Patriot Transportation Holding (PATI) 10-Q 13 Feb 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Dec. 31, 2019shares
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	0001616741
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Incorporation State Country	FL
Entity File Number	001-36605
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Filer	true
Emerging Growth Company	false
Interactive data current	Yes
Shell Company	false
Security title	Common stock, $.10 par value
Trading symbol	PATI
Name of exchange on which registered	NASDAQ
Entity Common Stock, Shares Outstanding	3,351,329
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019
Current assets:
Cash and cash equivalents	$ 19,123	$ 21,216
Accounts receivable, net of allowance for doubtful accounts of $131 and $133, respectively	6,294	6,588
Federal and state taxes receivable	486	290
Inventory of parts and supplies	907	949
Prepaid tires on equipment	1,580	1,616
Prepaid taxes and licenses	387	536
Prepaid insurance	2,810	2,895
Prepaid expenses, other	332	334
Total current assets	31,919	34,424
Property and equipment, at cost	89,990	91,332
Less accumulated depreciation	55,830	57,765
Net property and equipment	34,160	33,567
Operating lease right-of-use assets	3,595	0
Goodwill	3,637	3,431
Intangible assets, net	1,112	701
Other assets, net	165	170
Total assets	74,588	72,293
Current liabilities:
Accounts payable	2,421	3,184
Dividends payable	10,557	0
Accrued payroll and benefits	3,295	3,906
Accrued insurance	1,655	1,339
Accrued liabilities, other	575	398
Operating lease liabilities, current portion	1,166	0
Total current liabilities	19,669	8,827
Operating lease liabilities less current portion	2,642	0
Deferred income taxes	6,237	6,237
Accrued insurance	1,339	1,339
Other liabilities	871	1,093
Total liabilities	30,758	17,496
Commitments and contingencies
Shareholders' Equity:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated 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; 3,351,329 and 3,351,329 shares issued and outstanding, respectively)	335	335
Capital in excess of par value	38,158	38,099
Retained earnings	5,214	16,235
Accumulated other comprehensive income, net	123	128
Total shareholders' equity	43,830	54,797
Total liabilties and shareholders' equity	$ 74,588	$ 72,293

Consolidated and Combined Bal_2

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 131	$ 133
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	3,351,329	3,351,329

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Total revenues	$ 24,809	$ 28,054
Cost of operations:
Compensation and benefits	10,998	12,038
Fuel expenses	3,463	4,276
Repairs & tires	1,751	1,665
Other operating	956	1,132
Insurance and losses	2,769	2,942
Depreciation expense	1,950	1,970
Rents, tags & utilities	750	847
Sales, general & administrative	2,481	2,468
Corporate expenses	537	532
Gain on disposition of PP&E	(122)	(923)
Total cost of operations	25,533	26,947
Total operating profit (loss)	(724)	1,107
Interest income and other	85	101
Interest expense	(8)	(10)
Income (loss) before income taxes	(647)	1,198
Provision for (benefit from) income taxes	(183)	314
Net income (loss)	(464)	884
Unrealized investment gains, net	0	2
Reclassification adjust for net investment gains realized in net income	(5)	0
Comprehensive Income (loss)	$ (469)	$ 886
Earnings per common share:
Net income (loss)- basic	$ (0.14)	$ .27
Net income (loss)- diluted	$ (0.14)	$ 0.27
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,351	3,328
-diluted earnings per common share	3,351	3,331
Transportation [Member]
Revenues:
Revenues	$ 22,599	$ 24,980
Fuel Surcharges [Member]
Revenues:
Revenues	$ 2,210	$ 3,074

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (464)	$ 884
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,376	2,117
Gain on asset dispositions	(122)	(923)
Stock-based compensation	59	56
Net changes in operating assets and liabilities:
Accounts receivable	294	182
Inventory of parts and supplies	42	5
Prepaid expenses	297	631
Other assets	(2)	5
Accounts payable and accrued liabilities	(1,319)	564
Income taxes payable and receivable	(196)	248
Operating lease assets and liabilities, net	(296)	0
Long-term insurance liabilities and other long-term liabilities	9	(3)
Net cash provided by operating activities	678	3,766
Cash flows from investing activities:
Purchase of property and equipment	(2,285)	(1,661)
Business acquisition	(1,000)	0
Proceeds from the sale of property, plant and equipment	514	1,432
Net cash used in investing activities	(2,771)	(229)
Cash flows from financing activities:
Decrease in bank overdrafts	0	(625)
Debt issue costs	0	(9)
Net cash used in financing activities	0	(634)
Net (decrease) increase in cash and cash equivalents	(2,093)	2,903
Cash and cash equivalents at beginning of period	21,216	17,299
Cash and cash equivalents at end of the period	$ 19,123	$ 20,202

Shareholders Equity (Unaudited)

Shareholders Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Other Comprehensive Income / Loss	Total
Beginning balance, shares at Sep. 30, 2018	3,328,466
Beginning balance, amount at Sep. 30, 2018	$ 333	$ 37,436	$ 14,472	$ 165	$ 52,406
Stock-based compensation		56			56
Net income (loss)			884		884
Unrealized gain on investment, net				2	2
Realized gain on investment, net					0
Ending balance, shares at Dec. 31, 2018	3,328,466
Ending balance, amount at Dec. 31, 2018	$ 333	37,492	15,356	167	53,348
Beginning balance, shares at Sep. 30, 2019	3,351,329
Beginning balance, amount at Sep. 30, 2019	$ 335	38,099	16,235	128	54,797
Stock-based compensation		59			59
Cash dividends declared			(10,557)		(10,557)
Net income (loss)			(464)		(464)
Unrealized gain on investment, net					0
Realized gain on investment, net				(5)	(5)
Ending balance, shares at Dec. 31, 2019	3,351,329
Ending balance, amount at Dec. 31, 2019	$ 335	$ 38,158	$ 5,214	$ 123	$ 43,830

Shareholders Equity (Parentheti

Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 3.15	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation and Accounting Policy Change	3 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business, Basis of Presentation and Accounting Policy Change Description of Business Company’s Business Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2020. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2019. Accounting Policy Change Cash and cash equivalents –The Company considers all Treasury bills available for sale regardless of maturity and other 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. Treasury bills of $5,983,000 at September 30, 2019 have been reclassified as cash equivalents in these financial statements.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Standards	(2) Recently Issued Accounting Standards.

Related Party Agreements

Related Party Agreements	3 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Agreements	(3) Related Party Agreements. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $413,000 and $422,000 for the three months ended December 31, 2019 and 2018, 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. We employ an allocation method 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.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt.

Earnings per share

Earnings per share	3 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per share	(5) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts): Three Months ended December 31, 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,351 3,328 Common shares issuable under share based payment plans which are potentially dilutive — 3 Common shares used for diluted earnings per common share 3,351 3,331 Net income (loss) $ (464 ) 884 Earnings per common share: -basic $ (0.14 ) 0.27 -diluted $ (0.14 ) 0.27 For the three months ended December 31, 2019, 251,845 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months ended December 31, 2018, 165,409 shares 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	3 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans. Participation in FRP Plans Prior to the Company’s spin-off from FRP Holdings, Inc. (FRP) in January 2015, 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. Post Spin-Off Patriot Incentive Stock Plan As part of the spin-off transaction, the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan (“Patriot Plan”) in January, 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and key employees holding option grants in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon the relative value of Patriot and FRP immediately following the completion of the spin-off with the same remaining terms. All related compensation expense has been allocated to the Company (rather than FRP) and included in corporate expenses. The number of common shares available for future issuance in the Patriot Plan was 189,350 at December 31, 2019. 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. The accrued liability under this plan as of December 31, 2019 and 2018 was $275,000 and $184,000, respectively. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended December 31, 2019 2018 Stock option grants $ 59 56 Annual director stock award — — $ 59 56 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 Outstanding at October 1, 2019 189,015 $ 21.49 6.3 $ 1,531 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at December 31, 2019 251,845 $ 20.59 7.3 $ 1,749 Exercisable at December 31, 2019 122,494 $ 22.08 5.5 $ 1,002 Vested during three months ended December 31, 2019 24,445 $ 204 The aggregate intrinsic value of exercisable Company options was $36,000 and the aggregate intrinsic value of all outstanding in-the-money options was $129,000 based on the Company’s market closing price of $19.48 on December 31, 2019 less exercise prices. The realized tax benefit from option exercises during the first three months of fiscal 2020 was $11,000 which pertained to FRP options exercised that were granted to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2019 was $721,000, which is expected to be recognized over a weighted-average period of 3.7 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements During the quarter ending December 31, 2018, the Company invested in treasury bills with maturities at time of purchase of 3 months to 1 year. The unrealized gains on these investments of $2,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized cost of the investments was $19,776,000 and the carrying amount and fair value was $19,766,000 as of December 31, 2018. At December 31, 2019 and September 30, 2019, the carrying amount reported in the consolidated 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.

Contingent liabilities

Contingent liabilities	3 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	3 Months Ended
	Dec. 31, 2019
Unusual or Infrequent Items, or Both [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(10) Unusual or Infrequent Items Impacting Quarterly Results First quarter 2019 net income included $634,000, or $.19 per share, from gains on real estate sales.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	(11) Subsequent Events

Business Acquisition

Business Acquisition	3 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Acquisition	(12) Business Acquisition The Company acquired certain assets of Danfair Transport out of Americus, GA on November 4, 2019. Danfair had total revenues of approximately $2,300,000 in 2018. The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands): Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425 The goodwill recorded resulting from the acquisition is tax deductible. The earned payout liability currently estimated at $425,000 will be determined based upon the total revenues for the 12 months following the acquisition. The potential range of the earned payout is zero to $800,000.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Dec. 31, 2019
Earnings Per Share
Earnings per share (in thousands, except per share amounts)	Three Months ended December 31, 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,351 3,328 Common shares issuable under share based payment plans which are potentially dilutive — 3 Common shares used for diluted earnings per common share 3,351 3,331 Net income (loss) $ (464 ) 884 Earnings per common share: -basic $ (0.14 ) 0.27 -diluted $ (0.14 ) 0.27

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock Compensation Expense (in thousands)	Three Months ended December 31, 2019 2018 Stock option grants $ 59 56 Annual director stock award — — $ 59 56
Summary of 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 Outstanding at October 1, 2019 189,015 $ 21.49 6.3 $ 1,531 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at December 31, 2019 251,845 $ 20.59 7.3 $ 1,749 Exercisable at December 31, 2019 122,494 $ 22.08 5.5 $ 1,002 Vested during three months ended December 31, 2019 24,445 $ 204

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Acquisition purchase price allocation	Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,351	3,328
Common shares issuable under share based payment plans which are potentially dilutive	0	3
Common shares used for diluted earnings per common share	3,351	3,331
Net income (loss)	$ (464)	$ 884
Earnings (loss) per common share:
Earnings (loss) per share-basic	$ (0.14)	$ .27
Earnings (loss) per share-diluted	$ (0.14)	$ 0.27

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Options outstanding	251,845	189,015
Options granted	68,865
Options forfeited	(6,035)
Options outstanding weighted average exercise price	$ 20.59	$ 21.49
Options outstanding weighted average exercise price - Granted	18.40
Options outstanding weighted average exercise price - forfeited	$ 23.99
Options outstanding weighted average remaining term	7 years 3 months 16 days	6 years 3 months 18 days
Options outstanding weighted average grant date fair value	$ 1,749	$ 1,531
Options granted weighted average grant date fair value	$ 275
Options forfeited weighted average grant date fair value	$ (57)
Options exercisable	122,494
Options exerciseable weighted average exercise price	$ 22.08
Options exercisable weighted average remaining term	5 years 6 months
Options exerciseable weighted average grant date fair value	$ 1,002
Options vested	24,445
Options vested weighted average grant date fair value	$ 204

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 59	$ 56
Annual director stock award	0	0
Stock based compensation expense	$ 59	$ 56

Business Acquisition - Acquisit

Business Acquisition - Acquisition purchase price allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Nov. 04, 2019	Sep. 30, 2019
Prepaid tires	$ 1,580		$ 1,616
Danfair Transport
Fair value of consideration transferred	(1,425)
Acquisition related costs expensed	$ 38
Property and equipment		$ 759
Prepaid tires		25
Customer relationships		436
Non-compete agreement		12
Vacation liability assumed		(13)
Total identifiable net assets assumed		1,219
Goodwill		206
Total		$ 1,425

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative) $ in Thousands	3 Months Ended
	Dec. 31, 2019USD ($)
Revenue Producing Drivers	524
Fleet of Tractors	345
Tractors being prepared for sale	14
owner operators	24
Fleet of Trailers	495
Terminal locations	19
Satellite locations	6
Treasury bills reclassified as cash and cash equivalents	$ 5,983
Petroleum Products
Percentage of Business	86.00%
Dry Bulk Commodities
Percentage of Business	14.00%

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Details Narrative) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)Units	Sep. 30, 2019USD ($)
Right to use assets	$ 3,595	$ 3,873
Operating lease obligations	$ 3,808	4,104
Straight lined lease liabilities		$ 231
Leased Tractors
Leased units | Units	30
Property Leases
Leased units | Units	8

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
FRP
Charges/allocations	$ 413	$ 422

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Dec. 14, 2018
Wells Fargo
Revolving Credit facility				$ 35,000
Credit facility increase maximum				$ 50,000
Borrowed under the revolver		$ 0
Commitments under letters of credit		3,053
Amount available for additional borrowings		$ 31,947
Credt agreement term	5 years
Compliance with loan covenants		All
Letter of credit fee		1.00%
Interest rate		2.799%
Long-term debt		$ 0	$ 0
Level I
Interest rate over LIBOR		1.50%
Commitment fee		0.144%
Level II
Interest rate over LIBOR		1.25%
Commitment fee		0.1145%
Level III
Interest rate over LIBOR		1.00%
Commitment fee		0.086%

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	251,845	165,409

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)	Dec. 21, 2016USD ($)yr$ / sharesshares
Shares available for future issuance | shares	189,350
Stock appreciation rights issued | shares			80,000
Minimum award for stock appreciation rights			$ 500
Stock appreciation rights vesting period | yr			9.1
Aggregate intrinsic value of exercisable options	$ 36
Aggregate intrinsic value of outstanding in-the-money options	$ 129
Market close price | $ / shares	$ 19.48		$ 23.13
Total unrecognized compensation cost of options granted	$ 721
Compensation cost not yet vested recognition period	3 years 8 months
Stock appreciation rights accrued liability	$ 275	$ 184
FRP
Realized tax benefit from options exercised	$ 11

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)
Fair Value Disclosures [Abstract]
Unrealized gains on treasury bills	$ 2
Amortized cost of investments in treasury bills	19,776
Carrying amount of investments in treasury bills	19,766
Fair value of investments in treasury bills	$ 19,766

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Top Ten Customers
Customer revenue concentration	63.90%
Accounts receivable concentration	$ 3,697	$ 4,264
Top Customer
Customer revenue concentration	20.40%

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - Real Estate Sales $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2018USD ($)$ / shares
Gain included in net income | $	$ 634
Per share gain included in net income | $ / shares	$ 0.19

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2020	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Cash dividends declared per share			$ 3.15	$ 0
Subsequent Event [Member]
Dividends paid	$ 10,557
Special Cash Dividend
Cash dividends declared per share		$ 3
Dividends Payable, Date Declared, Day, Month and Year		Dec. 4, 2019
Dividends Payable, Date of Record, Day, Month and Year		Jan. 15, 2020
Dividends Payable, Date to be Paid, Day, Month and Year		Jan. 30, 2020
Quarterly Dividend Declared
Cash dividends declared per share		$ .15
Dividends Payable, Date Declared, Day, Month and Year		Dec. 4, 2019
Dividends Payable, Date of Record, Day, Month and Year		Jan. 15, 2020
Dividends Payable, Date to be Paid, Day, Month and Year		Jan. 30, 2020

Business Acquisition (Details N

Business Acquisition (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2018
Revenue	$ 24,809	$ 28,054
Danfair Transport
Revenue			$ 2,300
Estimated earned payout liability	425
Potential high range of earned payout	800
Potential low range of earned payout	$ 0