Patriot Transportation Holding (PATI) 10-K 4 Dec 17 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2017	Nov. 29, 2017	Mar. 31, 2017
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	1,616,741
Document Type	10-K
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 48,769,547
Entity Common Stock, Shares Outstanding		3,303,802
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Assets
Cash and cash equivalents	$ 11,289	$ 6,005
Accounts receivable, net of allowance for doubtful accounts of $150 and $153, respectively	7,642	7,043
Federal and state taxes receivable	516	261
Inventory of parts and supplies	855	811
Prepaid tires on equipment	1,913	2,052
Prepaid taxes and licenses	612	681
Prepaid insurance	823	820
Prepaid expenses, other	71	64
Total current assets	23,721	17,737
Land	2,773	2,626
Buildings	5,639	5,494
Equipment	93,511	94,663
Property, plant and equipment, at cost	101,923	102,783
Less accumulated depreciation	62,331	59,080
Net property, plant and equipment	39,592	43,703
Goodwill	3,431	3,431
Intangible assets, net	1,021	1,214
Other assets, net	189	214
Total assets	67,954	66,299
Liabilities and Shareholders' Equity
Accounts payable	4,948	4,896
Accrued payroll and benefits	4,143	4,608
Accrued insurance	558	700
Accrued liabilities, other	379	369
Total current liabilities	10,028	10,573
Deferred income taxes	10,045	10,479
Accrued insurance	193	184
Other liabilities	1,105	1,117
Commitments and contingencies (Note 11)
Shareholders' Equity:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are disignated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding	0	0
Common stock, $.10 par value; (25,000,000 shares authorized; 3,303,802 and 3,289,353 shares issued and outstanding, respectively)	330	329
Capital in excess of par value	36,726	35,919
Retained earnings	9,353	7,524
Accumulated other comprehensive income, net	174	174
Total shareholders' equity	46,583	43,946
Total liabilties and shareholders' equity	$ 67,954	$ 66,299

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 150	$ 153
Preferred stock, par value	$ .01	$ .01
Preferred stock, shares authorized	5,000,000	5,000,000
Series A Junior Participating Preferred Stock	250,000	250,000
Preferred stock, shares issued	0	0
Common stock, par value	$ .10	$ .10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,303,802	3,289,353

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Transportation revenues	$ 105,334	$ 115,592	$ 111,294
Fuel surcharges	6,831	4,580	11,588
Total revenues	112,165	120,172	122,882
Cost of operations:
Compensation and benefits	48,109	51,069	49,050
Fuel expenses	14,991	15,157	20,295
Repairs & tires	7,077	7,777	7,876
Other operating	4,418	4,719	4,520
Insurance and losses	10,728	10,358	10,249
Depreciation expense	9,542	8,870	8,486
Rents, tags & utilities	3,384	3,834	3,892
Sales, general & administrative	9,404	9,626	9,188
Corporate expenses	2,711	2,946	3,203
Intangible asset impairment	0	0	2,074	[1]
Gain on property sale	0	(1,277)	0
Gain on equipment sales	(571)	(697)	(1,537)
Total cost of operations	109,793	112,382	117,296
Total operating profit	2,372	7,790	5,586
BP claim Settlement	0	1,687	0
Interest income and other	6	6	0
Interest expense	(80)	(130)	(112)
Income before income taxes	2,298	9,353	5,474
Provision for income taxes	469	3,648	2,135
Net income	$ 1,829	$ 5,705	$ 3,339
Earnings per common share:
Net income - basic	$ .55	$ 1.74	$ 1.02
Net income - diluted	$ .55	$ 1.74	$ 1.02
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,299	3,283	3,268
-diluted earnings per common share	3,302	3,285	3,275
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.

Consolidated and Combined Stat5

Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net income	$ 1,829	$ 5,705	$ 3,339
Other comp. income (loss) net of tax:
Actuarial gain retiree health	0	123	4
Minimum pension liability	0	0	(6)
Comprehensive income	$ 1,829	$ 5,828	$ 3,337

Consolidated and Combined Stat6

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 1,829	$ 5,705	$ 3,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,293	9,729	9,485
Intangible asset impairment	0	0	2,074	[1]
Deferred income taxes	(434)	2,145	(590)
Gain on asset dispositions	(602)	(2,222)	(1,558)
Stock-based compensation	808	745	617
Net changes in operating assets and liabilities:
Accounts receivable	(599)	339	(263)
Inventory of parts and supplies	(44)	(31)	115
Prepaid expenses	198	(98)	152
Other assets	14	132	(148)
Accounts payable and accrued liabilities	(545)	(448)	2,478
Income taxes payable and receivable	(255)	(146)	(244)
Long-term insurance liabilities and other long-term liabilities	(3)	(895)	(405)
Net cash provided by operating activities	10,660	14,955	15,052
Cash flows from investing activities:
Purchase of property and equipment	(6,332)	(11,503)	(9,905)
Proceeds from the sale of property, plant and equipment	956	3,155	1,863
Net cash used in investing activities	(5,376)	(8,348)	(8,042)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts	0	(773)	(160)
Proceeds from borrowing on revolving credit facility	0	13,536	43,793
Payments on revolving credit facility	0	(13,536)	(51,075)
Debt issue costs	0	0	(94)
Excess tax benefits from exercise of stock options	0	171	425
Proceeds from exercised stock options	0	0	202
Net distributions to FRP prior to spin-off	0	0	(101)
Net cash used in financing activities	0	(602)	(7,010)
Net increase in cash and cash equivalents	5,284	6,005	0
Cash and cash equivalents at beginning of year	6,005	0	0
Cash and cash equivalents at end of the year	11,289	6,005	0
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	53	74	175
Cash paid during the year for Income taxes	$ 1,578	$ 1,909	$ 2,840
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.

Consolidated and Combined Stat7

Consolidated and Combined Statements of Shareholders' Equity/Net Investment - USD ($) $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Net Investment	Accumulated Other Comprehensive Income, net of tax	Total
Beginning balance, shares at Sep. 30, 2014	0
Beginning balance, amount at Sep. 30, 2014		$ 0	$ 0	$ 32,669	$ 53	$ 32,722
Issuance of common stock at spinoff, shares	3,242,524
Issuance of common stock at spinoff, amount	$ 324					$ 324
Exercise of stock options, shares	16,000					16,000
Exercise of stock options, amount	$ 2	201				$ 203
Excess tax benefits from exercise of stock options		425				425
Stock-based compensation		174				$ 174
Shares granted to Directors, shares	14,280					14,280
Shares granted to Directors, amount	$ 1	341				$ 342
Net income			3,339			3,339
Minimum pension liability, net of tax					(6)	(6)
Actuarial (loss) gain, net					4	4
Reclassification of net investment to capital in excess of par value		33,864	(1,520)	(32,669)		(325)
Ending balance, shares at Sep. 30, 2015	3,272,804
Ending balance, amount at Sep. 30, 2015	$ 327	35,005	1,819	0	51	37,202
Excess tax benefits from exercise of stock options		171				171
Stock-based compensation		384				$ 384
Shares granted to Directors, shares	16,549					16,549
Shares granted to Directors, amount	$ 2	359				$ 361
Net income			5,705			5,705
Minimum pension liability, net of tax						0
Actuarial (loss) gain, net					123	123
Ending balance, shares at Sep. 30, 2016	3,289,353
Ending balance, amount at Sep. 30, 2016	$ 329	35,919	7,524	0	174	43,946
Stock-based compensation		440				$ 440
Shares granted to Directors, shares	14,449					14,449
Shares granted to Directors, amount	$ 1	367				$ 368
Net income			1,829			1,829
Minimum pension liability, net of tax						0
Actuarial (loss) gain, net						0
Ending balance, shares at Sep. 30, 2017	3,303,802
Ending balance, amount at Sep. 30, 2017	$ 330	$ 36,726	$ 9,353	$ 0	$ 174	$ 46,583

Accounting Policies

Accounting Policies	12 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Accounting Policies	1. Accounting Policies. DESCRIPTION OF BUSINESS Spin-off Transaction On January 30, 2015, FRP Holdings, Inc. ("FRP") completed the tax-free spin-off (the “Spin-off") of Patriot Transportation Holding, Inc., (the "Company" or "Patriot"). In the Spin-off, FRP distributed all of the outstanding stock of the Company to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot (stock symbol “PATI”) for every three shares of FRP owned on the record date resulting in 3,242,524 of Patriot shares outstanding on the distribution date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. Company’s Business The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party carrier to deliver our customer’s products from point A to point B predominately using Company employees driving Company owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and diesel fuel) from large scale fuel storage facilities to our customers’ retail outlets (e.g. convenience stores, truck stops and fuel depots) where we off-load the product into our customer’s fuel storage tanks for ultimate sale to the retail consumer. The remaining 18% of our business consists of hauling our customer’s dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals. PRINCIPLES OF CONSOLIDATION AND COMBINATION - The consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts, certain assets, liabilities, and expenses of Patriot and its wholly owned subsidiaries that comprise the Company. All significant intercompany transactions within the consolidated and combined entity have been eliminated. CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. INVENTORY - Inventory of parts and supplies is valued at the lower of cost (first-in, first-out) or market. TIRES ON EQUIPMENT - The value of tires on tractors and trailers is accounted for as a prepaid expense and amortized over the life of the tires as a function of miles driven. REVENUE AND EXPENSE RECOGNITION - Transportation revenue, including fuel surcharges, is recognized when the services have been rendered to customers or delivery has occurred, the pricing is fixed or determinable and collectibility is reasonably assured. Transportation expenses are recognized as incurred. ACCOUNTS RECEIVABLE - Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as a selling, general and administrative expense. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2017, 2016 and 2015 of $10,089,000, $9,487,000 and $9,154,000, respectively. IMPAIRMENT OF LONG-LIVED ASSETS - The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization, for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset utilization. If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets generally based upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition. GOODWILL – Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then the recorded goodwill is impaired to its implied fair value with a charge to operating expense. INSURANCE - The Company has a $250,000 to $500,000 self-insured retention per occurrence in connection with certain of its workers’ compensation, automobile liability, and general liability insurance programs (“risk insurance”). The Company is also self-insured for its employee health insurance benefits and carries stop loss coverage for losses over $250,000 per covered participant per year plus a $77,000 aggregate. The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance losses incurred and reported. Claims paid by the Company are charged against the liability. Additionally, the Company maintains an accrued liability for incurred but not reported claims based on historical analysis of such claims. Payments made under a captive agreement for each year’s loss fund are scheduled in advance using actuarial methodology. The captive agreement provides that we will share in the underwriting results, good or bad, within a $250,000 per occurrence layer of loss through retrospective premium adjustments. The method of calculating the accrual liability is subject to inherent uncertainty. If actual results are less favorable than the estimates used to calculate the liabilities, the Company would have to record expenses in excess of what has been accrued. INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to Company employees in Patriot’s income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and related impact are discussed in Footnote 6. PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance. EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock. USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties. COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholder’s equity/net investment. NET INVESTMENT BY PARENT – The Net investment by former Parent represents a net balance reflecting FRP’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and FRP. RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The new standard is effective beginning with the first quarter of fiscal 2019. The Company currently does not expect the adoption of this guidance to result in a material impact on its financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $309,000 of deferred tax liability as of September 30, 2015 from current to long term. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. The Company has relatively few leases extending over 12 months, the total gross contractual obligation for lease payments greater than 12 months at September 30, 2016 was $1,722,000. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption we recorded a reduction of income tax expense from excess tax benefits on stock option exercises of $38,000 and $427,000 for the three and twelve months ended September 30, 2017, respectively.

Related Party Agreements

Related Party Agreements	12 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Agreements	2. Related Party Agreements. The Company is party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off transaction from FRP Holdings, Inc. (FRP). The Transition Services Agreement sets forth the terms on which the Company will provide to FRP certain services that were shared prior to the Spin-off, including the services of certain shared executive officers. The boards of the respective companies amended and extended this agreement for one year effective April 1, 2017. The consolidated and combined statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $1,606,000, $1,542,000, and $2,211,000 for fiscal 2017, 2016 and 2015, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as a reduction to corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP. Patriot provides information technology services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John Baker, brother of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass paid $16,000, $599,000 and $490,000 to the Company for fiscal 2017, 2016 and 2015 respectively for such information technology services and office space. The services to Bluegrass ceased on December 31, 2016. Patriot paid $7,000 to Bluegrass for information technology services for fiscal 2017.

Debt

Debt	12 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	3. Debt. The Company had no long-term debt outstanding at September 30, 2017 and September 30, 2016. Prior to the Spin-off, the Company was permitted to borrow under FRP's credit agreement with Wells Fargo Bank, N.A. (the "FRP Credit Agreement"). On January 30, 2015, the Company entered into a new $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding on the FRP Credit Agreement into this new revolver. As of September 30, 2017, we had no outstanding debt borrowed on this revolver, $2,180,000 outstanding under letters of credit and $22,820,000 available for additional borrowings. The letter of credit fee is 1% and the applicable interest rate would have been 3.235% on September 30, 2017. The credit agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of September 30, 2017.

Operating Leases

Operating Leases	12 Months Ended
	Sep. 30, 2017
Leases [Abstract]
Leases	4. Operating Leases. The Company leases certain assets under operating leases, which primarily consist of real estate leases for the corporate office and some of our terminal locations. Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value. The Company has not made any residual value guarantees related to its operating leases; therefore, there is no corresponding liability recorded on the Balance Sheets. Future minimum annual lease payments for assets under operating leases as of September 30, 2017 are as follows (in thousands): Fiscal Year Total 2018 302 2019 309 2020 314 2021 318 2022 323 Thereafter 190 Total minimum lease payments $ 1,756 Aggregate expense under operating leases was $804,000, $759,000 and $742,000 for 2017, 2016 and 2015, respectively. Certain operating leases include rent escalation provisions, which are recognized as expense on a straight-line basis.

Earnings per share

Earnings per share	12 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per share	5. Earnings Per Share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. On January 30, 2015, 3,242,524 shares of our common stock were distributed to the shareholders of FRP in connection with the Spin-off and distribution. For comparative purposes, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off and distribution presented in the calculation of weighted average shares outstanding. The following details the computations of the basic and diluted earnings per common share. (dollars and shares in thousands, except per share amounts.) Years Ended September 30 2017 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,299 3,283 3,268 Common shares issuable under share based payment plans which are potentially dilutive 3 2 7 Common shares used for diluted earnings per common share 3,302 3,285 3,275 Net income $ 1,829 5,705 3,339 Earnings per common share Basic $ .55 1.74 1.02 Diluted $ .55 1.74 1.02 For 2017 and 2016, 121,449 and 80,669 shares, respectively, attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	6. Stock-Based Compensation Plans. Participation in FRP Plans The Company's directors, officers and key employees previously were eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit for the Transition Services Agreement allocation to FRP. All outstanding options held by company directors, officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. Patriot Incentive Stock Plan In January 2015, the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The grants were based upon the FRP options outstanding at 24.86% of the previous exercise price based upon the when issued market value of the Company compared to the market value of FRP on that day. Simultaneously, the number of shares were divided by 3 and the exercise price multiplied by 3 to adjust for the Spin-off distribution of 1 for 3 shares of FRP. The number of common shares available for future issuance was 87,131 at September 30, 2017. Patriot utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions are no dividend yield, expected volatility between 26% and 46%, risk-free interest rate of .3 to 3.9% and expected life of 3.0 to 7.0 years. The dividend yield of zero is based on the fact that Patriot does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on FRP’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. In December 2016, the Company approved and issued a long-term performance incentive to an officer in the form of stock appreciation rights. The Company granted 80,000 stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get a cash award at age 65 based upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than $500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment of age 65. In March 2017, in recognition of Thompson S. Baker II's outstanding service to FRP, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The annual director stock grant was 14,449 shares in fiscal 2017 at $25.50, 16,549 shares in fiscal 2016 at $21.81, and 14,280 shares in fiscal 2015 at $24.00 based on the market prices indicated on the date of the grants. The Company recorded the following stock compensation expense for FRP and Patriot options (including allocations in periods prior to the Spin-off) in its consolidated statements of income (in thousands): Years Ended September 30 2017 2016 2015 Stock option grants $ 440 384 274 Annual director stock award 368 361 343 $ 808 745 617 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Grants substituted on January 30, 2015 91,315 $ 20.31 5.6 $ 761 Exercised (16,000 ) 12.62 $ (95 ) Outstanding at September 30, 2015 75,315 $ 21.95 5.8 $ 666 Granted 38,794 23.78 362 Forfeited (3,298 ) 24.24 (29 ) Outstanding at September 30, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 21.25 272 Outstanding at September 30, 2017 151,591 $ 22.18 6.3 $ 1,271 Exercisable at September 30, 2017 95,901 $ 21.83 5.0 $ 758 Vested during twelve months ended September 30, 2017 27,852 $ 210 The following table summarizes information concerning stock options outstanding at September 30, 2017: Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $16.50 – $20.63 1,984 19.54 5.2 $20.64 - $25.78 46,813 22.11 8.8 $25.79-32.23 6,893 28.27 6.8 55,690 $ 22.78 8.4 years Exercisable: $16.50 - $20.63 38,078 18.50 3.4 $20.64 - $25.78 45,498 22.71 5.9 $25.79 - $32.23 12,325 28.86 6.7 95,901 $ 21.83 5.0 Years Total 151,591 $ 22.18 6.3 Years The aggregate intrinsic value of exercisable Company options was $55,000 and the aggregate intrinsic value of all outstanding in-the-money options was $56,000 based on the Company’s market closing price of $19.94 on September 29, 2017 less exercise prices. The realized tax benefit from option exercises during fiscal 2017 was $849,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of September 30, 2017 was $471,000, which is expected to be recognized over a weighted-average period of 3.1 years.

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes. The provision for income taxes for continuing operations for fiscal years ended September 30 consists of the following (in thousands): 2017 2016 2015 Current: Federal $ 739 1,247 2,315 State 164 334 408 903 1,581 2,723 Deferred (434 ) 2,067 (588 ) Total $ 469 3,648 2,135 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): 2017 2016 2015 Amount computed at statutory Federal rate $ 781 3,180 1,862 State income taxes (net of Federal income tax benefit) 108 440 257 Excess tax benefits from stock option exercises (427 ) — — Other, net 7 28 16 Provision for income taxes $ 469 3,648 2,135 In this reconciliation, the category “Other, net” consists of changes in permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities at September 30, are presented below (in thousands): 2017 2016 Deferred tax liabilities: Property and equipment $ 11,568 12,156 Prepaid expenses 121 134 Gross deferred tax liabilities 11,689 12,290 Deferred tax assets: Insurance liabilities 159 184 Employee benefits and other 1,485 1,627 Gross deferred tax assets 1,644 1,811 Net deferred tax liability $ 10,045 10,479 The Company has no unrecognized tax benefits. Patriot tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of September 30, 2017, the earliest tax year that remains open for audit in the Unites States is 2012.

Accrued Insurance

Accrued Insurance	12 Months Ended
	Sep. 30, 2017
Insurance [Abstract]
Accrued Insurance	8. Accrued Insurance. The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance losses incurred and reported. Payments made under a captive agreement for each year’s risk loss fund are scheduled in advance using actuarial methodology. Captive insurance assets available to us to settle risk insurance liabilities are not reported on our balance sheet as we do not control or consolidate the captive. The accrued insurance liability at September 30 is summarized as follows (in thousands): 2017 2016 Accrued insurance, current portion $ 558 700 Prepaid insurance claims (501 ) — Accrued insurance, non-current 193 184 Total accrued insurance $ 250 884 Captive agreement assets 4,506 3,669 Gross accrued insurance $ 4,756 4,553

Employee Benefits

Employee Benefits	12 Months Ended
	Sep. 30, 2017
Retirement Benefits [Abstract]
Employee Benefits	9. Employee Benefits. The Company and certain subsidiaries have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. Patriot contributes to a participant’s account an amount equal to 50% (with certain limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable upon retirement or earlier termination of employment. The Company’s allocated cost was $768,000 in 2017, $792,000 in 2016 and $718,000 in 2015. The Company has a Management Security Plan (MSP) for certain key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. The expense allocated to the Company for fiscal 2017, 2016 and 2015 was $23,000, $25,000 and $28,000, respectively. The accrued benefit related to the Company under this plan as of September 30, 2017 and 2016 was $658,000 and $702,000, respectively. The Company provides certain health benefits for retired employees. Employees may become eligible for those benefits if they were employed by the Company prior to December 10, 1992, meet the service requirements and reach retirement age while working for Patriot. The plan is contributory and unfunded. The Company accrues its allocated estimated cost of retiree health benefits over the years that the employees render service. The accrued postretirement benefit obligation for this plan related to the Company as of September 30, 2017 and 2016 was $192,000 and $180,000, respectively. The net periodic postretirement benefit credit or cost allocated to the Company was ($33,000), $16,000 and $12,000 for fiscal 2017, 2016 and 2015, respectively. The discount rate used in determining the Net Periodic Postretirement Benefit Cost was 3.7% for 2017, 3.7% for 2016 and 4.0% for 2015. The discount rate used in determining the Accumulated Postretirement Benefit Obligation (APBO) was 3.73% for 2017, 4.25% for 2016, and 4.25% for 2015. No medical trend is applicable because the Company’s share of the cost is frozen.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. As of September 30, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At September 30, 2017 and 2016, the carrying amount reported in the consolidated and combined balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items. We believe the fair value of the allocated outstanding debt obligations approximate their carrying value as the related debt agreements reflect present market terms and as certain debt obligations contain certain interest rates that reset periodically based on current market indices.

Contingent liabilities

Contingent liabilities	12 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	11. Contingent Liabilities. The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Concentrations

Concentrations	12 Months Ended
	Sep. 30, 2017
Risks and Uncertainties [Abstract]
Concentrations	12. Concentrations. Market: Customers Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Results	12 Months Ended
	Sep. 30, 2017
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Results	13. Unusual or Infrequent Items Impacting Results. On September 30, 2016, the Company received $1,330,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida resulting in a $1,277,000 gain. The easement prohibits residential development on the site and prohibits hotel development on a portion of the site. On October 20, 2015, the Company received notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement. On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on January 6, 2016 net of all contingency fees. This amount is included in other income. An impairment charge of $2,074,000 was recorded in second quarter 2015 related to the recorded customer relationship intangible asset fair value pertaining to the Pipeline acquisition in November 2013.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	14. Goodwill and Intangible Assets. The changes in gross carrying amounts of goodwill are as follows (in thousands): Goodwill October 1, 2014 $ 3,431 No activity — September 30, 2015 3,431 No activity — September 30, 2016 3,431 No activity — September 30, 2017 $ 3,431 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 intangible assets, including customer value, trade name 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 (including impairment) of identifiable intangible assets are as follows (in thousands): September 30, 2017 September 30, 2016 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value (useful life 10.5 years) 4,004 2,997 4,004 2,844 Trade name (useful life 3.5 years) 72 72 72 60 Non-compete (useful life 5 years) 62 48 62 36 $ 4,138 $ 3,117 $ 4,138 $ 2,940 The Company recorded an impairment charge related to the recorded customer relationship intangible asset resulting from the Pipeline acquisition of $2,074,000, with an after tax impact to net income of $1,265,000, in its consolidated and combined financial statements for the quarter ended March 31, 2015. The impairment charge was calculated utilizing the assistance of a third party valuation expert. The Company's conclusion that an impairment charge was necessary in second quarter 2015 was a the result of (i) the loss of certain Pipeline customers over the course of the first nine months of calendar 2014, and then (ii) the notification from another customer during the second quarter that we would not be able to retain a sizeable piece of the business we acquired from Pipeline at the rates we quoted them during a competitive bid process. Amortization expense for intangible assets was $177,000 for 2017 and it is included in sales, general and administrative expense. Estimated amortization expense for the five succeeding years follows (in thousands): Amount 2018 $ 166 2019 154 2020 153 2021 153 2022 153 Total $ 779

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Spin-off Transaction On January 30, 2015, FRP Holdings, Inc. ("FRP") completed the tax-free spin-off (the “Spin-off") of Patriot Transportation Holding, Inc., (the "Company" or "Patriot"). In the Spin-off, FRP distributed all of the outstanding stock of the Company to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot (stock symbol “PATI”) for every three shares of FRP owned on the record date resulting in 3,242,524 of Patriot shares outstanding on the distribution date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot. Company’s Business The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party carrier to deliver our customer’s products from point A to point B predominately using Company employees driving Company owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and diesel fuel) from large scale fuel storage facilities to our customers’ retail outlets (e.g. convenience stores, truck stops and fuel depots) where we off-load the product into our customer’s fuel storage tanks for ultimate sale to the retail consumer. The remaining 18% of our business consists of hauling our customer’s dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals.
Principles of consolidation and combination	PRINCIPLES OF CONSOLIDATION AND COMBINATION - The consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts, certain assets, liabilities, and expenses of Patriot and its wholly owned subsidiaries that comprise the Company. All significant intercompany transactions within the consolidated and combined entity have been eliminated.
Cash and Cash Equivalents	CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset.
Inventory	INVENTORY - Inventory of parts and supplies is valued at the lower of cost (first-in, first-out) or market.
Tires on Equipment	TIRES ON EQUIPMENT - The value of tires on tractors and trailers is accounted for as a prepaid expense and amortized over the life of the tires as a function of miles driven.
Revenue and Expense Recognition	REVENUE AND EXPENSE RECOGNITION - Transportation revenue, including fuel surcharges, is recognized when the services have been rendered to customers or delivery has occurred, the pricing is fixed or determinable and collectibility is reasonably assured. Transportation expenses are recognized as incurred.
Accounts Receivable	ACCOUNTS RECEIVABLE - Accounts receivable are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering historical and current trends. We record estimated bad debts expense as a selling, general and administrative expense. We estimate the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment. Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years.
Property and Equipment	PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and equipment is computed using the straight-line method based on the following estimated useful lives: Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2017, 2016 and 2015 of $10,089,000, $9,487,000 and $9,154,000, respectively.
Impairment of Long-Lived assets	IMPAIRMENT OF LONG-LIVED ASSETS - The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject to amortization, for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset utilization. If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets generally based upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition.
Goodwill	GOODWILL – Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then the recorded goodwill is impaired to its implied fair value with a charge to operating expense.
Insurance	INSURANCE - The Company has a $250,000 to $500,000 self-insured retention per occurrence in connection with certain of its workers’ compensation, automobile liability, and general liability insurance programs (“risk insurance”). The Company is also self-insured for its employee health insurance benefits and carries stop loss coverage for losses over $250,000 per covered participant per year plus a $77,000 aggregate. The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance losses incurred and reported. Claims paid by the Company are charged against the liability. Additionally, the Company maintains an accrued liability for incurred but not reported claims based on historical analysis of such claims. Payments made under a captive agreement for each year’s loss fund are scheduled in advance using actuarial methodology. The captive agreement provides that we will share in the underwriting results, good or bad, within a $250,000 per occurrence layer of loss through retrospective premium adjustments. The method of calculating the accrual liability is subject to inherent uncertainty. If actual results are less favorable than the estimates used to calculate the liabilities, the Company would have to record expenses in excess of what has been accrued.
Income Taxes	INCOME TAXES - Deferred tax assets and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes.
Stock Based Compensation	STOCK BASED COMPENSATION – The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and other equity-based compensation issued to Company employees in Patriot’s income statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the model and related impact are discussed in Footnote 6.
Pension Plan	PENSION PLAN - The Company accounts for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”, which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
Earnings Per Common Share	EARNINGS PER COMMON SHARE - Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options and restricted stock.
Use of Estimates	USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected.
Environmental	ENVIRONMENTAL - Environmental expenditures that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates, continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
Comprehensive Income	COMPREHENSIVE INCOME – Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains, and losses that are not included in net income, but rather are recorded directly in shareholder’s equity/net investment.
Net Investment by Parent	NET INVESTMENT BY PARENT – The Net investment by former Parent represents a net balance reflecting FRP’s initial investment in the Company and subsequent adjustments resulting from the operations of the Company and various transactions between the Company and FRP.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS – In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The new standard is effective beginning with the first quarter of fiscal 2019. The Company currently does not expect the adoption of this guidance to result in a material impact on its financial statements. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $309,000 of deferred tax liability as of September 30, 2015 from current to long term. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. The Company has relatively few leases extending over 12 months, the total gross contractual obligation for lease payments greater than 12 months at September 30, 2016 was $1,722,000. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption we recorded a reduction of income tax expense from excess tax benefits on stock option exercises of $38,000 and $427,000 for the three and twelve months ended September 30, 2017, respectively.

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Sep. 30, 2017
Leases [Abstract]
Future minimum annual lease payments for assets under operating leases (in thousands)	Fiscal Year Total 2018 302 2019 309 2020 314 2021 318 2022 323 Thereafter 190 Total minimum lease payments $ 1,756

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Computations of the basic and diluted earning per common share (dollars and shares in thousands, except per share amounts)	Years Ended September 30 2017 2016 2015 Common shares: Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,299 3,283 3,268 Common shares issuable under share based payment plans which are potentially dilutive 3 2 7 Common shares used for diluted earnings per common share 3,302 3,285 3,275 Net income $ 1,829 5,705 3,339 Earnings per common share Basic $ .55 1.74 1.02 Diluted $ .55 1.74 1.02

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense (in thousands)	Years Ended September 30 2017 2016 2015 Stock option grants $ 440 384 274 Annual director stock award 368 361 343 $ 808 745 617
Summary of Company stock options (in thousands, except share and per share amounts)	Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value(000's) Grants substituted on January 30, 2015 91,315 $ 20.31 5.6 $ 761 Exercised (16,000 ) 12.62 $ (95 ) Outstanding at September 30, 2015 75,315 $ 21.95 5.8 $ 666 Granted 38,794 23.78 362 Forfeited (3,298 ) 24.24 (29 ) Outstanding at September 30, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 21.25 272 Outstanding at September 30, 2017 151,591 $ 22.18 6.3 $ 1,271 Exercisable at September 30, 2017 95,901 $ 21.83 5.0 $ 758 Vested during twelve months ended September 30, 2017 27,852 $ 210
Summary information concerning stock options outstanding	Shares Weighted Weighted Range of Exercise under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $16.50 – $20.63 1,984 19.54 5.2 $20.64 - $25.78 46,813 22.11 8.8 $25.79-32.23 6,893 28.27 6.8 55,690 $ 22.78 8.4 years Exercisable: $16.50 - $20.63 38,078 18.50 3.4 $20.64 - $25.78 45,498 22.71 5.9 $25.79 - $32.23 12,325 28.86 6.7 95,901 $ 21.83 5.0 Years Total 151,591 $ 22.18 6.3 Years

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes for continuing operations (in thousands)	2017 2016 2015 Current: Federal $ 739 1,247 2,315 State 164 334 408 903 1,581 2,723 Deferred (434 ) 2,067 (588 ) Total $ 469 3,648 2,135
Income tax reconciliation at statutory Federal income tax rate (in thousands)	2017 2016 2015 Amount computed at statutory Federal rate $ 781 3,180 1,862 State income taxes (net of Federal income tax benefit) 108 440 257 Excess tax benefits from stock option exercises (427 ) — — Other, net 7 28 16 Provision for income taxes $ 469 3,648 2,135
Deferred tax assets and liabilities (in thousands)	2017 2016 Deferred tax liabilities: Property and equipment $ 11,568 12,156 Prepaid expenses 121 134 Gross deferred tax liabilities 11,689 12,290 Deferred tax assets: Insurance liabilities 159 184 Employee benefits and other 1,485 1,627 Gross deferred tax assets 1,644 1,811 Net deferred tax liability $ 10,045 10,479

Accrued Insurance (Tables)

Accrued Insurance (Tables)	12 Months Ended
	Sep. 30, 2017
Insurance [Abstract]
Accrued insurance liability (in thousands)	2017 2016 Accrued insurance, current portion $ 558 700 Prepaid insurance claims (501 ) — Accrued insurance, non-current 193 184 Total accrued insurance $ 250 884 Captive agreement assets 4,506 3,669 Gross accrued insurance $ 4,756 4,553

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in gross carrying amounts of goodwill (in thousands)	Goodwill October 1, 2014 $ 3,431 No activity — September 30, 2015 3,431 No activity — September 30, 2016 3,431 No activity — September 30, 2017 $ 3,431
Identifiable intangible assets gross amounts and accumulated amortization (in thousands)	September 30, 2017 September 30, 2016 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value (useful life 10.5 years) 4,004 2,997 4,004 2,844 Trade name (useful life 3.5 years) 72 72 72 60 Non-compete (useful life 5 years) 62 48 62 36 $ 4,138 $ 3,117 $ 4,138 $ 2,940
Estimated amortization expense for five succeeding years (in thousands)	Amount 2018 $ 166 2019 154 2020 153 2021 153 2022 153 Total $ 779

Operating Leases - Leases (Deta

Operating Leases - Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
Leases [Abstract]
Future minimum operating lease payments 2018	$ 302
Future minimum operating lease payments 2019	309
Future minimum operating lease payments 2020	314
Future minimum operating lease payments 2021	318
Future minimum operating lease payments 2022	323
Future minimum operating lease payments therafter	190
Total Minimum operating lease payments	$ 1,756

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,299	3,283	3,268
Common shares issuable under share based payment plans which are potentially dilutive	3	2	7
Common shares used for diluted earnings per common share	3,302	3,285	3,275
Net income	$ 1,829	$ 5,705	$ 3,339
Earnings per common share:
Earnings per common share-basic	$ .55	$ 1.74	$ 1.02
Earnings per common share-diluted	$ .55	$ 1.74	$ 1.02

Stock-Based Compensation Plan31

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 440	$ 384	$ 274
Annual director stock award	368	361	343
Stock based compensation	$ 808	$ 745	$ 617

Stock-Based Compensation Plan32

Stock-Based Compensation Plans - Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)yr$ / sharesshares	Sep. 30, 2016USD ($)yr$ / sharesshares	Sep. 30, 2015USD ($)yr$ / sharesshares	Jan. 30, 2015USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	151,591	110,811	75,315	91,315
Options granted | shares	40,780	38,794
Options forfeited | shares		(3,298)
Options exercised | shares			(16,000)
Options outstanding weighted average exercise price | $ / shares	$ 22.18	$ 22.52	$ 21.95	$ 20.31
Options outstanding weighted average exercise price - Granted | $ / shares	$ 21.25	23.78
Options outstanding weighted average exercise price - forfeited | $ / shares		$ 24.24
Options outstanding weighted average exercise price - Exercised | $ / shares			$ 12.62
Options outstanding weighted average remaining term | yr	6.3	6.2	5.8	5.6
Options outstanding weighted average grant date fair value | $	$ 1,271	$ 999	$ 666	$ 761
Options granted weighted average grant date fair value | $ / shares	$ 272	$ 362
Options forfeited weighted average grant date fair value | $		$ (29)
Options exercised weighted average grant date fair value | $			$ (95)
Options exercisable at September 30, 2017 | shares	95,901
Options exerciseable weighted average exercise price | $ / shares	$ 21.83
Options exerciseable weighted average remaining term | yr	5
Options exerciseable weighted average grant date fair value | $	$ 758
Options vested during twelve months ended September 30, 2017 | shares	27,852
Options vested weighted average grant date fair value | $	$ 210

Stock-Based Compensation Plan33

Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)	12 Months Ended
	Sep. 30, 2017yr$ / sharesshares	Sep. 30, 2016yr$ / shares	Sep. 30, 2015yr$ / shares	Jan. 30, 2015yr$ / shares
Shares under option | shares	151,591
Weighted average exercise price	$ 22.18	$ 22.52	$ 21.95	$ 20.31
Weighted average remaining life | yr	6.3	6.2	5.8	5.6
$16.50 - $20.63 Non-exercisable
Shares under option | shares	1,984
Weighted average exercise price	$ 19.54
Weighted average remaining life | yr	5.2
Minimum exercise price	$ 16.50
Maximum exercise price	$ 20.63
$20.64 - $25.78 Non-exercisable
Shares under option | shares	46,813
Weighted average exercise price	$ 22.11
Weighted average remaining life | yr	8.8
Minimum exercise price	$ 20.64
Maximum exercise price	$ 25.78
$25.79 - $32.23 Non-exercisable
Shares under option | shares	6,893
Weighted average exercise price	$ 28.27
Weighted average remaining life | yr	6.8
Minimum exercise price	$ 25.79
Maximum exercise price	$ 32.23
Non-exercisable
Shares under option | shares	55,690
Weighted average exercise price	$ 22.78
Weighted average remaining life | yr	8.4
$16.50 - $20.63
Shares under option | shares	38,078
Weighted average exercise price	$ 18.50
Weighted average remaining life | yr	3.4
Minimum exercise price	$ 16.50
Maximum exercise price	$ 20.63
$20.64 - $25.78
Shares under option | shares	45,498
Weighted average exercise price	$ 22.71
Weighted average remaining life | yr	5.9
Minimum exercise price	$ 20.64
Maximum exercise price	$ 25.78
$25.79 - $32.23
Shares under option | shares	12,325
Weighted average exercise price	$ 28.86
Weighted average remaining life | yr	6.7
Minimum exercise price	$ 25.79
Maximum exercise price	$ 32.23
Exercisable
Shares under option | shares	95,901
Weighted average exercise price	$ 21.83
Weighted average remaining life | yr	5

Income Taxes - Provision for in

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Federal, current		$ 739	$ 1,247	$ 2,315
State, current		164	334	408
Current income tax expense		903	1,581	2,723
Deferred		(434)	2,067	(588)
Provision for income taxes		469	3,648	2,135
Federal, computed at statutory rate		781	3,180	1,862
State income taxes (net of Federal income tax benefit)		108	440	257
Excess tax benefits from stock option exercises	$ (38)	(427)	0	0
Other, net		$ 7	$ 28	$ 16

Income Taxes - Temporary differ

Income Taxes - Temporary differences (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Property and equipment	$ 11,568	$ 12,156
Prepaid expenses	121	134
Gross deferred tax liabilities	11,689	12,290
Insurance liabilities	159	184
Employee benefits and other	1,485	1,627
Gross deferred tax assets	1,644	1,811
Net deferred tax liability	$ 10,045	$ 10,479

Accrued Insurance (Details)

Accrued Insurance (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Accrued Insurance Details
Accrued insurance, current portion	$ 558	$ 700
Prepaid insurance claims	(501)	0
Accrued insurance, non-current	193	184
Total accrued insurance	250	884
Captive agreement assets	4,506	3,669
Gross accrued insurance	$ 4,756	$ 4,553

Carrying Amount of Goodwill (De

Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Carrying Amount Of Goodwill Details
Beginning Balance Goodwill	$ 3,431	$ 3,431	$ 3,431
Acquisitions	0	0	0
Ending Balance Goodwill	$ 3,431	$ 3,431	$ 3,431

Intangible assets (Details)

Intangible assets (Details) $ in Thousands	Sep. 30, 2017USD ($)yr	Sep. 30, 2016USD ($)yr
Customer Value
Gross Amount	$ 4,004	$ 4,004
Accumulated Amortization	$ 2,997	$ 2,844
Useful life | yr	10.5	10.5
Trade name
Gross Amount	$ 72	$ 72
Accumulated Amortization	$ 72	$ 60
Useful life | yr	3.5	3.5
Non Compete
Gross Amount	$ 62	$ 62
Accumulated Amortization	$ 48	$ 36
Useful life | yr	5	5

Estimated Amortization expense

Estimated Amortization expense (Details) $ in Thousands	Sep. 30, 2017USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,018	$ 166
2,019	154
2,020	153
2,021	153
2,022	153
Total	$ 779

Accounting Policies (Details Na

Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	Jan. 30, 2015
Shares distributed following Spin-off	3,303,802	3,303,802	3,289,353		3,242,524
Depreciation		$ 10,089	$ 9,487	$ 9,154
Self insurance retention		$250,000 to $500,000
Health insurance stop loss coverage		$ 250
Health insurance aggregate		77
Per occurrence loss		250
Reclass deferred tax liability in accordance with FASB ASU 2015-17				309
Contractual obligation for lease payments greater than 12 months			1,722
Excess tax benefits from stock option exercises	$ 38	$ 427	$ 0	$ 0
Building and Improvements
Estimated useful lives		7-39
Revenue equipment
Estimated useful lives		7-10
Other equipment
Estimated useful lives		3-10
Petroleum Products
Percentage of Business	82.00%	82.00%
Dry Bulk Commodities
Percentage of Business	18.00%	18.00%

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
FRP
Charges/allocations to related parties	$ 1,606	$ 1,542	$ 2,211
Bluegrass
Charges/allocations to related parties	16	$ 599	$ 490
Payments made for information technology services	$ 7

Debt (Details Narrative)

Debt (Details Narrative) - Wells Fargo $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)yr	Sep. 30, 2016USD ($)	Jan. 30, 2015USD ($)yr
Revolving Credit facility	$ 25,000		$ 25,000
Borrowed under the revolver	0	$ 0	$ 5,100
Letters of credit issued	2,180
Facility amount available for borrowing	$ 22,820
Credit Agreement term years | yr	5		5
Compliance with loan covenants	all
Letter of credit fee	1.00%
Interest rate	3.235%

Operating Leases (Details Narra

Operating Leases (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Leases [Abstract]
Aggregate expense under operating leases	$ 804	$ 759	$ 742

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jan. 30, 2015
Earnings Per Share [Abstract]
Shares of common stock	3,303,802	3,289,353	3,242,524
Anti-dilutive shares	121,449	80,669

Stock-Based Compensation Plan45

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2017USD ($)yr$ / sharesshares	Sep. 30, 2016$ / sharesshares	Sep. 30, 2015$ / sharesshares	Sep. 29, 2017$ / shares	Dec. 21, 2016USD ($)yr$ / sharesshares	Jan. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
FRP options replacement						75.14%
Patriot options replacement						24.86%
Shares available for future issuance | shares	87,131
Dividend yield	0.00%
Expected minimum volatility	26.00%
Expected maximum volatility	46.00%
Expected life minimum | yr	3
Expecited life maximum | yr	7
Risk-free interest rate minimum	0.30%
Risk-free interest rate maximum	3.90%
Aggregate intrinsic value of exercisable options	$ 55
Aggregate intrinsic value of outstanding in-the-money options	56
Market close price | $ / shares				$ 19.94	$ 23.13
Realized tax benefit pertaining to FRP options	849
Total unrecognized compensation cost of options granted	$ 471
Weighted average period for compensation to be recognized | yr	3.1
Stock option modification compensation expense	$ 150
Stock appreciation rights issued | shares					80,000
Minimum award for stock appreciation rights					$ 500
Stock appreciation rights vesting period | yr					9.1
Annual director stock grant | shares	14,449	16,549	14,280
Director stock grant market price | $ / shares	$ 25.50	$ 21.81	$ 24

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016
Income Taxes Details Narrative
Unrecognized tax benefits	$ 0	$ 0

Employee Benefits (Details Narr

Employee Benefits (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Retirement Benefits [Abstract]
Company 401k contribution	50.00%	50.00%	50.00%
Savings/profit sharing plan company contribution	$ 768	$ 792	$ 718
Management Security Plan expense	23	25	28
Management Security Plan accrued benefit	658	702
Accrued postretirement benefit obligation	192	180
Net periodic postretirement benefit credit or cost	$ (33)	$ 16	$ 12
Net periodic postretirement benefit cost discount rate	3.70%	3.70%	4.00%
Accumulated postretirement benefit obligation discount rate	3.73%	4.25%	4.25%

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Sep. 30, 2017USD ($)
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	$ 0
Liabilities measured at fair value on a recurring basis	0
Assets measured at fair value on a non-recurring basis	0
Liabilities measured at fair value on a non-recurring basis	$ 0

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Top Ten Customers
Customer revenue concentration	58.80%
Accounts receivable concentration	$ 4,070	$ 3,998
Top Customer
Customer revenue concentration	19.60%

Unusual or Infrequent Items I50

Unusual or Infrequent Items Impacting Results (Details Narrative) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)a	Sep. 30, 2015USD ($)	[1]	Dec. 18, 2015USD ($)	Oct. 20, 2015USD ($)
Unusual or Infrequent Items, or Both [Abstract]
Amount received for easement grant				$ 1,330
Tampa, Florida terminal facility | a				25.2
Easement gain				$ 1,277
Intangible asset impairment		$ 2,074	$ 0	$ 0	$ 2,074
BP Claim Settlement							$ 2,048	$ 2,106
BP Claim payment	$ 1,687
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.

Goodwill and Intangible Asset51

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015	[1]
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset impairment	$ 2,074	$ 0	$ 0	$ 2,074
Intangible asset impairment net	$ 1,265
Amortization expense for intangible assets		$ 177
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.