Werner Enterprises (WERN) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period Start Date	Jan. 1, 2015
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	WERNER ENTERPRISES INC
Entity Central Index Key	793,074
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,892,234

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating revenues	$ 534,644	$ 542,120	$ 1,030,298	$ 1,034,142
Operating expenses:
Salaries, wages and benefits	160,376	144,506	311,841	279,219
Fuel	57,381	92,131	110,141	183,206
Supplies and maintenance	46,388	45,887	94,045	91,741
Taxes and licenses	22,763	21,311	43,843	42,143
Insurance and claims	20,615	19,180	42,662	39,386
Depreciation	48,264	44,573	93,984	87,696
Rent and purchased transportation	124,952	128,239	238,700	239,885
Communications and utilities	3,837	3,409	7,515	6,908
Other	(2,142)	554	(2,828)	(1,813)
Total operating expenses	482,434	499,790	939,903	968,371
Operating income	52,210	42,330	90,395	65,771
Other expense (income):
Interest expense	583	136	1,058	230
Interest income	(697)	(660)	(1,328)	(1,315)
Other	135	(45)	225	(41)
Total other income	21	(569)	(45)	(1,126)
Income before income taxes	52,189	42,899	90,440	66,897
Income taxes	20,341	17,267	35,450	26,926
Net income	$ 31,848	$ 25,632	$ 54,990	$ 39,971
Earnings per share:
Basic	$ 0.44	$ 0.36	$ 0.76	$ 0.55
Diluted	0.44	0.35	0.76	0.55
Dividends declared per share	$ 0.050	$ 0.050	$ 0.100	$ 0.100
Weighted-average common shares outstanding:
Basic	71,945	72,091	72,005	72,382
Diluted	72,424	72,597	72,482	72,882

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 31,848	$ 25,632	$ 54,990	$ 39,971
Other comprehensive income (loss):
Foreign currency translation adjustments	(698)	90	(1,534)	100
Change in fair value of interest rate swap	324	0	237	0
Other comprehensive income (loss)	(374)	90	(1,297)	100
Comprehensive income	$ 31,474	$ 25,722	$ 53,693	$ 40,071

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 47,491	$ 22,604
Accounts receivable, trade, less allowance of $9,616 and $10,017, respectively	258,823	266,727
Other receivables	21,283	20,316
Inventories and supplies	16,756	17,824
Prepaid taxes, licenses and permits	7,374	14,914
Current deferred income taxes	34,568	34,066
Income taxes receivable	2,950	23,435
Other current assets	26,827	26,458
Total current assets	416,072	426,344
Property and equipment	1,850,826	1,786,229
Less – accumulated depreciation	766,340	772,447
Property and equipment, net	1,084,486	1,013,782
Other non-current assets	42,857	40,336
Total assets	1,543,415	1,480,462
Current liabilities:
Accounts payable	87,981	64,827
Insurance and claims accruals	62,067	73,814
Accrued payroll	32,286	28,121
Other current liabilities	21,445	19,768
Total current liabilities	203,779	186,530
Long-term debt, net of current portion	75,000	75,000
Other long-term liabilities	17,940	20,021
Insurance and claims accruals, net of current portion	130,545	123,445
Deferred income taxes	$ 237,911	$ 241,606
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 200,000,000 shares authorized; 80,533,536 shares issued; 71,882,822 and 72,038,368 shares outstanding, respectively	$ 805	$ 805
Paid-in capital	104,909	101,803
Retained earnings	962,876	915,085
Accumulated other comprehensive loss	(10,672)	(9,375)
Treasury stock, at cost; 8,650,714 and 8,495,168 shares, respectively	(179,678)	(174,458)
Total stockholders’ equity	878,240	833,860
Total liabilities and stockholders’ equity	$ 1,543,415	$ 1,480,462

Consolidated Condensed Balance5

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful trade accounts receivable	$ 9,616	$ 10,017
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	80,533,536	80,533,536
Common stock, shares outstanding	71,882,822	72,038,368
Treasury stock, shares	8,650,714	8,495,168

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 54,990	$ 39,971
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	93,984	87,696
Deferred income taxes	(3,097)	(10,753)
Gain on disposal of property and equipment	(12,191)	(9,815)
Non-cash equity compensation	3,755	2,837
Insurance and claims accruals, net of current portion	7,100	350
Other	2,186	(420)
Changes in certain working capital items:
Accounts receivable, net	7,904	(29,658)
Other current assets	28,584	2,097
Accounts payable	16,254	11,238
Other current liabilities	(5,897)	(2,998)
Net cash provided by operating activities	193,572	90,545
Cash flows from investing activities:
Additions to property and equipment	(216,187)	(99,969)
Proceeds from sales of property and equipment	56,781	37,162
Decrease in notes receivable	7,188	8,076
Other	0	(3,343)
Net cash used in investing activities	(152,218)	(58,074)
Cash flows from financing activities:
Dividends on common stock	(7,207)	(7,255)
Repurchases of common stock	(6,438)	(25,602)
Tax withholding related to net share settlements of restricted stock awards	(393)	(31)
Stock options exercised	763	4,150
Excess tax benefits from equity compensation	199	284
Payment of notes payable	(3,117)	0
Net cash used in financing activities	(16,193)	(28,454)
Effect of exchange rate fluctuations on cash	(274)	19
Net increase in cash and cash equivalents	24,887	4,036
Cash and cash equivalents, beginning of period	22,604	23,678
Cash and cash equivalents, end of period	47,491	27,714
Supplemental disclosures of cash flow information:
Interest paid	1,066	233
Income taxes paid	17,862	42,581
Supplemental schedule of non-cash investing activities:
Notes receivable issued upon sale of property and equipment	12,549	6,333
Issuance of notes payable	0	6,233
Change in fair value of interest rate swap	237	0
Property and equipment acquired included in accounts payable	8,967	9,407
Property and equipment disposed included in other receivables	$ 0	$ 696

Credit Facilities

Credit Facilities	6 Months Ended
	Jun. 30, 2015
Line of Credit Facility [Abstract]
Credit Facilities	Credit Facilities As of June 30, 2015 , we had unsecured committed credit facilities with two banks as well as a term commitment with one of these banks. We had with Wells Fargo Bank, N.A., a $175.0 million credit facility which was set to expire on May 31, 2016 , and a $75.0 million term commitment with principal due and payable on September 15, 2019 . We also had a $75.0 million credit facility with BMO Harris Bank N.A., which will expire on March 5, 2020 . Borrowings under these credit facilities and term note bear variable interest ( 0.7855% at June 30, 2015) based on the London Interbank Offered Rate (“LIBOR”), with interest on the term note effectively fixed at 2.5% with an interest rate swap agreement. On July 13, 2015, we amended our existing credit agreement, dated June 1, 2012, as previously amended, with Wells Fargo Bank, N.A. This amendment lowered the maximum principal amount of the unsecured line of credit to $100.0 million from $175.0 million and extended the term of the credit agreement to July 12, 2020 from May 31, 2016 . Also on July 13, 2015, we entered into a new credit agreement with U.S. Bank N.A. The new credit agreement is an unsecured line of credit of $75.0 million and expires on July 13, 2020 . As of June 30, 2015 , and December 31, 2014, our outstanding debt totaled $75.0 million . The $325.0 million of credit available under these facilities at June 30, 2015, is further reduced by $32.7 million in stand-by letters of credit under which we are obligated. Each of the debt agreements in effect at June 30, 2015 includes, among other things, two financial covenants requiring us (i) not to exceed a maximum ratio of total debt to total capitalization and (ii) not to exceed a maximum ratio of total funded debt to earnings before interest, income taxes, depreciation and amortization (as such terms are defined in each credit facility). At June 30, 2015 , we were in compliance with these covenants. At June 30, 2015 , the aggregate future maturities of long-term debt by year are as follows (in thousands): 2015 $ — 2016 — 2017 — 2018 — 2019 75,000 Total $ 75,000 The carrying amounts of our long-term debt approximate fair value due to the duration of the notes and the variable interest rates.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three-month and six-month periods ended June 30, 2015 , there were no material changes to the total amount of unrecognized tax benefits. We accrued interest expense of $65 thousand and $64 thousand during the three-month periods ended June 30, 2015 and June 30, 2014 , respectively, and $124 thousand and $122 thousand during the six-month periods ended June 30, 2015, and June 30, 2014, respectively, excluding the reversal of accrued interest related to adjustments for the remeasurement of uncertain tax positions. Our total gross liability for unrecognized tax benefits at June 30, 2015 , is $9.1 million . If recognized, $5.8 million of unrecognized tax benefits would impact our effective tax rate. Interest of $1.8 million has been reflected as a component of the total liability. We expect no other significant increases or decreases for uncertain tax positions during the next twelve months. We file U.S. federal income tax returns, as well as income tax returns in various states and several foreign jurisdictions. The years 2011 through 2014 are open for examination by the Internal Revenue Service (“IRS”), and various years are open for examination by state and foreign tax authorities. State and foreign jurisdictional statutes of limitations generally range from three to four years.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2015 , we have committed to property and equipment purchases of approximately $172.5 million . We are involved in certain claims and pending litigation arising in the ordinary course of business. At this time, management believes the ultimate resolution of these matters will not materially affect our consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and restricted stock awards. There are no differences in the numerators of our computations of basic and diluted earnings per share for any period presented. The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts). Three Months Ended Six Months Ended 2015 2014 2015 2014 Net income $ 31,848 $ 25,632 $ 54,990 $ 39,971 Weighted average common shares outstanding 71,945 72,091 72,005 72,382 Dilutive effect of stock-based awards 479 506 477 500 Shares used in computing diluted earnings per share 72,424 72,597 72,482 72,882 Basic earnings per share $ 0.44 $ 0.36 $ 0.76 $ 0.55 Diluted earnings per share $ 0.44 $ 0.35 $ 0.76 $ 0.55 There were no options to purchase shares of common stock that were outstanding during the periods indicated above that were excluded from the computation of diluted earnings per share because the option purchase price was greater than the average market price of the common shares during the period. Performance awards are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied.

Equity Compensation

Equity Compensation	6 Months Ended
	Jun. 30, 2015
Equity Compensation [Abstract]
Equity Compensation	Equity Compensation The Werner Enterprises, Inc. Amended and Restated Equity Plan (the "Equity Plan"), approved by the Company's shareholders, provides for grants to employees and non-employee directors of the Company in the form of nonqualified stock options, restricted stock and units ("restricted awards"), performance stock and units ("performance awards"), and stock appreciation rights. The Board of Directors or the Compensation Committee of our Board of Directors determines the terms of each award, including the type, recipients, number of shares subject to and vesting conditions of each award. No awards of stock appreciation rights have been issued under the Equity Plan to date. The maximum number of shares of common stock that may be awarded under the Equity Plan is 20,000,000 shares. The maximum aggregate number of shares that may be awarded to any one person in any one calendar year under the Equity Plan is 500,000 . As of June 30, 2015 , there were 7,183,373 shares available for granting additional awards. Equity compensation expense is included in salaries, wages and benefits within the Consolidated Statements of Income. As of June 30, 2015 , the total unrecognized compensation cost related to non-vested equity compensation awards was approximately $12.5 million and is expected to be recognized over a weighted average period of 2.5 years . The following table summarizes the equity compensation expense and related income tax benefit recognized in the Consolidated Statements of Income (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Stock options: Pre-tax compensation expense $ 17 $ 30 $ 34 $ 60 Tax benefit 6 12 13 24 Stock option expense, net of tax $ 11 $ 18 $ 21 $ 36 Restricted awards: Pre-tax compensation expense $ 1,024 $ 1,080 $ 2,041 $ 2,075 Tax benefit 404 434 806 835 Restricted award expense, net of tax $ 620 $ 646 $ 1,235 $ 1,240 Performance awards: Pre-tax compensation expense $ 953 $ 431 $ 1,708 $ 717 Tax benefit 377 174 675 289 Performance award expense, net of tax $ 576 $ 257 $ 1,033 $ 428 We do not have a formal policy for issuing shares upon an exercise of stock options or vesting of restricted and performance awards. Such shares are generally issued from treasury stock. From time to time, we repurchase shares of our common stock, the timing and amount of which depends on market and other factors. Historically, the shares acquired from such repurchases have provided us with sufficient quantities of stock to issue for equity compensation. Based on current treasury stock levels, we do not expect to repurchase additional shares specifically for equity compensation during 2015. Stock Options Stock options are granted at prices equal to the market value of the common stock on the date the option award is granted. Option awards currently outstanding become exercisable in installments from 24 to 72 months after the date of grant. The options are exercisable over a period not to exceed ten years, one day from the date of grant. The following table summarizes stock option activity for the six months ended June 30, 2015 : Number of Options (in thousands) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 248 $ 18.18 Granted — — Exercised (44 ) 17.44 Forfeited (5 ) 20.33 Expired — — Outstanding at end of period 199 18.28 3.45 $ 1,587 Exercisable at end of period 157 17.78 3.00 $ 1,332 We did not grant any stock options during the three-month and six -month periods ended June 30, 2015 and June 30, 2014 . The fair value of stock option grants is estimated using a Black-Scholes valuation model. The total intrinsic value of stock options exercised was $0.6 million and $1.9 million for the six-month periods ended June 30, 2015 and June 30, 2014. Restricted Awards Restricted stock entitles the holder to shares of common stock when the award vests. Restricted stock units entitle the holder to a combination of cash or stock equal to the value of common stock when the unit vests. The value of these shares may fluctuate according to market conditions and other factors. Restricted awards currently outstanding vest over periods ranging from 12 to 84 months from the grant date of the award. The restricted awards do not confer any voting or dividend rights to recipients until such shares vest and do not have any post-vesting sales restrictions. The following table summarizes restricted award activity for the six months ended June 30, 2015 : Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 643 $ 22.92 Granted — — Vested (2 ) 24.21 Forfeited (17 ) 24.07 Nonvested at end of period 624 22.88 We did not grant any restricted awards during the three-month and six -month periods ended June 30, 2015 and granted 10,000 shares of restricted stock during the three-month and six-month periods ended June 30, 2014. We estimate the fair value of restricted awards based upon the market price of the underlying common stock on the date of grant, reduced by the present value of estimated future dividends because the awards are not entitled to receive dividends prior to vesting. Our estimate of future dividends is based on the most recent quarterly dividend rate at the time of grant, adjusted for any known future changes in the dividend rate. Cash settled restricted stock units are recorded as a liability within the Consolidated Balance Sheets and are adjusted to fair value each reporting period. The present value of estimated future dividends for the 2014 grants was calculated using the following weighted-average assumptions: Dividends per share (quarterly amounts) $ 0.05 Risk-free interest rate 1.5 % The total fair value of previously granted restricted awards vested during the three-month and six-month periods ended June 30, 2015 was $70 thousand and for the three-month and six-month periods ended June 30, 2014 was $90 thousand . We withheld shares based on the closing stock price on the vesting date to settle the employees' minimum statutory obligation for the applicable income and other employment taxes. Total cash remitted for the employees' tax obligations to the relevant taxing authorities is reflected as a financing activity within the Consolidated Statements of Cash Flows, and the shares withheld to satisfy the minimum tax withholding obligations are recorded as treasury stock. Performance Awards Performance awards entitle the recipient to shares of common stock upon attainment of performance objectives as pre-established by the Compensation Committee. If the performance objectives are achieved, performance awards currently outstanding vest, subject to continued employment, over periods ranging from 12 to 60 months from the grant date of the award. The performance awards do not confer any voting or dividend rights to recipients until such shares vest and do not have any post-vesting sales restrictions. The following table summarizes performance award activity for the six months ended June 30, 2015 : Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 183 $ 25.06 Granted 202 28.79 Vested (37 ) 25.06 Forfeited — — Nonvested at end of period 348 27.22 We did not grant any performance awards during the three-month periods ended June 30, 2015 and June 30, 2014 , respectively, and granted performance awards (in thousands) totaling 202 shares and 183 shares during the six-month periods ended June 30, 2015 and June 30, 2014 , respectively. The performance awards are earned based upon the level of attainment by the Company of specified performance objectives related to earnings per share for the fiscal year, as established by the Compensation Committee. The number of shares which are ultimately earned for the 2015 awards will range from 0 percent to 132 percent of the target number based on the level of attainment of the performance objectives and ranged from 0 percent to 133 percent for the 2014 awards. We estimate the fair value of performance awards based upon the market price of the underlying common stock on the date of grant, reduced by the present value of estimated future dividends because the awards are not entitled to receive dividends prior to vesting. Our estimate of future dividends is based on the most recent quarterly dividend rate at the time of grant, adjusted for any known future changes in the dividend rate. The present value of estimated future dividends was calculated using the following assumptions: Six Months Ended June 30, 2015 2014 Dividends per share (quarterly amounts) $ 0.05 $ 0.05 Risk-free interest rate 1.6 % 1.5 % During the six-month period ended June 30, 2015, the Compensation Committee determined that the 2014 fiscal year performance objectives were achieved at the target level and 182,813 shares of common stock were earned, subject to time-based vesting. The vesting date fair value of the performance awards vested during the six-month period ended June 30, 2015 was $1.1 million . We withhold shares based on the closing stock price on the vesting date to settle the employees' minimum statutory obligation for the applicable income and other employment taxes. Total cash remitted for employees' tax obligations to the relevant taxing authorities is reflected as a financing activity within the Consolidated Statements of Cash Flows, and the shares withheld to satisfy the minimum tax withholding obligations are recorded as treasury stock.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable segments – Truckload Transportation Services (“Truckload”) and Value Added Services (“VAS”). The Truckload segment consists of two operating units, One-Way Truckload and Specialized Services, that are aggregated because they have similar economic characteristics and meet the other aggregation criteria described in the accounting guidance for segment reporting. One-Way Truckload is comprised of the following operating fleets: (i) the regional short-haul (“Regional”) fleet transports a variety of consumer nondurable products and other commodities in truckload quantities within geographic regions across the United States using dry van trailers; (ii) the medium-to-long-haul van (“Van”) fleet provides comparable truckload van service over irregular routes; and (iii) the expedited (“Expedited”) fleet provides time-sensitive truckload services utilizing driver teams. Specialized Services provides truckload services dedicated to a specific customer, generally for a retail distribution center or manufacturing facility, including services for products requiring specialized trailers such as flatbed or temperature-controlled trailers. Revenues for the Truckload segment include a small amount of non-trucking revenues which consist primarily of the portion of shipments delivered to or from Mexico where we utilize a third-party capacity provider. The VAS segment generates the majority of our non-trucking revenues through four operating units that provide non-trucking services to our customers. These four VAS operating units are as follows: (i) truck brokerage (“Brokerage”) uses contracted carriers to complete customer shipments; (ii) freight management (“Freight Management”) offers a full range of single-source logistics management services and solutions; (iii) the intermodal (“Intermodal”) unit offers rail transportation through alliances with rail and drayage providers as an alternative to truck transportation; and (iv) Werner Global Logistics international (“WGL”) provides complete management of global shipments from origin to destination using a combination of air, ocean, truck and rail transportation modes. We generate other revenues from transportation-related activities such as third-party equipment maintenance and equipment leasing and other business activities. None of these operations meets the quantitative reporting thresholds. As a result, these operations are grouped in “Other” in the table below. “Corporate” includes revenues and expenses that are incidental to our activities and are not attributable to any of our operating segments. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. Inter-segment eliminations in the table below represent transactions between reporting segments that are eliminated in consolidation. The following table summarizes our segment information (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues Truckload Transportation Services $ 417,015 $ 429,390 $ 807,578 $ 832,575 Value Added Services 103,450 100,501 194,310 185,655 Other 13,924 12,258 27,909 16,247 Corporate 725 829 1,246 1,387 Subtotal 535,114 542,978 1,031,043 1,035,864 Inter-segment eliminations (470 ) (858 ) (745 ) (1,722 ) Total $ 534,644 $ 542,120 $ 1,030,298 $ 1,034,142 Operating Income Truckload Transportation Services $ 47,312 $ 38,320 $ 83,154 $ 59,100 Value Added Services 5,004 2,255 7,453 4,110 Other (239 ) 357 (684 ) 841 Corporate 133 1,398 472 1,720 Total $ 52,210 $ 42,330 $ 90,395 $ 65,771

Derivative Financial Instrument

Derivative Financial Instrument	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instrument	Derivative Financial Instrument In the normal course of business we are subject to risk from adverse fluctuations in foreign exchange and interest rates and commodity prices. We manage our risks for interest rate changes through use of an interest rate swap. At June 30, 2015 , we had one interest rate swap outstanding, which matures in September 2019, with a notional value of $75.0 million and a fair value loss of $1.5 million . The counterparty to this contract is a major financial institution. We are exposed to credit loss in the event of non-performance by the counterparty. We do not use derivative instruments for trading or speculative purposes and have no derivative financial instruments to reduce our exposure to fuel price fluctuations. Our objective in managing exposure to interest rate risk is to limit the impact on earnings and cash flow. The extent to which we use such instruments is dependent on our access to these contracts in the financial markets and our success using other methods. Our outstanding derivative financial instrument is recognized as an other long-term liability in the Consolidated Balance Sheets at fair value. The interest rate swap is accounted for as a cash flow hedging instrument. At inception, we formally designated and documented the financial instrument as a hedge of a specific underlying exposure, the risk management objective, and the manner in which effectiveness of the hedge will be assessed. We formally assess, both at inception and at each reporting period thereafter, whether the derivative financial instrument is effective in offsetting changes in cash flows of the related underlying exposure. All changes in fair value of outstanding derivatives in cash flow hedges, except any ineffective portion, are recorded in other comprehensive income until earnings are impacted by the hedged transaction. Classification of the gain or loss in the Consolidated Statements of Income upon release from comprehensive income is the same as that of the underlying exposure. Any ineffective portion of the change in fair value of the instruments is recognized immediately in earnings. We will discontinue the use of hedge accounting prospectively when (i) the derivative instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item; (ii) the derivative instrument expires, is sold, terminated or exercised; or (iii) designating the derivative instrument as a hedge is no longer appropriate. Should we discontinue hedge accounting because it is no longer probable that an anticipated transaction will occur in the originally expected period, or within an additional two-month period thereafter, changes to fair value accumulated in other comprehensive income would be recognized immediately in earnings. FASB ASC 815-10 requires companies to recognize the derivative instrument as an asset or a liability at fair value in the statement of financial position. Fair value of the derivative instrument is required to be measured under the FASB’s Fair Value Measurements and Disclosures guidance, which establishes a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. The fair value of our interest rate swap is based on Level 2 inputs.

Credit Facilities (Tables)

Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2015
Line of Credit Facility [Abstract]
Schedule of Maturities of Long-term Debt	At June 30, 2015 , the aggregate future maturities of long-term debt by year are as follows (in thousands): 2015 $ — 2016 — 2017 — 2018 — 2019 75,000 Total $ 75,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Basic And Diluted Earnings Per Share	The computation of basic and diluted earnings per share is shown below (in thousands, except per share amounts). Three Months Ended Six Months Ended 2015 2014 2015 2014 Net income $ 31,848 $ 25,632 $ 54,990 $ 39,971 Weighted average common shares outstanding 71,945 72,091 72,005 72,382 Dilutive effect of stock-based awards 479 506 477 500 Shares used in computing diluted earnings per share 72,424 72,597 72,482 72,882 Basic earnings per share $ 0.44 $ 0.36 $ 0.76 $ 0.55 Diluted earnings per share $ 0.44 $ 0.35 $ 0.76 $ 0.55

Equity Compensation (Tables)

Equity Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Schedule of Equity Compensation Expense and Related Income Tax Benefit Recognized	The following table summarizes the equity compensation expense and related income tax benefit recognized in the Consolidated Statements of Income (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Stock options: Pre-tax compensation expense $ 17 $ 30 $ 34 $ 60 Tax benefit 6 12 13 24 Stock option expense, net of tax $ 11 $ 18 $ 21 $ 36 Restricted awards: Pre-tax compensation expense $ 1,024 $ 1,080 $ 2,041 $ 2,075 Tax benefit 404 434 806 835 Restricted award expense, net of tax $ 620 $ 646 $ 1,235 $ 1,240 Performance awards: Pre-tax compensation expense $ 953 $ 431 $ 1,708 $ 717 Tax benefit 377 174 675 289 Performance award expense, net of tax $ 576 $ 257 $ 1,033 $ 428
Schedule of Equity Compensation Stock Options Activity	The following table summarizes stock option activity for the six months ended June 30, 2015 : Number of Options (in thousands) Weighted Average Exercise Price ($) Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of period 248 $ 18.18 Granted — — Exercised (44 ) 17.44 Forfeited (5 ) 20.33 Expired — — Outstanding at end of period 199 18.28 3.45 $ 1,587 Exercisable at end of period 157 17.78 3.00 $ 1,332
Schedule of Equity Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes restricted award activity for the six months ended June 30, 2015 : Number of Restricted Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 643 $ 22.92 Granted — — Vested (2 ) 24.21 Forfeited (17 ) 24.07 Nonvested at end of period 624 22.88
Schedule of Equity Compensation Restricted Stock Valuation Assumptions	The present value of estimated future dividends for the 2014 grants was calculated using the following weighted-average assumptions: Dividends per share (quarterly amounts) $ 0.05 Risk-free interest rate 1.5 %
Schedule of Equity Compensation Performance Award Activity	The following table summarizes performance award activity for the six months ended June 30, 2015 : Number of Performance Awards (in thousands) Weighted Average Grant Date Fair Value ($) Nonvested at beginning of period 183 $ 25.06 Granted 202 28.79 Vested (37 ) 25.06 Forfeited — — Nonvested at end of period 348 27.22
Schedule of Equity Compensation Performance Award Valuation Assumptions	The present value of estimated future dividends was calculated using the following assumptions: Six Months Ended June 30, 2015 2014 Dividends per share (quarterly amounts) $ 0.05 $ 0.05 Risk-free interest rate 1.6 % 1.5 %

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Information	The following table summarizes our segment information (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Revenues Truckload Transportation Services $ 417,015 $ 429,390 $ 807,578 $ 832,575 Value Added Services 103,450 100,501 194,310 185,655 Other 13,924 12,258 27,909 16,247 Corporate 725 829 1,246 1,387 Subtotal 535,114 542,978 1,031,043 1,035,864 Inter-segment eliminations (470 ) (858 ) (745 ) (1,722 ) Total $ 534,644 $ 542,120 $ 1,030,298 $ 1,034,142 Operating Income Truckload Transportation Services $ 47,312 $ 38,320 $ 83,154 $ 59,100 Value Added Services 5,004 2,255 7,453 4,110 Other (239 ) 357 (684 ) 841 Corporate 133 1,398 472 1,720 Total $ 52,210 $ 42,330 $ 90,395 $ 65,771

Credit Facilities (Narrative) (

Credit Facilities (Narrative) (Details) $ in Thousands	Jul. 13, 2015USD ($)	Jun. 30, 2015USD ($)Debt_CovenantsRate	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks		$ 325,000
Borrowings outstanding		75,000	$ 75,000
Stand-by letters of credit		32,700
Mature on May 31, 2016
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks		$ 175,000
Committed credit facilities maturity		May 31, 2016
Number of financial covenants for debt agreements | Debt_Covenants		2
Mature on September 15, 2019
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks		$ 75,000
Committed credit facilities maturity		Sep. 15, 2019
Line of Credit Facility, Interest Rate | Rate		0.7855%
Interest Rate Swap Facility, Fixed Interest | Rate		2.50%
Number of financial covenants for debt agreements | Debt_Covenants		2
Mature on March 5, 2020
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks		$ 75,000
Committed credit facilities maturity		Mar. 5, 2020
Number of financial covenants for debt agreements | Debt_Covenants		2
Subsequent Event | Mature on July 12, 2020
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks	$ 100,000
Committed credit facilities maturity	Jul. 12, 2020
Subsequent Event | Mature on July 13, 2020
Line of Credit Facility [Line Items]
Total of committed credit facilities with banks	$ 75,000
Committed credit facilities maturity	Jul. 13, 2020

Credit Facilities (Details)

Credit Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Notes payable to banks under committed credit facilities	$ 75,000	$ 75,000
2,015	0
2,016	0
2,017	0
2,018	0
2,019	$ 75,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Examination [Line Items]
Material changes to the total amount of unrecognized tax benefits	$ 0		$ 0
Accrued interest expense	65	$ 64	124	$ 122
Gross liability for unrecognized tax benefits	9,100		9,100
Unrecognized tax benefits that would impact our effective tax rate	5,800		5,800
Interest included in total liability	1,800		1,800
Significant increases or decreases for uncertain tax positions	$ 0		$ 0
State and Foreign Tax Authorities | Minimum
Income Tax Examination [Line Items]
Period of statute of limitations (years)			3 years
State and Foreign Tax Authorities | Maximum
Income Tax Examination [Line Items]
Period of statute of limitations (years)			4 years

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitment for property and equipment purchases	$ 172.5

Earnings Per Share (Basic And D

Earnings Per Share (Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 31,848	$ 25,632	$ 54,990	$ 39,971
Weighted average common shares outstanding	71,945,000	72,091,000	72,005,000	72,382,000
Dilutive effect of stock-based awards	479,000	506,000	477,000	500,000
Shares used in computing diluted earnings per share	72,424,000	72,597,000	72,482,000	72,882,000
Basic earnings per share	$ 0.44	$ 0.36	$ 0.76	$ 0.55
Diluted earnings per share	$ 0.44	$ 0.35	$ 0.76	$ 0.55
Number of antidilutive options that were excluded from computation of earnings per share	0	0	0	0

Equity Compensation (Narrative)

Equity Compensation (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Maximum shares of common stock	20,000,000		20,000,000
Maximum annual shares awarded to employee			500,000
Shares available for granting additional awards	7,183,373		7,183,373
Unrecognized compensation cost of non-vested equity compensation awards	$ 12,500		$ 12,500
Unrecognized compensation cost of non-vested equity compensation awards expected to be recognized over a weighted average period (years)			2 years 6 months
Number of options granted	0	0	0	0
Intrinsic value of stock options exercised			$ 600	$ 1,900
Stock Options | Minimum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			24 months
Stock Options | Maximum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			72 months
Restricted Stock | Minimum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			12 months
Restricted Stock | Maximum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			84 months
Performance Shares
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Fair value of awards vested			$ 1,100
Number of performance awards granted	0	0	202,000	183,000
Number of performance awards earned			182,813
Performance Shares | Minimum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			12 months
Performance awards, percentage range of target to be earned			0.00%	0.00%
Performance Shares | Maximum
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Vesting period (months)			60 months
Performance awards, percentage range of target to be earned			132.00%	133.00%
Restricted Stock
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Number of restricted shares granted	0	10,000	0	10,000
Fair value of awards vested	$ 70	$ 90	$ 70	$ 90
Stock Options
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Maximum period for exercisable options (years and days)			10 years 1 day

Equity Compensation (Equity Com

Equity Compensation (Equity Compensation Expense And Related Income Tax Benefit Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Options
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Pre-tax compensation expense	$ 17	$ 30	$ 34	$ 60
Tax benefit	6	12	13	24
Stock expense, net of tax	11	18	21	36
Restricted Stock
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Pre-tax compensation expense	1,024	1,080	2,041	2,075
Tax benefit	404	434	806	835
Stock expense, net of tax	620	646	1,235	1,240
Performance Shares
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Pre-tax compensation expense	953	431	1,708	717
Tax benefit	377	174	675	289
Stock expense, net of tax	$ 576	$ 257	$ 1,033	$ 428

Equity Compensation (Schedule o

Equity Compensation (Schedule of Equity Compensation Stock Options Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Number of Options Outstanding at beginning of period			248
Number of Options granted	0	0	0	0
Number of Options exercised			(44)
Number of Options forfeited			(5)
Number of Options expired			0
Number of Options Outstanding at end of period	199		199
Number of Options Exercisable at end of period	157		157
Weighted Average Exercise Price Outstanding at beginning of period			$ 18.18
Weighted Average Exercise Price Options granted			0
Weighted Average Exercise Price Options exercised			17.44
Weighted Average Exercise Price Options forfeited			20.33
Weighted Average Exercise Price Options expired			0
Weighted Average Exercise Price Outstanding at end of period	$ 18.28		18.28
Weighted Average Exercise Price Exercisable at end of period	$ 17.78		$ 17.78
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2			3 years 5 months 11 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1			3 years
Aggregate Intrinsic Value Outstanding at end of period	$ 1,587		$ 1,587
Aggregate Intrinsic Value Exercisable at end of period	$ 1,332		$ 1,332

Equity Compensation (Schedule26

Equity Compensation (Schedule of Equity Compensation Restricted Stock Activity) (Details) - Restricted Stock - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Number of Restricted Shares Nonvested at beginning of period			643
Number of restricted shares granted	0	10	0	10
Number of Restricted Shares vested			(2)
Number of Restricted Shares forfeited			(17)
Number of Restricted Shares Nonvested at end of period	624		624
Weighted Average Grant Date Fair Value Nonvested at beginning of period			$ 22.92
Weighted Average Grant Date Fair Value Shares granted			0
Weighted Average Grant Date Fair Value Shares vested			24.21
Weighted Average Grant Date Fair Value Shares forfeited			24.07
Weighted Average Grant Date Fair Value Nonvested at end of period	$ 22.88		$ 22.88

Equity Compensation (Schedule27

Equity Compensation (Schedule of Equity Compensation Restricted Stock Valuation Assumptions) (Details) - 6 months ended Jun. 30, 2014 - Restricted Stock - $ / shares	Total
Schedule of Share Based Payment Award Restricted Stock Valuation Assumptions [Abstract]
Dividends per share (quarterly amounts)	$ 0.05
Risk-free interest rate	1.50%

Equity Compensation (Schedule28

Equity Compensation (Schedule of Equity Compensation Performance Shares Activity) (Details) - Performance Shares - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Compensation Arrangement by Share-based Payment Award [Abstract]
Number of Performance Shares Nonvested at beginning of period			183
Number of performance awards granted	0	0	202	183
Number of Performance Shares vested			(37)
Number of Performance Shares forfeited			0
Number of Performance Shares Nonvested at end of period	348		348
Weighted Average Grant Date Fair Value Nonvested at beginning of period			$ 25.06
Weighted Average Grant Date Fair Value Shares granted			28.79
Weighted Average Grant Date Fair Value Shares vested			25.06
Weighted Average Grant Date Fair Value Shares forfeited			0
Weighted Average Grant Date Fair Value Nonvested at end of period	$ 27.22		$ 27.22

Equity Compensation (Schedule29

Equity Compensation (Schedule of Equity Compensation Performance Award Valuation Assumptions) (Details) - Performance Shares - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of Share Based Payment Award Performance Award Valuation Assumptions [Abstract]
Dividends per share (quarterly amounts)	$ 0.05	$ 0.05
Risk-free interest rate	1.60%	1.50%

Segment Information (Narratives

Segment Information (Narratives) (Details)	6 Months Ended
	Jun. 30, 2015Segments
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenues	$ 534,644	$ 542,120	$ 1,030,298	$ 1,034,142
Operating Income	52,210	42,330	90,395	65,771
Truckload Transportation Services
Segment Reporting Information [Line Items]
Revenues	417,015	429,390	807,578	832,575
Operating Income	47,312	38,320	83,154	59,100
Value Added Services
Segment Reporting Information [Line Items]
Revenues	103,450	100,501	194,310	185,655
Operating Income	5,004	2,255	7,453	4,110
Other Segment
Segment Reporting Information [Line Items]
Revenues	13,924	12,258	27,909	16,247
Operating Income	(239)	357	(684)	841
Corporate Segment
Segment Reporting Information [Line Items]
Revenues	725	829	1,246	1,387
Operating Income	133	1,398	472	1,720
Subtotal
Segment Reporting Information [Line Items]
Revenues	535,114	542,978	1,031,043	1,035,864
Intersegment Elimination [Member]
Segment Reporting Information [Line Items]
Revenues	$ (470)	$ (858)	$ (745)	$ (1,722)

Derivative Financial Instrume32

Derivative Financial Instrument (Details) $ in Millions	Jun. 30, 2015USD ($)
Cash Flow Hedge Interest Rate Swap Details [Abstract]
Notional value of interest rate swap	$ 75
Fair value of interest rate swap	$ 1.5