The Shyft Group, Inc. (SHYF) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information [Line Items]
Entity Registrant Name	SPARTAN MOTORS INC
Entity Central Index Key	743,238
Trading Symbol	spar
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		34,441,403
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 35,412	$ 32,041
Accounts receivable, less allowance of $300 and $487	64,189	65,441
Inventories	109,153	58,896
Income taxes receivable		1,287
Other current assets	5,318	4,526
Total current assets	214,072	162,191
Property, plant and equipment, net	58,134	53,116
Goodwill	25,630	15,961
Intangible assets, net	10,071	6,385
Other assets	2,675	2,331
Net deferred tax asset	3,227	3,310
TOTAL ASSETS	313,835	243,294
Current liabilities:
Accounts payable	35,890	31,336
Accrued warranty	20,191	19,334
Accrued compensation and related taxes	8,353	13,188
Deposits from customers	48,692	16,142
Other current liabilities and accrued expenses	11,143	7,659
Current portion of long-term debt	63	65
Total current liabilities	124,332	87,724
Other non-current liabilities	4,908	2,544
Long-term debt, less current portion	32,860	74
Total liabilities	37,768	90,342
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)
Common stock, $0.01 par value; 40,000 shares authorized; 35,123 and 34,383 outstanding	351	344
Additional paid in capital	76,686	76,837
Retained earnings	75,330	76,428
Total Spartan Motors, Inc. shareholders’ equity	152,367	153,609
Non-controlling interest	(658)	(657)
Total shareholders’ equity	151,709	152,952
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 313,809	$ 243,294

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts receivable, allowance	$ 300	$ 487
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000	40,000
Common stock, shares outstanding (in shares)	35,123	34,383

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Sales	$ 167,075	$ 133,726
Cost of products sold	150,531	117,906
Restructuring charges	150
Gross profit	16,394	15,820
Operating expenses:
Research and development	2,142	1,224
Selling, general and administrative	14,602	13,566
Restructuring Charges	492	339
Total operating expenses	17,236	15,129
Operating income (loss)	(842)	691
Other income (expense):
Interest expense	(264)	(114)
Interest and other income	90	59
Total other income (expense)	(174)	(55)
Income (loss) before taxes	(1,016)	636
Taxes	83	93
Net income (loss)	(1,099)	543
Less: net income (loss) attributable to non-controlling interest	(1)
Net income (loss) attributable to Spartan Motors, Inc.	$ (1,098)	$ 543
Basic net income (loss) per share (in dollars per share)	$ (0.03)	$ 0.02
Diluted net income (loss) per share (in dollars per share)	$ (0.03)	$ 0.02
Basic weighted average common shares outstanding (in shares)	33,725	34,280
Diluted weighted average common shares outstanding (in shares)	33,725	34,280

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (1,099)	$ 543
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	2,325	1,786
(Gain)/loss on disposal of assets		(5)
Accruals for warranty	2,315	2,128
Tax expense (benefit) related to stock incentive plan transactions		37
Deferred income taxes	83
Stock based compensation related to stock awards	313	619
Decrease (increase) in operating assets:
Accounts receivable	382	(2,915)
Inventories	12,388	(10,619)
Income taxes receivable	1,287	942
Other assets	75	(226)
Increase (decrease) in operating liabilities:
Accounts payable	640	13,974
Cash paid for warranty repairs	(3,358)	(2,521)
Accrued customer rebates	(516)	(625)
Accrued compensation and related taxes	(6,398)	(101)
Deposits from customers	(10,378)	2,487
Other current liabilities and accrued expenses	1,241	443
Other long term liabilities	2,070
Taxes on income	(55)	(9)
Total adjustments	2,401	5,395
Net cash provided by operating activities	1,302	5,938
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,355)	(1,743)
Proceeds from sale of property, plant and equipment		20
Acquisition of business, net of cash acquired	(28,903)
Net cash used in investing activities	(30,258)	(1,723)
Cash flows from financing activities:
Proceeds from long-term debt	32,800	10
Payments on long-term debt	(16)	(10)
Net cash used in the exercise, vesting or cancellation of stock incentive awards	(457)	(94)
Cash related to tax impact of stock incentive plan transactions		(37)
Net cash provided by (used in) financing activities	32,327	(131)
Net increase in cash and cash equivalents	3,371	4,084
Cash and cash equivalents at beginning of period	32,041	32,701
Cash and cash equivalents at end of period	$ 35,412	$ 36,785

Condensded Consolidated Stateme

Condensded Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2016	34,383
Balance at Dec. 31, 2016	$ 344	$ 76,837	$ 76,428	$ (657)	$ 152,952
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares)	3
Issuance of common stock and the tax impact of stock incentive plan transactions		(457)			(457)
Issuance of restricted stock, net of cancellation (in shares)	737
Issuance of restricted stock, net of cancellation	$ 7	(7)
Stock based compensation expense related to restricted stock		313			313
Net income (loss)			(1,098)	(1)	(1,099)
Balance (in shares) at Mar. 31, 2017	35,123
Balance at Mar. 31, 2017	$ 351	$ 76,686	$ 75,330	$ (658)	$ 151,709

Note 1 - General and Summary of

Note 1 - General and Summary of Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	NOTE 1 For a description of key accounting policies followed , refer to the notes to the Spartan Motors, Inc. (the “Company”, “we”, “our” or “us”) consolidated financial statements for the year ended December 31, 2016, 10 March 3, 2017. Spartan Motors, Inc. is a custom engineer and manufacturer of specialized motor vehicle chassis and bodies. Our principal chassis markets are emergency response vehicles, motor homes and other specialty vehicles. We also manufacture bodies for various markets including emergency response vehicles and delivery and service vehicles. Our operating activities are conducted through our wholly-owned operating subsidiary, Spartan Motors USA, Inc. (“Spartan USA”), with locations in Charlotte, Michigan; Brandon, South Dakota; Snyder and Neligh, Nebraska; Delavan, Wisconsin; Ephrata, Pennsylvania; Bristol, Indiana; Kansas City, Missouri; and Saltillo, Mexico. Spartan USA was formerly known as Crimson Fire, Inc. Our Charlotte, Michigan location manufactures heavy duty chassis and vehicles and supplies aftermarket parts and accessories under the Spartan Chassis and Spartan ER brand names. Our Brandon, South Dakota; Snyder and Neligh, Nebraska; Delavan, Wisconsin; and Ephrata, Pennsylvania locations manufacture emergency response vehicles under the Spartan ER, Smeal, US Tanker and Ladder Tower Company brand names. Our Bristol, Indiana location manufactures vehicles used in the parcel delivery, mobile retail and trades and construction industries, and supplies related aftermarket parts and services under the Utilimaster brand name. Our Kansas City, Missouri and Saltillo, Mexico locations sell and install equipment used in fleet vehicles. Spartan USA is also a participant in Spartan-Gimaex Innovations, LLC (“Spartan-Gimaex”), a 50/50 February 2015, June 2015, February 2017, 10 On January 1, 2017, red substantially all of the assets and certain liabilities of Smeal Fire Apparatus Co., Smeal Properties, Inc., Ladder Tower Co., and U.S. Tanker Co. When used in this Quarterly Report on Form 10 The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of March 31, 2017, three March 31, 2017 three March 31, 2017, 10 December 31, 2016. The results of operations for the three March 31, 2017 We are required to disclose the fair value of our financial instruments in accordance with Financial Accounting Standards Board (“FASB”) Codification relating to “Disclosures about Fair Values of Financial Instruments.” The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and our variable rate debt instruments approximate their fair value at March 31, 2017 December 31, 2016. Certain immaterial amounts in the prior periods’ financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no impact on previously reported Net income (loss) or Total shareholders’ equity. New Accounting Standards In February 2017 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20) 2017 05”). 2017 05 2017 05 2014 09 that the adoption of the provisions of ASU 2017 05 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350): 2017 4”). 2017 4 December 15, 2019, January 1, 2017. We believe that that the adoption of the provisions of ASU 2017 04 In January 2017, ccounting Standards Update 2017 01, Business Combinations (Topic 805): 2017 01”), December 15, 2017, We believe that the adoption of the provisions of ASU 2017 01 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) 2016 15”). 2016 15 2016 15 December 15, 2017, that the adoption of the provisions of ASU 2016 15 In June 2016, ccounting Standards Update 2016 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13”). 2016 13 December 15, 2019 2016 13 In March 2016, 2016 09, Compensation – Stock Compensation 2016 09”). 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 March 31, 2017. In February 2016, 2016 02, Leases 2016 02”). 12 December 15, 2018, 2016 02 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). 2014 09 2014 09 December 15, 2017, may December 15, 2016 August 12, 2015, 2018, 2017 2014 09 first 2018. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606), 2016 08”). 2016 08 two 2016 08 2014 09 In April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606), 2016 10”). 2016 10 606 2016 10 2016 10 2016 10 2014 09 In May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606), 2016 12”). 2016 12 2016 12 2014 09

Note 2 - Acquisition Activities

Note 2 - Acquisition Activities	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE 2 – ACQUISITION ACTIVITIES On January 1, 2017, Smeal Fire Apparatus Co., Smeal Properties, Inc., Ladder Tower Co., and U.S. Tanker Co. pursuant to an Asset Purchase Agreement dated December 12, 2016. This acquisition will bring significant scale to our Emergency Response Vehicles segment, expand the geographic reach of our dealer network and add complementary products to our existing emergency response product portfolio . Included in our results since the January 1, 2017 of $40,662 $1,000 March 31, 2017, one $189 Pro forma Results of Operation (Unaudited) The following table provides unaudited pro forma net sales and results of operations for the quarter ended March 31, 2017 2016, January 1 2016. Pro Forma Results of Operations Three Months Ended March 31, 201 7 Three Months Ended March 31, 2016 Net sales $ 167,075 $ 150,275 Net earnings $ 686 $ 63 Diluted net earnings per share $ 0.02 $ - Purchase Price Allocation The estimated total purchase price paid for our acquisition of Smeal was $42,489. $28,903 $3,825, $7,391. may April 1, 2018, $2,400. 2017. This acquisition w as accounted for using the purchase method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include trade-names and certain non-patented technology. The preliminary excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $9,669 $2,370. The preliminary allocation of purchase price to assets acquired and liabilities assumed is as follows: Cash $ 3,825 Accounts receivable 6,523 Inventory 62,853 Other current assets 887 Property, plant and equipment 5,773 Intangible assets 3,900 Goodwill 9,669 Total assets acquired 93,430 Accounts payable 3,935 Customer prepayments 42,929 Accrued war ranty 1,900 Other liabilities 2,177 Total liabilities assumed 50,941 Total purchase price $ 42,489 Contingent Consideration Pursuant to the purchase agreement, the former owners of Smeal may $2,400. December 31, 2017 $0 $2,400 December 31, 2017. 10 Q, the additional consideration would be approximately $2,400. January 1, 2017 1%. one Goodwill Assigned The acquisition resulted in the recognition, on a preliminary basis, of $9,669 Goodwill consists of expected synergies resulting from the acquisition and the estimated value of the workforce employed. Key areas of expected cost savings include an expanded dealer network; complementary product portfolios; manufacturing and supply chain work process improvements; and the elimination of redundant corporate overhead. Financing for the Acquisition Our acquisition of Smeal was financed using $32,800 $100,000 October 31, 2016, Acquisition Related Expenses During the first 2017, $672 10, Business Segments

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 – INVENTORIES Inventories are summarized as follows: March 31, December 31, 201 7 201 6 Finished goods $ 28,714 $ 12,743 Work in process 25,476 14,063 Raw materials and purchased components 58,041 35,458 Reserve for slow-moving inventory (3,078 ) (3,368 ) Total inventory $ 109,153 $ 58,896 We have a number of demonstration units as part of our sales and training program. These demonstration units are included in the “Finished goods” line item above. The net carrying amount was $9,529 $3,558 March 31, 2017 December 31, 2016.

Note 4 - Goodwill and Intangibl

Note 4 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	NOTE 4 – GOODWILL AND INTANGIBLE ASSETS Goodwill As described in Note 2 Acquisition Activities, January 1, 2017. Due to the short period of time that has elapsed since the acquisition of Smeal, it is our assessment that the goodwill at Smeal is not impaired. The goodwill at Smeal will be evaluated as part of the next annual assessment which will occur as of October 1, 2017, Changes in the carrying amount of goodwill, by reportable segment, are as follows: Emergency Response Vehicles Fleet Vehicles & Services Total Balance as of December 31, 2016 $ - $ 15,961 $ 15,961 Acquisition of Smeal 9,669 - 9,669 Balance as of March 31, 2017 $ 9,669 $ 15,961 $ 25,630 With the acquisition of Smeal, we acquired other intangible assets besides goodwill. We recorded $3,900 10 The following table provides information regarding our other intangible assets: As of March 31, 2017 As of December 31, 201 6 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,437 $ 2,733 $ 6,170 $ 3,348 $ 2,822 Acquired product development project 1,860 1,254 606 1,860 1,167 693 Unpatented technology 1,500 38 1,462 - - - Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 5,270 - 5,270 2,870 - 2,870 $ 15,520 $ 5,449 $ 10,071 $ 11,620 $ 5,235 $ 6,385 We recorded $214 $177 March 31, 2017 2016. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 2017 $ 619 2018 816 2019 449 2020 423 2021 399 Thereafter 2,095 Total $ 4,801

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 5 - DEBT Long-term debt consists of the following: March 31, 2017 December 31, Line of credit revolver (1): $ 32,800 $ - Capital lease obligations 123 139 Total debt 32,923 139 Less current portion of long-term debt (63 ) (65 ) Total long-term debt $ 32,860 $ 74 (1) On October 31, 2016, Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may $100,000 three may $35,000 0.5%, one 1.00%; no December 31, 2016. January 2017, $32,800 $10,000 2.0625% one 1.25%) March 31, 2017. Under the terms of the primary line of credit agreement, we are required to maintain certain financial ratios and other financial conditions, which limited our available borrowings under our line of credit to a total of approximately $35,500 $73,600 March 31, 2017 December 31, 2016, March 31, 2017 December 31, 2016,

Note 6 - Restructuring

Note 6 - Restructuring	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	NOTE 6 – RESTRUCTURING During the first 2017, we incurred restructuring charges related to a company-wide initiative to streamline operations and integrate our Smeal acquisition. During the first 2016, Restructuring charges included in our Consolidated Statements of Operations for the quarter ended March 31, 2017, Quarter Ended March 31, 2017 Emergency Response Fleet Vehicles and Services Specialty Chassis and Vehicles Other Total Cost of products sold Accrual for severance $ 37 $ 97 $ 16 $ - 150 General and Administrative Accrual for severance 362 8 79 43 492 Total restructuring $ 399 $ 105 $ 95 $ 43 $ 642 Restructuring charges included in our Consolidated Statements of Operations for the quarter ended March 31, 2016, $339 The following table provides a summary of the compensation related charges incurred during the quarter ended March 31, 2017 Severance Balance January 1, 201 7 $ - Accrual for severance 642 Payments and adjustments made in period 200 Balance March 31, 2017 $ 442 There were no March 31, 2016.

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 7 - COMMITMENTS AND CONTINGENT LIABILITIES Under the terms of our credit agreement with our banks, we have the ability to issue letters of credit totaling $20,000. March 31, 2017 December 31, 2016, $1,599 At March 31, 2017, Chassis Agreements We are party to chassis bailment inventory agreements with General Motors Company (“GM”) and Chrysler Group, LLC (“Chrysler”) which allow GM and Chrysler to draw up to $10,000 $172 $784 March 31, 2017 December 31, 2016. one Warranty Related We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. Changes in our warranty liability during the three March 31, 2017 2016 201 7 201 6 Balance of accrued warranty at January 1 $ 19,334 $ 16,610 Warranties issued during the period 1,740 1,069 Cash settlements made during the period (3,358 ) (2,521 ) Changes in liability for pre-existing warranties during the period, including expirations 575 1,059 Assumed warranties outstanding at Smeal on January 1, 2017 1,900 - Balance of accrued warranty at March 31 $ 20,191 $ 16,217 Spartan-Gimaex joint venture In February , 2015, June 2015, February 2017, 10 December 31, 2016, $1,217 March 31, 2017. may may

Note 8 - Earnings (Loss) Per Sh

Note 8 - Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 8 – EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of the weighted average shares outstanding used in the Net earnings (loss) per share calculation: Three Months Ended March 31, 201 7 201 6 Basic weighted average common shares outstanding 33,725 34,280 Effect of dilutive stock appreciation rights - - Diluted weighted average common shares outstanding 33,725 34,280 Anti-dilutive stock awards: Restricted stock 681 - Stock appreciation rights 3 - 684 - Stock awards noted as anti-dilutive were not included in the basic (Restricted stock awards) and diluted (Stock appreciation rights) weighted average common shares outstanding.

Note 9 - Taxes

Note 9 - Taxes	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	N OTE 9 – TAXES Our effective income tax rate was (8.2)% first 2017, 14.6% first 2016. first 2017 2016 2015, 0% $83 $93 first 2017 2016

Note 10 - Business Segments

Note 10 - Business Segments	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 10 - BUSINESS SEGMENTS We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision makers to assess segment performance and allocate resources among our operating units. We have three 2017, 2017 April 13, 2017. Our Emergency Response Vehicles segment consists of the emergency response chassis operations at our Charlotte, Michigan location and our operations at our Brandon, South Dakota; Snyder and Neligh, Nebraska; Delavan, Wisconsin; and Ephrata, Pennsylvania locations, along with our Spartan-Gimaex joint venture. This segment engineers and manufactures emergency response chassis and vehicles. Our Fleet Vehicles and Services segment consists of our operations at our Bristol and Wakarusa, Indiana locations, along with our operations at our up-fit centers in Kansas City, Missouri and Saltillo, Mexico and focuses on designing and manufacturing walk-in vans for the delivery and service market and the production of commercial truck bodies along with related aftermarket parts and assemblies. Our Specialty Chassis and Vehicles segment consists of our Charlotte, Michigan operations that engineer and manufacture motor home chassis, defense vehicles and other specialty chassis and distribute related aftermarket parts and assemblies. Appropriate expense amounts are allocated to the three operating income or loss. The accounting policies of the segments are the same as those described, or referred to, in Note 1 s to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below. Intercompany transactions between operating segments were immaterial in all periods presented. Three Months Ended March 31, 2017 Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicle sales $ 77,985 $ - $ - $ - $ 77,985 Fleet vehicle sales - 43,142 - - 43,142 Motor home chassis sales - - 26,084 - 26,084 Other specialty vehicle sales - - 4,822 - 4,822 Aftermarket parts and accessories sales 2,217 10,778 2,047 - 15,042 Total sales $ 80,202 $ 53,920 $ 32,953 $ - $ 167,075 Depreciation and amortization expense $ 552 $ 876 $ 310 $ 587 $ 2,325 Adjusted EBITDA (1,337 ) 6,244 1,533 (2,251 ) 4,189 Segment assets 149,059 63,516 31,074 70,186 313,835 Capital expenditures 183 249 24 899 1,355 Three Months Ended March 31, 2016 Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicle sales $ 39,384 $ - $ - $ - $ 39,384 Fleet vehicle sales - 40,305 - - 40,305 Motor home chassis sales - - 26,431 - 26,431 Other specialty vehicle sales - - 4,405 - 4,405 Aftermarket parts and accessories sales 1,754 18,987 2,460 - 23,201 Total sales $ 41,138 $ 59,292 $ 33,296 $ - $ 133,726 Depreciation and amortization expense $ 206 $ 873 $ 115 $ 592 $ 1,786 Adjusted EBITDA (3,119 ) 6,462 1,595 (2,063 ) 2,875 Segment assets 68,731 74,135 31,608 73,120 247,594 Capital expenditures 381 733 199 430 1,743 The table below presents the reconciliation of our consolidated Adjusted EBITDA to net income. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss) attributable to Spartan Motors, Inc. Adjusted EBITDA may may Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Net income (loss) attributable to Spartan Motors, Inc. $ (1,098 ) $ 543 Add: Interest expense 264 114 Taxes 83 93 Depreciation and amortization expense 2,325 1,786 EBITDA 1,574 2,536 Add: Restructuring expense 642 339 Acquisition expense 672 - Impact of inventory fair value step-up 189 - Impact of chassis shipments to Smeal 1,112 - Adjusted EBITDA $ 4,189 $ 2,875

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards In February 2017 2017 05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20) 2017 05”). 2017 05 2017 05 2014 09 that the adoption of the provisions of ASU 2017 05 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350): 2017 4”). 2017 4 December 15, 2019, January 1, 2017. We believe that that the adoption of the provisions of ASU 2017 04 In January 2017, ccounting Standards Update 2017 01, Business Combinations (Topic 805): 2017 01”), December 15, 2017, We believe that the adoption of the provisions of ASU 2017 01 In August 2016, 2016 15, Statement of Cash Flows (Topic 230) 2016 15”). 2016 15 2016 15 December 15, 2017, that the adoption of the provisions of ASU 2016 15 In June 2016, ccounting Standards Update 2016 13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments 2016 13”). 2016 13 December 15, 2019 2016 13 In March 2016, 2016 09, Compensation – Stock Compensation 2016 09”). 2016 09 2016 09 December 15, 2016, 2016 09 December 31, 2017 March 31, 2017. In February 2016, 2016 02, Leases 2016 02”). 12 December 15, 2018, 2016 02 In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). 2014 09 2014 09 December 15, 2017, may December 15, 2016 August 12, 2015, 2018, 2017 2014 09 first 2018. In March 2016, 2016 08, Revenue from Contracts with Customers (Topic 606), 2016 08”). 2016 08 two 2016 08 2014 09 In April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606), 2016 10”). 2016 10 606 2016 10 2016 10 2016 10 2014 09 In May 2016, 2016 12, Revenue from Contracts with Customers (Topic 606), 2016 12”). 2016 12 2016 12 2014 09

Note 2 - Acquisition Activiti18

Note 2 - Acquisition Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Business Acquisition, Pro Forma Information [Table Text Block]	Pro Forma Results of Operations Three Months Ended March 31, 201 7 Three Months Ended March 31, 2016 Net sales $ 167,075 $ 150,275 Net earnings $ 686 $ 63 Diluted net earnings per share $ 0.02 $ -
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Cash $ 3,825 Accounts receivable 6,523 Inventory 62,853 Other current assets 887 Property, plant and equipment 5,773 Intangible assets 3,900 Goodwill 9,669 Total assets acquired 93,430 Accounts payable 3,935 Customer prepayments 42,929 Accrued war ranty 1,900 Other liabilities 2,177 Total liabilities assumed 50,941 Total purchase price $ 42,489

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 201 7 201 6 Finished goods $ 28,714 $ 12,743 Work in process 25,476 14,063 Raw materials and purchased components 58,041 35,458 Reserve for slow-moving inventory (3,078 ) (3,368 ) Total inventory $ 109,153 $ 58,896

Note 4 - Goodwill and Intangi20

Note 4 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Goodwill [Table Text Block]	Emergency Response Vehicles Fleet Vehicles & Services Total Balance as of December 31, 2016 $ - $ 15,961 $ 15,961 Acquisition of Smeal 9,669 - 9,669 Balance as of March 31, 2017 $ 9,669 $ 15,961 $ 25,630
Schedule of Finite-Lived Intangible Assets [Table Text Block]	As of March 31, 2017 As of December 31, 201 6 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer and dealer relationships $ 6,170 $ 3,437 $ 2,733 $ 6,170 $ 3,348 $ 2,822 Acquired product development project 1,860 1,254 606 1,860 1,167 693 Unpatented technology 1,500 38 1,462 - - - Non-compete agreements 400 400 - 400 400 - Backlog 320 320 - 320 320 - Trade Names 5,270 - 5,270 2,870 - 2,870 $ 15,520 $ 5,449 $ 10,071 $ 11,620 $ 5,235 $ 6,385
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Amount 2017 $ 619 2018 816 2019 449 2020 423 2021 399 Thereafter 2,095 Total $ 4,801

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, 2017 December 31, Line of credit revolver (1): $ 32,800 $ - Capital lease obligations 123 139 Total debt 32,923 139 Less current portion of long-term debt (63 ) (65 ) Total long-term debt $ 32,860 $ 74

Note 6 - Restructuring (Tables)

Note 6 - Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	Quarter Ended March 31, 2017 Emergency Response Fleet Vehicles and Services Specialty Chassis and Vehicles Other Total Cost of products sold Accrual for severance $ 37 $ 97 $ 16 $ - 150 General and Administrative Accrual for severance 362 8 79 43 492 Total restructuring $ 399 $ 105 $ 95 $ 43 $ 642
Restructuring and Related Costs [Table Text Block]	Severance Balance January 1, 201 7 $ - Accrual for severance 642 Payments and adjustments made in period 200 Balance March 31, 2017 $ 442

Note 7 - Commitments and Cont23

Note 7 - Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	201 7 201 6 Balance of accrued warranty at January 1 $ 19,334 $ 16,610 Warranties issued during the period 1,740 1,069 Cash settlements made during the period (3,358 ) (2,521 ) Changes in liability for pre-existing warranties during the period, including expirations 575 1,059 Assumed warranties outstanding at Smeal on January 1, 2017 1,900 - Balance of accrued warranty at March 31 $ 20,191 $ 16,217

Note 8 - Earnings (Loss) Per 24

Note 8 - Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 201 7 201 6 Basic weighted average common shares outstanding 33,725 34,280 Effect of dilutive stock appreciation rights - - Diluted weighted average common shares outstanding 33,725 34,280 Anti-dilutive stock awards: Restricted stock 681 - Stock appreciation rights 3 - 684 -

Note 10 - Business Segments (Ta

Note 10 - Business Segments (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicle sales $ 77,985 $ - $ - $ - $ 77,985 Fleet vehicle sales - 43,142 - - 43,142 Motor home chassis sales - - 26,084 - 26,084 Other specialty vehicle sales - - 4,822 - 4,822 Aftermarket parts and accessories sales 2,217 10,778 2,047 - 15,042 Total sales $ 80,202 $ 53,920 $ 32,953 $ - $ 167,075 Depreciation and amortization expense $ 552 $ 876 $ 310 $ 587 $ 2,325 Adjusted EBITDA (1,337 ) 6,244 1,533 (2,251 ) 4,189 Segment assets 149,059 63,516 31,074 70,186 313,835 Capital expenditures 183 249 24 899 1,355 Emergency Response Vehicles Fleet Vehicles and Services Specialty Chassis and Vehicles Other Consolidated Emergency response vehicle sales $ 39,384 $ - $ - $ - $ 39,384 Fleet vehicle sales - 40,305 - - 40,305 Motor home chassis sales - - 26,431 - 26,431 Other specialty vehicle sales - - 4,405 - 4,405 Aftermarket parts and accessories sales 1,754 18,987 2,460 - 23,201 Total sales $ 41,138 $ 59,292 $ 33,296 $ - $ 133,726 Depreciation and amortization expense $ 206 $ 873 $ 115 $ 592 $ 1,786 Adjusted EBITDA (3,119 ) 6,462 1,595 (2,063 ) 2,875 Segment assets 68,731 74,135 31,608 73,120 247,594 Capital expenditures 381 733 199 430 1,743
Schedule of Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block]	Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Net income (loss) attributable to Spartan Motors, Inc. $ (1,098 ) $ 543 Add: Interest expense 264 114 Taxes 83 93 Depreciation and amortization expense 2,325 1,786 EBITDA 1,574 2,536 Add: Restructuring expense 642 339 Acquisition expense 672 - Impact of inventory fair value step-up 189 - Impact of chassis shipments to Smeal 1,112 - Adjusted EBITDA $ 4,189 $ 2,875

Note 2 - Acquisition Activiti26

Note 2 - Acquisition Activities (Details Textual) - USD ($)	Jan. 01, 2017	Mar. 31, 2017	Mar. 31, 2016
Business Combination, Inventory Fair Value Step-up		$ 189,000
Payments to Acquire Businesses, Net of Cash Acquired		28,903,000
Goodwill, Acquired During Period		9,669,000
Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100,000,000
Smeal Acquisition [Member]
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		40,662,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		(1,000,000)
Business Combination, Inventory Fair Value Step-up		189,000
Business Combination, Consideration Transferred	$ 42,489,000
Payments to Acquire Businesses, Net of Cash Acquired	28,903,000
Cash Acquired from Acquisition	3,825,000
Business Combination, Consideration Transferred, Forgiveness of Liabilities	7,391,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	2,400,000
Goodwill, Acquired During Period	9,669,000
Business Combination, Contingent Consideration, Liability	2,370,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low	$ 0
Business Combination, Contingent Consideration Arrangements, Significant Inputs, Discount Rate	1.00%
Smeal Acquisition [Member] | Selling, General and Administrative Expenses [Member]
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		672,000
Smeal [Member] | Wells Fargo, JPMorgan Chase Bank, N.A.and PNC Bank [Member] | Line of Credit [Member] | Subsequent Event [Member]
Proceeds from Lines of Credit		$ 32,800,000

Note 2 - Acquisition Activiti27

Note 2 - Acquisition Activities - Smeal Acquisition Pro Forma Information (Details) - Smeal Acquisition [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 167,075	$ 150,275
Net earnings	$ 686	$ 63
Diluted net earnings per share (in dollars per share)	$ 0.02

Note 2 - Acquisition Activiti28

Note 2 - Acquisition Activities - Smeal Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jan. 01, 2017	Dec. 31, 2016
Goodwill	$ 25,630		$ 15,961
Smeal Acquisition [Member]
Cash		$ 3,825
Accounts receivable		6,523
Inventory		62,853
Other current assets		887
Property, plant and equipment		5,773
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		3,900
Goodwill		9,669
Total assets acquired		93,430
Accounts payable		3,935
Customer prepayments		42,929
Accrued warranty		1,900
Other liabilities		2,177
Total liabilities assumed		50,941
Total purchase price		$ 42,489

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Inventory, Demo, Gross	$ 9,529	$ 3,558

Note 3 - Inventories - Summary

Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finished goods	$ 28,714	$ 12,743
Work in process	25,476	14,063
Raw materials and purchased components	58,041	35,458
Reserve for slow-moving inventory	(3,078)	(3,368)
Total inventory	$ 109,153	$ 58,896

Note 4 - Goodwill and Intangi31

Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jan. 01, 2017
Amortization of Intangible Assets	$ 214	$ 177
Unpatented Technology [Member]
Finite-Lived Intangible Asset, Useful Life	10 years
Smeal Acquisition [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill			$ 3,900

Note 4 - Goodwill and Intangi32

Note 4 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Balance at beginning of period	$ 15,961
Acquisition of Smeal	9,669
Balance at end of period	25,630
Emergency Response Vehicles [Member]
Balance at beginning of period
Acquisition of Smeal	9,669
Balance at end of period	9,669
Delivery and Service Vehicles [Member]
Balance at beginning of period	15,961
Acquisition of Smeal
Balance at end of period	$ 15,961

Note 4 - Goodwill and Intangi33

Note 4 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accumulated amortization, finite-lived	$ 5,449	$ 5,235
Net carrying amount, finite-lived	4,801
Gross carrying amount, intangible assets	15,520	11,620
Net carrying amount, intangible assets	10,071	6,385
Customer Relationships [Member]
Gross carrying amount, finite-lived	6,170	6,170
Accumulated amortization, finite-lived	3,437	3,348
Net carrying amount, finite-lived	2,733	2,822
Acquired Product Development Project [Member]
Gross carrying amount, finite-lived	1,860	1,860
Accumulated amortization, finite-lived	1,254	1,167
Net carrying amount, finite-lived	606	693
Unpatented Technology [Member]
Gross carrying amount, finite-lived	1,500
Accumulated amortization, finite-lived	38
Net carrying amount, finite-lived	1,462
Noncompete Agreements [Member]
Gross carrying amount, finite-lived	400	400
Accumulated amortization, finite-lived	400	400
Net carrying amount, finite-lived
Order or Production Backlog [Member]
Gross carrying amount, finite-lived	320	320
Accumulated amortization, finite-lived	320	320
Net carrying amount, finite-lived
Trade Names [Member]
Gross carrying amount, indefinite-lived	$ 5,270	$ 2,870

Note 4 - Goodwill and Intangi34

Note 4 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands	Mar. 31, 2017USD ($)
2,017	$ 619
2,018	816
2,019	449
2,020	423
2,021	399
Thereafter	2,095
Total	$ 4,801

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands		Oct. 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Line of Credit Facility, Current Borrowing Capacity			$ 35,500	$ 73,600
Long-term Line of Credit	[1]		32,800
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000
Debt Instrument, Term		3 years
Line of Credit Facility, Potential Increase Borrowing Capacity		$ 35,000
Debt Instrument Reference Rate Term		30 days
Line of Credit Facility, Capacity Available for Trade Purchases			10,000
Long-term Line of Credit				$ 0
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | Smeal Acquisition [Member]
Proceeds from Lines of Credit			$ 32,800
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%	1.25%
Line of Credit Facility, Interest Rate at Period End			2.0625%
Well Fargo Bank and JPMorgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.00%
[1]	On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. The applicable borrowing rate including margin was 2.0625% (or one-month LIBOR plus 1.25%) at March 31, 2017.

Note 5 - Debt - Schedule of Lon

Note 5 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Long-term Line of Credit	[1]	$ 32,800
Capital lease obligations		123	139
Total debt		32,923	139
Less current portion of long-term debt		(63)	(65)
Total long-term debt		$ 32,860	$ 74
[1]	On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. The applicable borrowing rate including margin was 2.0625% (or one-month LIBOR plus 1.25%) at March 31, 2017.

Note 6 - Restructuring (Details

Note 6 - Restructuring (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring Charges	$ 492	$ 339
Employee Severance [Member]
Restructuring Charges		0
Operating Expense [Member]
Restructuring Charges		$ 339

Note 6 - Restructuring - Restru

Note 6 - Restructuring - Restructuring Charges Included in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring charges, cost of products sold	$ 150
Restructuring Charges	492	339
Total restructuring	642	$ 339
Accrual Of Severance [Member]
Restructuring charges, cost of products sold	150
Restructuring Charges	492
Emergency Response Vehicles [Member]
Total restructuring	399
Emergency Response Vehicles [Member] | Accrual Of Severance [Member]
Restructuring charges, cost of products sold	37
Restructuring Charges	362
Delivery and Service Vehicles [Member]
Total restructuring	105
Delivery and Service Vehicles [Member] | Accrual Of Severance [Member]
Restructuring charges, cost of products sold	97
Restructuring Charges	8
Specialty Chassis and Vehicles [Member]
Total restructuring	95
Specialty Chassis and Vehicles [Member] | Accrual Of Severance [Member]
Restructuring charges, cost of products sold	16
Restructuring Charges	79
Other Segments [Member]
Total restructuring	43
Other Segments [Member] | Accrual Of Severance [Member]
Restructuring charges, cost of products sold
Restructuring Charges	$ 43

Note 6 - Restructuring - Summar

Note 6 - Restructuring - Summary of Compensation Related Charges (Details) - Employee Severance [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Balance, beginning of period
Accrual for severance	642
Payments and adjustments made in period	200
Balance, end of period	$ 442

Note 7 - Commitments and Cont40

Note 7 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Letters of Credit Outstanding, Amount		$ 1,599	$ 1,599
Long-term Line of Credit	[1]	32,800
Inventory Write-down		1,217
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		20,000
Revolving Credit Facility [Member] | GM [Member]
Line of Credit Facility, Capacity Available for Trade Purchases		10,000
Long-term Line of Credit		$ 172	$ 784
[1]	On October 31, 2016, we entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement") by and among us, certain of our subsidiaries, Wells Fargo Bank, National Association, as administrative agent ("Wells Fargo"), and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A. and PNC Bank (the "Lenders"). Under the Credit Agreement, we may borrow up to $100,000 from the Lenders under a three-year unsecured revolving credit facility. We may also request an increase in the facility of up to $35,000 in the aggregate, subject to customary conditions. This line carries an interest rate of the higher of either (i) the highest of prime rate, the federal funds effective rate plus 0.5%, or the one month adjusted LIBOR plus 1.00%; or (ii) adjusted LIBOR plus margin based upon our ratio of debt to earnings from time to time. We had no borrowings on this line at December 31, 2016. In January 2017, we borrowed $32,800 from our credit line to fund our acquisition of Smeal. GM and Chrysler have the ability to draw up to $10,000 against our primary line of credit in relation to chassis supplied to Spartan USA under chassis bailment inventory programs. The applicable borrowing rate including margin was 2.0625% (or one-month LIBOR plus 1.25%) at March 31, 2017.

Note 7 - Commitments and Cont41

Note 7 - Commitments and Contingent Liabilities - Changes Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance of accrued warranty	$ 19,334	$ 16,610
Warranties issued during the period	1,740	1,069
Cash settlements made during the period	(3,358)	(2,521)
Changes in liability for pre-existing warranties during the period, including expirations	575	1,059
Assumed warranties outstanding at Smeal on January 1, 2017	1,900
Balance of accrued warranty	$ 20,191	$ 16,217

Note 8 - Earnings (Loss) Per 42

Note 8 - Earnings (Loss) Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic weighted average common shares outstanding (in shares)	33,725	34,280
Effect of dilutive stock appreciation rights (in shares)
Diluted weighted average common shares outstanding (in shares)	33,725	34,280
Anti-dilutive stock awards:
Anti-dilutive stock awards (in shares)	684
Restricted Stock [Member]
Anti-dilutive stock awards:
Anti-dilutive stock awards (in shares)	681
Stock Appreciation Rights (SARs) [Member]
Anti-dilutive stock awards:
Anti-dilutive stock awards (in shares)	3

Note 9 - Taxes (Details Textual

Note 9 - Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Effective Income Tax Rate Reconciliation, Percent	8.20%	14.60%
Effective Income Tax Rate Reconciliation, Tax Rate Applied to Current Earnings	0.00%
Income Tax Expense (Benefit)	$ 83	$ 93

Note 10 - Business Segments (De

Note 10 - Business Segments (Details Textual)	3 Months Ended
	Mar. 31, 2017
Number of Reportable Segments	3

Note 10 - Business Segments - S

Note 10 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Sales revenue, net	$ 167,075	$ 133,726
Depreciation and amortization expense	2,325	1,786
Adjusted EBITDA	4,189	2,875
Segment assets	313,835	247,594	$ 243,294
Capital expenditures	1,355	1,743
Emergency Response Vehicles [Member]
Sales revenue, net	80,202	41,138
Depreciation and amortization expense	552	206
Adjusted EBITDA	(1,337)	(3,119)
Segment assets	149,059	68,731
Capital expenditures	183	381
Delivery and Service Vehicles [Member]
Sales revenue, net	53,920	59,292
Depreciation and amortization expense	876	873
Adjusted EBITDA	6,244	6,462
Segment assets	63,516	74,135
Capital expenditures	249	733
Specialty Chassis and Vehicles [Member]
Sales revenue, net	32,953	33,296
Depreciation and amortization expense	310	115
Adjusted EBITDA	1,533	1,595
Segment assets	31,074	31,608
Capital expenditures	24	199
Other Segments [Member]
Sales revenue, net
Depreciation and amortization expense	587	592
Adjusted EBITDA	(2,251)	(2,063)
Segment assets	70,186	73,120
Capital expenditures	899	430
Emergency Response Vehicles Sales [Member]
Sales revenue, net	77,985	39,384
Emergency Response Vehicles Sales [Member] | Emergency Response Vehicles [Member]
Sales revenue, net	77,985	39,384
Emergency Response Vehicles Sales [Member] | Delivery and Service Vehicles [Member]
Sales revenue, net
Emergency Response Vehicles Sales [Member] | Specialty Chassis and Vehicles [Member]
Sales revenue, net
Emergency Response Vehicles Sales [Member] | Other Segments [Member]
Sales revenue, net
Utilmaster Vehicles [Member]
Sales revenue, net	43,142	40,305
Utilmaster Vehicles [Member] | Emergency Response Vehicles [Member]
Sales revenue, net
Utilmaster Vehicles [Member] | Delivery and Service Vehicles [Member]
Sales revenue, net	43,142	40,305
Utilmaster Vehicles [Member] | Specialty Chassis and Vehicles [Member]
Sales revenue, net
Utilmaster Vehicles [Member] | Other Segments [Member]
Sales revenue, net
Motorhome Chassis [Member]
Sales revenue, net	26,084	26,431
Motorhome Chassis [Member] | Emergency Response Vehicles [Member]
Sales revenue, net
Motorhome Chassis [Member] | Delivery and Service Vehicles [Member]
Sales revenue, net
Motorhome Chassis [Member] | Specialty Chassis and Vehicles [Member]
Sales revenue, net	26,084	26,431
Motorhome Chassis [Member] | Other Segments [Member]
Sales revenue, net
Other Specialty Vehicles [Member]
Sales revenue, net	4,822	4,405
Other Specialty Vehicles [Member] | Emergency Response Vehicles [Member]
Sales revenue, net
Other Specialty Vehicles [Member] | Delivery and Service Vehicles [Member]
Sales revenue, net
Other Specialty Vehicles [Member] | Specialty Chassis and Vehicles [Member]
Sales revenue, net	4,822	4,405
Other Specialty Vehicles [Member] | Other Segments [Member]
Sales revenue, net
Aftermarket Parts and Accessories Sales [Member]
Sales revenue, net	15,042	23,201
Aftermarket Parts and Accessories Sales [Member] | Emergency Response Vehicles [Member]
Sales revenue, net	2,217	1,754
Aftermarket Parts and Accessories Sales [Member] | Delivery and Service Vehicles [Member]
Sales revenue, net	10,778	18,987
Aftermarket Parts and Accessories Sales [Member] | Specialty Chassis and Vehicles [Member]
Sales revenue, net	2,047	2,460
Aftermarket Parts and Accessories Sales [Member] | Other Segments [Member]
Sales revenue, net

Note 10 - Business Segments - R

Note 10 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss) attributable to Spartan Motors, Inc.	$ (1,098)	$ 543
Interest expense	264	114
Taxes	83	93
Depreciation and amortization expense	2,325	1,786
EBITDA	1,574	2,536
Restructuring expense	642	339
Acquisition expense	672
Impact of inventory fair value step-up	189
Impact of chassis shipments to Smeal	1,112
Adjusted EBITDA	$ 4,189	$ 2,875