Rush Enterprises (RUSHA) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 01, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		31,259,965
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		8,579,412

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 127,915	$ 82,026
Accounts receivable, net	153,526	156,199
Note receivable affiliate	14,320	10,166
Inventories, net	960,962	840,304
Prepaid expenses and other	7,330	8,798
Assets held for sale	10,319	13,955
Total current assets	1,274,372	1,111,448
Investments	6,375	6,231
Property and equipment, net	1,133,309	1,135,805
Goodwill, net	290,191	290,191
Other assets, net	54,743	59,372
Total assets	2,758,990	2,603,047
Current liabilities:
Floor plan notes payable	706,995	646,945
Current maturities of long-term debt	142,675	130,717
Current maturities of capital lease obligations	15,314	14,449
Liabilities directly associated with assets held for sale		783
Trade accounts payable	111,100	97,844
Customer deposits	22,976	18,418
Accrued expenses	95,022	83,974
Total current liabilities	1,094,082	993,130
Long-term debt, net of current maturities	450,121	472,503
Capital lease obligations, net of current maturities	64,972	70,044
Other long-term liabilities	9,575	7,214
Deferred income taxes, net	206,123	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; 31,183,787 Class A shares and 8,606,623 Class B shares outstanding in 2017; and 30,007,088 Class A shares and 9,245,447 Class B shares outstanding in 2016	452	438
Additional paid-in capital	341,245	309,127
Treasury stock, at cost: 934,171 class A shares and 4,487,985 class B shares in 2017 and 934,171 class A shares and 3,650,491 class B shares in 2016	(114,270)	(86,882)
Retained earnings	706,690	640,428
Accumulated other comprehensive loss, net of tax		(286)
Total shareholders’ equity	934,117	862,825
Total liabilities and shareholders’ equity	$ 2,758,990	$ 2,603,047

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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)	31,183,787	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)	8,606,623	9,245,447
Treasury stock, shares (in shares)	4,487,985	3,650,491

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
New and used commercial vehicle sales	$ 819,028	$ 698,838	$ 2,230,969	$ 2,004,236
Aftermarket products and services sales	375,835	336,459	1,092,540	1,007,063
Lease and rental	54,630	52,452	158,922	155,491
Finance and insurance	4,771	4,870	13,092	14,206
Other	3,195	3,422	10,256	12,347
Total revenue	1,257,459	1,096,041	3,505,779	3,193,343
Cost of products sold:
New and used commercial vehicle sales	754,762	653,992	2,061,135	1,868,983
Aftermarket products and services sales	237,452	214,916	693,910	642,678
Lease and rental	45,197	45,817	133,707	136,618
Total cost of products sold	1,037,411	914,725	2,888,752	2,648,279
Gross profit	220,048	181,316	617,027	545,064
Selling, general and administrative expense	159,281	142,280	469,037	450,812
Depreciation and amortization expense	12,438	13,014	37,374	38,482
Gain on sale of assets	107	1,566	76	1,571
Operating income	48,436	27,588	110,692	57,341
Interest expense, net	3,101	3,285	8,716	11,287
Income before taxes	45,335	24,303	101,976	46,054
Provision for income taxes	15,551	9,423	35,714	17,962
Net income	$ 29,784	$ 14,880	$ 66,262	$ 28,092
Earnings per common share:
Basic (in dollars per share)	$ 0.75	$ 0.38	$ 1.68	$ 0.70
Diluted (in dollars per share)	$ 0.72	$ 0.37	$ 1.62	$ 0.69
Weighted average shares outstanding:
Basic (in shares)	39,825	39,617	39,560	40,138
Diluted (in shares)	41,146	40,274	40,830	40,698
Comprehensive income	$ 29,784	$ 14,889	$ 66,548	$ 28,111

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 66,262,000	$ 28,092,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	117,054,000	118,149,000
Gain on sale of property and equipment	(76,000)	(1,571,000)
Loss on impairment of assets		8,247,000
Stock-based compensation expense related to stock options and employee stock purchases	12,036,000	9,426,000
Deferred income tax expense	8,609,000	3,355,000
Excess tax expense from stock-based compensation		808,000
Change in accounts receivable, net	(1,481,000)	8,560,000
Change in inventories, net	(87,799,000)	199,228,000
Change in prepaid expenses and other, net	1,156,000	24,163,000
Change in trade accounts payable	12,469,000	(10,298,000)
Draws (payments) on floor plan notes payable – trade, net	26,439,000	(623,000)
Change in customer deposits	4,558,000	(6,560,000)
Change in accrued expenses	11,048,000	5,783,000
Net cash provided by operating activities	170,275,000	386,759,000
Cash flows from investing activities:
Acquisition of property and equipment	(138,756,000)	(159,546,000)
Proceeds from the sale of property and equipment	3,905,000	9,427,000
Business acquisitions		(681,000)
Proceeds from the sale of available for sale securities	325,000	450,000
Change in other assets	4,831,000	(4,520,000)
Net cash used in investing activities	(129,695,000)	(154,870,000)
Cash flows from financing activities:
Draws (payments) on floor plan notes payable – non-trade, net	33,611,000	(142,229,000)
Proceeds from long-term debt	97,319,000	103,248,000
Principal payments on long-term debt	(108,526,000)	(122,619,000)
Principal payments on capital lease obligations	(9,280,000)	(14,174,000)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	20,096,000	4,826,000
Excess tax expense from stock-based compensation		(808,000)
Common stock repurchased	(27,388,000)	(33,282,000)
Debt issuance costs	(523,000)
Net cash provided by (used in) financing activities	5,309,000	(205,038,000)
Net increase in cash and cash equivalents	45,889,000	26,851,000
Cash and cash equivalents, beginning of period	82,026,000	64,847,000
Cash and cash equivalents, end of period	127,915,000	91,698,000
Supplemental disclosure of cash flow information:
Interest	24,952,000	29,172,000
Income taxes, net of refunds	30,487,000	(12,993,000)
Noncash investing activities:
Assets acquired under capital leases	$ 8,243,000	$ 16,797,000

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 – Principles of Consolidation and Basis of Presentation 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Other Assets Disclosure [Text Block]	2 –Other Assets T he total capitalized costs of the Company’s SAP enterprise software and SAP dealership management system of $30.5 $19.1 September 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 September 30, 2017 $0.9 three September 30, 2016; $2.6 nine September 30, 2017 $2.5 nine September 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 September 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 impairment write down of manufacturer franchise rights was required in any period presented. The Company cannot predict the occurrence of certain events that might adversely affect the reported value of manufacturer franchise rights in the future.

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	3 – Commitments and Contingencies 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 ’s financial condition or results of operations. The Company believes that there are no no not

Note 4 - Earnings Per Share

Note 4 - Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	4 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share information): Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 29,784 $ 14,880 $ 66,262 $ 28,092 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 39,825 39,617 39,560 40,138 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,321 657 1,270 560 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 41,146 40,274 40,830 40,698 Basic earnings per common share $ .75 $ .38 $ 1.68 $ .70 Diluted earnings per common share and common share equivalents $ .72 $ .37 $ 1.62 $ .69 Options to purchase shares of common stock that were outstanding for the three nine September 30, 2017 2016 not Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Weighted average anti-dilutive options 406 2,287 599 2,444

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5 – Stock Options and Restricted Stock Awards Valuation and Expense Information 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 $1.9 three September 30, 2017 $3.9 nine September 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 $3.4 three September 30, 2017, $2.7 three September 30, 2016. nine September 30, 2017, $12.0 nine September 30, 2016, $9.4 As of September 30, 2017 , the Company had $9.0 3.0 $7.6 1.7

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 – Financial Instruments and Fair Value 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 the Company has the ability to access at the measurement date. Level 2 not Level 3 the Company’s assumptions about what factors market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. 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 September 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 The Company has the intent and ability to hold these auction rate securities until liquidity returns to the market. The Company does not As of September 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 September 30, 2017, first 2019, 225 T he 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 September 30, 2017 At December 31, 2016 Level 1 Inputs Level 2 Level 3 Level 1 Inputs Level 2 Inputs Level 3 Inputs Investment in auction rate securities $ - $ - $ 6,375 $ - $ - $ 6,231 C ost Basis Amount Gross Unrealized Loss In Accumulated OCI Fair Value September 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 . During the third 2017, one $1.4 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 September 30, 201 7 Loss during the Ended September 30, 2017 Loss during the Ended September 30, 2016 Loss during the Nine Months Ended September 30, 2017 Loss during the Nine Months Ended September 30, 2016 Long-lived assets held for sale $ 10,319 $ − $ − $ − $ (7,481 ) For further discussion of assets held for sale, see Note 10

Note 7 - Segment Information

Note 7 - Segment Information	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 – Segment Information The Company currently has one ’s operation of a nationwide network of commercial vehicle dealerships that provide an integrated 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 revenue, segment income or loss from continuing operations and segment assets for the periods ended September 30, 2017, 2016 Truck Segment All Other Totals As of and for the three months ended September 30, 201 7 Revenues from external customers $ 1,253,429 $ 4,030 $ 1,257,459 Segment income (loss) before taxes 45,590 (255 ) 45,335 Segment assets 2,721,463 37,527 2,758,990 F or the nine months ended September 30, 201 7 Revenues from external customers $ 3,493,984 $ 11,795 $ 3,505,779 Segment income (loss) before taxes 102,599 (623 ) 101,976 As of and for the three months ended September 30, 2016 Revenues from external customers $ 1,092,005 $ 4,036 $ 1,096,041 Segment income (loss) before taxes 24,505 (202 ) 24,303 Segment assets 2,662,872 32,623 2,695,495 For the nine months ended September 30, 2016 Revenues from external customers $ 3,181,842 $ 11,501 $ 3,193,343 Segment income (loss) before taxes 46,740 (686 ) 46,054

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 – Income Taxes The Company had unrecognized income tax benefits totaling $2.4 September 30, 2017 December 31, 2016, may No $145,000 September 30, 2017 December 31, 2016. The Company does not 12 September 30, 2017, December 31, 2013 2016, December 31, 2012 2016, In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 January 1, 2017. $1.9 three September 30, 2017, $3.9 nine September 30, 2017,

Note 9 - Accumulated Other Comp

Note 9 - Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	9 – Accumulated Other Comprehensive Income (Loss) The following tables show the components of accumulated other comprehensive loss, net of tax (in thousands): Available for Sale Securities Balance a t December 31, 2016 $ (286 ) Change in fair value 286 Balance at September 30, 2017 $ − Available for Sale Securities Balance a t December 31, 2015 $ (305 ) Change in fair value 19 Balance at September 30, 2016 $ (286 )

Note 10 - Restructuring Costs

Note 10 - Restructuring Costs	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	10 – Restructuring Costs During the quarter ended March 31, 2016, $8.1 $2.7 nine September 30, 2016. In addition, the Company classified certain excess real estate as held for sale, which resulted in an impairment charge of $5.0 nine September 30, 2016. During 2016, four $6.1 first 2017, one $1.0 second 2017, two $1.2 third 2017, one $1.4 September 30, 2017,

Note 11 - New Accounting Pronou

Note 11 - New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	1 1 In March 2016, No. 2016 09, January 1, 2017. $1.9 three September 30, 2017 $3.9 nine September 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 In 2016, its current accounting policies and practices, assess the effect of the standard on our revenue contracts and identify potential differences. The Company’s internal implementation team has substantially completed its initial review of the likely impacts that the application of the amendments in this ASU will have on its consolidated financial statements. The Company’s revenues are primarily generated from the sale of finished products to customers. Those sales predominantly contain a single delivery element and revenue for such sales is recognized when the customer obtains control. The team has initially identified the Company’s material revenue streams to be the sale of new and used commercial vehicles; arrangement of associated commercial vehicle financing and insurance contracts; the performance of commercial vehicle repair services; and the sale of commercial vehicle parts. The Company’s implementation team is in the preliminary stages of evaluating the additional disclosure requirements of the ASU, as well as the change, if any, to the Company’s underlying accounting and financial reporting systems and processes necessary to support the recognition and disclosure requirements. The Company expects to identify and implement the necessary changes, if any, during 2017. not The Company will adopt ASU 2014 09 January 1, 2018

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 29,784 $ 14,880 $ 66,262 $ 28,092 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 39,825 39,617 39,560 40,138 Effect of dilutive securities– Employee and director stock options and restricted share awards 1,321 657 1,270 560 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 41,146 40,274 40,830 40,698 Basic earnings per common share $ .75 $ .38 $ 1.68 $ .70 Diluted earnings per common share and common share equivalents $ .72 $ .37 $ 1.62 $ .69
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 201 7 201 6 201 7 201 6 Weighted average anti-dilutive options 406 2,287 599 2,444

Note 6 - Financial Instrument18

Note 6 - Financial Instruments and Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	At September 30, 2017 At December 31, 2016 Level 1 Inputs Level 2 Level 3 Level 1 Inputs 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 Amount Gross Unrealized Loss In Accumulated OCI Fair Value September 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 September 30, 201 7 Loss during the Ended September 30, 2017 Loss during the Ended September 30, 2016 Loss during the Nine Months Ended September 30, 2017 Loss during the Nine Months Ended September 30, 2016 Long-lived assets held for sale $ 10,319 $ − $ − $ − $ (7,481 )

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Truck Segment All Other Totals As of and for the three months ended September 30, 201 7 Revenues from external customers $ 1,253,429 $ 4,030 $ 1,257,459 Segment income (loss) before taxes 45,590 (255 ) 45,335 Segment assets 2,721,463 37,527 2,758,990 F or the nine months ended September 30, 201 7 Revenues from external customers $ 3,493,984 $ 11,795 $ 3,505,779 Segment income (loss) before taxes 102,599 (623 ) 101,976 As of and for the three months ended September 30, 2016 Revenues from external customers $ 1,092,005 $ 4,036 $ 1,096,041 Segment income (loss) before taxes 24,505 (202 ) 24,303 Segment assets 2,662,872 32,623 2,695,495 For the nine months ended September 30, 2016 Revenues from external customers $ 3,181,842 $ 11,501 $ 3,193,343 Segment income (loss) before taxes 46,740 (686 ) 46,054

Note 9 - Accumulated Other Co20

Note 9 - Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Available for Sale Securities Balance a t December 31, 2016 $ (286 ) Change in fair value 286 Balance at September 30, 2017 $ − Available for Sale Securities Balance a t December 31, 2015 $ (305 ) Change in fair value 19 Balance at September 30, 2016 $ (286 )

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Capitalized Computer Software, Accumulated Amortization	$ 19,100		$ 19,100
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			$ 30,500
Finite-Lived Intangible Asset, Useful Life			15 years
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months		3,400		3,400
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
Computer Software, Intangible Asset [Member] | Depreciation and Amortization [Member]
Amortization of Intangible Assets	$ 900	$ 900	$ 2,600	$ 2,500

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 29,784	$ 14,880	$ 66,262	$ 28,092
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	39,825	39,617	39,560	40,138
Effect of dilutive securities– Employee and director stock options and restricted share awards (in shares)	1,321	657	1,270	560
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	41,146	40,274	40,830	40,698
Basic earnings per common share (in dollars per share)	$ 0.75	$ 0.38	$ 1.68	$ 0.70
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.72	$ 0.37	$ 1.62	$ 0.69

Note 4 - Earnings Per Share - A

Note 4 - Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Weighted average anti-dilutive options (in shares)	406	2,287	599	2,444

Note 5 - Stock Options and Re24

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 15,551	$ 9,423	$ 35,714	$ 17,962
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	9,000		$ 9,000
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 255 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	7,600		$ 7,600
Selling, General and Administrative Expenses [Member] | Employee Stock Option [Member]
Allocated Share-based Compensation Expense	3,400	$ 2,700	12,000	$ 9,400
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (1,900)		$ (3,900)

Note 6 - Financial Instrument25

Note 6 - Financial Instruments and Fair Value (Details Textual)	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
Asset Impairment Charges		$ 469,000					$ 8,247,000			$ 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
Real Estate Held-for-sale		$ 1,200,000	$ 1,000,000					$ 6,100,000
Number of Real Estate Properties Put Back into Service	1
Real Estate Previously Held-for-sale Put Back Into Service	$ 1,400,000
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	Sep. 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 ($)	9 Months Ended	12 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Long-lived assets held for sale, fair value	$ 10,319		$ 10,319
Long-lived assets held for sale, gain (loss) included in earnings				$ (7,481)

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues from external customers	$ 1,257,459	$ 1,096,041	$ 3,505,779	$ 3,193,343
Segment income (loss) before taxes	45,335	24,303	101,976	46,054
Segment assets	2,758,990	2,695,495	2,758,990	2,695,495	$ 2,603,047
Truck Segment [Member]
Revenues from external customers	1,253,429	1,092,005	3,493,984	3,181,842
Segment income (loss) before taxes	45,590	24,505	102,599	46,740
Segment assets	2,721,463	2,662,872	2,721,463	2,662,872
Other Segments [Member]
Revenues from external customers	4,030	4,036	11,795	11,501
Segment income (loss) before taxes	(255)	(202)	(623)	(686)
Segment assets	$ 37,527	$ 32,623	$ 37,527	$ 32,623

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
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
Income Tax Expense (Benefit)	15,551,000	$ 9,423,000	35,714,000	$ 17,962,000
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (1,900,000)		$ (3,900,000)
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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Balance	$ 862,825
Balance	934,117
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance	(286)	$ (305)
Change in fair value	286	19
Balance		$ (286)

Note 10 - Restructuring Costs (

Note 10 - Restructuring Costs (Details Textual)	3 Months Ended					9 Months Ended		12 Months Ended
	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2011USD ($)
Asset Impairment Charges		$ 469,000					$ 8,247,000		$ 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
Real Estate Held-for-sale		$ 1,200,000	$ 1,000,000					$ 6,100,000
Number of Real Estate Properties Put Back into Service	1
Real Estate Previously Held-for-sale Put Back Into Service	$ 1,400,000
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 15,551	$ 9,423	$ 35,714	$ 17,962
Accounting Standards Update 2016-09 [Member]
Income Tax Expense (Benefit)	$ (1,900)		$ (3,900)