Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SAIA | ||
Entity Registrant Name | SAIA INC | ||
Entity Central Index Key | 1177702 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,089,833 | ||
Entity Public Float | $1,066,074,449 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $4,367 | $159 |
Accounts receivable, less allowances of $3,868 in 2014, and $3,737 in 2013 | 128,367 | 117,937 |
Prepaid expenses and other | 13,687 | 13,156 |
Deferred income taxes | 19,460 | 20,421 |
Income tax receivable | 18,335 | 13,497 |
Other current assets | 5,420 | 5,083 |
Total current assets | 189,636 | 170,253 |
Property and Equipment, at cost | 891,145 | 797,527 |
Less-accumulated depreciation | 407,505 | 365,301 |
Net property and equipment | 483,640 | 432,226 |
Goodwill | 5,231 | 5,231 |
Identifiable Intangibles, net | 2,943 | 3,558 |
Other Noncurrent Assets | 4,995 | 5,533 |
Total assets | 686,445 | 616,801 |
Current Liabilities: | ||
Accounts payable | 42,388 | 50,799 |
Wages, vacations and employees' benefits | 28,777 | 35,248 |
Claims and insurance accruals | 29,314 | 27,637 |
Other current liabilities | 20,862 | 20,030 |
Current portion of long-term debt | 9,138 | 7,143 |
Total current liabilities | 130,479 | 140,857 |
Other Liabilities: | ||
Long-term debt, less current portion | 73,897 | 69,740 |
Deferred income taxes | 78,406 | 69,916 |
Claims, insurance and other | 36,757 | 31,496 |
Total other liabilities | 189,060 | 171,152 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding | ||
Common stock, $0.001 par value, 50,000,000 shares authorized, 24,871,806 and 24,478,544 shares issued and outstanding at December 31, 2014 and 2013, respectively | 25 | 24 |
Additional paid-in-capital | 223,713 | 213,648 |
Deferred compensation trust, 193,607 and 201,936 shares of common stock at cost at December 31, 2014 and 2013, respectively | -2,189 | -2,246 |
Retained earnings | 145,357 | 93,366 |
Total stockholders' equity | 366,906 | 304,792 |
Total liabilities and stockholders' equity | $686,445 | $616,801 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance of accounts receivable | $3,868 | $3,737 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,871,806 | 24,478,544 |
Common stock, shares outstanding | 24,871,806 | 24,478,544 |
Deferred compensation trust | 193,607 | 201,936 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Operating Revenue | $1,272,321 | $1,139,094 | $1,098,679 |
Operating Expenses: | |||
Salaries, wages and employees' benefits | 639,633 | 572,487 | 546,755 |
Purchased transportation | 99,610 | 72,975 | 74,521 |
Fuel, operating expenses and supplies | 314,788 | 306,364 | 308,176 |
Operating taxes and licenses | 36,028 | 36,513 | 38,283 |
Claims and insurance | 37,563 | 25,494 | 24,712 |
Depreciation and amortization | 59,022 | 51,564 | 47,985 |
Operating gains, net | -16 | -721 | -487 |
Total operating expenses | 1,186,628 | 1,064,676 | 1,039,945 |
Operating Income | 85,693 | 74,418 | 58,734 |
Nonoperating Expenses (Income): | |||
Interest expense | 4,564 | 6,490 | 7,807 |
Other, net | -99 | -217 | -212 |
Nonoperating expenses, net | 4,465 | 6,273 | 7,595 |
Income Before Income Taxes | 81,228 | 68,145 | 51,139 |
Income Tax Expense | 29,237 | 24,518 | 19,091 |
Net Income | $51,991 | $43,627 | $32,048 |
Weighted average common shares outstanding - basic | 24,505 | 24,154 | 23,823 |
Weighted average common shares outstanding - diluted | 25,463 | 25,205 | 24,815 |
Basic Earnings Per Share | $2.12 | $1.81 | $1.35 |
Diluted Earnings Per Share | $2.04 | $1.73 | $1.29 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation Trust [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $219,301 | $24 | $203,785 | ($2,199) | $17,691 |
Beginning Balance, Shares at Dec. 31, 2011 | 23,906,732 | ||||
Stock compensation for options and long-term incentives | 2,089 | 2,089 | |||
Stock compensation for options and long-term incentives, Shares | 40,152 | ||||
Director deferred shares for annual deferral elections | 599 | 599 | |||
Exercise of stock options, including tax benefits | 913 | 913 | |||
Exercise of stock options, including tax benefits, Shares | 91,748 | ||||
Shares issued for long-term incentive awards net of shares withheld for taxes | -288 | -288 | |||
Shares issued for long-term incentive awards net of shares withheld for taxes, Shares | 49,785 | ||||
Deferred tax adjustment for long-term incentive plan | -191 | -191 | |||
Purchase of shares by Deferred Compensation Trust | -159 | -159 | |||
Sale of shares by Deferred Compensation Trust | 207 | 62 | 145 | ||
Net income | 32,048 | 32,048 | |||
Ending Balance at Dec. 31, 2012 | 254,519 | 24 | 206,969 | -2,213 | 49,739 |
Ending Balance, Shares at Dec. 31, 2012 | 24,088,417 | ||||
Stock compensation for options and long-term incentives | 2,227 | 2,227 | |||
Stock compensation for options and long-term incentives, Shares | 16,499 | ||||
Director deferred shares for annual deferral elections | 674 | 674 | |||
3 for 2 Stock Split | -40 | -40 | |||
3 for 2 Stock Split, Shares | -864 | ||||
Exercise of stock options, including tax benefits | 4,173 | 4,173 | |||
Exercise of stock options, including tax benefits, Shares | 263,064 | ||||
Shares issued for long-term incentive awards net of shares withheld for taxes | -1,162 | -1,162 | |||
Shares issued for long-term incentive awards net of shares withheld for taxes, Shares | 111,428 | ||||
Deferred tax adjustment for long-term incentive plan | 774 | 774 | |||
Purchase of shares by Deferred Compensation Trust | -158 | -158 | |||
Sale of shares by Deferred Compensation Trust | 158 | 33 | 125 | ||
Net income | 43,627 | 43,627 | |||
Ending Balance at Dec. 31, 2013 | 304,792 | 24 | 213,648 | -2,246 | 93,366 |
Ending Balance, Shares at Dec. 31, 2013 | 24,478,544 | ||||
Stock compensation for options and long-term incentives | 3,393 | 3,393 | |||
Stock compensation for options and long-term incentives, Shares | 6,023 | ||||
Director deferred shares for annual deferral elections | 773 | 773 | |||
Exercise of stock options, including tax benefits | 6,652 | 1 | 6,651 | ||
Exercise of stock options, including tax benefits, Shares | 320,625 | 318,321 | |||
Shares issued for long-term incentive awards net of shares withheld for taxes | -1,667 | -1,667 | |||
Shares issued for long-term incentive awards net of shares withheld for taxes, Shares | 68,918 | ||||
Deferred tax adjustment for long-term incentive plan | 971 | 971 | |||
Purchase of shares by Deferred Compensation Trust | -53 | -53 | |||
Sale of shares by Deferred Compensation Trust | 54 | -56 | 110 | ||
Net income | 51,991 | 51,991 | |||
Ending Balance at Dec. 31, 2014 | $366,906 | $25 | $223,713 | ($2,189) | $145,357 |
Ending Balance, Shares at Dec. 31, 2014 | 24,871,806 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax benefits exercise stock options | $2,984 | $1,356 | $23 |
Common Stock [Member] | |||
Tax benefits exercise stock options | 2,984 | 1,356 | 23 |
Additional Paid-in Capital [Member] | |||
Tax benefits exercise stock options | $2,984 | $1,356 | $23 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $51,991 | $43,627 | $32,048 |
Noncash items included in net income: | |||
Depreciation and amortization | 59,022 | 51,564 | 47,985 |
Provision for doubtful accounts | 1,942 | 2,227 | 1,833 |
Deferred income taxes | 9,462 | 12,098 | -705 |
Gain from property disposals, net | -17 | -721 | -487 |
Stock-based compensation | 4,166 | 2,902 | 2,687 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -12,372 | -13,350 | 538 |
Accounts payable | -8,590 | 5,479 | 3,362 |
Other working capital items, net | -11,215 | -5,213 | 13,972 |
Claims, insurance and other | 5,260 | 392 | -448 |
Other, net | 2,521 | 2,307 | -110 |
Net cash provided by operating activities | 102,170 | 101,312 | 100,675 |
Investing Activities: | |||
Acquisition of property and equipment | -97,750 | -126,358 | -86,120 |
Proceeds from disposal of property and equipment | 2,905 | 4,338 | 3,305 |
Acquisition of business, net of cash received | -7,616 | ||
Net cash used in investing activities | -94,845 | -122,020 | -90,431 |
Financing Activities: | |||
Repayment of revolving credit agreement | -340,540 | -223,798 | -344,867 |
Borrowing of revolving credit agreement | 337,223 | 262,125 | 354,857 |
Repayment of long-term debt | -7,143 | -22,143 | -22,143 |
Other Financing Activity | -280 | -586 | |
Proceeds on stock option exercises (including excess tax benefits) | 7,623 | 4,948 | 913 |
Net cash (used in) provided by financing activities | -3,117 | 20,546 | -11,240 |
Net Increase (Decrease) in Cash and Cash Equivalents | 4,208 | -162 | -996 |
Cash and cash equivalents, beginning of year | 159 | 321 | 1,317 |
Cash and cash equivalents, end of year | 4,367 | 159 | 321 |
Non Cash Investing Activities | |||
Equipment financed with capital leases | $16,886 |
Description_of_Business_and_Su
Description of Business and Summary of Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Description of Business and Summary of Accounting Policies | 1. Description of Business and Summary of Accounting Policies | ||||||||
Description of Business | |||||||||
Saia, Inc. and its subsidiaries (Saia or the Company) are headquartered in Johns Creek, Georgia. The Company offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services across the United States through its wholly-owned subsidiaries. Effective December 31, 2014, the Company’s subsidiaries were as follows: Saia Motor Freight Line, LLC, doing business as Saia LTL Freight; Saia TL Plus, LLC, formerly Robart Transportation, Inc., Saia Sales, LLC, and Saia Logistics Services, LLC, formerly The RL Services Group, LLC. | |||||||||
Basis of Presentation | |||||||||
The accompanying consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |||||||||
Common Stock Split | |||||||||
On May 16, 2013, the Company announced a three-for-two stock split which was effected in the form of a 50 percent stock dividend. The shares were distributed on June 13, 2013 to shareholders of record as of the close of business on the record date of May 31, 2013. In lieu of fractional shares, shareholders received a cash payment based on the closing share price of the Company’s common stock on the record date. All references in this report to common shares outstanding, weighted average common shares and earnings per share amounts have been retroactively restated to reflect this stock split. | |||||||||
Use of Estimates | |||||||||
Management makes estimates and assumptions when preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. | |||||||||
New Accounting Pronouncements | |||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it completed its evaluation of the effect of the standard on its ongoing financial reporting. | |||||||||
Summary of Accounting Policies | |||||||||
Major accounting policies and practices used in the preparation of the accompanying consolidated financial statements not covered in other notes to the consolidated financial statements are as follows: | |||||||||
Cash and Cash Equivalents and Checks Outstanding: Cash and cash equivalents in excess of current operating requirements are invested in short-term interest bearing instruments purchased with original maturities of three months or less and are stated at cost, which approximates market. Checks outstanding in excess of cash on deposit are classified in accounts payable on the accompanying consolidated balance sheets and in operating activities in the accompanying consolidated statements of cash flows. | |||||||||
Inventories, fuel and operating supplies: Inventories are carried at average cost and included in other current assets. To mitigate the Company’s risk to rising fuel prices, the Company has implemented fuel surcharge programs and considers effects of these fuel surcharge programs in customer pricing negotiations. | |||||||||
Property and Equipment Including Repairs and Maintenance: Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on the following service lives: | |||||||||
Years | |||||||||
Structures | 20 to 25 | ||||||||
Tractors | 8 to 10 | ||||||||
Trailers | 10 to 14 | ||||||||
Other revenue equipment | 10 to 14 | ||||||||
Technology equipment and software | 3 to 5 | ||||||||
Other | 3 to 10 | ||||||||
At December 31, property and equipment consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land | $ | 53,632 | $ | 52,745 | |||||
Structures | 140,206 | 115,874 | |||||||
Tractors | 290,717 | 273,129 | |||||||
Trailers | 237,262 | 202,173 | |||||||
Other revenue equipment | 37,220 | 34,616 | |||||||
Technology equipment and software | 63,773 | 58,957 | |||||||
Other | 68,334 | 60,033 | |||||||
Total property and equipment, at cost | $ | 891,145 | $ | 797,527 | |||||
Maintenance and repairs are charged to operations while replacements and improvements that extend the asset’s life are capitalized. The Company’s investment in technology equipment and software consists primarily of systems to support customer service and freight management. Depreciation was $58.4 million, $51.0 million and $47.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Depreciation and amortization expense includes amortization of assets under capital lease. | |||||||||
Computer Software Developed or Obtained for Internal Use: The Company capitalizes certain costs associated with developing or obtaining internal-use software. Capitalizable costs include external direct costs of materials and services utilized in developing or obtaining the software and payroll and payroll-related costs for employees directly associated with the development of the project. For the years ended December 31, 2014, 2013, and 2012, the Company capitalized $1.0 million, $2.1 million, and $1.0 million, respectively, of primarily payroll-related costs. | |||||||||
Claims and Insurance Accruals: Claims and insurance accruals, both current and long-term, reflect the estimated cost of claims for workers’ compensation (discounted to present value), cargo loss and damage, and bodily injury and property damage not covered by insurance. These costs are included in claims and insurance expense, except for workers’ compensation, which is included in employees’ benefits expense. The liabilities for self-funded retention are included in claims and insurance reserves based on claims incurred. Liabilities for unsettled claims and claims incurred but not yet reported are actuarially determined with respect to workers’ compensation claims and with respect to all other liabilities, estimated based on management’s evaluation of the nature and severity of individual claims and past experience. The former parent of Saia provides guarantees for claims in certain self-insured states that arose prior to September 30, 2002 (See Note 12 for more information regarding the guarantees). | |||||||||
Risk retention amounts per occurrence during the three years ended December 31, 2014, were as follows: | |||||||||
Workers’ compensation | $ | 1,000,000 | |||||||
Bodily injury and property damage | 2,000,000 | ||||||||
Employee medical and hospitalization | 350,000 | ||||||||
Cargo loss and damage | 250,000 | ||||||||
The Company’s insurance accruals are presented net of amounts receivable from insurance companies that provide coverage above the Company’s retention. | |||||||||
Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As required by the income taxes Topic of Financial Accounting Standards Board (FASB) Account Standards Codification ASC 740, the Company follows this guidance which defines the threshold for recognizing the benefits of tax-filing positions in the financial statements as “more-likely-than-not” to be sustained by the tax authority. ASC 740 Income Taxes also prescribes a method for computing the tax benefit of such tax positions to be recognized in the financial statements. In addition, it provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||||||
Revenue Recognition: Revenue is recognized on a percentage-of-completion basis for shipments in transit while expenses are recognized as incurred. | |||||||||
Stock-Based Compensation: The Company accounts for its employee stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation. ASC 718 requires that all employee stock-based compensation is recognized as an expense in the financial statements and that for equity-classified awards such expenses are measured at the grant date fair value of the award. | |||||||||
Stock options are accounted for in accordance with ASC 718 with the expense amortized over the three-year vesting period using a Black-Sholes-Merton model to estimate the fair value of stock options granted to employees. | |||||||||
Stock-based performance unit awards are accounted for in accordance with ASC 718 with the expense amortized over the three-year vesting period using a Monte Carlo model to estimate fair value at the date the awards are granted. | |||||||||
Credit Risk: The Company routinely grants credit to its customers. The risk of significant loss in trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms, low revenue per transaction and services performed for a large number of customers with no single customer representing more than 6.0 percent of consolidated operating revenue. Allowances for potential credit losses are based on historical loss experience, current economic environment, expected trends and customer specific factors. | |||||||||
Impairment of Long-Lived Assets: As required by ASC 360, Property, Plant, and Equipment, long-lived assets, such as property, plant and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as deemed necessary. | |||||||||
The Company has adopted Accounting Standards Update (“ASU”) 2011-08, “Testing Goodwill for Impairment.” In accordance with this ASU, codified in the “Intangibles, Goodwill, and Other” topic of the FASB Accounting Standards Codification, the Company first performs a qualitative assessment to determine whether it is necessary to perform the two-step goodwill impairment test required by the previous standard. The Company is not required to estimate the fair value of a reporting unit unless the Company determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. | |||||||||
Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $1.9 million, $0.8 million, and $0.7 million in 2014, 2013 and 2012, respectively. | |||||||||
Financial Instruments | |||||||||
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair value as of December 31, 2014 and 2013, because of the relatively short maturity of these instruments. See Note 2 for fair value disclosures related to long-term debt. |
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Financing Arrangements | 2. Debt and Financing Arrangements | ||||||||
At December 31, debt consisted of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit Agreement with Banks, described below | $ | 45,000 | $ | 48,312 | |||||
Senior Notes under a Master Shelf Agreement, described below | 21,429 | 28,571 | |||||||
Capital Leases, described below | 16,606 | — | |||||||
Total debt | 83,035 | 76,883 | |||||||
Less: current portion of long-term debt | 9,138 | 7,143 | |||||||
Long-term debt, less current portion | $ | 73,897 | $ | 69,740 | |||||
The Company’s liquidity needs arise primarily from capital investment in new equipment, land and structures, information technology and letters of credit required under insurance programs, as well as funding working capital requirements. | |||||||||
The Company is party to a revolving credit agreement (the Restated Credit Agreement) with a group of banks to fund capital investments, letters of credit and working capital needs. The facility provides up to $200 million in availability, subject to a borrowing base and expires in June 2018. The Company is also a party to a long-term note agreement (the Restated Master Shelf Agreement). The Company has pledged certain real estate and facilities, tractors and trailers, accounts receivable and other assets to secure indebtedness under both agreements. | |||||||||
Restated Credit Agreement | |||||||||
The Restated Credit Agreement is a revolving credit facility for up to $200 million expiring in June 2018. The Restated Credit Agreement also has an accordion feature that allows for an additional $40 million of availability, subject to lender approval. The Restated Credit Agreement provides for a LIBOR rate margin range from 125 basis points to 250 basis points, base rate margins from minus 12.5 to plus 50 basis points, letter of credit fee range from 137.5 basis points to 262.5 basis points and an unused portion fee from 20 basis points to 32.5 basis points in each case based on the Company’s leverage ratio. | |||||||||
Under the Restated Credit Agreement, the Company must maintain certain financial covenants including a minimum fixed charge coverage ratio, a maximum leverage ratio and a minimum tangible net worth, among others. The Restated Credit Agreement also provides for a pledge by the Company of certain land and structures, certain tractors, trailers and other personal property and accounts receivable, as defined in the Restated Credit Agreement. Total bank commitments under the Restated Credit Agreement are $200 million subject to a borrowing base calculated utilizing certain pledged property, equipment and accounts receivable as defined in the Restated Credit Agreement. | |||||||||
At December 31, 2014, the Company had borrowings of $45.0 million and outstanding letters of credit of $47.3 million under the Restated Credit Agreement. At December 31, 2013, the Company had borrowings of $48.3 million and outstanding letters of credit of $59.1 million under the Restated Credit Agreement. The available portion of the Restated Credit Agreement may be used for general corporate purposes, including future capital expenditures, working capital and letter of credit requirements as needed. | |||||||||
Restated Master Shelf Agreement | |||||||||
On September 20, 2002, the Company issued $100 million in Senior Notes under a $125 million (amended to $150 million in April 2005) Master Shelf Agreement with Prudential Investment Management, Inc. and certain of its affiliates. The Company issued another $25 million in Senior Notes on November 30, 2007 and $25 million in Senior Notes on January 31, 2008 under the same Master Shelf Agreement. | |||||||||
The initial $100 million Senior Notes had a fixed interest rate of 7.38 percent. Payments due under the $100 million Senior Notes were interest only until June 30, 2006 and at that time semi-annual principal payments began with the final payment made in December 2013. The November 2007 issuance of $25 million Senior Notes has a fixed interest rate of 6.14 percent. The January 2008 issuance of $25 million Senior Notes has a fixed interest rate of 6.17 percent. Payments due for both $25 million issuances were interest only until June 30, 2011 and at that time semi-annual principal payments began with the final payments due January 1, 2018. Under the terms of the Senior Notes, the Company must maintain certain financial covenants including a minimum fixed charge coverage ratio, a maximum leverage ratio and a minimum tangible net worth, among others. | |||||||||
Capital Leases | |||||||||
The Company is obligated under capital leases which include obligations covering revenue equipment totaling $16.6 million that expire in seven years. Amortization of assets held under the capital leases is included in depreciation expense. The weighted average interest rate for the capital leases at December 31, 2014 is 2.92%. | |||||||||
Other | |||||||||
The Company paid cash for interest of $4.5 million, $6.1 million, and $7.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The estimated fair value of total debt at December 31, 2014 and 2013 is $83.7 million and $78.0 million, respectively, based upon level two in the fair value hierarchy. The fair value of these senior notes is based on undiscounted cash flows at market interest rates for similar issuances of private debt. | |||||||||
The principal maturities of long-term debt for the next five years (in thousands) are as follows: | |||||||||
Amount | |||||||||
2015 | $ | 9,504 | |||||||
2016 | 9,596 | ||||||||
2017 | 9,596 | ||||||||
2018 | 47,453 | ||||||||
2019 | 2,453 | ||||||||
Thereafter | 6,330 | ||||||||
Total | $ | 84,932 | |||||||
Less: Amounts Representing Interest on Capital Leases | 1,897 | ||||||||
Total | $ | 83,035 | |||||||
Commitments_Contingencies_and_
Commitments, Contingencies and Uncertainties | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments, Contingencies and Uncertainties | 3. Commitments, Contingencies and Uncertainties | ||||
The Company leases certain service facilities and equipment. Rent expense was $17.1 million, $17.9 million, and $17.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
At December 31, 2014, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): | |||||
Amount | |||||
2015 | $ | 14,051 | |||
2016 | 11,215 | ||||
2017 | 9,780 | ||||
2018 | 7,460 | ||||
2019 | 5,291 | ||||
Thereafter | 12,778 | ||||
Total | $ | 60,575 | |||
Management expects that in the normal course of business, leases will be renewed or replaced as they expire. | |||||
Capital expenditures committed were $74.4 million at December 31, 2014. As of December 31, 2014 and 2013, the Company had $1.8 million and $1.6 million, respectively, of capital expenditures in accounts payable. | |||||
Other. The Company is subject to legal proceedings that arise in the ordinary course of its business. The Company believes that adequate provisions for resolution of all contingencies, claims and pending litigation have been made for probable and estimable losses and that the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on its results of operations in a given quarter or annual period. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets | ||||||||||||||||
The changes in gross carrying amounts of goodwill are as follows (in thousands): | |||||||||||||||||
Goodwill | |||||||||||||||||
December 31, 2012 | $ | 5,231 | |||||||||||||||
No Activity | — | ||||||||||||||||
December 31, 2013 | 5,231 | ||||||||||||||||
No Activity | — | ||||||||||||||||
December 31, 2014 | $ | 5,231 | |||||||||||||||
The Company assesses goodwill for impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. | |||||||||||||||||
The Company reviews other intangible assets, including customer relationships and non-compete agreements, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. | |||||||||||||||||
The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Amortizable intangible assets: | |||||||||||||||||
Customer relationships (useful life of 6-10 years) | $ | 7,700 | $ | 4,795 | $ | 7,700 | $ | 4,195 | |||||||||
Covenants not-to-compete (useful life of 4-6 years) | 3,625 | 3,587 | 3,625 | 3,572 | |||||||||||||
$ | 11,325 | $ | 8,382 | $ | 11,325 | $ | 7,767 | ||||||||||
Amortization expense for intangible assets was $0.6 million for 2014, $0.6 million for 2013, and $0.5 million for 2012. Estimated amortization expense for the five succeeding years follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 615 | |||||||||||||||
2016 | 615 | ||||||||||||||||
2017 | 317 | ||||||||||||||||
2018 | 310 | ||||||||||||||||
2019 | 310 | ||||||||||||||||
Total | $ | 2,167 | |||||||||||||||
Computation_of_Earnings_Per_Sh
Computation of Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Earnings Per Share | 5. Computation of Earnings Per Share | ||||||||||||
The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 51,991 | $ | 43,627 | $ | 32,048 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average common shares | 24,505 | 24,154 | 23,823 | ||||||||||
Effect of dilutive stock options | 239 | 297 | 180 | ||||||||||
Effect of other common stock equivalents | 719 | 754 | 812 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average common shares | 25,463 | 25,205 | 24,815 | ||||||||||
Basic Earnings Per Share | $ | 2.12 | $ | 1.81 | $ | 1.35 | |||||||
Diluted Earnings Per Share | $ | 2.04 | $ | 1.73 | $ | 1.29 | |||||||
In 2014 and 2013, options and restricted stock for 7,936, and 143,640 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Stockholders' Equity | 6. Stockholders’ Equity | ||||||||||||
Share and per share amounts have been retroactively restated to reflect the three-for-two common stock split effected in 2013. | |||||||||||||
Deferred Compensation Trust | |||||||||||||
The Saia Executive Capital Accumulation Plan (the Capital Accumulation Plan) allows plan participants to make an irrevocable election to invest in the Company’s common stock. Upon distribution, the funds invested in the Company’s common stock will be paid out in Company stock rather than cash. | |||||||||||||
The following table summarizes the shares of the Company’s common stock that were purchased and sold by the Company’s Rabbi Trust, which holds the investments for the Capital Accumulation Plan: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares of common stock purchased | 1,400 | 5,900 | 13,650 | ||||||||||
Aggregate purchase price of shares purchased | $ | 52,961 | $ | 158,060 | $ | 158,883 | |||||||
Shares of common stock sold | 9,729 | 11,719 | 14,882 | ||||||||||
Aggregate sale price of shares sold | $ | 53,962 | $ | 158,060 | $ | 206,794 | |||||||
Since the Capital Accumulation Plan provides for the obligation to be settled only in Company stock, the deferred compensation obligation is classified as an equity instrument with no adjustments to operating results based on changes in fair value. | |||||||||||||
Directors’ Deferred Compensation | |||||||||||||
Under the Company’s Directors’ Deferred Fee Plan, non-employee directors may defer all or a portion of their annual fees and retainers which are otherwise payable. Such deferrals are converted into units equivalent to the value of the Company’s stock. Upon the director’s termination, death or disability, accumulated deferrals are distributed in the form of Company common stock. The Company has 244,835 and 228,546 shares reserved for issuance under the Directors’ Deferred Fee Plan at December 31, 2014 and 2013, respectively. The shares reserved for issuance under the Directors’ Deferred Fee Plan are treated as common stock equivalents in computing diluted earnings per share. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | 7. Stock-Based Compensation | ||||||||||||||||
The Company accounts for its employee stock-based compensation awards in accordance with ASC 718. ASC 718 requires that all employee stock-based compensation is recognized as a cost in the financial statements and that for equity-classified awards such costs are measured at the grant date fair value of the award. The Company uses a Black-Scholes-Merton model to estimate the fair value of stock options granted to employees and expects to continue to use this option valuation model under ASC 718. | |||||||||||||||||
ASC 718 also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow, rather than as an operating cash flow. This requirement reduces net operating cash flows and increases net financing cash flows. For the years ended December 31, 2014, 2013 and 2012, cash flows from financing activities were increased by $4.0 million, $2.1 million, and $0.1 million, respectively, for such excess tax deductions. | |||||||||||||||||
The stockholders of the Company approved the First Amended and Restated 2011 Omnibus Incentive Plan (the 2011 Omnibus Plan) and Amended and Restated 2003 Omnibus Incentive Plan (the 2003 Omnibus Plan) to allow the Company to issue equity based compensation to help attract and retain executive, managerial, supervisory or professional employees and non-employee directors. The 2011 Omnibus Plan has a total of 2,025,000 shares reserved. The Company had reserved 1,236,000 shares of its common stock under the 2003 Omnibus Plan. Following stockholder approval of the 2011 Omnibus Plan, no additional grants have been made under the 2003 Omnibus Plan and by the terms of the Plan, no new grants may be made after January 22, 2013. | |||||||||||||||||
The 2011 Omnibus Plan and the 2003 Omnibus Plan provide for the grant or award of stock options; stock appreciation rights; restricted and unrestricted stock; and performance unit awards. Stock option awards are granted with an exercise price equal to the market price of the Company’s stock at the date of grant; stock option awards granted to employees under the plans to date have cliff vesting at the end of three years of continuous service and have a seven-year contractual term. The non-employee director stock options issued under the 2003 Omnibus Plan expire ten years from the date of grant; are exercisable six months after the date of grant; and have an exercise price equal to the fair market value of the Company’s common stock on the date of grant. No stock options have been granted to non-employee directors under the 2011 Omnibus Plan. | |||||||||||||||||
The 2011 Omnibus Plan provides for an annual grant to each non-employee director of no more than 12,000 shares with the exact number of shares granted each year determined by the Compensation Committee of the Board. These share awards vest over three years subject to acceleration of vesting upon leaving the Board (other than for cause) or a change in control. Shares issued to each non-employee director under this provision were 1,905, 2,199, and 4,063 for the years ended December 31, 2014, 2013 and 2012, respectively. Non-employee directors were also issued 16,561, 24,191 and 40,398 units equivalent to shares in the Company’s common stock under the Directors’ Deferred Fee Plan during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
At December 31, 2014 and 2013, zero and 158,700 shares remain reserved and unissued under the provisions of the 2003 Omnibus Plan, all of which are allocated to outstanding Performance Unit Awards and outstanding stock options described below. At December 31, 2014, 1,257,996 shares remain reserved and unissued under the provisions of the 2011 Omnibus Plan, a portion of which are allocated to outstanding Performance Unit Awards and outstanding stock options and restricted stock described below. The Company has historically issued new shares to satisfy stock option exercises or other awards issued under the 2011 Omnibus Plan and 2003 Omnibus Plan. | |||||||||||||||||
The years ended December 31, 2014, 2013 and 2012 had stock option and restricted stock compensation expense of $2.2 million, $1.2 million and $1.1 million, respectively, included in salaries, wages and employees’ benefits. The Company recognized a tax benefit consistent with the appropriate tax rates for each of the respective periods. As of December 31, 2014, there is unrecognized compensation expense of $2.2 million related to unvested stock options and restricted stock, which is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||||||||
The following table summarizes the activity of stock options for the year ended December 31, 2014 for both employees and non-employee directors: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
average | Average | Intrinsic | |||||||||||||||
exercise price | Remaining | Value | |||||||||||||||
Contractual | (000’s) | ||||||||||||||||
Life (years) | |||||||||||||||||
Outstanding at December 31, 2013 | 588,510 | $ | 14.76 | ||||||||||||||
Granted | 116,240 | ||||||||||||||||
Exercised | (320,625 | ) | |||||||||||||||
Forfeited | (24,750 | ) | |||||||||||||||
Expired | — | ||||||||||||||||
Outstanding at December 31, 2014 | 359,375 | $ | 22.03 | 5.1 | $ | 11,975 | |||||||||||
Exercisable at December 31, 2014 | — | $ | — | — | $ | — | |||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $9.9 million, $4.7 million, and $0.4 million, respectively. The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2014, 2013 and 2012 was $12.12, $12.95, and $5.57, respectively. The weighted-average grant-date fair value per share of shares vested during the years ended December 31, 2014, 2013 and 2012 was $6.75, $4.15, and $4.25, respectively. | |||||||||||||||||
The following table summarizes the weighted average assumptions used in valuing options for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 1.58 | % | 0.8 | % | 0.84 | % | |||||||||||
Expected life in years | 4.5 | 4.5 | 5 | ||||||||||||||
Expected volatility | 44.33 | % | 58.5 | % | 59.82 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield in effect at the time of grant. The expected life of the options represents the period of time that options granted are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s stock. | |||||||||||||||||
The following table summarizes the status of the Company’s unvested options as of December 31, 2014 and changes during the year ended December 31, 2014: | |||||||||||||||||
Options | Weighted average | ||||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Unvested at December 31, 2013 | 429,810 | $ | 8.02 | ||||||||||||||
Granted | 116,240 | 12.12 | |||||||||||||||
Vested | (161,925 | ) | 6.75 | ||||||||||||||
Forfeited | (24,750 | ) | 9.46 | ||||||||||||||
Unvested at December 31, 2014 | 359,375 | $ | 9.82 | ||||||||||||||
The Company granted shares of restricted stock to certain key executives in February 2013. On September 10, 2014, the Company awarded Frederick J. Holzgrefe, III, 7,936 restricted shares under the 2011 Omnibus Plan, in connection with him joining Saia as Vice President of Finance and Chief Financial Officer. All of the shares of restricted stock issued to executives to date vest 25% after three years, 25% after four years and the remaining 50% after five years assuming the executive has been in continuous service to the Company since the award date. The value of restricted stock is based on the fair market value of the Company’s common stock at the date of grant. | |||||||||||||||||
The following table summarizes restricted stock activity during the year ended December 31, 2014: | |||||||||||||||||
Shares | Weighted average | ||||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Restricted Stock at December 31, 2013 | 122,731 | $ | 11 | ||||||||||||||
Granted | 7,936 | $ | 50.4 | ||||||||||||||
Vested | (15,152 | ) | $ | 11 | |||||||||||||
Forfeited | (7,576 | ) | $ | 11 | |||||||||||||
Restricted Stock at December 31, 2014 | 107,939 | $ | 13.9 | ||||||||||||||
Performance Unit Awards | |||||||||||||||||
Under the 2011 Omnibus Plan and the 2003 Omnibus Plan, the Compensation Committee of the Board of Directors approved performance unit awards to a group of less than 20 management and executive employees. The criteria for payout of the awards is based on a comparison over the three-year performance period of these awards of the total shareholder return (TSR) of the Company’s common stock compared to the TSR of the companies in the peer group established by the Compensation Committee. The stock-based awards are accounted for in accordance with ASC 718 with the expense amortized over the three-year vesting period based on the fair value using the Monte Carlo method at the date the awards are granted. Operating results from continuing operations include expense for the performance unit awards of $1.2 million in 2014, and $1.0 million 2013 and 2012. Shares earned under the performance unit awards will be issued in the first quarter of the year following the end of the performance period. There was an issuance of 146,052 shares for the 2012-2014 performance period in February 2015, 106,330 shares for the February 2011-February 2014 performance period in February 2014, and 150,384 shares for the 2010-2012 performance period in February 2013. The issuance of shares related to these awards would range from zero to a maximum of 68,200 shares per year as of December 31, 2014. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | 8. Employee Benefits |
Defined Contribution Plans | |
The Company sponsors defined contribution plans. The plans principally consist of contributory 401(k) savings plans and noncontributory profit sharing plans. The Company’s contributions to the 401(k) savings plans consist of a matching percentage. The Company match has historically been 50 percent of the first six percent of an eligible employee’s contributions. The Company elected to temporarily suspend the Company match in February 2009. Effective April 1, 2011, the Company reinstated one-half of the 401(k) match with the remainder of the match reinstated on December 1, 2013. The Company’s total contributions included in continuing operations for the years ended December 31, 2014, 2013 and 2012, were $5.7 million, $2.5 million, and $2.1 million, respectively. | |
Deferred Compensation Plan | |
The Saia Executive Capital Accumulation Plan (the Capital Accumulation Plan) is a nonqualified deferred compensation plan for Saia executives. The Capital Accumulation Plan allows for the plan participants to invest in the Company’s common stock. Elections to invest in the Company’s common stock are irrevocable and upon distribution, the funds invested in the Company’s common stock will be paid out in Company stock rather than cash. At December 31, 2014 and 2013, the Company’s Rabbi Trust, which holds the investments for the Capital Accumulation Plan, held 193,607 and 201,936 shares of the Company’s common stock, respectively, all of which were purchased on the open market. The shares held by the Capital Accumulation Plan are treated similar to treasury shares and deducted from basic shares outstanding for purposes of calculating basic earnings per share. However, because the distributions are required to be made in Company stock, these shares are added back to basic shares outstanding for the purposes of calculating diluted earnings per share. | |
Annual Incentive Awards | |
The Company provides annual cash performance incentive awards to salaried and clerical employees which are based primarily on actual operating results achieved, compared to targeted operating results. Operating results from continuing operations include performance incentive accruals of $6.5 million, $8.8 million, and $8.4 million in 2014, 2013 and 2012, respectively. Performance incentive awards for a year are primarily paid in the first quarter of the following year. | |
Employee Stock Purchase Plan | |
In January 2003, the Company adopted the Employee Stock Purchase Plan of Saia, Inc. (ESPP) allowing all eligible employees to purchase common stock of the Company at current market prices through payroll deductions of up to 10 percent of annual wages. The custodian uses the funds to purchase the Company’s common stock at current market prices. The custodian purchased 4,751, 6,711, and 13,830 shares in the open market during 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 9. Income Taxes | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax liabilities (assets) are comprised of the following at December 31 (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Depreciation | 100,607 | $ | 88,522 | ||||||||||
Other | (559 | ) | 3,548 | ||||||||||
Revenue | 0 | 120 | |||||||||||
Gross deferred tax liabilities | 100,048 | 92,190 | |||||||||||
Allowance for doubtful accounts | (1,511 | ) | (1,467 | ) | |||||||||
Equity-based compensation | (3,440 | ) | (3,287 | ) | |||||||||
Employee benefits | (7,024 | ) | (6,996 | ) | |||||||||
Claims and insurance | (22,019 | ) | (19,374 | ) | |||||||||
Other | (7,108 | ) | (11,571 | ) | |||||||||
Gross deferred tax assets | (41,102 | ) | (42,695 | ) | |||||||||
Net deferred tax liability | $ | 58,946 | $ | 49,495 | |||||||||
The Company has determined that a valuation allowance related to deferred tax assets was not necessary at December 31, 2014 or 2013 since it is more likely than not the deferred tax assets will be realized from future reversals of temporary differences or future taxable income. | |||||||||||||
The income tax provision for continuing operations consists of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 18,085 | $ | 9,924 | $ | 16,837 | |||||||
State | 1,690 | 2,496 | 2,959 | ||||||||||
Total current income tax provision | 19,775 | 12,420 | 19,796 | ||||||||||
Deferred: | |||||||||||||
U.S. federal | 9,547 | 11,822 | (678 | ) | |||||||||
State | (85 | ) | 276 | (27 | ) | ||||||||
Total deferred income tax (benefit) provision | 9,462 | 12,098 | (705 | ) | |||||||||
Total income tax provision | $ | 29,237 | $ | 24,518 | $ | 19,091 | |||||||
A reconciliation between income taxes at the federal statutory rate (35 percent) and the effective income tax provision is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision at federal statutory rate | $ | 28,430 | $ | 23,851 | $ | 17,899 | |||||||
State income taxes, net | 2,426 | 2,574 | 2,025 | ||||||||||
Nondeductible business expenses | 589 | 675 | 503 | ||||||||||
Tax credits | (1,434 | ) | (2,429 | ) | (253 | ) | |||||||
Other, net | (774 | ) | (153 | ) | (1,083 | ) | |||||||
Total provision | $ | 29,237 | $ | 24,518 | $ | 19,091 | |||||||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. For the U.S. federal jurisdiction, tax years 2012-2014 remain open to examination. The expiration of the statute of limitations related to the various state income tax returns that the Company files vary by state. In general, tax years 2005-2013 remain open to examination by the various state and local jurisdictions. However, a state could challenge certain tax positions back to the 2001 tax year. | |||||||||||||
A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 1,281 | $ | 1,290 | |||||||||
Gross decreases in tax positions for prior years | — | — | |||||||||||
Gross increases in tax positions for current year | 202 | — | |||||||||||
Settlements | — | — | |||||||||||
Lapse of statute of limitations | (318 | ) | (9 | ) | |||||||||
Gross unrecognized tax benefits at end of year | $ | 1,165 | $ | 1,281 | |||||||||
The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. During the years ended December 31, 2014, 2013 and 2012, respectively, the Company recorded interest related to unrecognized tax benefits of approximately $0.3 million, $0.1 million, and $0.1 million, respectively. The Company had approximately $1.3 million, $1.6 million, and $1.4 million of accrued interest and penalties at December 31, 2014, 2013 and 2012, respectively. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $1.2 million and $1.3 million as of December 31, 2014 and 2013, respectively. The Company paid cash for income taxes of $20.8 million, $20.6 million, and $19.3 million in 2014, 2013 and 2012, respectively. | |||||||||||||
The Company does not anticipate total unrecognized tax benefits will significantly change during the next twelve months due to the settlements of audits and the expiration of statutes of limitations. | |||||||||||||
As a result of legislation enacted in January 2013, the Company recognized tax credits for 2012 alternative fuel usage of approximately $1.0 million in the first quarter of 2013. |
Summary_of_Quarterly_Operating
Summary of Quarterly Operating Results (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Operating Results (unaudited) | 10. Summary of Quarterly Operating Results (unaudited) | ||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||
Three months ended, 2014 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Operating revenue | $ | 299,730 | $ | 330,399 | $ | 332,544 | $ | 309,648 | |||||||||
Operating income | 15,231 | 22,741 | 27,149 | 20,572 | |||||||||||||
Net income | 8,576 | 13,568 | 16,278 | 13,569 | |||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.55 | $ | 0.66 | $ | 0.55 | |||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.53 | $ | 0.64 | $ | 0.53 | |||||||||
Three months ended, 2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Operating revenue | $ | 273,795 | $ | 292,557 | $ | 293,087 | $ | 279,655 | |||||||||
Operating income | 14,532 | 23,259 | 21,935 | 14,692 | |||||||||||||
Net income | 9,155 | 13,500 | 12,908 | 8,064 | |||||||||||||
Basic earnings per share | $ | 0.38 | $ | 0.56 | $ | 0.53 | $ | 0.33 | |||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.54 | $ | 0.51 | $ | 0.32 | |||||||||
Acquisition
Acquisition | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisition | 11. Acquisition | ||||
On July 2, 2012, Saia, Inc. acquired Robart Transportation, Inc. and its subsidiary, The RL Services Group, LLC (the Robart Companies). The acquired Robart Companies provide customers with non-asset truckload full service and logistics solutions. The purchase price of the acquisition was $7.9 million ($7.6 million, net of $0.3 million cash received) plus an earnout subject to performance of the acquired companies in 2013 up to a maximum of $1.3 million. The maximum earnout of $1.3 million was paid in February 2014. The Company believes the acquisition supports the strategic goal of diversifying Saia’s portfolio of service offerings. | |||||
During the third quarter of 2012, the Company allocated the purchase price in excess of net tangible assets between tax deductible goodwill and other identifiable intangible assets related to the acquisition of the Robart Companies. The cash purchase price has been allocated based on independent appraisals and management’s estimates as follows (in thousands): | |||||
Consideration: | |||||
Cash | $ | (7,934 | ) | ||
Contingent consideration arrangement | (1,162 | ) | |||
Fair value of total consideration transferred | $ | (9,096 | ) | ||
Acquisition related costs included in SG&A | 150 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Current assets | $ | 2,082 | |||
Property and equipment | 44 | ||||
Customer lists | 3,184 | ||||
Current liabilities | (1,445 | ) | |||
Total identifiable net assets assumed | $ | 3,865 | |||
Goodwill | 5,231 | ||||
Total | $ | 9,096 | |||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 12. Related-Party Transactions |
On September 30, 2002, YRC Worldwide, Inc. (Yellow) completed the spin-off of its 100 percent interest in the Company to Yellow stockholders (the Spin-off) in a tax-free distribution under Section 355 of the Internal Revenue Code. Subsequent to the Spin-off, Yellow continues to provide guarantees for certain pre-Spin-off workers’ compensation and casualty claims for which the Company is allocated its pro rata share of letters of credit which Yellow must maintain for these insurance programs. Yellow allocated $1.8 million and $1.6 million in letters of credit at December 31, 2014 and 2013 respectively, in connection with the Company’s insurance programs for which the Company pays quarterly Yellow’s cost plus 125 basis points. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and Qualifying Accounts | 13. Valuation and Qualifying Accounts | ||||||||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance, | Charged to | Charged | Deductions-(1) | Balance, | ||||||||||||||||
beginning | costs and | to other | end of | ||||||||||||||||||
of period | expenses | accounts | period | ||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | $ | 3,737 | $ | 1,942 | — | ($ | 1,811 | ) | $ | 3,868 | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | 3,881 | 2,227 | — | (2,371 | ) | 3,737 | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | 3,811 | 1,833 | — | (1,763 | ) | 3,881 | |||||||||||||||
-1 | Primarily uncollectible accounts written off — net of recoveries. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events |
On February 2, 2015, subsequent to the end of the fourth quarter of 2014, the Company acquired LinkEx, Inc. The Company believes this acquisition is a future growth opportunity for its portfolio of services in the asset-light market. This acquisition fits into the Company’s strategic goal of diversifying Saia’s portfolio of service offerings. Pursuant to the terms of the purchase agreement, the Company paid a purchase price of approximately $25 million, subject, in part, to meeting profit targets. |
Description_of_Business_and_Su1
Description of Business and Summary of Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Description of Business | Description of Business | ||||||||
Saia, Inc. and its subsidiaries (Saia or the Company) are headquartered in Johns Creek, Georgia. The Company offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services across the United States through its wholly-owned subsidiaries. Effective December 31, 2014, the Company’s subsidiaries were as follows: Saia Motor Freight Line, LLC, doing business as Saia LTL Freight; Saia TL Plus, LLC, formerly Robart Transportation, Inc., Saia Sales, LLC, and Saia Logistics Services, LLC, formerly The RL Services Group, LLC. | |||||||||
Basis of Presentation | Basis of Presentation | ||||||||
The accompanying consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |||||||||
Common Stock Split | Common Stock Split | ||||||||
On May 16, 2013, the Company announced a three-for-two stock split which was effected in the form of a 50 percent stock dividend. The shares were distributed on June 13, 2013 to shareholders of record as of the close of business on the record date of May 31, 2013. In lieu of fractional shares, shareholders received a cash payment based on the closing share price of the Company’s common stock on the record date. All references in this report to common shares outstanding, weighted average common shares and earnings per share amounts have been retroactively restated to reflect this stock split. | |||||||||
Use of Estimates | Use of Estimates | ||||||||
Management makes estimates and assumptions when preparing the consolidated financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the amounts reported in the consolidated financial statements and footnotes. Actual results could differ from those estimates. | |||||||||
New Accounting Pronouncements | New Accounting Pronouncements | ||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services. The ASU will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. The new standard is effective for us on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it completed its evaluation of the effect of the standard on its ongoing financial reporting. | |||||||||
Cash Equivalents and Checks Outstanding | Cash and Cash Equivalents and Checks Outstanding: Cash and cash equivalents in excess of current operating requirements are invested in short-term interest bearing instruments purchased with original maturities of three months or less and are stated at cost, which approximates market. Checks outstanding in excess of cash on deposit are classified in accounts payable on the accompanying consolidated balance sheets and in operating activities in the accompanying consolidated statements of cash flows. | ||||||||
Inventories, fuel and operating supplies | Inventories, fuel and operating supplies: Inventories are carried at average cost and included in other current assets. To mitigate the Company’s risk to rising fuel prices, the Company has implemented fuel surcharge programs and considers effects of these fuel surcharge programs in customer pricing negotiations. | ||||||||
Property and Equipment Including Repairs and Maintenance | Property and Equipment Including Repairs and Maintenance: Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on the following service lives: | ||||||||
Years | |||||||||
Structures | 20 to 25 | ||||||||
Tractors | 8 to 10 | ||||||||
Trailers | 10 to 14 | ||||||||
Other revenue equipment | 10 to 14 | ||||||||
Technology equipment and software | 3 to 5 | ||||||||
Other | 3 to 10 | ||||||||
At December 31, property and equipment consisted of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Land | $ | 53,632 | $ | 52,745 | |||||
Structures | 140,206 | 115,874 | |||||||
Tractors | 290,717 | 273,129 | |||||||
Trailers | 237,262 | 202,173 | |||||||
Other revenue equipment | 37,220 | 34,616 | |||||||
Technology equipment and software | 63,773 | 58,957 | |||||||
Other | 68,334 | 60,033 | |||||||
Total property and equipment, at cost | $ | 891,145 | $ | 797,527 | |||||
Maintenance and repairs are charged to operations while replacements and improvements that extend the asset’s life are capitalized. The Company’s investment in technology equipment and software consists primarily of systems to support customer service and freight management. Depreciation was $58.4 million, $51.0 million and $47.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. Depreciation and amortization expense includes amortization of assets under capital lease. | |||||||||
Computer Software Developed or Obtained for Internal Use | Computer Software Developed or Obtained for Internal Use: The Company capitalizes certain costs associated with developing or obtaining internal-use software. Capitalizable costs include external direct costs of materials and services utilized in developing or obtaining the software and payroll and payroll-related costs for employees directly associated with the development of the project. For the years ended December 31, 2014, 2013, and 2012, the Company capitalized $1.0 million, $2.1 million, and $1.0 million, respectively, of primarily payroll-related costs. | ||||||||
Claims and Insurance Accruals | Claims and Insurance Accruals: Claims and insurance accruals, both current and long-term, reflect the estimated cost of claims for workers’ compensation (discounted to present value), cargo loss and damage, and bodily injury and property damage not covered by insurance. These costs are included in claims and insurance expense, except for workers’ compensation, which is included in employees’ benefits expense. The liabilities for self-funded retention are included in claims and insurance reserves based on claims incurred. Liabilities for unsettled claims and claims incurred but not yet reported are actuarially determined with respect to workers’ compensation claims and with respect to all other liabilities, estimated based on management’s evaluation of the nature and severity of individual claims and past experience. The former parent of Saia provides guarantees for claims in certain self-insured states that arose prior to September 30, 2002 (See Note 12 for more information regarding the guarantees). | ||||||||
Risk retention amounts per occurrence during the three years ended December 31, 2014, were as follows: | |||||||||
Workers’ compensation | $ | 1,000,000 | |||||||
Bodily injury and property damage | 2,000,000 | ||||||||
Employee medical and hospitalization | 350,000 | ||||||||
Cargo loss and damage | 250,000 | ||||||||
The Company’s insurance accruals are presented net of amounts receivable from insurance companies that provide coverage above the Company’s retention. | |||||||||
Income Taxes | Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. As required by the income taxes Topic of Financial Accounting Standards Board (FASB) Account Standards Codification ASC 740, the Company follows this guidance which defines the threshold for recognizing the benefits of tax-filing positions in the financial statements as “more-likely-than-not” to be sustained by the tax authority. ASC 740 Income Taxes also prescribes a method for computing the tax benefit of such tax positions to be recognized in the financial statements. In addition, it provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | ||||||||
Revenue Recognition | Revenue Recognition: Revenue is recognized on a percentage-of-completion basis for shipments in transit while expenses are recognized as incurred. | ||||||||
Stock-Based Compensation | Stock-Based Compensation: The Company accounts for its employee stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation. ASC 718 requires that all employee stock-based compensation is recognized as an expense in the financial statements and that for equity-classified awards such expenses are measured at the grant date fair value of the award. | ||||||||
Stock options are accounted for in accordance with ASC 718 with the expense amortized over the three-year vesting period using a Black-Sholes-Merton model to estimate the fair value of stock options granted to employees. | |||||||||
Stock-based performance unit awards are accounted for in accordance with ASC 718 with the expense amortized over the three-year vesting period using a Monte Carlo model to estimate fair value at the date the awards are granted. | |||||||||
Credit Risk | Credit Risk: The Company routinely grants credit to its customers. The risk of significant loss in trade receivables is substantially mitigated by the Company’s credit evaluation process, short collection terms, low revenue per transaction and services performed for a large number of customers with no single customer representing more than 6.0 percent of consolidated operating revenue. Allowances for potential credit losses are based on historical loss experience, current economic environment, expected trends and customer specific factors. | ||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: As required by ASC 360, Property, Plant, and Equipment, long-lived assets, such as property, plant and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as deemed necessary. | ||||||||
The Company has adopted Accounting Standards Update (“ASU”) 2011-08, “Testing Goodwill for Impairment.” In accordance with this ASU, codified in the “Intangibles, Goodwill, and Other” topic of the FASB Accounting Standards Codification, the Company first performs a qualitative assessment to determine whether it is necessary to perform the two-step goodwill impairment test required by the previous standard. The Company is not required to estimate the fair value of a reporting unit unless the Company determines, based on qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. | |||||||||
Advertising | Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $1.9 million, $0.8 million, and $0.7 million in 2014, 2013 and 2012, respectively. | ||||||||
Financial Instruments | Financial Instruments | ||||||||
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair value as of December 31, 2014 and 2013, because of the relatively short maturity of these instruments. See Note 2 for fair value disclosures related to long-term debt. |
Description_of_Business_and_Su2
Description of Business and Summary of Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Summary of Property and Equipment, Estimated Useful Lives | Depreciation is computed using the straight-line method based on the following service lives: | ||||||||
Years | |||||||||
Structures | 20 to 25 | ||||||||
Tractors | 8 to 10 | ||||||||
Trailers | 10 to 14 | ||||||||
Other revenue equipment | 10 to 14 | ||||||||
Technology equipment and software | 3 to 5 | ||||||||
Other | 3 to 10 | ||||||||
Schedule of Property and Equipment | At December 31, property and equipment consisted of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Land | $ | 53,632 | $ | 52,745 | |||||
Structures | 140,206 | 115,874 | |||||||
Tractors | 290,717 | 273,129 | |||||||
Trailers | 237,262 | 202,173 | |||||||
Other revenue equipment | 37,220 | 34,616 | |||||||
Technology equipment and software | 63,773 | 58,957 | |||||||
Other | 68,334 | 60,033 | |||||||
Total property and equipment, at cost | $ | 891,145 | $ | 797,527 | |||||
Summary of Risk Retention Amounts Per Occurrence | Risk retention amounts per occurrence during the three years ended December 31, 2014, were as follows: | ||||||||
Workers’ compensation | $ | 1,000,000 | |||||||
Bodily injury and property damage | 2,000,000 | ||||||||
Employee medical and hospitalization | 350,000 | ||||||||
Cargo loss and damage | 250,000 |
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Reconciliation of Debt | At December 31, debt consisted of the following (in thousands): | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit Agreement with Banks, described below | $ | 45,000 | $ | 48,312 | |||||
Senior Notes under a Master Shelf Agreement, described below | 21,429 | 28,571 | |||||||
Capital Leases, described below | 16,606 | — | |||||||
Total debt | 83,035 | 76,883 | |||||||
Less: current portion of long-term debt | 9,138 | 7,143 | |||||||
Long-term debt, less current portion | $ | 73,897 | $ | 69,740 | |||||
Schedule of Principal Maturities of Long-Term Debt | The principal maturities of long-term debt for the next five years (in thousands) are as follows: | ||||||||
Amount | |||||||||
2015 | $ | 9,504 | |||||||
2016 | 9,596 | ||||||||
2017 | 9,596 | ||||||||
2018 | 47,453 | ||||||||
2019 | 2,453 | ||||||||
Thereafter | 6,330 | ||||||||
Total | $ | 84,932 | |||||||
Less: Amounts Representing Interest on Capital Leases | 1,897 | ||||||||
Total | $ | 83,035 | |||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Uncertainties (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Non-Cancellable Capital And Operating Lease Agreements Requiring Minimum Annual Rentals Payable | At December 31, 2014, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): | ||||
Amount | |||||
2015 | $ | 14,051 | |||
2016 | 11,215 | ||||
2017 | 9,780 | ||||
2018 | 7,460 | ||||
2019 | 5,291 | ||||
Thereafter | 12,778 | ||||
Total | $ | 60,575 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Summary of Changes in Gross Carrying Amounts of Goodwill | The changes in gross carrying amounts of goodwill are as follows (in thousands): | ||||||||||||||||
Goodwill | |||||||||||||||||
December 31, 2012 | $ | 5,231 | |||||||||||||||
No Activity | — | ||||||||||||||||
December 31, 2013 | 5,231 | ||||||||||||||||
No Activity | — | ||||||||||||||||
December 31, 2014 | $ | 5,231 | |||||||||||||||
Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets | The gross amounts and accumulated amortization of identifiable intangible assets are as follows (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Gross | Accumulated | Gross | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Amortizable intangible assets: | |||||||||||||||||
Customer relationships (useful life of 6-10 years) | $ | 7,700 | $ | 4,795 | $ | 7,700 | $ | 4,195 | |||||||||
Covenants not-to-compete (useful life of 4-6 years) | 3,625 | 3,587 | 3,625 | 3,572 | |||||||||||||
$ | 11,325 | $ | 8,382 | $ | 11,325 | $ | 7,767 | ||||||||||
Summary of Estimated Amortization Expense | Estimated amortization expense for the five succeeding years follows (in thousands): | ||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 615 | |||||||||||||||
2016 | 615 | ||||||||||||||||
2017 | 317 | ||||||||||||||||
2018 | 310 | ||||||||||||||||
2019 | 310 | ||||||||||||||||
Total | $ | 2,167 | |||||||||||||||
Computation_of_Earnings_Per_Sh1
Computation of Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share | The calculation of basic earnings per common share and diluted earnings per common share is as follows (in thousands except per share amounts): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income | $ | 51,991 | $ | 43,627 | $ | 32,048 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share — weighted average common shares | 24,505 | 24,154 | 23,823 | ||||||||||
Effect of dilutive stock options | 239 | 297 | 180 | ||||||||||
Effect of other common stock equivalents | 719 | 754 | 812 | ||||||||||
Denominator for diluted earnings per share — adjusted weighted average common shares | 25,463 | 25,205 | 24,815 | ||||||||||
Basic Earnings Per Share | $ | 2.12 | $ | 1.81 | $ | 1.35 | |||||||
Diluted Earnings Per Share | $ | 2.04 | $ | 1.73 | $ | 1.29 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Purchase and Sale of Common Stock | The following table summarizes the shares of the Company’s common stock that were purchased and sold by the Company’s Rabbi Trust, which holds the investments for the Capital Accumulation Plan: | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares of common stock purchased | 1,400 | 5,900 | 13,650 | ||||||||||
Aggregate purchase price of shares purchased | $ | 52,961 | $ | 158,060 | $ | 158,883 | |||||||
Shares of common stock sold | 9,729 | 11,719 | 14,882 | ||||||||||
Aggregate sale price of shares sold | $ | 53,962 | $ | 158,060 | $ | 206,794 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | The following table summarizes the activity of stock options for the year ended December 31, 2014 for both employees and non-employee directors: | ||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
average | Average | Intrinsic | |||||||||||||||
exercise price | Remaining | Value | |||||||||||||||
Contractual | (000’s) | ||||||||||||||||
Life (years) | |||||||||||||||||
Outstanding at December 31, 2013 | 588,510 | $ | 14.76 | ||||||||||||||
Granted | 116,240 | ||||||||||||||||
Exercised | (320,625 | ) | |||||||||||||||
Forfeited | (24,750 | ) | |||||||||||||||
Expired | — | ||||||||||||||||
Outstanding at December 31, 2014 | 359,375 | $ | 22.03 | 5.1 | $ | 11,975 | |||||||||||
Exercisable at December 31, 2014 | — | $ | — | — | $ | — | |||||||||||
Summary of Weighted Average Assumptions Used In Valuing Options | The following table summarizes the weighted average assumptions used in valuing options for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 1.58 | % | 0.8 | % | 0.84 | % | |||||||||||
Expected life in years | 4.5 | 4.5 | 5 | ||||||||||||||
Expected volatility | 44.33 | % | 58.5 | % | 59.82 | % | |||||||||||
Dividend rate | — | — | — | ||||||||||||||
Summary of Unvested Option | The following table summarizes the status of the Company’s unvested options as of December 31, 2014 and changes during the year ended December 31, 2014: | ||||||||||||||||
Options | Weighted average | ||||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Unvested at December 31, 2013 | 429,810 | $ | 8.02 | ||||||||||||||
Granted | 116,240 | 12.12 | |||||||||||||||
Vested | (161,925 | ) | 6.75 | ||||||||||||||
Forfeited | (24,750 | ) | 9.46 | ||||||||||||||
Unvested at December 31, 2014 | 359,375 | $ | 9.82 | ||||||||||||||
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity during the year ended December 31, 2014: | ||||||||||||||||
Shares | Weighted average | ||||||||||||||||
Grant-date Fair Value | |||||||||||||||||
Restricted Stock at December 31, 2013 | 122,731 | $ | 11 | ||||||||||||||
Granted | 7,936 | $ | 50.4 | ||||||||||||||
Vested | (15,152 | ) | $ | 11 | |||||||||||||
Forfeited | (7,576 | ) | $ | 11 | |||||||||||||
Restricted Stock at December 31, 2014 | 107,939 | $ | 13.9 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Summary of Deferred Tax Liabilities and Assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax liabilities (assets) are comprised of the following at December 31 (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Depreciation | 100,607 | $ | 88,522 | ||||||||||
Other | (559 | ) | 3,548 | ||||||||||
Revenue | 0 | 120 | |||||||||||
Gross deferred tax liabilities | 100,048 | 92,190 | |||||||||||
Allowance for doubtful accounts | (1,511 | ) | (1,467 | ) | |||||||||
Equity-based compensation | (3,440 | ) | (3,287 | ) | |||||||||
Employee benefits | (7,024 | ) | (6,996 | ) | |||||||||
Claims and insurance | (22,019 | ) | (19,374 | ) | |||||||||
Other | (7,108 | ) | (11,571 | ) | |||||||||
Gross deferred tax assets | (41,102 | ) | (42,695 | ) | |||||||||
Net deferred tax liability | $ | 58,946 | $ | 49,495 | |||||||||
Summary of Income Tax Provision | The income tax provision for continuing operations consists of the following (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 18,085 | $ | 9,924 | $ | 16,837 | |||||||
State | 1,690 | 2,496 | 2,959 | ||||||||||
Total current income tax provision | 19,775 | 12,420 | 19,796 | ||||||||||
Deferred: | |||||||||||||
U.S. federal | 9,547 | 11,822 | (678 | ) | |||||||||
State | (85 | ) | 276 | (27 | ) | ||||||||
Total deferred income tax (benefit) provision | 9,462 | 12,098 | (705 | ) | |||||||||
Total income tax provision | $ | 29,237 | $ | 24,518 | $ | 19,091 | |||||||
Summary of Reconciliation Between Income Taxes and Effective Income Tax Provision | A reconciliation between income taxes at the federal statutory rate (35 percent) and the effective income tax provision is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision at federal statutory rate | $ | 28,430 | $ | 23,851 | $ | 17,899 | |||||||
State income taxes, net | 2,426 | 2,574 | 2,025 | ||||||||||
Nondeductible business expenses | 589 | 675 | 503 | ||||||||||
Tax credits | (1,434 | ) | (2,429 | ) | (253 | ) | |||||||
Other, net | (774 | ) | (153 | ) | (1,083 | ) | |||||||
Total provision | $ | 29,237 | $ | 24,518 | $ | 19,091 | |||||||
Summary of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 1,281 | $ | 1,290 | |||||||||
Gross decreases in tax positions for prior years | — | — | |||||||||||
Gross increases in tax positions for current year | 202 | — | |||||||||||
Settlements | — | — | |||||||||||
Lapse of statute of limitations | (318 | ) | (9 | ) | |||||||||
Gross unrecognized tax benefits at end of year | $ | 1,165 | $ | 1,281 | |||||||||
Summary_of_Quarterly_Operating1
Summary of Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Operating Results (Unaudited) | (Amounts in thousands, except per share data) | ||||||||||||||||
Three months ended, 2014 | March 31 | June 30 | September 30 | December 31 | |||||||||||||
Operating revenue | $ | 299,730 | $ | 330,399 | $ | 332,544 | $ | 309,648 | |||||||||
Operating income | 15,231 | 22,741 | 27,149 | 20,572 | |||||||||||||
Net income | 8,576 | 13,568 | 16,278 | 13,569 | |||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.55 | $ | 0.66 | $ | 0.55 | |||||||||
Diluted earnings per share | $ | 0.34 | $ | 0.53 | $ | 0.64 | $ | 0.53 | |||||||||
Three months ended, 2013 | 31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
Operating revenue | $ | 273,795 | $ | 292,557 | $ | 293,087 | $ | 279,655 | |||||||||
Operating income | 14,532 | 23,259 | 21,935 | 14,692 | |||||||||||||
Net income | 9,155 | 13,500 | 12,908 | 8,064 | |||||||||||||
Basic earnings per share | $ | 0.38 | $ | 0.56 | $ | 0.53 | $ | 0.33 | |||||||||
Diluted earnings per share | $ | 0.37 | $ | 0.54 | $ | 0.51 | $ | 0.32 | |||||||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Summary of Cash Purchase Price Allocated Based on Independent Appraisals and Managements Estimates | The cash purchase price has been allocated based on independent appraisals and management’s estimates as follows (in thousands): | ||||
Consideration: | |||||
Cash | $ | (7,934 | ) | ||
Contingent consideration arrangement | (1,162 | ) | |||
Fair value of total consideration transferred | $ | (9,096 | ) | ||
Acquisition related costs included in SG&A | 150 | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Current assets | $ | 2,082 | |||
Property and equipment | 44 | ||||
Customer lists | 3,184 | ||||
Current liabilities | (1,445 | ) | |||
Total identifiable net assets assumed | $ | 3,865 | |||
Goodwill | 5,231 | ||||
Total | $ | 9,096 | |||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Summary of Valuation and Qualifying Accounts | For the Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance, | Charged to | Charged | Deductions-(1) | Balance, | ||||||||||||||||
beginning | costs and | to other | end of | ||||||||||||||||||
of period | expenses | accounts | period | ||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | $ | 3,737 | $ | 1,942 | — | ($ | 1,811 | ) | $ | 3,868 | |||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | 3,881 | 2,227 | — | (2,371 | ) | 3,737 | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Deducted from asset account – Allowance for uncollectible accounts | 3,811 | 1,833 | — | (1,763 | ) | 3,881 | |||||||||||||||
-1 | Primarily uncollectible accounts written off — net of recoveries. | ||||||||||||||||||||
Description_of_Business_and_Su3
Description of Business and Summary of Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 16-May-13 |
Customer | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Common stock dividend | 50.00% | |||
Common stock split | Three-for-two | |||
Depreciation | $58.40 | $51 | $47.50 | |
Primary payroll-related costs capitalized | 1 | 2.1 | 1 | |
Stock-based awards compensation expense amortization period | 3 years | |||
Number of customers | 0 | |||
Percentage of consolidated operating revenue | 6.00% | |||
Advertising costs | $1.90 | $0.80 | $0.70 |
Description_of_Business_and_Su4
Description of Business and Summary of Accounting Policies - Summary of Property and Equipment, Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Structures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 20 years |
Structures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 25 years |
Tractors [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 8 years |
Tractors [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 10 years |
Trailers [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 10 years |
Trailers [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 14 years |
Other Revenue Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 10 years |
Other Revenue Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 14 years |
Technology Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 3 years |
Technology Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 5 years |
Other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 3 years |
Other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, service lives | 10 years |
Description_of_Business_and_Su5
Description of Business and Summary of Accounting Policies - Schedule of Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $891,145 | $797,527 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 53,632 | 52,745 |
Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 140,206 | 115,874 |
Tractors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 290,717 | 273,129 |
Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 237,262 | 202,173 |
Other Revenue Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 37,220 | 34,616 |
Technology Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 63,773 | 58,957 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $68,334 | $60,033 |
Description_of_Business_and_Su6
Description of Business and Summary of Accounting Policies - Summary of Risk Retention Amounts Per Occurrence (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule Of Retention Amounts For Uninsured Claims Per Occurrence Basis [Abstract] | |
Workers' compensation | $1,000,000 |
Bodily injury and property damage | 2,000,000 |
Employee medical and hospitalization | 350,000 |
Cargo loss and damage | $250,000 |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Line Items] | ||
Capital Leases, described below | $16,606 | |
Total debt | 83,035 | 76,883 |
Less: current portion of long-term debt | 9,138 | 7,143 |
Long-term debt, less current portion | 73,897 | 69,740 |
Credit Agreement with Banks [Member] | ||
Debt Disclosure [Line Items] | ||
Total debt | 45,000 | 48,312 |
Senior Notes under Master Shelf Agreement [Member] | ||
Debt Disclosure [Line Items] | ||
Total debt | $21,429 | $28,571 |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2008 | Nov. 30, 2007 | Apr. 30, 2005 | Sep. 20, 2002 | |
Line of Credit Facility [Line Items] | |||||||
Amendment line of credit facility expiration year and month | 2018-06 | ||||||
Letter of credit facility outstanding amount | $47,300,000 | $59,100,000 | |||||
Total debt | 83,035,000 | 76,883,000 | |||||
Capital lease obligation | 16,606,000 | ||||||
Lease expiration period | 7 years | ||||||
Weighted average interest rate for capital lease | 2.92% | ||||||
Cash paid for interest | 4,500,000 | 6,100,000 | 7,300,000 | ||||
Estimated fair value of total debt | 83,700,000 | 78,000,000 | |||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Letter of credit fee | 1.38% | ||||||
Letter of credit unused portion fee | 0.20% | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Letter of credit fee | 2.63% | ||||||
Letter of credit unused portion fee | 0.33% | ||||||
LIBOR Rate Margin [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate margin | 1.25% | ||||||
Senior Notes under Master Shelf Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt | 21,429,000 | 28,571,000 | |||||
Senior notes issued, value | 25,000,000 | 25,000,000 | 100,000,000 | ||||
Senior notes authorized amount | 150,000,000 | 125,000,000 | |||||
Interest rate on notes | 6.17% | 6.14% | 7.38% | ||||
Senior credit facility, Interest rate terms description | The initial $100 million Senior Notes had a fixed interest rate of 7.38 percent. Payments due under the $100 million Senior Notes were interest only until June 30, 2006 and at that time semi-annual principal payments began with the final payment made in December 2013. The November 2007 issuance of $25 million Senior Notes has a fixed interest rate of 6.14 percent. The January 2008 issuance of $25 million Senior Notes has a fixed interest rate of 6.17 percent. Payments due for both $25 million issuances were interest only until June 30, 2011 and at that time semi-annual principal payments began with the final payments due January 1, 2018. | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity under credit agreement | 200,000,000 | ||||||
Line of credit facility expiration year and month | 2018-06 | ||||||
Additional borrowing capacity under revolving credit facility | 40,000,000 | ||||||
Credit Agreement with Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt | $45,000,000 | $48,312,000 | |||||
Credit Agreement with Banks [Member] | LIBOR Rate Margin [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate margin | 2.50% | ||||||
Credit Agreement with Banks [Member] | Base Rate Margin [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate margin | 0.13% | ||||||
Credit Agreement with Banks [Member] | Base Rate Margin [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Rate margin | 0.50% |
Debt_and_Financing_Arrangement4
Debt and Financing Arrangements - Schedule of Principal Maturities of Long-Term Debt (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Debt Disclosure [Abstract] | |
2015 | $9,504 |
2016 | 9,596 |
2017 | 9,596 |
2018 | 47,453 |
2019 | 2,453 |
Thereafter | 6,330 |
Total Payments | 84,932 |
Less: Amounts Representing Interest on Capital Leases | 1,897 |
Total | $83,035 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Uncertainties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $17.10 | $17.90 | $17.70 |
Capital expenditures committed | 74.4 | ||
Capital expenditures in accounts payable | $1.80 | $1.60 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Uncertainties - Schedule of Non-Cancellable Capital and Operating Lease Agreements Requiring Minimum Annual Rentals Payable (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $14,051 |
2016 | 11,215 |
2017 | 9,780 |
2018 | 7,460 |
2019 | 5,291 |
Thereafter | 12,778 |
Total | $60,575 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amounts of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $5,231 | $5,231 |
No Activity | 0 | 0 |
Goodwill, Ending Balance | $5,231 | $5,231 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $11,325 | $11,325 |
Accumulated Amortization | 8,382 | 7,767 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 7,700 | 7,700 |
Accumulated Amortization | 4,795 | 4,195 |
Covenants not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 3,625 | 3,625 |
Accumulated Amortization | $3,587 | $3,572 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 6 years |
Minimum [Member] | Covenants not-to-Compete [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 4 years |
Maximum [Member] | Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 10 years |
Maximum [Member] | Covenants not-to-Compete [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 6 years |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $0.60 | $0.60 | $0.50 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $615 |
2016 | 615 |
2017 | 317 |
2018 | 310 |
2019 | 310 |
Total | $2,167 |
Computation_of_Earnings_Per_Sh2
Computation of Earnings Per Share - Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income | $13,569 | $16,278 | $13,568 | $8,576 | $8,064 | $12,908 | $13,500 | $9,155 | $51,991 | $43,627 | $32,048 |
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average common shares | 24,505 | 24,154 | 23,823 | ||||||||
Effect of dilutive stock options | 239 | 297 | 180 | ||||||||
Effect of other common stock equivalents | 719 | 754 | 812 | ||||||||
Denominator for diluted earnings per share - adjusted weighted average common shares | 25,463 | 25,205 | 24,815 | ||||||||
Basic Earnings Per Share | $0.55 | $0.66 | $0.55 | $0.35 | $0.33 | $0.53 | $0.56 | $0.38 | $2.12 | $1.81 | $1.35 |
Diluted Earnings Per Share | $0.53 | $0.64 | $0.53 | $0.34 | $0.32 | $0.51 | $0.54 | $0.37 | $2.04 | $1.73 | $1.29 |
Computation_of_Earnings_Per_Sh3
Computation of Earnings Per Share - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Common stock excluded from the calculation of diluted earnings per share | 7,936 | 143,640 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Purchase and Sale of Common Stock (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Shares of common stock purchased | 1,400 | 5,900 | 13,650 |
Aggregate purchase price of shares purchased | $52,961 | $158,060 | $158,883 |
Shares of common stock sold | 9,729 | 11,719 | 14,882 |
Aggregate sale price of shares sold | $53,962 | $158,060 | $206,794 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||
Shares reserved for issuance under the Directors Deferred Fee Plan | 244,835 | 228,546 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in cash flows from financing activities | $4 | $2.10 | $0.10 | |||
Non-employee director stock options plan expiration period | 10 years | |||||
Stock option and restricted stock compensation expense | 2.2 | 1.2 | 1.1 | |||
Unrecognized compensation expense | 2.2 | |||||
Weighted average recognition period of compensation expenses | 2 years 1 month 6 days | |||||
Total intrinsic value of options exercised | 9.9 | 4.7 | 0.4 | |||
Weighted-average grant-date fair value per share of options granted | $12.12 | $12.95 | $5.57 | |||
Weighted-average grant-date fair value per share of shares vested | $6.75 | $4.15 | $4.25 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded, other than options granted in period | 7,936 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
Operating expense | $1.20 | $1 | $1 | |||
After three years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25.00% | |||||
After three years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
After four years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25.00% | |||||
After four years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 4 years | |||||
After five years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 50.00% | |||||
After five years [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 5 years | |||||
February 2011 - February 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 106,330 | |||||
2010-2012 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 150,384 | |||||
2012 - 2014 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 146,052 | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 68,200 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 0 | |||||
Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contractual service | 3 years | |||||
Contractual term | 7 years | |||||
Exercisable period month after date of grant | 6 months | |||||
Shares issued to non employee director | 1,905 | 2,199 | 4,063 | |||
2003 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved | 1,236,000 | |||||
Additional grant under Plan | 0 | |||||
Last date till the share can be granted | 22-Jan-13 | |||||
Reserved and unissued shares | 0 | 158,700 | ||||
2011 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved | 2,025,000 | |||||
Restricted stock vesting period | 3 years | |||||
Reserved and unissued shares | 1,257,996 | |||||
2011 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares awarded, other than options granted in period | 7,936 | |||||
2011 Omnibus Incentive Plan [Member] | Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual grant of shares | 0 | |||||
2011 Omnibus Incentive Plan [Member] | Non Employee Director [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual grant of shares | 12,000 | |||||
Directors' Deferred Fee Plan [Member] | Non Employee Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units issued to non employee directors | 16,561 | 24,191 | 40,398 | |||
2003 Omnibus incentive plan and 2011 Omnibus incentive plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum member of management and executive employees eligible for awards | 20 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, options | 588,510 |
Granted, options | 116,240 |
Exercised, options | -320,625 |
Forfeited, options | -24,750 |
Expired, options | 0 |
Ending balance, options | 359,375 |
Exercisable options, ending balance | 0 |
Beginning balance, weighted average exercise price | $14.76 |
Ending balance, weighted average exercise price | $22.03 |
Exercisable, weighted average exercisable price | $0 |
Outstanding, weighted average remaining contractual life (years) | 5 years 1 month 6 days |
Exercisable, weighted average remaining contractual life (years) | 0 years |
Outstanding, aggregate intrinsic value | $11,975 |
Exercisable, aggregate intrinsic value | $0 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Weighted Average Assumptions Used In Valuing Options (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk free interest rate | 1.58% | 0.80% | 0.84% |
Expected life in years | 4 years 6 months | 4 years 6 months | 5 years |
Expected volatility | 44.33% | 58.50% | 59.82% |
Dividend rate | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Unvested Option (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Unvested, options beginning balance | 429,810 | ||
Granted, options | 116,240 | ||
Vested, options | -161,925 | ||
Forfeited, options | -24,750 | ||
Unvested, options ending balance | 359,375 | 429,810 | |
Unvested , weighted average grant date fair value beginning balance | $8.02 | ||
Granted, weighted average grant date fair value | $12.12 | $12.95 | $5.57 |
Vested, weighted average grant date fair value | $6.75 | ||
Forfeited, weighted average grant date fair value | $9.46 | ||
Unvested , weighted average grant date fair value ending balance | $9.82 | $8.02 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, options beginning balance | 122,731 |
Granted, options | 7,936 |
Vested, options | -15,152 |
Forfeited, options | -7,576 |
Unvested, options ending balance | 107,939 |
Unvested , weighted average grant date fair value beginning balance | $11 |
Granted | $50.40 |
Vested | $11 |
Forfeited | $11 |
Unvested , weighted average grant date fair value ending balance | $13.90 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Reinstatement of contribution matching percentage | 50.00% | |||
Contribution in operation | $5.70 | $2.50 | $2.10 | |
Shares held by the Rabbi trust | 193,607 | 201,936 | ||
Performance incentive accruals | $6.50 | $8.80 | $8.40 | |
Payroll deduction for ESPP, percent of annual wages | 10.00% | |||
Shares purchased by custodians | 4,751 | 6,711 | 13,830 | |
401(k)Saving Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company match of contribution | 50.00% | |||
Employees contribution share | 6.00% |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Liabilities and Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Depreciation | $100,607 | $88,522 |
Other | -559 | 3,548 |
Revenue | 0 | 120 |
Gross deferred tax liabilities | 100,048 | 92,190 |
Allowance for doubtful accounts | -1,511 | -1,467 |
Equity-based compensation | -3,440 | -3,287 |
Employee benefits | -7,024 | -6,996 |
Claims and insurance | -22,019 | -19,374 |
Other | -7,108 | -11,571 |
Gross deferred tax assets | -41,102 | -42,695 |
Net deferred tax liability | $58,946 | $49,495 |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
U.S. federal | $18,085 | $9,924 | $16,837 |
State | 1,690 | 2,496 | 2,959 |
Total current income tax provision | 19,775 | 12,420 | 19,796 |
Deferred: | |||
U.S. federal | 9,547 | 11,822 | -678 |
State | -85 | 276 | -27 |
Total deferred income tax (benefit) provision | 9,462 | 12,098 | -705 |
Total income tax provision | $29,237 | $24,518 | $19,091 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 |
Income Tax [Line Items] | ||||
Federal statutory income tax rate | 35.00% | |||
Interest related to unrecognized tax benefits | $0.30 | $0.10 | $0.10 | |
Accrued interest and penalties related to unrecognized tax benefits | 1.3 | 1.6 | 1.4 | |
Unrecognized tax benefits that would affect the Company's effective tax rate if recognized | 1.2 | 1.3 | ||
Cash (received) paid for income taxes | 20.8 | 20.6 | 19.3 | |
Tax credit recognized in first quarter of 2013 | $1 | |||
Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2014 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2013 | |||
Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2012 | |||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax year open for examination | 2005 |
Income_Taxes_Summary_of_Reconc
Income Taxes - Summary of Reconciliation Between Income Taxes and Effective Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate, taxable amount | $28,430 | $23,851 | $17,899 |
State income taxes, net | 2,426 | 2,574 | 2,025 |
Nondeductible business expenses | 589 | 675 | 503 |
Tax credits | -1,434 | -2,429 | -253 |
Other, net | -774 | -153 | -1,083 |
Total income tax provision | $29,237 | $24,518 | $19,091 |
Income_Taxes_Summary_of_Gross_
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at beginning of year | $1,281 | $1,290 |
Gross decreases in tax positions for prior years | 0 | 0 |
Gross increases in tax positions for current year | 202 | |
Settlements | 0 | 0 |
Lapse of statute of limitations | -318 | -9 |
Gross unrecognized tax benefits at end of year | $1,165 | $1,281 |
Summary_of_Quarterly_Operating2
Summary of Quarterly Operating Results (Unaudited) - Summary of Quarterly Operating Results (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Operating Revenue | $309,648 | $332,544 | $330,399 | $299,730 | $279,655 | $293,087 | $292,557 | $273,795 | $1,272,321 | $1,139,094 | $1,098,679 |
Operating income | 20,572 | 27,149 | 22,741 | 15,231 | 14,692 | 21,935 | 23,259 | 14,532 | 85,693 | 74,418 | 58,734 |
Net income | $13,569 | $16,278 | $13,568 | $8,576 | $8,064 | $12,908 | $13,500 | $9,155 | $51,991 | $43,627 | $32,048 |
Basic Earnings Per Share | $0.55 | $0.66 | $0.55 | $0.35 | $0.33 | $0.53 | $0.56 | $0.38 | $2.12 | $1.81 | $1.35 |
Diluted Earnings Per Share | $0.53 | $0.64 | $0.53 | $0.34 | $0.32 | $0.51 | $0.54 | $0.37 | $2.04 | $1.73 | $1.29 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Jul. 02, 2012 |
Business Acquisition [Line Items] | ||
Purchase price of acquisition | $7.90 | |
Purchase price of acquisition excluding cash acquired | 7.6 | |
Purchase price of acquisition cash acquired value | 0.3 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Maximum earnout subject to performance of acquired companies in 2013 | 1.3 | |
Maximum earnout paid subject to performance of acquired companies in 2013 | $1.30 |
Acquisition_Summary_of_Cash_Pu
Acquisition - Summary of Cash Purchase Price Allocated Based on Independent Appraisals and Managements Estimates (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $5,231 | $5,231 | $5,231 | |
Robart Transportation Inc [Member] | ||||
Consideration: | ||||
Cash | -7,934 | |||
Contingent consideration arrangement | -1,162 | |||
Fair value of total consideration transferred | -9,096 | |||
Acquisition related costs included in SG&A | 150 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Current assets | 2,082 | |||
Property and equipment | 44 | |||
Customer lists | 3,184 | |||
Current liabilities | -1,445 | |||
Total identifiable net assets assumed | 3,865 | |||
Goodwill | 5,231 | |||
Total | $9,096 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Yellow Corporation completed spin-off on September 30.2002 | 100.00% | |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Letters of Credit | $1.80 | $1.60 |
Cost plus basis points | 1.25% |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Detail) (Allowance for Uncollectible Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Uncollectible Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of period | $3,737 | $3,881 | $3,811 |
Additions - Charged to costs and expenses | 1,942 | 2,227 | 1,833 |
Additions - Charged to other accounts | 0 | 0 | 0 |
Deductions | -1,811 | -2,371 | -1,763 |
Balance, end of period | $3,868 | $3,737 | $3,881 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 02, 2015 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Purchase price of acquisition | $25,000 |