Rush Enterprises (RUSHA) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Document Information [Line Items]
Entity Central Index Key	0001012019
Entity Registrant Name	RUSH ENTERPRISES INC \TX\
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	0-20797
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-1733016
Entity Address, Address Line One	555 I.H. 35 South, Suite 500
Entity Address, City or Town	New Braunfels
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78130
City Area Code	830
Local Phone Number	302-5200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,522,176
Title of 12(b) Security	Class B Common Stock, $0.01 par value
Trading Symbol	RUSHB
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,164,420
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	RUSHA
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 315,911	$ 312,048
Accounts receivable, net	160,435	172,481
Inventories, net	813,773	858,291
Prepaid expenses and other	16,161	14,906
Total current assets	1,306,280	1,357,726
Property and equipment, net	1,179,312	1,203,719
Operating lease right-of-use assets, net	62,025	60,577
Goodwill, net	292,142	292,142
Other assets, net	72,365	71,229
Total assets	2,912,124	2,985,393
Current liabilities:
Floor plan notes payable	470,877	511,786
Current maturities of long-term debt	120,593	141,672
Current maturities of finance lease obligations	26,006	26,373
Current maturities of operating lease obligations	10,950	10,196
Trade accounts payable	124,124	110,728
Customer deposits	50,484	74,209
Accrued expenses	125,777	151,830
Total current liabilities	928,811	1,026,794
Long-term debt, net of current maturities	332,165	387,982
Finance lease obligations, net of current maturities	91,209	90,740
Operating lease obligations, net of current maturities	52,321	51,155
Other long-term liabilities	35,582	34,246
Deferred income taxes, net	111,837	126,439
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2021 and 2020	0	0
Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 43,104,231 Class A shares and 12,560,943 Class B shares outstanding in 2021; and 42,503,925 Class A shares and 12,470,308 Class B shares outstanding in 2020	560	551
Additional paid-in capital	456,785	437,646
Treasury stock, at cost: 12,999 Class A shares and 327,824 Class B shares in 2021; and 10,335 Class A shares and 73,437 Class B shares in 2020	(13,585)	(2,879)
Retained earnings	915,003	831,850
Accumulated other comprehensive income	1,436	869
Total shareholders’ equity	1,360,199	1,268,037
Total liabilities and shareholders’ equity	$ 2,912,124	$ 2,985,393

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A [Member]
Common stock, authorized (in shares)	60,000,000	60,000,000
Common stock, outstanding (in shares)	43,104,231	42,503,925
Treasury stock (in shares)	12,999	10,335
Common Class B [Member]
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, outstanding (in shares)	12,560,943	12,470,308
Treasury stock (in shares)	327,824	73,437

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Revenue	$ 1,254,619	$ 945,222	$ 2,428,198	$ 2,171,104
Lease and rental sales	61,396	57,290	119,623	118,071
Total revenue	1,316,015	1,002,512	2,547,821	2,289,175
Cost of products sold
Lease and rental sales	48,387	51,491	96,445	103,699
Total cost of products sold	1,045,233	810,181	2,032,225	1,862,343
Gross profit	270,782	192,331	515,596	426,832
Selling, general and administrative expense	184,734	156,195	359,689	341,269
Depreciation and amortization expense	13,421	14,516	27,147	28,846
Gain on sale of assets	164	1,381	256	1,481
Operating income	72,791	23,001	129,016	58,198
Other income	1,746	1,720	2,665	2,961
Interest (income) expense, net	(212)	2,209	295	6,978
Income before taxes	74,749	22,512	131,386	54,181
Income tax provision	16,705	5,696	28,009	14,258
Net income	$ 58,044	$ 16,816	$ 103,377	$ 39,923
Earnings per common share:
Basic (in dollars per share)	$ 1.04	$ 0.31	$ 1.85	$ 0.73
Diluted (in dollars per share)	$ 1	$ 0.30	$ 1.79	$ 0.72
Weighted average shares outstanding:
Basic (in shares)	56,009	54,436	55,819	54,581
Diluted (in shares)	57,956	55,351	57,846	55,670
Dividends declared per common share (in dollars per share)	$ 0.18	$ 0.09	$ 0.36	$ 0.17
Comprehensive income	$ 58,356	$ 17,741	$ 103,944	$ 38,918
New and Used Commercial Vehicle [Member]
Revenues
Revenue	797,269	559,062	1,544,988	1,348,616
Cost of products sold
Cost of products sold	719,768	521,494	1,396,860	1,250,033
Parts and Service [Member]
Revenues
Revenue	445,526	377,553	861,263	805,531
Cost of products sold
Cost of products sold	277,078	237,196	538,920	508,611
Finance and Insurance [Member]
Revenues
Revenue	7,407	4,960	13,872	9,427
Product and Service, Other [Member]
Revenues
Revenue	$ 4,417	$ 3,647	$ 8,075	$ 7,530

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Class A [Member]Common Stock [Member]	Common Class A [Member]Retained Earnings [Member]	Common Class A [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Common Class B [Member]Treasury Stock [Member]	Common Class B [Member]Retained Earnings [Member]	Common Class B [Member]AOCI Attributable to Parent [Member]	Common Class B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2019	41,930			12,360
Balance at Dec. 31, 2019										$ 465	$ 397,267	$ (304,129)	$ 1,065,553	$ 337	$ 1,159,493
Stock options exercised and stock awards (in shares)	110			0
Stock options exercised and stock awards										1	1,421	0	0	0	1,422
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan										0	8,553	0	0	0	8,553
Vesting of restricted share awards (in shares)	0			337
Vesting of restricted share awards										2	(2,416)	0	0	0	(2,414)
Issuance of common stock under employee stock purchase plan (in shares)	92			0
Issuance of common stock under employee stock purchase plan										1	1,900	0	0	0	1,901
Common stock repurchases (in shares)	(833)			(81)
Common stock repurchases										0	0	(19,902)	0	0	(19,902)
Dividend common stock		$ (3,646)	$ (3,646)				$ (1,108)		$ (1,108)
Other comprehensive income (loss)										0	0	0	0	(1,930)	(1,930)
Net income										0	0	0	23,107	0	23,107
Dividend common stock		(3,646)	(3,646)				(1,108)		(1,108)
Balance (in shares) at Mar. 31, 2020	41,299			12,616
Balance at Mar. 31, 2020										469	406,725	(324,031)	1,083,906	(1,593)	1,165,476
Balance (in shares) at Dec. 31, 2019	41,930			12,360
Balance at Dec. 31, 2019										465	397,267	(304,129)	1,065,553	337	1,159,493
Net income															39,923
Balance (in shares) at Jun. 30, 2020	41,593			12,616
Balance at Jun. 30, 2020										471	414,812	(324,031)	1,095,976	(668)	1,186,560
Balance (in shares) at Mar. 31, 2020	41,299			12,616
Balance at Mar. 31, 2020										469	406,725	(324,031)	1,083,906	(1,593)	1,165,476
Stock options exercised and stock awards (in shares)	294			0
Stock options exercised and stock awards										2	4,529	0	0	0	4,531
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan										0	3,586	0	0	0	3,586
Vesting of restricted share awards										0	(28)	0	0	0	(28)
Dividend common stock		(3,581)	(3,581)	$ 0	$ 0	$ 0	(1,165)	$ 0	(1,165)
Other comprehensive income (loss)										0	0	0	0	925	925
Net income										0	0	0	16,816	0	16,816
Dividend common stock		(3,581)	(3,581)	$ 0	$ 0	$ 0	(1,165)	$ 0	(1,165)
Balance (in shares) at Jun. 30, 2020	41,593			12,616
Balance at Jun. 30, 2020										471	414,812	(324,031)	1,095,976	(668)	1,186,560
Balance (in shares) at Dec. 31, 2020	42,504			12,470
Balance at Dec. 31, 2020										551	437,646	(2,879)	831,850	869	1,268,037
Stock options exercised and stock awards (in shares)	298			0
Stock options exercised and stock awards										3	5,416	0	0	0	5,419
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan										0	11,520	0	0	0	11,520
Vesting of restricted share awards (in shares)	0			345
Vesting of restricted share awards										3	(6,780)	0	0	0	(6,777)
Issuance of common stock under employee stock purchase plan (in shares)	86			0
Issuance of common stock under employee stock purchase plan										1	1,988	0	0	0	1,989
Common stock repurchases (in shares)	(3)			(155)
Common stock repurchases										0	0	(6,483)	0	0	(6,483)
Dividend common stock		(7,684)	(7,684)				(2,380)		(2,380)
Other comprehensive income (loss)										0	0	0	0	255	255
Net income										0	0	0	45,333	0	45,333
Dividend common stock		(7,684)	(7,684)				(2,380)		(2,380)
Balance (in shares) at Mar. 31, 2021	42,885			12,660
Balance at Mar. 31, 2021										558	449,790	(9,362)	867,119	1,124	1,309,229
Balance (in shares) at Dec. 31, 2020	42,504			12,470
Balance at Dec. 31, 2020										551	437,646	(2,879)	831,850	869	1,268,037
Net income															103,377
Balance (in shares) at Jun. 30, 2021	43,104			12,561
Balance at Jun. 30, 2021										560	456,785	(13,585)	915,003	1,436	1,360,199
Balance (in shares) at Mar. 31, 2021	42,885			12,660
Balance at Mar. 31, 2021										558	449,790	(9,362)	867,119	1,124	1,309,229
Stock options exercised and stock awards (in shares)	219			0
Stock options exercised and stock awards										2	3,926	0	0	0	3,928
Stock-based compensation related to stock options, restricted shares and employee stock purchase plan										0	3,683	0	0	0	3,683
Vesting of restricted share awards										0	(614)	0	0	0	(614)
Common stock repurchases (in shares)	0			(99)
Common stock repurchases										0	0	(4,223)	0	0	(4,223)
Dividend common stock		(7,735)	(7,735)				(2,425)		(2,425)
Other comprehensive income (loss)										0	0	0	0	312	312
Net income										0	0	0	58,044	0	58,044
Dividend common stock		$ (7,735)	$ (7,735)				$ (2,425)		$ (2,425)
Balance (in shares) at Jun. 30, 2021	43,104			12,561
Balance at Jun. 30, 2021										$ 560	$ 456,785	$ (13,585)	$ 915,003	$ 1,436	$ 1,360,199

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 103,377	$ 39,923
Adjustments to reconcile net income to net cash provided by operating activities-
Depreciation and amortization	84,891	89,897
Gain on sale of property and equipment, net	(256)	(1,481)
Stock-based compensation expense related to employee equity awards and employee stock purchases	15,203	12,139
Deferred income tax expense	(14,602)	(10,437)
Change in accounts and notes receivable, net	12,046	21,027
Change in inventories, net	76,772	358,945
Change in prepaid expenses and other, net	(1,255)	5,246
Change in trade accounts payable	12,376	(36,147)
Payments on floor plan notes payable – trade, net		(32,609)
Change in customer deposits	(23,725)	(25,086)
Change in accrued expenses	(26,243)	(1,207)
Other, net	(881)	(2,000)
Net cash provided by operating activities	237,703	418,210
Cash flows from investing activities:
Acquisition of property and equipment	(84,352)	(82,236)
Proceeds from the sale of property and equipment	327	5,342
Other	1,146	2,515
Net cash used in investing activities	(82,879)	(74,379)
Cash flows from financing activities:
Payments on floor plan notes payable – non-trade, net	(40,909)	(238,781)
Proceeds from long-term debt	52,325	119,348
Principal payments on long-term debt	(129,221)	(160,704)
Principal payments on finance lease obligations	(6,361)	(5,768)
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	3,945	5,412
Payments of cash dividends	(19,922)	(9,500)
Common stock repurchased	(10,818)	(19,902)
Net cash used in financing activities	(150,961)	(309,895)
Net increase in cash and cash equivalents	3,863	33,936
Cash and cash equivalents, beginning of period	312,048	181,620
Cash and cash equivalents, end of period	315,911	215,556
Supplemental disclosure of cash flow information:
Interest	13,213	22,559
Income taxes, net of refunds	67,766	165
Noncash activities:
Assets acquired under finance leases	$ 15,019	$ 26,492

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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, 2020. not may Stock Split On September 15, 2020, October 12, 2020, one two September 28, 2020. 10 first COVID- 19 In March 2020, 19 19 19 not second 2020. 19 Recently Issued Accounting Pronouncements In March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2020 04 December 31, 2022.

Note 2 - Other Assets

Note 2 - Other Assets	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Other Assets Disclosure [Text Block]	2 Other Assets Franchise Rights 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 million as of June 30, 2021 December 31, 2020, no not Due to the fact that manufacturer franchise rights are specific to geographic region, the Company has determined that evaluating and including all locations acquired in the geographic region is the appropriate level for purposes 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 was required in the 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. Equity Method Investment and Call Option On February 25, 2019, February 25, 2024. June 30, 2021, On April 25, 2019, CAD250 2019, not June 30, 2021 December 31, 2020, June 30, 2021, ERP Platform The total capitalized costs of the Company’s SAP enterprise resource planning software platform (“the ERP Platform”) of $6.1 million are recorded on the Consolidated Balance Sheet in Other Assets. Amortization expense relating to the ERP Platform, which is recognized in depreciation and amortization expense in the Consolidated Statements of Income and Comprehensive Income, was $0.4 million for the three June 30, 2021 three June 30, 2020, six June 30, 2021 six June 30, 2020. 2021 $1.2 four

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 the Company 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, 2021
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 amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 58,044 $ 16,816 $ 103,377 $ 39,923 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 56,009 54,436 55,819 54,581 Effect of dilutive securities – Employee stock options and restricted stock awards 1,947 915 2,027 1,089 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 57,956 55,351 57,846 55,670 Basic earnings per common share $ 1.04 $ 0.31 $ 1.85 $ 0.73 Diluted earnings per common share and common share equivalents $ 1.00 $ 0.30 $ 1.79 $ 0.72 Options to purchase shares of common stock that were outstanding for the three six June 30, 2021, 2020, not Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average anti-dilutive stock options 626 2,506 379 2,149

Note 5 - Stock Options and Rest

Note 5 - Stock Options and Restricted Stock Awards	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5 Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with ASC 718 10, Compensation Stock Compensation, 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 $3.7 million for the three June 30, 2021, three June 30, 2020. six June 30, 2021, six June 30, 2020. As of June 30, 2021,

Note 6 - Financial Instruments

Note 6 - Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6 Financial Instruments and Fair Value The Company measures certain financial assets and liabilities at fair value on a recurring basis. 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 as of June 30, 2021, December 31, 2020. The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not

Note 7 - Segment Information

Note 7 - Segment Information	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7 Segment Information The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a nationwide network of commercial vehicle dealerships that provide an integrated one not The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. 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, 2021 2020 Truck Segment All Other Total As of and for the three months ended June 30, 2021 Revenues from external customers $ 1,311,678 $ 4,337 $ 1,316,015 Segment operating income 72,163 628 72,791 Segment income before taxes 74,191 558 74,749 Segment assets 2,863,087 49,037 2,912,124 For the six months ended June 30, 2021 Revenues from external customers $ 2,539,790 $ 8,031 $ 2,547,821 Segment operating income 128,113 903 129,016 Segment income before taxes 130,623 763 131,386 As of and for the three months ended June 30, 2020 Revenues from external customers $ 998,739 $ 3,773 $ 1,002,512 Segment operating income 22,678 323 23,001 Segment income before taxes 22,260 252 22,512 Segment assets 3,021,241 43,360 3,064,601 For the six months ended June 30, 2020 Revenues from external customers $ 2,282,118 $ 7,057 $ 2,289,175 Segment operating income 58,129 69 58,198 Segment income before taxes 54,253 (72 ) 54,181

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 Income Taxes The Company had unrecognized income tax benefits totaling $3.3 million as a component of accrued liabilities as of June 30, 2021 December 31, 2020, may June 30, 2021 December 31, 2020. The Company does not 12 June 30, 2021, December 31, 2017 2020 December 31, 2016 2020,

Note 9 - Revenue

Note 9 - Revenue	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	9 Revenue 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, which is typically when the finished product is delivered to the customer. The Company’s material revenue streams have been identified as the following: 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. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The following table summarizes the Company’s disaggregated revenue by revenue source for the three six June 30, 2021 2020 Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Commercial vehicle sales revenue $ 797,269 $ 559,062 $ 1,544,988 $ 1,348,616 Parts revenue 263,491 211,804 503,927 448,402 Commercial vehicle repair service revenue 182,035 165,749 357,336 357,129 Finance revenue 4,549 2,523 8,453 4,879 Insurance revenue 2,858 2,437 5,419 4,548 Other revenue 4,417 3,647 8,075 7,530 Total $ 1,254,619 $ 945,222 $ 2,428,198 $ 2,171,104 All of the Company's performance obligations and associated revenues are generally transferred to customers at a point in time. The Company did not June 30, 2021.

Note 10 - Leases

Note 10 - Leases	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Leases of Lessee and Lessor Disclosure [Text Block]	10 Leases Lease of Vehicles as Lessor The Company leases commercial vehicles that the Company owns to customers primarily over periods of one ten not The Company’s policy is to depreciate its lease and rental fleet using a straight-line method over each customer’s contractual lease term. The lease unit is depreciated to a residual value that approximates the expected fair value at the expiration of the lease term. This policy results in the Company realizing reasonable gross margins while the unit is in service and a corresponding gain or loss on sale when the unit is sold at the end of the lease term. Sales-type leases are recognized by the Company as lease receivables. The lessee obtains control of the underlying asset and the Company recognizes sales revenue upon lease commencement. The receivable for sales-type leases was $5.2 million as of June 30, 2021, December 31, 2020, Lease and rental income during the three six June 30, 2021 June 30, 2020 Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Minimum rental payments $ 52,948 $ 50,195 $ 103,653 $ 103,368 Nonlease payments 8,449 7,095 15,971 14,703 Total $ 61,397 $ 57,290 $ 119,624 $ 118,071

Note 11 - Accumulated Other Com

Note 11 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	11 Accumulated Other Comprehensive Income The following table shows the components of accumulated other comprehensive (loss) income (in thousands): Balance as of December 31, 2020 $ 869 Foreign currency translation adjustment 255 Balance as of March 31, 2021 $ 1,124 Foreign currency translation adjustment 312 Balance as of June 30, 2021 $ 1,436 The equity method investment in RTC Canada was valued using the exchange rate of one June 30, 2021.

Note 12 - Accounts Receivable a

Note 12 - Accounts Receivable and Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	12 Accounts Receivable and Allowance for Credit Losses The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. Under Topic 326 : Measurement of Credit Losses on Financial Instruments Accounts receivable consists primarily of commercial vehicle sales receivables, manufacturers’ receivables, leasing and parts and service receivables and other trade receivables. The Company maintains an allowance for credit losses based on the probability of default, its historical rate of losses, aging and current economic conditions. The Company writes off account balances when it has exhausted reasonable collection efforts and determined that the likelihood of collection is remote. These write-offs are charged against the allowance for credit losses. The following table summarizes the changes in the allowance for credit losses (in thousands): Balance December 31, 2020 Provision for the Six Months Ended June 30, 2021 Write offs Against Allowance, net of Recoveries Balance June 30, 2021 Commercial vehicle receivables $ 172 $ (40 ) $ − $ 132 Manufacturers’ receivables 136 571 (578 ) 129 Leasing, parts and service receivables 1,278 525 (637 ) 1,166 Other receivables 19 6 (7 ) 18 Total $ 1,605 $ 1,062 $ (1,222 ) $ 1,445

Note 4 - Earnings Per Share (Ta

Note 4 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Numerator for basic and diluted earnings per share – Net income available to common shareholders $ 58,044 $ 16,816 $ 103,377 $ 39,923 Denominator: Denominator for basic earnings per share – weighted average shares outstanding 56,009 54,436 55,819 54,581 Effect of dilutive securities – Employee stock options and restricted stock awards 1,947 915 2,027 1,089 Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions 57,956 55,351 57,846 55,670 Basic earnings per common share $ 1.04 $ 0.31 $ 1.85 $ 0.73 Diluted earnings per common share and common share equivalents $ 1.00 $ 0.30 $ 1.79 $ 0.72
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average anti-dilutive stock options 626 2,506 379 2,149

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 Revenues from external customers $ 1,311,678 $ 4,337 $ 1,316,015 Segment operating income 72,163 628 72,791 Segment income before taxes 74,191 558 74,749 Segment assets 2,863,087 49,037 2,912,124 For the six months ended June 30, 2021 Revenues from external customers $ 2,539,790 $ 8,031 $ 2,547,821 Segment operating income 128,113 903 129,016 Segment income before taxes 130,623 763 131,386 As of and for the three months ended June 30, 2020 Revenues from external customers $ 998,739 $ 3,773 $ 1,002,512 Segment operating income 22,678 323 23,001 Segment income before taxes 22,260 252 22,512 Segment assets 3,021,241 43,360 3,064,601 For the six months ended June 30, 2020 Revenues from external customers $ 2,282,118 $ 7,057 $ 2,289,175 Segment operating income 58,129 69 58,198 Segment income before taxes 54,253 (72 ) 54,181

Note 9 - Revenue (Tables)

Note 9 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Commercial vehicle sales revenue $ 797,269 $ 559,062 $ 1,544,988 $ 1,348,616 Parts revenue 263,491 211,804 503,927 448,402 Commercial vehicle repair service revenue 182,035 165,749 357,336 357,129 Finance revenue 4,549 2,523 8,453 4,879 Insurance revenue 2,858 2,437 5,419 4,548 Other revenue 4,417 3,647 8,075 7,530 Total $ 1,254,619 $ 945,222 $ 2,428,198 $ 2,171,104

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Leases, Lease Income [Table Text Block]	Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Minimum rental payments $ 52,948 $ 50,195 $ 103,653 $ 103,368 Nonlease payments 8,449 7,095 15,971 14,703 Total $ 61,397 $ 57,290 $ 119,624 $ 118,071

Note 11 - Accumulated Other C_2

Note 11 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Balance as of December 31, 2020 $ 869 Foreign currency translation adjustment 255 Balance as of March 31, 2021 $ 1,124 Foreign currency translation adjustment 312 Balance as of June 30, 2021 $ 1,436

Note 12 - Accounts Receivable_2

Note 12 - Accounts Receivable and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Balance December 31, 2020 Provision for the Six Months Ended June 30, 2021 Write offs Against Allowance, net of Recoveries Balance June 30, 2021 Commercial vehicle receivables $ 172 $ (40 ) $ − $ 132 Manufacturers’ receivables 136 571 (578 ) 129 Leasing, parts and service receivables 1,278 525 (637 ) 1,166 Other receivables 19 6 (7 ) 18 Total $ 1,605 $ 1,062 $ (1,222 ) $ 1,445

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual)	Oct. 12, 2020$ / sharesshares	Sep. 15, 2020	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share)			$ 0.01	$ 0.01
Common Class A [Member]
Additional Share Issued for Every Two Shares of Common Stock (in shares) | shares	1
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Common Class B [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Stock Split From [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		2

Note 2 - Other Assets (Details

Note 2 - Other Assets (Details Textual) $ in Thousands, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 25, 2019CAD ($)	Feb. 25, 2019
Indefinite-Lived Franchise Rights	$ 7,000		$ 7,000		$ 7,000
Goodwill and Intangible Asset Impairment, Total			0		0
Capitalized Computer Software, Net, Ending Balance	6,100		6,100
Capitalized Computer Software, Amortization	400	$ 500	900	$ 1,000
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	1,500		1,500
Finite-Lived Intangible Asset, Expected Amortization, Year Two	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year One	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year Three	1,200		1,200
Finite-Lived Intangible Asset, Expected Amortization, Year Four	1,200		1,200
Financial Guarantee [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted						$ 250
Other Noncurrent Liabilities [Member] | Financial Guarantee [Member]
Guarantor Obligations, Current Carrying Value	5,300		5,300		$ 5,200
Rush Truck Centres of Canada Limited [Member]
Equity Method Investment, Ownership Percentage							50.00%
Rush Truck Centres of Canada Limited [Member] | Other Noncurrent Liabilities [Member]
Equity Method Investments	33,700		33,700
Rush Truck Centres of Canada Limited [Member] | Call Option [Member]
Equity Method Investment, Remaining Ownership Percentage Not Yet Acquired							50.00%
Rush Truck Centres of Canada Limited [Member] | Call Option [Member] | Other Assets [Member]
Call Option, Fair Value Disclosure	$ 3,600		$ 3,600

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 58,044	$ 16,816	$ 103,377	$ 39,923
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	56,009	54,436	55,819	54,581
Effect of dilutive securities – Employee stock options and restricted stock awards (in shares)	1,947	915	2,027	1,089
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	57,956	55,351	57,846	55,670
Basic earnings per common share (in dollars per share)	$ 1.04	$ 0.31	$ 1.85	$ 0.73
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 1	$ 0.30	$ 1.79	$ 0.72

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted average anti-dilutive stock options (in shares)	626	2,506	379	2,149

Note 5 - Stock Options and Re_2

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 11.3		$ 11.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 6 months
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	$ 3.7	$ 3.6	15.2	$ 12.1
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 12.8		$ 12.8
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 6 months

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2021
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues from external customers	$ 1,316,015	$ 1,002,512	$ 2,547,821	$ 2,289,175
Segment operating income	72,791	23,001	129,016	58,198
Segment income before taxes	74,749	22,512	131,386	54,181
Segment assets	2,912,124	3,064,601	2,912,124	3,064,601	$ 2,985,393
Truck Segment [Member]
Revenues from external customers	1,311,678	998,739	2,539,790	2,282,118
Segment operating income	72,163	22,678	128,113	58,129
Segment income before taxes	74,191	22,260	130,623	54,253
Segment assets	2,863,087	3,021,241	2,863,087	3,021,241
Other Segments [Member]
Revenues from external customers	4,337	3,773	8,031	7,057
Segment operating income	628	323	903	69
Segment income before taxes	558	252	763	(72)
Segment assets	$ 49,037	$ 43,360	$ 49,037	$ 43,360

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 3,300,000	$ 3,300,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	150,000	150,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0
Domestic Tax Authority [Member]
Open Tax Year	2017 2018 2019 2020
State and Local Jurisdiction [Member]
Open Tax Year	2016 2017 2018 2019 2020

Note 9 - Revenue - Disaggregate

Note 9 - Revenue - Disaggregated Revenue by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 1,254,619	$ 945,222	$ 2,428,198	$ 2,171,104
Commercial Vehicle [Member]
Revenue	797,269	559,062	1,544,988	1,348,616
Parts [Member]
Revenue	263,491	211,804	503,927	448,402
Commercial Vehicle Repair Service [Member]
Revenue	182,035	165,749	357,336	357,129
Financial Service [Member]
Revenue	4,549	2,523	8,453	4,879
Insurance [Member]
Revenue	2,858	2,437	5,419	4,548
Product and Service, Other [Member]
Revenue	$ 4,417	$ 3,647	$ 8,075	$ 7,530

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Sales-type Lease, Lease Receivable	$ 5.2	$ 5.6
Minimum [Member]
Lessee, Leases, Term of Contract (Year)	1 year
Maximum [Member]
Lessee, Leases, Term of Contract (Year)	10 years

Note 10 - Leases - Rental Incom

Note 10 - Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Minimum rental payments	$ 52,948	$ 50,195	$ 103,653	$ 103,368
Nonlease payments	8,449	7,095	15,971	14,703
Total	$ 61,397	$ 57,290	$ 119,624	$ 118,071

Note 11 - Accumulated Other C_3

Note 11 - Accumulated Other Comprehensive Income (Details Textual)	Jun. 30, 2021
Rush Truck Centres of Canada Limited [Member]
Foreign Currency Exchange Rate, Translation	1.2398

Note 11 - Accumulated Other C_4

Note 11 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Balance	$ 1,309,229	$ 1,268,037
Balance	1,360,199	1,309,229
AOCI Attributable to Parent [Member]
Balance	1,124	869
Foreign currency translation adjustment	312	255
Balance	$ 1,436	$ 1,124

Note 12 - Accounts Receivable_3

Note 12 - Accounts Receivable and Allowance for Credit Losses - Allowance for Accounts Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Balance	$ 1,605
Current period provision	1,062
Balance	1,445
Write offs against allowance, net of recoveries	(1,222)
Commercial Vehicle Receivables [Member]
Balance	172
Current period provision	(40)
Balance	132
Manufacturers' Receivables [Member]
Balance	136
Current period provision	571
Balance	129
Write offs against allowance, net of recoveries	(578)
Leasing, Parts and Service Receivables [Member]
Balance	1,278
Current period provision	525
Balance	1,166
Write offs against allowance, net of recoveries	(637)
Other Receivables [Member]
Balance	19
Current period provision	6
Balance	18
Write offs against allowance, net of recoveries	$ (7)