Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 25, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SAIA | ||
Entity Registrant Name | SAIA INC | ||
Entity Central Index Key | 1,177,702 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 25,186,278 | ||
Entity Public Float | $ 987,303,912 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 124 | $ 4,367 |
Accounts receivable, less allowances of $3,548 in 2015 and $3,868 in 2014 | 124,222 | 128,367 |
Prepaid expenses and other | 14,197 | 13,687 |
Income tax receivable | 15,745 | 18,335 |
Other current assets | 4,701 | 5,420 |
Total current assets | 158,989 | 170,176 |
Property and Equipment, at cost | 995,514 | 891,145 |
Less-accumulated depreciation | 456,335 | 407,505 |
Net property and equipment | 539,179 | 483,640 |
Goodwill | 12,025 | 5,231 |
Identifiable Intangibles, net | 14,961 | 2,943 |
Other Noncurrent Assets | 4,039 | 4,995 |
Total assets | 729,193 | 666,985 |
Current Liabilities: | ||
Accounts payable | 54,754 | 42,388 |
Wages, vacation and employees’ benefits | 27,834 | 28,777 |
Claims and insurance accruals | 26,903 | 29,314 |
Other current liabilities | 19,457 | 20,862 |
Current portion of long-term debt | 12,432 | 9,138 |
Total current liabilities | 141,380 | 130,479 |
Other Liabilities: | ||
Long-term debt, less current portion | 56,540 | 73,897 |
Deferred income taxes | 67,417 | 58,946 |
Claims, insurance and other | 35,967 | 36,757 |
Total other liabilities | $ 159,924 | $ 169,600 |
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, 25,141,799 and 24,871,806 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively | $ 25 | $ 25 |
Additional paid-in-capital | 230,593 | 223,713 |
Deferred compensation trust, 165,971 and 193,607 shares of common stock at cost at December 31, 2015 and December 31, 2014, respectively | (3,102) | (2,189) |
Retained earnings | 200,373 | 145,357 |
Total stockholders’ equity | 427,889 | 366,906 |
Total liabilities and stockholders’ equity | $ 729,193 | $ 666,985 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Allowance of accounts receivable | $ 3,548 | $ 3,868 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 50,000 | 50,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 25,141,799 | 24,871,806 |
Common stock, shares outstanding | 25,141,799 | 24,871,806 |
Deferred compensation trust | 165,971 | 193,607 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Operating Revenue | $ 1,221,311 | $ 1,272,321 | $ 1,139,094 |
Operating Expenses: | |||
Salaries, wages and employees’ benefits | 670,173 | 639,633 | 572,487 |
Purchased transportation | 70,611 | 99,610 | 72,975 |
Fuel, operating expenses and supplies | 261,387 | 314,788 | 306,364 |
Operating taxes and licenses | 37,003 | 36,028 | 36,513 |
Claims and insurance | 26,832 | 37,563 | 25,494 |
Depreciation and amortization | 65,020 | 59,022 | 51,564 |
Operating (gains) losses, net | 310 | (16) | (721) |
Total operating expenses | 1,131,336 | 1,186,628 | 1,064,676 |
Operating Income | 89,975 | 85,693 | 74,418 |
Nonoperating Expenses (Income): | |||
Interest expense | 4,107 | 4,564 | 6,490 |
Other, net | (95) | (99) | (217) |
Nonoperating expenses, net | 4,012 | 4,465 | 6,273 |
Income Before Income Taxes | 85,963 | 81,228 | 68,145 |
Income Tax Expense | 30,947 | 29,237 | 24,518 |
Net Income | $ 55,016 | $ 51,991 | $ 43,627 |
Weighted average common shares outstanding – basic | 24,919 | 24,505 | 24,154 |
Weighted average common shares outstanding – diluted | 25,471 | 25,463 | 25,205 |
Basic Earnings Per Share | $ 2.21 | $ 2.12 | $ 1.81 |
Diluted Earnings Per Share | $ 2.16 | $ 2.04 | $ 1.73 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation Trust [Member] | Retained Earnings [Member] |
Beginning Balance at Dec. 31, 2012 | $ 254,519 | $ 24 | $ 206,969 | $ (2,213) | $ 49,739 |
Beginning 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 | 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 | ||||
Stock compensation for options and long-term incentives | 2,983 | 2,983 | |||
Stock compensation for options and long-term incentives, Shares | 37,311 | ||||
Director deferred shares for annual deferral elections | 895 | 895 | |||
Exercise of stock options, including tax benefits | $ 2,533 | 2,533 | |||
Exercise of stock options, including tax benefits, Shares | 118,090 | 116,088 | |||
Shares issued for long-term incentive awards, net of shares withheld for taxes | $ (3,118) | (3,118) | |||
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares | 116,594 | ||||
Deferred tax adjustment for long-term incentive plan | 2,674 | 2,674 | |||
Purchase of shares by Deferred Compensation Trust | (2,227) | (2,227) | |||
Sale of shares by Deferred Compensation Trust | 2,227 | 913 | 1,314 | ||
Net income | 55,016 | 55,016 | |||
Ending Balance at Dec. 31, 2015 | $ 427,889 | $ 25 | $ 230,593 | $ (3,102) | $ 200,373 |
Ending Balance, Shares at Dec. 31, 2015 | 25,141,799 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tax benefits exercise stock options | $ 1,056 | $ 2,984 | $ 1,356 |
Common Stock [Member] | |||
Tax benefits exercise stock options | 1,056 | 2,984 | 1,356 |
Additional Paid-in Capital [Member] | |||
Tax benefits exercise stock options | $ 1,056 | $ 2,984 | $ 1,356 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities: | |||
Net income | $ 55,016 | $ 51,991 | $ 43,627 |
Noncash items included in net income: | |||
Depreciation and amortization | 65,020 | 59,022 | 51,564 |
Provision for doubtful accounts | 1,463 | 1,942 | 2,227 |
Deferred income taxes | 8,420 | 9,462 | 12,098 |
Loss (gain) from property disposals, net | 310 | (17) | (721) |
Stock-based compensation | 3,878 | 4,166 | 2,902 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 6,896 | (12,372) | (13,350) |
Accounts payable | (382) | (8,590) | 5,479 |
Other working capital items, net | (84) | (11,215) | (5,213) |
Claims, insurance and other | (821) | 5,260 | 392 |
Other, net | 2,998 | 2,521 | 2,307 |
Net cash provided by operating activities | 142,714 | 102,170 | 101,312 |
Investing Activities: | |||
Acquisition of business, net of cash received | (22,238) | ||
Acquisition of property and equipment | (86,499) | (97,750) | (126,358) |
Proceeds from disposal of property and equipment | 818 | 2,905 | 4,338 |
Net cash used in investing activities | (107,919) | (94,845) | (122,020) |
Financing Activities: | |||
Repayment of revolving credit agreement | (280,461) | (340,540) | (223,798) |
Borrowing of revolving credit agreement | 249,994 | 337,223 | 262,125 |
Proceeds from stock option exercises (including excess tax benefits) | 2,533 | 7,623 | 4,948 |
Repayment of senior notes | (7,143) | (7,143) | (22,143) |
Repayment of capital leases | (3,507) | (280) | |
Other financing activity | (454) | (586) | |
Net cash (used in) provided by financing activities | (39,038) | (3,117) | 20,546 |
Net Increase (Decrease) in Cash and Cash Equivalents | (4,243) | 4,208 | (162) |
Cash and cash equivalents, beginning of period | 4,367 | 159 | 321 |
Cash and cash equivalents, end of period | 124 | 4,367 | $ 159 |
Non Cash Investing Activities | |||
Equipment financed with capital leases | $ 27,054 | $ 16,886 |
Description of Business and Sum
Description of Business and Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 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; Saia Logistics Services, LLC, formerly The RL Services Group, LLC; MetroGo, LLC., formed on January 22, 2015; and LinkEx, Inc. acquired on February 2, 2015. The Chief Operating Decision Maker is the Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources. The Company has one operating segment. 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 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. Accounting Pronouncements Adopted During 2015 In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU 2015-17, Income Taxes (Subtopic 740): Balance Sheet Classification of Deferred Taxes Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, 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 6 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): 2015 2014 Land $ 57,506 $ 53,632 Structures 181,769 140,206 Tractors 314,326 290,718 Trailers 256,494 237,262 Other revenue equipment 36,828 37,220 Technology equipment and software 72,707 63,773 Other 75,884 68,334 Total property and equipment, at cost $ 995,514 $ 891,145 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 $63.4 million, $58.4 million and $51.0 million for the years ended December 31, 2015, 2014 and 2013, 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, 2015, 2014, and 2013, the Company capitalized $2.2 million, $1.0 million, and $2.1 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 3 for more information regarding the guarantees). Risk retention amounts per occurrence during the three years ended December 31, 2015, 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 FASB Accounting 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 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. Logistics services engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges. 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 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, , 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 ASU 2011-08, Testing Goodwill for Impairment Intangibles – Goodwill and Other Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $1.7 million, $1.9 million, and $0.8 million in 2015, 2014 and 2013, 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, 2015 and 2014, because of the relatively short maturity of these instruments. See Note 2 for fair value disclosures related to long-term debt. |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | 2. Debt and Financing Arrangements At December 31, debt consisted of the following (in thousands): December 31, 2015 December 31, 2014 Credit Agreement with Banks, described below $ 14,534 $ 45,000 Senior Notes under a Master Shelf Agreement, described below 14,286 21,429 Capital Leases, described below 40,152 16,606 Total debt 68,972 83,035 Less: current portion of long-term debt 12,432 9,138 Long-term debt, less current portion $ 56,540 $ 73,897 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 with a group of banks to fund capital investments, letters of credit and working capital needs. On March 6, 2015, the Company entered into the Fifth Amended and Restated Credit Agreement with its banking group (as amended, the Restated Credit Agreement). The Restated Credit Agreement increased the revolving credit facility availability from $200 million to $250 million and extended the term until March 2020. The Restated Credit Agreement also reduced the interest rate pricing grid and eliminated both the borrowing base and the minimum tangible net worth covenant. On the same date, the Company also entered into the Second Amended and Restated Master Shelf Agreement with its long term note holders (as amended, the Restated Master Shelf Agreement) that made changes to this agreement to conform to certain changes in the Restated Credit 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 $250 million expiring in March 2020. The Restated Credit Agreement also has an accordion feature that allows for an additional $75 million of availability, subject to lender approval. The Restated Credit Agreement provides for a LIBOR rate margin range from 112.5 basis points to 225 basis points, base rate margins from minus 12.5 to plus 50 basis points, an unused portion fee from 20 basis points to 30 basis points and a letter of credit fee range from 112.5 basis points to 225 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 and a maximum leverage ratio, 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. At December 31, 2015, the Company had borrowings of $14.5 million and outstanding letters of credit of $44.8 million under 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. 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 December 31, 2017. Under the terms of the Senior Notes, the Company must maintain certain financial covenants including a minimum fixed charge coverage ratio and a maximum leverage ratio, among others. The Senior Notes also provide 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 Senior Notes. Capital Leases The Company is obligated under capital leases which include obligations covering revenue equipment with seven year terms totaling $40.2 million and $16.6 million as of December 31, 2015 and 2014, respectively. Amortization of assets held under the capital leases is included in depreciation and amortization expense. The weighted average interest rate for the capital leases at December 31, 2015 and 2014 is 2.85% and 2.92%, respectively. Other The Company paid cash for interest of $3.0 million, $4.5 million, and $6.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated fair value of total debt at December 31, 2015 and 2014 is $73.1 million and $83.7 million, respectively. The carrying amount of debt related to the revolving credit facility approximated fair value as of December 31, 2015 and 2014 due to the existence of variable interest rates, which approximate market rates. The fair value of the senior notes is based on undiscounted cash flows at market interest rates for similar issuances of private debt which reflect Level 2 inputs in the fair value hierarchy. The fair value of the capital leases is based on current market interest rates for similar types of financial instruments which reflect Level 2 inputs. The principal maturities of long-term debt for the next five years (in thousands) are as follows: Amount 2016 $ 13,508 2017 13,508 2018 6,365 2019 6,365 2020 20,899 Thereafter 12,449 Total 73,094 Less: Amounts Representing Interest on Capital Leases 4,122 Total $ 68,972 |
Commitments, Contingencies and
Commitments, Contingencies and Uncertainties | 12 Months Ended |
Dec. 31, 2015 | |
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 $17.9 million, $17.1 million, and $17.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): Amount 2016 $ 14,232 2017 12,646 2018 10,088 2019 7,488 2020 4,875 Thereafter 12,513 Total $ 61,842 Management expects that in the normal course of business, leases will be renewed or replaced as they expire. Capital expenditures committed were $24.7 million at December 31, 2015. As of December 31, 2015 and 2014, the Company had $12.1 million and $1.8 million, respectively, of capital expenditures in accounts payable. Other. YRC Worldwide, Inc. (Yellow) provides guarantees for certain 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 in letters of credit at December 31, 2015 and 2014 in connection with the Company’s insurance programs for which the Company pays quarterly Yellow’s cost plus 125 basis points. 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 A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 $ 5,231 No Activity — December 31, 2014 5,231 Goodwill acquired 6,794 December 31, 2015 $ 12,025 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, 2015 December 31, 2014 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets: Customer relationships (useful life of 6-15 years) $ 19,000 $ 6,086 $ 7,700 $ 4,795 Covenants not-to-compete (useful life of 4-6 years) 4,425 3,786 3,625 3,587 Trademarks (useful life of 15 years) 1,500 92 — — Total $ 24,925 $ 9,964 $ 11,325 $ 8,382 Amortization expense for intangible assets was $1.6 million for 2015 and $0.6 million for 2014 and 2013. Estimated amortization expense for the five succeeding years follows (in thousands): Amount 2016 $ 1,668 2017 1,371 2018 1,363 2019 1,180 2020 1,163 Total $ 6,745 |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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): For The Years Ended December 31, 2015 2014 2013 Numerator: Net income $ 55,016 $ 51,991 $ 43,627 Denominator: Denominator for basic earnings per share–weighted average common shares 24,919 24,505 24,154 Effect of dilutive stock options 93 239 297 Effect of other common stock equivalents 459 719 754 Denominator for diluted earnings per share–adjusted weighted average common shares 25,471 25,463 25,205 Basic Earnings Per Share $ 2.21 $ 2.12 $ 1.81 Diluted Earnings Per Share $ 2.16 $ 2.04 $ 1.73 In 2015 and 2014, options and restricted stock for 206,756, and 7,936 shares of common stock, respectively, 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, 2015 | |
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 affected 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, 2015 2014 2013 Shares of common stock purchased 56,325 1,400 5,900 Aggregate purchase price of shares purchased $ 2,226,675 $ 52,961 $ 158,060 Shares of common stock sold 83,961 9,729 11,719 Aggregate sale price of shares sold $ 3,380,448 $ 53,962 $ 158,060 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 229,679 and 244,835 shares reserved for issuance under the Directors’ Deferred Fee Plan at December 31, 2015 and 2014, respectively. The shares reserved for issuance under the Directors’ Deferred Fee Plan are treated as common stock equivalents in computing diluted earnings per share. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation ASC 718 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, 2015, 2014 and 2013, cash flows from financing activities were increased by $3.7 million, $4.0 million, and $2.1 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 2,093, 1,905, and 2,199 for the years ended December 31, 2015, 2014 and 2013, respectively. Non-employee directors were also issued 17,969, 16,561 and 24,191 units equivalent to shares in the Company’s common stock under the Directors’ Deferred Fee Plan during the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015 and 2014, no shares remain reserved and unissued under the provisions of the 2003 Omnibus Plan, as they are all allocated to outstanding Performance Unit Awards and outstanding stock options described below. At December 31, 2015 and 2014, 863,472 and 1,257,996 shares, respectively, remain reserved and unissued under the provisions of the 2011 Omnibus Plan, a portion of which are allocated to outstanding Performance Unit Awards, 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, 2015, 2014 and 2013 had stock option and restricted stock compensation expense of $1.8 million, $2.2 million and $1.2 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, 2015, 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 2.0 years. The following table summarizes the activity of stock options for the year ended December 31, 2015 for both employees and non-employee directors: Options Weighted average exercise price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Outstanding at December 31, 2014 359,375 $ 22.03 Granted 117,600 Exercised (118,090 ) Forfeited (5,360 ) Expired — Outstanding at December 31, 2015 353,525 $ 31.63 4.7 $ 427 Exercisable at December 31, 2015 58,110 $ 18.53 2.1 $ 427 The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $3.5 million, $9.9 million, and $4.7 million, respectively. The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2015, 2014 and 2013 was $15.41, $12.12, and $12.95, respectively. The weighted-average grant-date fair value per share of options vested during the years ended December 31, 2015, 2014 and 2013 was $5.66, $6.75, and $4.15, respectively. The following table summarizes the weighted average assumptions used in valuing options for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Risk free interest rate 1.54 % 1.58 % 0.80 % Expected life in years 4.5 4.5 4.5 Expected volatility 40.82 % 44.33 % 58.50 % 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, 2015 and changes during the year ended December 31, 2015: Options Weighted average Grant-date Fair Value Unvested at December 31, 2014 359,375 $ 9.82 Granted 117,600 15.41 Vested (176,200 ) 5.66 Forfeited (5,360 ) 15.41 Unvested at December 31, 2015 295,415 $ 13.59 The Company granted shares of restricted stock to certain key executives in February 2013, September 2014 and May 2015. All of the outstanding shares of restricted stock issued 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, 2015: Shares Weighted average Grant-date Fair Value Restricted Stock at December 31, 2014 107,939 $ 13.90 Granted 3,651 $ 41.08 Vested (45,455 ) $ 11.00 Forfeited — — Restricted Stock at December 31, 2015 66,135 $ 17.39 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 2015, $1.2 million in 2014 and $1.0 million in 2013. 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 49,983 shares for the January 2013-January 2016 performance period in February 2016, 146,054 shares for the January 2012-December 2014 performance period in February 2015, and 106,330 shares for the February 2011-February 2014 performance period in February 2014. The issuance of shares related to these awards would range from zero to a maximum of 66,316 shares per year as of December 31, 2015. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 2014 and 2013, were $6.4 million, $5.7 million, and $2.5 million, respectively. Deferred Compensation 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, 2015 and 2014, the Company’s Rabbi Trust, which holds the investments for the Capital Accumulation Plan, held 165,971 and 193,607 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 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 $2.9 million, $6.5 million, and $8.8 million in 2015, 2014 and 2013, 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. In 2015, the Company amended the ESPP to allow highly compensated employees as defined by Section 401(a)(17) of the Internal Revenue Code to do payroll deductions of up to 20 percent of annual wages. The custodian uses the funds to purchase the Company’s common stock at current market prices. The custodian purchased 7,327, 4,751, and 6,711 shares in the open market during 2015, 2014 and 2013, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Depreciation $ 103,471 $ 100,607 Other 3,482 (559 ) Gross deferred tax liabilities 106,953 100,048 Allowance for doubtful accounts (1,350 ) (1,511 ) Equity-based compensation (3,961 ) (3,440 ) Employee benefits (4,847 ) (7,024 ) Claims and insurance (20,942 ) (22,019 ) Other (8,436 ) (7,108 ) Gross deferred tax assets (39,536 ) (41,102 ) Net deferred tax liability $ 67,417 $ 58,946 The Company has determined that a valuation allowance related to deferred tax assets was not necessary at December 31, 2015 or 2014 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 (benefit) for continuing operations consists of the following (in thousands): 2015 2014 2013 Current: U.S. federal $ 20,768 $ 18,085 $ 9,924 State 1,759 1,690 2,496 Total current income tax provision 22,527 19,775 12,420 Deferred: U.S. federal 8,570 9,547 11,822 State (150 ) (85 ) 276 Total deferred income tax provision 8,420 9,462 12,098 Total income tax provision $ 30,947 $ 29,237 $ 24,518 A reconciliation between income taxes at the federal statutory rate (35 percent) and the effective income tax provision is as follows (in thousands): 2015 2014 2013 Provision at federal statutory rate $ 30,087 $ 28,430 $ 23,851 State income taxes, net 2,229 2,426 2,574 Nondeductible business expenses 696 589 675 Tax credits (1,532 ) (1,434 ) (2,429 ) Other, net (533 ) (774 ) (153 ) Total provision $ 30,947 $ 29,237 $ 24,518 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 2013-2015 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 2006-2015 remain open to examination by the various state and local jurisdictions. However, a state could challenge certain tax positions back to the 2002 tax year. A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows (in thousands): 2015 2014 Gross unrecognized tax benefits at beginning of year $ 1,165 $ 1,281 Gross decreases in tax positions for prior years — — Gross increases in tax positions for current year 237 202 Settlements — — Lapse of statute of limitations (244 ) (318 ) Gross unrecognized tax benefits at end of year $ 1,158 $ 1,165 The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. During the years ended December 31, 2015, 2014 and 2013, respectively, the Company recorded interest related to unrecognized tax benefits of approximately $0.2 million, $0.3 million, and $0.1 million, respectively. The Company had approximately $1.0 million and $1.3 million of accrued interest and penalties at December 31, 2015 and 2014, respectively. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized is $1.2 million as of December 31, 2015 and 2014. The Company paid cash for income taxes of $16.4 million, $20.8 million, and $20.6 million in 2015, 2014 and 2013, 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 2015 and 2014, the Company recognized tax credits for alternative fuel usage of approximately $1.0 million in the fourth quarter of each year. |
Summary of Quarterly Operating
Summary of Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 March 31 June 30 September 30 December 31 Operating revenue $ 293,022 $ 323,480 $ 317,199 $ 287,610 Operating income 21,233 31,281 19,845 17,616 Net income 12,605 19,247 11,777 11,387 Basic earnings per share $ 0.51 $ 0.77 $ 0.47 $ 0.46 Diluted earnings per share $ 0.49 $ 0.75 $ 0.46 $ 0.46 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 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 11. Acquisition On February 2, 2015, the Company acquired 100% of the interests of LinkEx, an asset-light third party logistics business based in Dallas, Texas. 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 $22.2 million at the acquisition date with a potential earn-out of up to $3 million subject to meeting profit targets. The Company concluded that LinkEx will not likely meet these profit targets and, thus, has not recorded a liability related to contingent consideration as of the acquisition date. During the fourth quarter of 2015, the Company finalized its purchase accounting related to the acquisition of LinkEx, Inc. as indicated below (in thousands). The goodwill, customer lists and other identifiable intangible assets associated with the acquisition will be deductible for federal and state income tax purposes ratably over a 15 year period. The weighted-average useful life for the identified intangible assets is 14.4 years. Consideration: Cash, net of cash received $ (22,238 ) Fair value of total consideration transferred $ (22,238 ) Acquisition related costs included in SG&A 300 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets $ 4,337 Property and equipment 430 Customer lists 11,300 Other identifiable intangible assets 2,300 Other non-current assets 9 Current liabilities (2,900 ) Non-current liabilities (32 ) Total identifiable net assets assumed $ 15,444 Goodwill 6,794 Total $ 22,238 Results of LinkEx are included in the accompanying Consolidated Statements of Operations commencing on the date of acquisition. The Company accounted for the acquisition using the acquisition method of accounting, which requires, among other things, that the assets acquired and liabilities assumed be recognized at the acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Goodwill is an asset representing operational synergies and future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | 12. Valuation and Qualifying Accounts For the Years Ended December 31, 2015, 2014 and 2013 (in thousands) Additions Balance, beginning of period Charged to costs and expenses Charged to other accounts Deductions(1) Balance, end of period Year ended December 31, 2015: Deducted from asset account – Allowance for uncollectible accounts $ 3,868 $ 1,463 — $ (1,880 ) $ 3,451 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 (1) Primarily uncollectible accounts written off — net of recoveries. |
Description of Business and S20
Description of Business and Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015, 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; Saia Logistics Services, LLC, formerly The RL Services Group, LLC; MetroGo, LLC., formed on January 22, 2015; and LinkEx, Inc. acquired on February 2, 2015. The Chief Operating Decision Maker is the Chief Executive Officer who manages the business, regularly reviews financial information and allocates resources. The Company has one operating segment. |
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 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. |
Accounting Pronouncements Adopted During 2015 | Accounting Pronouncements Adopted During 2015 In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In November 2015, the FASB issued ASU 2015-17, Income Taxes (Subtopic 740): Balance Sheet Classification of Deferred Taxes |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, |
Cash and 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 6 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): 2015 2014 Land $ 57,506 $ 53,632 Structures 181,769 140,206 Tractors 314,326 290,718 Trailers 256,494 237,262 Other revenue equipment 36,828 37,220 Technology equipment and software 72,707 63,773 Other 75,884 68,334 Total property and equipment, at cost $ 995,514 $ 891,145 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 $63.4 million, $58.4 million and $51.0 million for the years ended December 31, 2015, 2014 and 2013, 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, 2015, 2014, and 2013, the Company capitalized $2.2 million, $1.0 million, and $2.1 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 3 for more information regarding the guarantees). Risk retention amounts per occurrence during the three years ended December 31, 2015, 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 FASB Accounting 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 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. Logistics services engage in some transactions wherein they act as agents. Revenue from these transactions is recorded on a net basis. Net revenue includes billings to customers less third-party charges. |
Stock-Based Compensation | 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 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, , 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 ASU 2011-08, Testing Goodwill for Impairment Intangibles – Goodwill and Other |
Advertising | Advertising: The costs of advertising are expensed as incurred. Advertising costs charged to expense were $ 1.7 million, $1.9 million, and $0.8 million in 2015, 2014 and 2013, 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, 2015 and 2014, 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 S21
Description of Business and Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 6 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): 2015 2014 Land $ 57,506 $ 53,632 Structures 181,769 140,206 Tractors 314,326 290,718 Trailers 256,494 237,262 Other revenue equipment 36,828 37,220 Technology equipment and software 72,707 63,773 Other 75,884 68,334 Total property and equipment, at cost $ 995,514 $ 891,145 |
Summary of Risk Retention Amounts Per Occurrence | Risk retention amounts per occurrence during the three years ended December 31, 2015, 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 Arrangemen22
Debt and Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Reconciliation of Debt | At December 31, debt consisted of the following (in thousands): December 31, 2015 December 31, 2014 Credit Agreement with Banks, described below $ 14,534 $ 45,000 Senior Notes under a Master Shelf Agreement, described below 14,286 21,429 Capital Leases, described below 40,152 16,606 Total debt 68,972 83,035 Less: current portion of long-term debt 12,432 9,138 Long-term debt, less current portion $ 56,540 $ 73,897 |
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 2016 $ 13,508 2017 13,508 2018 6,365 2019 6,365 2020 20,899 Thereafter 12,449 Total 73,094 Less: Amounts Representing Interest on Capital Leases 4,122 Total $ 68,972 |
Commitments, Contingencies an23
Commitments, Contingencies and Uncertainties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Non-Cancellable Capital And Operating Lease Agreements Requiring Minimum Annual Rentals Payable | At December 31, 2015, the Company was committed under non-cancellable operating lease agreements requiring minimum annual rentals payable as follows (in thousands): Amount 2016 $ 14,232 2017 12,646 2018 10,088 2019 7,488 2020 4,875 Thereafter 12,513 Total $ 61,842 |
Goodwill and Other Intangible24
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013 $ 5,231 No Activity — December 31, 2014 5,231 Goodwill acquired 6,794 December 31, 2015 $ 12,025 |
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, 2015 December 31, 2014 Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Amortizable intangible assets: Customer relationships (useful life of 6-15 years) $ 19,000 $ 6,086 $ 7,700 $ 4,795 Covenants not-to-compete (useful life of 4-6 years) 4,425 3,786 3,625 3,587 Trademarks (useful life of 15 years) 1,500 92 — — Total $ 24,925 $ 9,964 $ 11,325 $ 8,382 |
Summary of Estimated Amortization Expense | Estimated amortization expense for the five succeeding years follows (in thousands): Amount 2016 $ 1,668 2017 1,371 2018 1,363 2019 1,180 2020 1,163 Total $ 6,745 |
Computation of Earnings Per S25
Computation of Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): For The Years Ended December 31, 2015 2014 2013 Numerator: Net income $ 55,016 $ 51,991 $ 43,627 Denominator: Denominator for basic earnings per share–weighted average common shares 24,919 24,505 24,154 Effect of dilutive stock options 93 239 297 Effect of other common stock equivalents 459 719 754 Denominator for diluted earnings per share–adjusted weighted average common shares 25,471 25,463 25,205 Basic Earnings Per Share $ 2.21 $ 2.12 $ 1.81 Diluted Earnings Per Share $ 2.16 $ 2.04 $ 1.73 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Shares of common stock purchased 56,325 1,400 5,900 Aggregate purchase price of shares purchased $ 2,226,675 $ 52,961 $ 158,060 Shares of common stock sold 83,961 9,729 11,719 Aggregate sale price of shares sold $ 3,380,448 $ 53,962 $ 158,060 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes the activity of stock options for the year ended December 31, 2015 for both employees and non-employee directors: Options Weighted average exercise price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value (000’s) Outstanding at December 31, 2014 359,375 $ 22.03 Granted 117,600 Exercised (118,090 ) Forfeited (5,360 ) Expired — Outstanding at December 31, 2015 353,525 $ 31.63 4.7 $ 427 Exercisable at December 31, 2015 58,110 $ 18.53 2.1 $ 427 |
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, 2015, 2014 and 2013: 2015 2014 2013 Risk free interest rate 1.54 % 1.58 % 0.80 % Expected life in years 4.5 4.5 4.5 Expected volatility 40.82 % 44.33 % 58.50 % Dividend rate — — — |
Summary of Unvested Option | The following table summarizes the status of the Company’s unvested options as of December 31, 2015 and changes during the year ended December 31, 2015: Options Weighted average Grant-date Fair Value Unvested at December 31, 2014 359,375 $ 9.82 Granted 117,600 15.41 Vested (176,200 ) 5.66 Forfeited (5,360 ) 15.41 Unvested at December 31, 2015 295,415 $ 13.59 |
Summary of Restricted Stock Activity | The Company granted shares of restricted stock to certain key executives in February 2013, September 2014 and May 2015. All of the outstanding shares of restricted stock issued 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, 2015: Shares Weighted average Grant-date Fair Value Restricted Stock at December 31, 2014 107,939 $ 13.90 Granted 3,651 $ 41.08 Vested (45,455 ) $ 11.00 Forfeited — — Restricted Stock at December 31, 2015 66,135 $ 17.39 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Depreciation $ 103,471 $ 100,607 Other 3,482 (559 ) Gross deferred tax liabilities 106,953 100,048 Allowance for doubtful accounts (1,350 ) (1,511 ) Equity-based compensation (3,961 ) (3,440 ) Employee benefits (4,847 ) (7,024 ) Claims and insurance (20,942 ) (22,019 ) Other (8,436 ) (7,108 ) Gross deferred tax assets (39,536 ) (41,102 ) Net deferred tax liability $ 67,417 $ 58,946 |
Summary of Income Tax Provision (Benefit) | The income tax provision (benefit) for continuing operations consists of the following (in thousands): 2015 2014 2013 Current: U.S. federal $ 20,768 $ 18,085 $ 9,924 State 1,759 1,690 2,496 Total current income tax provision 22,527 19,775 12,420 Deferred: U.S. federal 8,570 9,547 11,822 State (150 ) (85 ) 276 Total deferred income tax provision 8,420 9,462 12,098 Total income tax provision $ 30,947 $ 29,237 $ 24,518 |
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 (in thousands): 2015 2014 2013 Provision at federal statutory rate $ 30,087 $ 28,430 $ 23,851 State income taxes, net 2,229 2,426 2,574 Nondeductible business expenses 696 589 675 Tax credits (1,532 ) (1,434 ) (2,429 ) Other, net (533 ) (774 ) (153 ) Total provision $ 30,947 $ 29,237 $ 24,518 |
Summary of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending total amounts of gross unrecognized tax benefits is as follows (in thousands): 2015 2014 Gross unrecognized tax benefits at beginning of year $ 1,165 $ 1,281 Gross decreases in tax positions for prior years — — Gross increases in tax positions for current year 237 202 Settlements — — Lapse of statute of limitations (244 ) (318 ) Gross unrecognized tax benefits at end of year $ 1,158 $ 1,165 |
Summary of Quarterly Operatin29
Summary of Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Operating Results (Unaudited) | (Amounts in thousands, except per share data) Three months ended, 2015 March 31 June 30 September 30 December 31 Operating revenue $ 293,022 $ 323,480 $ 317,199 $ 287,610 Operating income 21,233 31,281 19,845 17,616 Net income 12,605 19,247 11,777 11,387 Basic earnings per share $ 0.51 $ 0.77 $ 0.47 $ 0.46 Diluted earnings per share $ 0.49 $ 0.75 $ 0.46 $ 0.46 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 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Cash Purchase Price Allocated Based on Independent Appraisals and Managements Estimates | During the fourth quarter of 2015, the Company finalized its purchase accounting related to the acquisition of LinkEx, Inc. as indicated below (in thousands). The goodwill, customer lists and other identifiable intangible assets associated with the acquisition will be deductible for federal and state income tax purposes ratably over a 15 year period. The weighted-average useful life for the identified intangible assets is 14.4 years. Consideration: Cash, net of cash received $ (22,238 ) Fair value of total consideration transferred $ (22,238 ) Acquisition related costs included in SG&A 300 Recognized amounts of identifiable assets acquired and liabilities assumed: Current assets $ 4,337 Property and equipment 430 Customer lists 11,300 Other identifiable intangible assets 2,300 Other non-current assets 9 Current liabilities (2,900 ) Non-current liabilities (32 ) Total identifiable net assets assumed $ 15,444 Goodwill 6,794 Total $ 22,238 |
Valuation and Qualifying Acco31
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Summary of Valuation and Qualifying Accounts | For the Years Ended December 31, 2015, 2014 and 2013 (in thousands) Additions Balance, beginning of period Charged to costs and expenses Charged to other accounts Deductions(1) Balance, end of period Year ended December 31, 2015: Deducted from asset account – Allowance for uncollectible accounts $ 3,868 $ 1,463 — $ (1,880 ) $ 3,451 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 (1) Primarily uncollectible accounts written off — net of recoveries. |
Description of Business and S32
Description of Business and Summary of Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)SegmentCustomer | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | May. 16, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Number of reportable segment | Segment | 1 | |||
Common stock dividend | 50.00% | |||
Common stock split | Three-for-two | |||
Deferred tax assets reclassified to noncurrent liabilities | $ 19.5 | |||
Depreciation | 63.4 | $ 58.4 | $ 51 | |
Primary payroll-related costs capitalized | $ 2.2 | 1 | 2.1 | |
Stock-based awards compensation expense amortization period | 3 years | |||
Number of customers | Customer | 0 | |||
Percentage of consolidated operating revenue | 6.00% | |||
Advertising costs | $ 1.7 | $ 1.9 | $ 0.8 |
Description of Business and S33
Description of Business and Summary of Accounting Policies - Summary of Property and Equipment, Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 | 6 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 S34
Description of Business and Summary of Accounting Policies - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 995,514 | $ 891,145 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 57,506 | 53,632 |
Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 181,769 | 140,206 |
Tractors [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 314,326 | 290,718 |
Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 256,494 | 237,262 |
Other Revenue Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 36,828 | 37,220 |
Technology Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | 72,707 | 63,773 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, at cost | $ 75,884 | $ 68,334 |
Description of Business and S35
Description of Business and Summary of Accounting Policies - Summary of Risk Retention Amounts Per Occurrence (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 Arrangemen36
Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Senior Notes under a Master Shelf Agreement | $ 14,286 | $ 21,429 |
Capital Leases, described below | 40,152 | 16,606 |
Total debt | 68,972 | 83,035 |
Current portion of long-term debt | 12,432 | 9,138 |
Long-term debt, less current portion | 56,540 | 73,897 |
Credit Agreement with Banks [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement with Banks | $ 14,534 | $ 45,000 |
Debt and Financing Arrangemen37
Debt and Financing Arrangements - Additional Information (Detail) - USD ($) | Mar. 06, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2008 | Nov. 30, 2007 | Apr. 30, 2005 | Sep. 20, 2002 |
Debt Instrument [Line Items] | ||||||||
Capital Leases, described below | $ 40,152,000 | $ 16,606,000 | ||||||
Lease expiration period | 7 years | |||||||
Cash paid for interest | $ 3,000,000 | 4,500,000 | $ 6,100,000 | |||||
Estimated fair value of total debt | $ 73,100,000 | $ 83,700,000 | ||||||
Capital Lease Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate for capital lease | 2.85% | 2.92% | ||||||
Credit Agreement with Banks [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Agreement with Banks | $ 14,534,000 | $ 45,000,000 | ||||||
Fifth Amended and Restated Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Amendment line of credit facility expiration year and month | 2020-03 | |||||||
Fifth Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity under credit agreement | $ 250,000,000 | |||||||
Fifth Amended and Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | Credit Agreement Before Amendments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity under credit agreement | $ 200,000,000 | |||||||
Restated Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letter of credit facility outstanding amount | $ 44,800,000 | 47,300,000 | ||||||
Restated Credit Agreement [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letter of credit unused portion fee | 0.20% | |||||||
Restated Credit Agreement [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Letter of credit unused portion fee | 0.30% | |||||||
Restated Credit Agreement [Member] | LIBOR Rate Margin [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 1.125% | |||||||
Restated Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowing capacity under credit agreement | $ 250,000,000 | |||||||
Line of credit facility expiration year and month | 2020-03 | |||||||
Additional borrowing capacity under revolving credit facility | $ 75,000,000 | |||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Agreement with Banks | $ 14,500,000 | $ 45,000,000 | ||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 1.125% | |||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 2.25% | |||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | LIBOR Rate Margin [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 2.25% | |||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | Base Rate Margin [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 0.125% | |||||||
Restated Credit Agreement [Member] | Credit Agreement with Banks [Member] | Base Rate Margin [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Rate margin | 0.50% | |||||||
Restated Master Shelf Agreement [Member] | Senior Notes under Master Shelf Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
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 $25 million issuances were interest only until June 30, 2011 and at that time semi-annual principal payments began with the final payments due December 31, 2017. |
Debt and Financing Arrangemen38
Debt and Financing Arrangements - Schedule of Principal Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 13,508 | |
2,017 | 13,508 | |
2,018 | 6,365 | |
2,019 | 6,365 | |
2,020 | 20,899 | |
Thereafter | 12,449 | |
Total | 73,094 | |
Total | 68,972 | $ 83,035 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Less: Amounts Representing Interest on Capital Leases | $ 4,122 |
Commitments, Contingencies an39
Commitments, Contingencies and Uncertainties - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Commitments [Line Items] | |||
Rent expense | $ 17.9 | $ 17.1 | $ 17.9 |
Capital expenditures committed | 24.7 | ||
Capital expenditures in accounts payable | 12.1 | 1.8 | |
Affiliated Entity [Member] | |||
Other Commitments [Line Items] | |||
Letters of Credit | $ 1.8 | $ 1.8 |
Commitments, Contingencies an40
Commitments, Contingencies and Uncertainties - Schedule of Non-Cancellable Capital and Operating Lease Agreements Requiring Minimum Annual Rentals Payable (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 14,232 |
2,017 | 12,646 |
2,018 | 10,088 |
2,019 | 7,488 |
2,020 | 4,875 |
Thereafter | 12,513 |
Total | $ 61,842 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Summary of Changes in Gross Carrying Amounts of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill Roll Forward | |
Goodwill, Beginning Balance | $ 5,231 |
Goodwill acquired | 6,794 |
Goodwill, Ending Balance | $ 12,025 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 24,925 | $ 11,325 |
Accumulated Amortization | 9,964 | 8,382 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 19,000 | 7,700 |
Accumulated Amortization | 6,086 | 4,795 |
Covenants not-to-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 4,425 | 3,625 |
Accumulated Amortization | 3,786 | $ 3,587 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 1,500 | |
Accumulated Amortization | $ 92 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Summary of Gross Amounts and Accumulated Amortization of Identifiable Intangible Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 15 years |
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 | 15 years |
Maximum [Member] | Covenants not-to-Compete [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortizable intangible assets, useful life | 6 years |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 1.6 | $ 0.6 | $ 0.6 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2,016 | $ 1,668 |
2,017 | 1,371 |
2,018 | 1,363 |
2,019 | 1,180 |
2,020 | 1,163 |
Total | $ 6,745 |
Computation of Earnings Per S46
Computation of Earnings Per Share - Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net income | $ 11,387 | $ 11,777 | $ 19,247 | $ 12,605 | $ 13,569 | $ 16,278 | $ 13,568 | $ 8,576 | $ 55,016 | $ 51,991 | $ 43,627 |
Denominator: | |||||||||||
Denominator for basic earnings per share–weighted average common shares | 24,919 | 24,505 | 24,154 | ||||||||
Effect of dilutive stock options | 93 | 239 | 297 | ||||||||
Effect of other common stock equivalents | 459 | 719 | 754 | ||||||||
Denominator for diluted earnings per share–adjusted weighted average common shares | 25,471 | 25,463 | 25,205 | ||||||||
Basic Earnings Per Share | $ 0.46 | $ 0.47 | $ 0.77 | $ 0.51 | $ 0.55 | $ 0.66 | $ 0.55 | $ 0.35 | $ 2.21 | $ 2.12 | $ 1.81 |
Diluted Earnings Per Share | $ 0.46 | $ 0.46 | $ 0.75 | $ 0.49 | $ 0.53 | $ 0.64 | $ 0.53 | $ 0.34 | $ 2.16 | $ 2.04 | $ 1.73 |
Computation of Earnings Per S47
Computation of Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Common stock excluded from the calculation of diluted earnings per share | 206,756 | 7,936 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Purchase and Sale of Common Stock (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Shares of common stock purchased | 56,325 | 1,400 | 5,900 |
Aggregate purchase price of shares purchased | $ 2,226,675 | $ 52,961 | $ 158,060 |
Shares of common stock sold | 83,961 | 9,729 | 11,719 |
Aggregate sale price of shares sold | $ 3,380,448 | $ 53,962 | $ 158,060 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||
Shares reserved for issuance under the Directors Deferred Fee Plan | 229,679 | 244,835 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($)Employee$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Feb. 29, 2016shares | Feb. 28, 2015shares | Feb. 28, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Increase in cash flows from financing activities | $ | $ 3,700 | $ 4,000 | $ 2,100 | |||
Non-employee director stock options plan expiration period | 10 years | |||||
Stock-based compensation | $ | $ 3,878 | 4,166 | 2,902 | |||
Unrecognized compensation expense | $ | $ 2,200 | |||||
Weighted average recognition period of compensation expenses | 2 years | |||||
Total intrinsic value of options exercised | $ | $ 3,500 | $ 9,900 | $ 4,700 | |||
Weighted-average grant-date fair value per share of options granted | $ / shares | $ 15.41 | $ 12.12 | $ 12.95 | |||
Weighted-average grant-date fair value per share of options vested | $ / shares | $ 5.66 | $ 6.75 | $ 4.15 | |||
After three years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25.00% | |||||
After four years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 25.00% | |||||
After five years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 50.00% | |||||
January 2013 - January 2016 [Member] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 49,983 | |||||
December 2012 - December 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 146,054 | |||||
February 2011 - February 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 106,330 | |||||
Stock Option and Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation | $ | $ 1,800 | $ 2,200 | $ 1,200 | |||
Restricted Stock [Member] | After three years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
Restricted Stock [Member] | After four years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 4 years | |||||
Restricted Stock [Member] | After five years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 5 years | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock vesting period | 3 years | |||||
Operating expense | $ | $ 1,200 | $ 1,200 | $ 1,000 | |||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period share issuance range | 66,316 | |||||
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 | 2,093 | 1,905 | 2,199 | |||
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 | 863,472 | 1,257,996 | ||||
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 | |||||
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 | Jan. 22, 2013 | |||||
Reserved and unissued shares | 0 | 0 | ||||
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 | 17,969 | 16,561 | 24,191 | |||
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 | Employee | 20 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning balance, options | 359,375 |
Granted, options | 117,600 |
Exercised, options | (118,090) |
Forfeited, options | (5,360) |
Ending balance, options | 353,525 |
Exercisable options, ending balance | 58,110 |
Beginning balance, weighted average exercise price | $ / shares | $ 22.03 |
Ending balance, weighted average exercise price | $ / shares | 31.63 |
Exercisable, weighted average exercisable price | $ / shares | $ 18.53 |
Outstanding, weighted average remaining contractual life (years) | 4 years 8 months 12 days |
Exercisable, weighted average remaining contractual life (years) | 2 years 1 month 6 days |
Outstanding, aggregate intrinsic value | $ | $ 427 |
Exercisable, aggregate intrinsic value | $ | $ 427 |
Stock-Based Compensation - Su52
Stock-Based Compensation - Summary of Weighted Average Assumptions Used In Valuing Options (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate | 1.54% | 1.58% | 0.80% |
Expected life in years | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Expected volatility | 40.82% | 44.33% | 58.50% |
Stock-Based Compensation - Su53
Stock-Based Compensation - Summary of Unvested Option (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Unvested, options beginning balance | 359,375 | ||
Granted, options | 117,600 | ||
Vested, options | (176,200) | ||
Forfeited, options | (5,360) | ||
Unvested, options ending balance | 295,415 | 359,375 | |
Unvested , weighted average grant date fair value beginning balance | $ 9.82 | ||
Granted, weighted average grant date fair value | 15.41 | $ 12.12 | $ 12.95 |
Vested, weighted average grant date fair value | 5.66 | ||
Forfeited, weighted average grant date fair value | 15.41 | ||
Unvested , weighted average grant date fair value ending balance | $ 13.59 | $ 9.82 |
Stock-Based Compensation - Su54
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested, options beginning balance | shares | 107,939 |
Granted, options | shares | 3,651 |
Vested, options | shares | (45,455) |
Unvested, options ending balance | shares | 66,135 |
Unvested , weighted average grant date fair value beginning balance | $ / shares | $ 13.90 |
Granted | $ / shares | 41.08 |
Vested | $ / shares | 11 |
Unvested , weighted average grant date fair value ending balance | $ / shares | $ 17.39 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Reinstatement of contribution matching percentage | 50.00% | |||
Contribution in operation | $ 6.4 | $ 5.7 | $ 2.5 | |
Shares held by the Rabbi trust | 165,971 | 193,607 | ||
Performance incentive accruals | $ 2.9 | $ 6.5 | $ 8.8 | |
Payroll deduction for ESPP, percent of annual wages | 10.00% | |||
Shares purchased by custodians | 7,327 | 4,751 | 6,711 | |
Highly Compensated Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Payroll deduction for ESPP, percent of annual wages | 20.00% | |||
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 Defer
Income Taxes - Summary of Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Depreciation | $ 103,471 | $ 100,607 |
Other | 3,482 | (559) |
Gross deferred tax liabilities | 106,953 | 100,048 |
Allowance for doubtful accounts | (1,350) | (1,511) |
Equity-based compensation | (3,961) | (3,440) |
Employee benefits | (4,847) | (7,024) |
Claims and insurance | (20,942) | (22,019) |
Other | (8,436) | (7,108) |
Gross deferred tax assets | (39,536) | (41,102) |
Net deferred tax liability | $ 67,417 | $ 58,946 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
U.S. federal | $ 20,768 | $ 18,085 | $ 9,924 |
State | 1,759 | 1,690 | 2,496 |
Total current income tax provision | 22,527 | 19,775 | 12,420 |
Deferred: | |||
U.S. federal | 8,570 | 9,547 | 11,822 |
State | (150) | (85) | 276 |
Total deferred income tax provision | 8,420 | 9,462 | 12,098 |
Total income tax provision | $ 30,947 | $ 29,237 | $ 24,518 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||
Federal statutory income tax rate | 35.00% | ||
Interest related to unrecognized tax benefits | $ 0.2 | $ 0.3 | $ 0.1 |
Accrued interest and penalties related to unrecognized tax benefits | 1 | 1.3 | |
Unrecognized tax benefits that would affect the Company's effective tax rate if recognized | 1.2 | 1.2 | |
Cash (received) paid for income taxes | 16.4 | 20.8 | $ 20.6 |
Tax credit recognized in fourth quarter of each year | $ 1 | $ 1 | |
Maximum [Member] | |||
Income Tax [Line Items] | |||
Income tax year open for examination | 2,015 | ||
Maximum [Member] | State and Local Jurisdiction [Member] | |||
Income Tax [Line Items] | |||
Income tax year open for examination | 2,015 | ||
Minimum [Member] | |||
Income Tax [Line Items] | |||
Income tax year open for examination | 2,013 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | |||
Income Tax [Line Items] | |||
Income tax year open for examination | 2,006 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Income Taxes and Effective Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Provision at federal statutory rate, taxable amount | $ 30,087 | $ 28,430 | $ 23,851 |
State income taxes, net | 2,229 | 2,426 | 2,574 |
Nondeductible business expenses | 696 | 589 | 675 |
Tax credits | (1,532) | (1,434) | (2,429) |
Other, net | (533) | (774) | (153) |
Total income tax provision | $ 30,947 | $ 29,237 | $ 24,518 |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits at beginning of year | $ 1,165 | $ 1,281 |
Gross increases in tax positions for current year | 237 | 202 |
Lapse of statute of limitations | (244) | (318) |
Gross unrecognized tax benefits at end of year | $ 1,158 | $ 1,165 |
Summary of Quarterly Operatin61
Summary of Quarterly Operating Results (Unaudited) - Summary of Quarterly Operating Results (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Operating revenue | $ 287,610 | $ 317,199 | $ 323,480 | $ 293,022 | $ 309,648 | $ 332,544 | $ 330,399 | $ 299,730 | $ 1,221,311 | $ 1,272,321 | $ 1,139,094 |
Operating income | 17,616 | 19,845 | 31,281 | 21,233 | 20,572 | 27,149 | 22,741 | 15,231 | 89,975 | 85,693 | 74,418 |
Net income | $ 11,387 | $ 11,777 | $ 19,247 | $ 12,605 | $ 13,569 | $ 16,278 | $ 13,568 | $ 8,576 | $ 55,016 | $ 51,991 | $ 43,627 |
Basic earnings per share | $ 0.46 | $ 0.47 | $ 0.77 | $ 0.51 | $ 0.55 | $ 0.66 | $ 0.55 | $ 0.35 | $ 2.21 | $ 2.12 | $ 1.81 |
Diluted earnings per share | $ 0.46 | $ 0.46 | $ 0.75 | $ 0.49 | $ 0.53 | $ 0.64 | $ 0.53 | $ 0.34 | $ 2.16 | $ 2.04 | $ 1.73 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - LinkEx, Inc [Member] - USD ($) | Feb. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Percentage of voting interest acquired | 100.00% | ||
Purchase price of acquisition | $ 22,200,000 | $ 22,238,000 | |
Potential earn-out subject to meeting profit targets | $ 3,000,000 | ||
Acquired intangible assets, amortization period | 15 years | ||
Identified Intangible Assets [Member] | |||
Business Acquisition [Line Items] | |||
Identified intangible assets, weighted-average useful life | 14 years 4 months 24 days |
Acquisition - Summary of Cash P
Acquisition - Summary of Cash Purchase Price Allocated Based on Independent Appraisals and Managements Estimates (Detail) - USD ($) $ in Thousands | Feb. 02, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Consideration: | |||||
Acquisition of business, net of cash received | $ (22,238) | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 12,025 | 12,025 | $ 5,231 | $ 5,231 | |
LinkEx, Inc [Member] | |||||
Consideration: | |||||
Acquisition of business, net of cash received | (22,238) | ||||
Fair value of total consideration transferred | $ (22,200) | (22,238) | |||
Acquisition related costs included in SG&A | 300 | 300 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Current assets | 4,337 | 4,337 | |||
Property and equipment | 430 | 430 | |||
Other identifiable intangible assets | 2,300 | 2,300 | |||
Other non-current assets | 9 | 9 | |||
Current liabilities | (2,900) | (2,900) | |||
Non-current liabilities | (32) | (32) | |||
Total identifiable net assets assumed | 15,444 | 15,444 | |||
Goodwill | 6,794 | 6,794 | |||
Total | 22,238 | 22,238 | |||
LinkEx, Inc [Member] | Customer Lists [Member] | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Other identifiable intangible assets | $ 11,300 | $ 11,300 |
Valuation and Qualifying Acco64
Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Detail) - Allowance for Uncollectible Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance, beginning of period | $ 3,868 | $ 3,737 | $ 3,881 |
Additions - Charged to costs and expenses | 1,463 | 1,942 | 2,227 |
Deductions | (1,880) | (1,811) | (2,371) |
Balance, end of period | $ 3,451 | $ 3,868 | $ 3,737 |