$ 400,000	$ 7,100,000
Number of Real Estate Properties Sold During Period	2	1					4
Auction Rate Securities [Member]
Available-for-sale Securities	$ 6,375,000				6,375,000		$ 6,231,000
Available-for-sale Securities, Amortized Cost Basis	6,375,000				$ 6,375,000		6,700,000
Auction Rate Securities Redeemed	$ 325,000						$ 450,000	$ 275,000	$ 150,000
Derivative, Basis Spread on Variable Rate	2.25%				2.25%

Note 6 - Financial Instrument26

Note 6 - Financial Instruments and Fair Value - Investment in Auction Rate Securities, Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities
Fair Value, Inputs, Level 2 [Member]
Available-for-sale Securities
Fair Value, Inputs, Level 3 [Member]
Available-for-sale Securities	$ 6,375	$ 6,231

Note 6 - Financial Instrument27

Note 6 - Financial Instruments and Fair Value - Investment in Auction Rate Securities (Details) - Auction Rate Securities [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Available-for-sale Securities, Amortized Cost Basis	$ 6,375,000	$ 6,700,000
Gross unrealized loss in accumulated OCI		469,000
Available-for-sale Securities	$ 6,375,000	$ 6,231,000

Note 6 - Financial Instrument28

Note 6 - Financial Instruments and Fair Value - Pre-tax Effect of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Long-lived assets held for sale, fair value	$ 11,714		$ 11,714
Long-lived assets held for sale, gain (loss) included in earnings		$ (400)		$ (7,481)

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2017
Truck Segment [Member]
Number of Reportable Segments	1
Other Segments [Member]
Number of Operating Segments	3

Note 7 - Segment Information -

Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment operating income (loss)	$ 37,407	$ 21,572	$ 62,256	$ 29,753
Segment income (loss) before taxes	34,583	17,809	56,641	21,751
Segment assets	2,691,799	2,812,695	2,691,799	2,812,695	$ 2,603,047
Revenues from external customers	1,203,523	1,026,462	2,248,320	2,097,302
Truck Segment [Member]
Segment operating income (loss)	37,546	21,588	62,540	30,156
Segment income (loss) before taxes	34,766	17,865	57,010	22,235
Segment assets	2,655,860	2,779,789	2,655,860	2,779,789
Revenues from external customers	1,199,703	1,022,547	2,240,556	2,089,837
Other Segments [Member]
Segment operating income (loss)	(139)	(16)	(284)	(403)
Segment income (loss) before taxes	(183)	(56)	(368)	(484)
Segment assets	35,939	32,906	35,939	32,906
Revenues from external customers	$ 3,821	$ 3,915	$ 7,764	$ 7,465

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Expense (Benefit)	$ 12,584,000	$ 6,992,000	$ 20,163,000	$ 8,539,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	2,400,000		2,400,000		$ 2,400,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	0		0		0
Unrecognized Tax Benefits, Interest on Income Taxes Expense			145,000		$ 145,000
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (900,000)		$ (2,000,000)
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year			2,016
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year			2,013
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year			2,016
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year			2,012

Note 9 - Accumulated Other Co32

Note 9 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Balance	$ 862,825
Balance	894,880
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance	(286)	$ (305)
Change in fair value	286	10
Balance		$ (295)

Note 10 - Restructuring Costs (

Note 10 - Restructuring Costs (Details Textual)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
Asset Impairment Charges	$ 469,000					$ 8,236,000		$ 427,000	$ 1,000,000
Impairment of Real Estate			$ 400,000	$ 7,100,000
Real Estate Held-for-sale	$ 1,200,000	$ 1,000,000			$ 1,200,000		$ 6,100,000
Number of Real Estate Properties Sold During Period	2	1					4
Operating Segments [Member]
Restructuring and Related Cost, Incurred Cost				8,100,000
Operating Segments [Member] | Selling, General and Administrative Expenses [Member]
Asset Impairment Charges				$ 2,700,000
Impairment of Real Estate						$ 5,000,000

Note 11 - New Accounting Pron34

Note 11 - New Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit)	$ 12,584	$ 6,992	$ 20,163	$ 8,539
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (900)		$ (2,000)