Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PAM TRANSPORTATION SERVICES INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 7,991,613 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000798287 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $489,000 | $1,172,000 |
Accounts receivable-net: | ' | ' |
Trade, less allowance of $1,357 and $1,477, respectively | 64,135,000 | 58,484,000 |
Other | 3,643,000 | 3,660,000 |
Inventories | 1,499,000 | 1,498,000 |
Prepaid expenses and deposits | 8,413,000 | 6,621,000 |
Marketable equity securities | 21,688,000 | 20,975,000 |
Income taxes refundable | 119,000 | 230,000 |
Total current assets | 99,986,000 | 92,640,000 |
Property and equipment: | ' | ' |
Land | 4,924,000 | 4,924,000 |
Structures and improvements | 16,073,000 | 16,001,000 |
Revenue equipment | 305,461,000 | 321,862,000 |
Office furniture and equipment | 8,023,000 | 7,684,000 |
Total property and equipment | 334,481,000 | 350,471,000 |
Accumulated depreciation | -117,126,000 | -116,246,000 |
Net property and equipment | 217,355,000 | 234,225,000 |
Other assets | 2,438,000 | 2,437,000 |
TOTAL ASSETS | 319,779,000 | 329,302,000 |
Current liabilities: | ' | ' |
Accounts payable | 16,426,000 | 27,970,000 |
Accrued expenses and other liabilities | 24,293,000 | 22,502,000 |
Current maturities of long-term debt | 35,070,000 | 40,103,000 |
Deferred income taxes-current | 2,902,000 | 2,651,000 |
Total current liabilities | 78,691,000 | 93,226,000 |
Long-term debt-less current portion | 72,513,000 | 70,366,000 |
Deferred income taxes-less current portion | 50,550,000 | 49,764,000 |
Other long-term liabilities | 299,000 | ' |
Total liabilities | 202,053,000 | 213,356,000 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $.01 par value, 40,000,000 shares authorized; 11,413,538 and 11,391,464 shares issued; 7,991,613 and 7,983,539 shares outstanding at March 31, 2014 and December 31, 2013, respectively | 114,000 | 114,000 |
Additional paid-in capital | 79,084,000 | 78,811,000 |
Accumulated other comprehensive income | 6,582,000 | 6,160,000 |
Treasury stock, at cost; 3,421,925 and 3,407,925 shares, respectively | -51,963,000 | -51,691,000 |
Retained earnings | 83,909,000 | 82,552,000 |
Total shareholders’ equity | 117,726,000 | 115,946,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $319,779,000 | $329,302,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Trade, allowance (in Dollars) | $1,357 | $1,477 |
Preferred stock par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 11,413,538 | 11,391,464 |
Common stock, shares outstanding | 7,991,613 | 7,983,539 |
Treasury stock, shares | 3,421,925 | 3,407,925 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING REVENUES: | ' | ' |
Revenue, before fuel surcharge | $74,896 | $77,828 |
Fuel surcharge | 22,924 | 22,154 |
Total operating revenues | 97,820 | 99,982 |
OPERATING EXPENSES AND COSTS: | ' | ' |
Salaries, wages and benefits | 26,035 | 27,395 |
Fuel expense | 24,798 | 26,970 |
Rents and purchased transportation | 20,761 | 20,098 |
Depreciation | 9,126 | 10,094 |
Operating supplies and expenses | 8,193 | 8,849 |
Operating taxes and licenses | 1,175 | 1,271 |
Insurance and claims | 3,742 | 3,438 |
Communications and utilities | 623 | 601 |
Other | 1,788 | 1,660 |
Gain on disposition of equipment | -1,266 | -142 |
Total operating expenses and costs | 94,975 | 100,234 |
OPERATING INCOME (LOSS) | 2,845 | -252 |
NON-OPERATING INCOME | 272 | 283 |
INTEREST EXPENSE | -862 | -815 |
INCOME (LOSS) BEFORE INCOME TAXES | 2,255 | -784 |
FEDERAL AND STATE INCOME TAX EXPENSE (BENEFIT): | ' | ' |
Current | 120 | ' |
Deferred | 778 | -328 |
Total federal and state income tax expense (benefit) | 898 | -328 |
NET INCOME (LOSS) | $1,357 | ($456) |
INCOME (LOSS) PER COMMON SHARE: | ' | ' |
Basic (in Dollars per share) | $0.17 | ($0.05) |
Diluted (in Dollars per share) | $0.17 | ($0.05) |
AVERAGE COMMON SHARES OUTSTANDING: | ' | ' |
Basic (in Shares) | 7,985 | 8,688 |
Diluted (in Shares) | 8,033 | 8,688 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
NET INCOME (LOSS) | $1,357 | ($456) | ||
Other comprehensive income (loss), net of tax: | ' | ' | ||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | ' | [1] | -4 | [1] |
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | ' | [2] | 15 | [2] |
Changes in fair value of marketable securities (3) | 422 | [3] | 1,040 | [3] |
COMPREHENSIVE INCOME | $1,779 | $595 | ||
[1] | Net of deferred income taxes of $0 and $(2), respectively. | |||
[2] | Net of deferred income taxes of $0 and $(9), respectively. | |||
[3] | Net of deferred income taxes of $259 and $655, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred income taxes | $778 | ($328) |
Changes in Fair Value of Marketable Securities [Member] | ' | ' |
Deferred income taxes | 259 | 655 |
Realized Gains on Marketable Securities [Member] | ' | ' |
Deferred income taxes | 0 | -2 |
Unrealized Losses on Marketable Securities [Member] | ' | ' |
Deferred income taxes | $0 | ($9) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $1,357 | ($456) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation | 9,126 | 10,094 |
Bad debt expense | 56 | 301 |
Sale leaseback deferred gain amortization | -37 | ' |
Stock compensation-net of excess tax benefits | 86 | 228 |
Provision for (benefit from) deferred income taxes | 778 | -328 |
Reclassification of other than temporary impairment in marketable equity securities | ' | 24 |
Recognized gain on marketable equity securities | -44 | -20 |
Gain on sale or disposal of equipment | -1,266 | -142 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -5,899 | -8,424 |
Prepaid expenses, inventories, and other assets | -1,794 | 2,130 |
Income taxes refundable | 111 | 23 |
Trade accounts payable | 1,295 | 3,966 |
Accrued expenses and other liabilities | 1,761 | 2,592 |
Net cash provided by operating activities | 5,530 | 9,988 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -6,935 | -23,676 |
Proceeds from disposition of equipment | 17,610 | 7,320 |
Change in restricted cash | 209 | -1,969 |
Sales of marketable equity securities | ' | 13 |
Purchases of marketable equity securities, net of return of capital | 12 | -3 |
Net cash provided by (used in) investing activities | 10,896 | -18,315 |
FINANCING ACTIVITIES: | ' | ' |
Borrowings under line of credit | 135,196 | 31,204 |
Repayments under line of credit | -124,706 | -25,986 |
Borrowings of long-term debt | 5,709 | 16,776 |
Repayments of long-term debt | -19,085 | -12,804 |
Borrowings under margin account | 21 | 49 |
Repayments under margin account | -215 | -205 |
Repurchases of common stock | -14,216 | -341 |
Exercise of stock options | 187 | ' |
Net cash (used in) provided by financing activities | -17,109 | 8,693 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -683 | 366 |
CASH AND CASH EQUIVALENTS-Beginning of period | 1,172 | 507 |
CASH AND CASH EQUIVALENTS-End of period | 489 | 873 |
Cash paid during the period for: | ' | ' |
Interest | 871 | 831 |
Income taxes | 10 | 7 |
NONCASH INVESTING AND FINANCING ACTIVITIES- | ' | ' |
Purchases of property and equipment included in accounts payable | $1,703 | $2,437 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance at January 1, 2014 at Dec. 31, 2013 | $114,000 | $78,811,000 | $6,160,000 | ($51,691,000) | $82,552,000 | $115,946,000 |
Balance at January 1, 2014 (in Shares) at Dec. 31, 2013 | 7,984,000 | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | 1,357,000 | 1,357,000 |
Other comprehensive income, net of tax of $259 | ' | ' | 422,000 | ' | ' | 422,000 |
Exercise of stock options-shares issued including tax benefits | ' | 187,000 | ' | ' | ' | 187,000 |
Exercise of stock options-shares issued including tax benefits (in Shares) | 22,000 | ' | ' | ' | ' | 19,050 |
Treasury stock repurchases | ' | ' | ' | -272,000 | ' | -272,000 |
Treasury stock repurchases (in Shares) | -14,000 | ' | ' | ' | ' | -14,000 |
Share-based compensation | ' | 86,000 | ' | ' | ' | 86,000 |
Balance at March 31, 2014 at Mar. 31, 2014 | $114,000 | $79,084,000 | $6,582,000 | ($51,963,000) | $83,909,000 | $117,726,000 |
Balance at March 31, 2014 (in Shares) at Mar. 31, 2014 | 7,992,000 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other comprehensive income, tax | $259 |
Note_A_Basis_of_Presentation
Note A - Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
NOTE A: BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013. | |
In order to conform to industry practice, the Company began to classify payments to third-party owner operator drivers as purchased transportation rather than as salaries, wages and benefits as had been presented in reports prior to the period ended September 30, 2013. This reclassification has no effect on operating income, net income or earnings per share. The Company has made corresponding reclassifications to comparative periods shown. |
Note_B_Recent_Accounting_Prono
Note B - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-2, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This guidance requires an organization to present the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income (“OCI”), but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012. The adoption of this guidance on January 1, 2013, did not have a significant impact on the Company’s financial condition, results of operations, or cash flow. | |
In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which requires entities to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting agreement. The objective of the disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. Retrospective presentation for all comparative periods presented is required. The adoption of this guidance on January 1, 2013, did not have a significant impact on the Company’s financial condition, results of operations, or cash flow. |
Note_C_Marketable_Equity_Secur
Note C - Marketable Equity Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||
NOTE C: MARKETABLE EQUITY SECURITIES | |||||||||||||||||
The Company accounts for its marketable securities in accordance with ASC Topic 320, Investments-Debt and Equity Securities. ASC Topic 320 requires companies to classify their investments as trading, available-for-sale or held-to-maturity. The Company’s investments in marketable securities are classified as either trading or available-for-sale and consist of equity securities. Management determines the appropriate classification of these securities at the time of purchase and re-evaluates such designation as of each balance sheet date. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income. | |||||||||||||||||
Marketable equity securities classified as available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income in shareholders’ equity. Realized gains and losses, declines in value judged to be other-than-temporary on available-for-sale securities, and increases or decreases in value on trading securities, if any, are included in the determination of net income. A quarterly evaluation is performed in order to judge whether declines in value below cost should be considered temporary and when losses are deemed to be other-than-temporary. Several factors are considered in this evaluation process including the severity and duration of the decline in value, the financial condition and near-term outlook for the specific issuer and the Company’s ability to hold the securities. | |||||||||||||||||
Based upon this evaluation, the Company determined that an impairment charge was not necessary for the quarter ended March 31, 2014. For the quarter ending March 31, 2013, the Company determined that an impairment charge of $24,000 was necessary. | |||||||||||||||||
The following table sets forth cost, market value and unrealized gain/(loss) on equity securities classified as available-for-sale and equity securities classified as trading as of March 31, 2014 and December 31, 2013. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Fair market value | $ | 21,479 | $ | 20,810 | |||||||||||||
Cost | 10,869 | 10,881 | |||||||||||||||
Unrealized gain | $ | 10,610 | $ | 9,929 | |||||||||||||
Trading securities | |||||||||||||||||
Fair market value | $ | 209 | $ | 165 | |||||||||||||
Cost | 157 | 157 | |||||||||||||||
Unrealized gain | $ | 52 | $ | 8 | |||||||||||||
Total | |||||||||||||||||
Fair market value | $ | 21,688 | $ | 20,975 | |||||||||||||
Cost | 11,026 | 11,038 | |||||||||||||||
Unrealized gain | $ | 10,662 | $ | 9,937 | |||||||||||||
The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities that are classified as available-for-sale as of March 31, 2014 and December 31, 2013. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Gross unrealized gains | $ | 10,624 | $ | 9,946 | |||||||||||||
Gross unrealized losses | 14 | 17 | |||||||||||||||
Net unrealized gains | $ | 10,610 | $ | 9,929 | |||||||||||||
As of March 31, 2014 and December 31, 2013, the total net unrealized gain, net of deferred income taxes, in accumulated other comprehensive income was approximately $6,582,000 and $6,160,000, respectively. | |||||||||||||||||
For the quarter ended March 31, 2014, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $410,000, net of deferred income taxes. For the year ended December 31, 2013, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $1,897,000, net of deferred income taxes. | |||||||||||||||||
As of March 31, 2014, the Company's marketable securities that are classified as trading had gross recognized gains of approximately $52,000 and no gross recognized losses. As of March 31, 2013, the Company's marketable securities that are classified as trading had gross recognized losses of approximately $12,000 and no gross recognized gains. The following table shows recognized gains (losses) in market value for securities classified as trading during the first three months of 2014 and 2013. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Trading securities | |||||||||||||||||
Recognized gain (loss) at beginning of period | $ | 8 | $ | (26 | ) | ||||||||||||
Recognized gain (loss) at end of period | 52 | (12 | ) | ||||||||||||||
Net recognized gain | $ | 44 | $ | 14 | |||||||||||||
Net recognized gain, net of taxes | $ | 26 | $ | 9 | |||||||||||||
There were no reclassifications of marketable securities during the first three months of 2014 or 2013. | |||||||||||||||||
The following table shows the Company’s realized gains during the first three months of 2014 and 2013 on certain securities which were held as available-for sale. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Realized gains | |||||||||||||||||
Sale proceeds | $ | - | $ | 13 | |||||||||||||
Cost of securities sold | - | 6 | |||||||||||||||
Realized gains | $ | - | $ | 7 | |||||||||||||
Realized gains, net of taxes | $ | - | $ | 4 | |||||||||||||
The following table shows the Company’s investments’ approximate gross unrealized losses and fair value of those securities in a loss position at March 31, 2014 and December 31, 2013. These investments consist of equity securities. As of March 31, 2014 and December 31, 2013 there were no investments that had been in a continuous unrealized loss position for twelve months or longer. | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||
Equity securities – Available-for-sale | $ | 88 | $ | 16 | $ | 397 | $ | 17 | |||||||||
Equity securities – Trading | - | - | - | - | |||||||||||||
Totals | $ | 88 | $ | 16 | $ | 397 | $ | 17 | |||||||||
The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2014 and December 31, 2013, the Company had outstanding borrowings of approximately $9,823,000 and $10,017,000, respectively, under its margin account. Margin account borrowings are used for the purchase of marketable equity securities and as a source of short-term liquidity. |
Note_D_Stock_Based_Compensatio
Note D - Stock Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||||||||||
NOTE D: STOCK BASED COMPENSATION | |||||||||||||||||
The Company maintains a stock option plan under which incentive stock options and nonqualified stock options may be granted. On March 2, 2006, the Company’s Board of Director’s (the “Board”) adopted, and shareholders later approved, the 2006 Stock Option Plan (the “2006 Plan”). Under the 2006 Plan 750,000 shares are reserved for the issuance of stock options to directors, officers, key employees, and others. The option exercise price under the 2006 Plan is the fair market value of the stock on the date the option is granted. The fair market value is determined by the average of the highest and lowest sales prices for a share of the Company’s common stock, on its primary exchange, on the same date that the option is granted. | |||||||||||||||||
Outstanding nonqualified stock options at March 31, 2014, must be exercised within either five or ten years from the date of grant. | |||||||||||||||||
During the first three months of 2014, 3,024 shares of common stock were granted to non-employee directors under the 2006 Plan. This stock award has a grant date fair value of $19.88 per share, based on the closing price of the Company’s stock on the date of grant and vests immediately. | |||||||||||||||||
The total grant date fair value of stock and stock options vested during the first three months of 2014 was approximately $60,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the first three months of 2014 was approximately $86,000 and includes approximately $60,000 recognized as a result of the grant of 504 shares to each non-employee director during the first quarter of 2014. The recognition of stock-based compensation expense decreased diluted and basic earnings per common share by approximately $0.01 during the three months ending March 31, 2014. As of March 31, 2014, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $321,000 which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $91,000 in additional compensation expense related to unvested option awards during the remainder of 2014 and to recognize approximately $116,000, $86,000, and $28,000 in additional compensation expense related to unvested option awards during the years 2015, 2016, and 2017, respectively. | |||||||||||||||||
The total grant date fair value of options vested during the first three months of 2013 was approximately $179,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the first three months of 2013 was approximately $228,000 and includes approximately $179,000 recognized as a result of the grant of 5,000 shares to each non-employee director during the first quarter of 2013. The recognition of stock-based compensation expense increased diluted and basic loss per common share by approximately $0.01 during the three months ending March 31, 2013. As of March 31, 2013, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $700,000 which was being amortized on a straight-line basis over the remaining vesting period. | |||||||||||||||||
The weighted average grant date fair value of options granted during the first three months of 2013 was $5.13 per share. There were no options granted during the first three months of 2014. | |||||||||||||||||
The fair value of the Company’s employee stock options was estimated at the date of grant using a Black-Scholes-Merton (“BSM”) option-pricing model using the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Volatility | 62.69 | % | |||||||||||||||
Risk-free rate | 0.61 | % | |||||||||||||||
Expected life (in years) | 4.3 | ||||||||||||||||
Fair value of options | $ | 5.13 | |||||||||||||||
The Company does not anticipate paying any additional cash dividends in the foreseeable future. The estimated volatility is based on the historical volatility of our stock. The risk free rate for the periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of the options was calculated based on the historical exercise behavior. | |||||||||||||||||
Information related to stock option activity for the three months ended March 31, 2014 is as follows: | |||||||||||||||||
Shares Under Options | Weighted-Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value* | ||||||||||||||
(per share) | (in years) | ||||||||||||||||
Outstanding-January 1, 2014 | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (19,050 | ) | 9.81 | ||||||||||||||
Cancelled/forfeited/expired | (42 | ) | 11.22 | ||||||||||||||
Outstanding at March 31, 2014 | 145,006 | $ | 11.15 | 6 | $ | 1,266,412 | |||||||||||
Exercisable at March 31, 2014 | 76,992 | $ | 11.31 | 4.4 | $ | 659,747 | |||||||||||
* The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of our common stock, as determined by the closing price on March 31, 2014, was $19.88. | |||||||||||||||||
A summary of the status of the Company’s nonvested options and restricted stock as of March 31, 2014 and changes during the three months ended March 31, 2014, is presented below: | |||||||||||||||||
Stock Options: | |||||||||||||||||
Number of Options | Weighted- Average Grant Date Fair Value | ||||||||||||||||
Nonvested at January 1, 2014 | 68,039 | $ | 6.11 | ||||||||||||||
Granted | - | - | |||||||||||||||
Canceled/forfeited/expired | (25 | ) | 6.34 | ||||||||||||||
Vested | - | - | |||||||||||||||
Nonvested at March 31, 2014 | 68,014 | $ | 11.15 | ||||||||||||||
Restricted Stock: | |||||||||||||||||
Number of Options | Weighted- Average Grant Date Fair Value | ||||||||||||||||
Nonvested at January 1, 2014 | 9,500 | $ | 18.17 | ||||||||||||||
Granted | - | - | |||||||||||||||
Canceled/forfeited/expired | (9,500 | ) | 18.17 | ||||||||||||||
Vested | - | - | |||||||||||||||
Nonvested at March 31, 2014 | - | $ | - | ||||||||||||||
The number, weighted average exercise price and weighted average remaining contractual life of options outstanding as of March 31, 2014 and the number and weighted average exercise price of options exercisable as of March 31, 2014 are as follows: | |||||||||||||||||
Exercise Price | Shares Under Outstanding Options | Weighted-Average Remaining Contractual Term | Shares Under Exercisable Options | ||||||||||||||
(in years) | |||||||||||||||||
$ | 10.44 | 20,000 | 3.9 | 20,000 | |||||||||||||
$ | 10.9 | 12,000 | 3.2 | 12,000 | |||||||||||||
$ | 10.9 | 66,000 | 8.2 | 10,800 | |||||||||||||
$ | 11.22 | 27,006 | 6.7 | 14,192 | |||||||||||||
$ | 11.54 | 6,000 | 2.9 | 6,000 | |||||||||||||
$ | 11.75 | 6,000 | 1.9 | 6,000 | |||||||||||||
$ | 14.32 | 8,000 | 0.9 | 8,000 | |||||||||||||
145,006 | 6 | 76,992 | |||||||||||||||
Cash received from option exercises totaled approximately $187,000 during the three months ended March 31, 2014. There were no options exercised during the three months ended March 31, 2013. The Company issues new shares upon option exercise. |
Note_E_Segment_Information
Note E - Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
NOTE E: SEGMENT INFORMATION | |||||||||||||||||
The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services, however in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments can be aggregated into a single reporting segment, motor carrier operations. Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||
Truckload Services revenue | $ | 69,447 | 92.7 | $ | 70,908 | 91.1 | |||||||||||
Brokerage and Logistics Services revenue | 5,449 | 7.3 | 6,920 | 8.9 | |||||||||||||
Total revenues | $ | 74,896 | 100 | $ | 77,828 | 100 | |||||||||||
Note_F_Treasury_Stock
Note F - Treasury Stock | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Treasury Stock [Text Block] | ' |
NOTE F: TREASURY STOCK | |
The Company accounts for Treasury stock using the cost method and as of March 31, 2014, 3,421,925 shares were held in the treasury at an aggregate cost of approximately $51,963,000. During the three months ending March 31, 2014, the Company repurchased 14,000 shares of its common stock at an aggregate cost of approximately $272,000. |
Note_G_Accumulated_Other_Compr
Note G - Accumulated Other Comprehensive Income | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||
Accumulated Other Comprehensive Income [Text Block] | ' | ||||
NOTE G: ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||
The following table summarizes the changes in accumulated balances of other comprehensive income for the three months ended March 31, 2014: | |||||
Unrealized gains and losses on available-for-sale securities | |||||
(in thousands) | |||||
Balance at December 31, 2013, net of tax of $3,770 | $ | 6,160 | |||
Other comprehensive income before reclassifications, net of tax of $259 | 422 | ||||
Balance at March 31, 2014, net of tax of $4,029 | $ | 6,582 | |||
There were no reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2014. |
Note_H_Earnings_Loss_Per_Share
Note H - Earnings (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
NOTE H: EARNINGS (LOSS) PER SHARE | |||||||||
Basic earnings (loss) per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings (loss) per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings (loss) per share. The computations of basic and diluted earnings (loss) per share were as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per share data) | |||||||||
Net income (loss) | $ | 1,357 | $ | (456 | ) | ||||
Basic weighted average common shares outstanding | 7,985 | 8,688 | |||||||
Dilutive effect of common stock equivalents | 48 | - | |||||||
Diluted weighted average common shares outstanding | 8,033 | 8,688 | |||||||
Basic earnings (loss) per share | $ | 0.17 | $ | (0.05 | ) | ||||
Diluted earnings (loss) per share | $ | 0.17 | $ | (0.05 | ) | ||||
There were no options outstanding to purchase shares of common stock at March 31, 2014 that had an anti-dilutive effect on the computation of diluted earnings per share. Options to purchase 251,129 shares of common stock were outstanding at March 31, 2013 but were not included in the computation of diluted earnings per share because to do so would have an anti-dilutive effect. |
Note_I_Income_Taxes
Note I - Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE I: INCOME TAXES | |
The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which we operate generally provide for a deficiency assessment statute of limitation period of three years and as a result, the Company’s tax years 2010 and forward remain open to examination in those jurisdictions. | |
In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, weighs all available evidence, both positive and negative to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of March 31, 2014, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary. | |
The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of March 31, 2014, an adjustment to the Company’s consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the three months ended March 31, 2014 and 2013, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions. |
Note_J_Fair_Value_of_Financial
Note J - Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
Our financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. | |||||||||||||||||
The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1: | Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: | Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data. | ||||||||||||||||
Level 3: | Unobservable inputs that are supported by little or no market activity. | ||||||||||||||||
The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||||||||
At March 31, 2014, the following items are measured at fair value on a recurring basis: | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable equity securities | $ | 21,688 | $ | 21,688 | - | - | |||||||||||
The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. | |||||||||||||||||
The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. | |||||||||||||||||
For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2014 was as follows: | |||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Long-term debt | $ | 97,093 | $ | 96,966 | |||||||||||||
The Company has not elected the fair value option for any of its financial instruments. |
Note_K_Notes_Payable_and_LongT
Note K - Notes Payable and Long-Term Debt | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
NOTE K: NOTES PAYABLE AND LONG-TERM DEBT | |
During the first three months of 2014, the Company’s subsidiaries entered into installment obligations totaling approximately $5.7 million for the purpose of purchasing revenue equipment. These obligations are payable in 60 monthly installments at a weighted average interest rate of 2.51%. |
Note_L_OffBalance_Sheet_Arrang
Note L - Off-Balance Sheet Arrangements | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
NOTE L: OFF-BALANCE SHEET ARRANGEMENTS | |||||
During the first quarter of 2014, the Company’s subsidiaries entered into operating leases for the lease of 147 trucks. Revenue equipment held under operating leases is not carried on our balance sheet and the respective lease payments are reflected in our consolidated statement of operations as a component of the Rents and purchased transportation category. Rent expense related to revenue equipment under operating leases totaled $389,000 for the quarter ended March 31, 2014. | |||||
Leases for revenue equipment under non-cancellable operating leases expire at various dates through 2017. Future minimum lease payments related to non-cancellable leases for revenue equipment at March 31, 2014 are: | |||||
(in thousands) | |||||
2014 | $ | 2,379 | |||
2015 | 3,172 | ||||
2016 | 2,622 | ||||
2017 | 81 | ||||
Total future minimum lease payments | $ | 8,254 | |||
Note_M_Litigation
Note M - Litigation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
NOTE M: LITIGATION | |
We are a defendant in a collective-action lawsuit which was filed on August 22, 2013, in the United States District Court for the Western District of Arkansas. The plaintiffs, who are current and former drivers and who worked for the Company during the period of August 22, 2010, through the date of the filing, allege claims for unpaid wages under the Fair Labor Standards Act and the Arkansas Minimum Wage Law. The complaint alleges that the Company failed to pay newly hired drivers minimum wage during orientation, training, and while traveling during normal business hours and that the Company failed to pay all drivers when working on assignment for more than 24 hours. The plaintiffs seek to enjoin the Company from continuing its current pay practices related to the allegations. They also seek actual damages, liquidated damages equal to actual damages, court costs, and legal fees. The lawsuit is currently in the discovery stage. We cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from this lawsuit. Management has determined that any losses under this claim would not be covered by existing insurance policies. |
Note_N_Subsequent_Events
Note N - Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE N: SUBSEQUENT EVENTS | |
Management has evaluated subsequent events for recognition and disclosure through the date these financial statements were filed with the United States Securities and Exchange Commission and concluded that no subsequent events or transactions have occurred that require recognition or disclosure in our financial statements. |
Note_C_Marketable_Equity_Secur1
Note C - Marketable Equity Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Fair market value | $ | 21,479 | $ | 20,810 | |||||||||||||
Cost | 10,869 | 10,881 | |||||||||||||||
Unrealized gain | $ | 10,610 | $ | 9,929 | |||||||||||||
Trading securities | |||||||||||||||||
Fair market value | $ | 209 | $ | 165 | |||||||||||||
Cost | 157 | 157 | |||||||||||||||
Unrealized gain | $ | 52 | $ | 8 | |||||||||||||
Total | |||||||||||||||||
Fair market value | $ | 21,688 | $ | 20,975 | |||||||||||||
Cost | 11,026 | 11,038 | |||||||||||||||
Unrealized gain | $ | 10,662 | $ | 9,937 | |||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities: | |||||||||||||||||
Gross unrealized gains | $ | 10,624 | $ | 9,946 | |||||||||||||
Gross unrealized losses | 14 | 17 | |||||||||||||||
Net unrealized gains | $ | 10,610 | $ | 9,929 | |||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Trading securities | |||||||||||||||||
Recognized gain (loss) at beginning of period | $ | 8 | $ | (26 | ) | ||||||||||||
Recognized gain (loss) at end of period | 52 | (12 | ) | ||||||||||||||
Net recognized gain | $ | 44 | $ | 14 | |||||||||||||
Net recognized gain, net of taxes | $ | 26 | $ | 9 | |||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Realized gains | |||||||||||||||||
Sale proceeds | $ | - | $ | 13 | |||||||||||||
Cost of securities sold | - | 6 | |||||||||||||||
Realized gains | $ | - | $ | 7 | |||||||||||||
Realized gains, net of taxes | $ | - | $ | 4 | |||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||
Equity securities – Available-for-sale | $ | 88 | $ | 16 | $ | 397 | $ | 17 | |||||||||
Equity securities – Trading | - | - | - | - | |||||||||||||
Totals | $ | 88 | $ | 16 | $ | 397 | $ | 17 |
Note_D_Stock_Based_Compensatio1
Note D - Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-13 | |||||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
Volatility | 62.69 | % | |||||||||||||||
Risk-free rate | 0.61 | % | |||||||||||||||
Expected life (in years) | 4.3 | ||||||||||||||||
Fair value of options | $ | 5.13 | |||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
Shares Under Options | Weighted-Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value* | ||||||||||||||
(per share) | (in years) | ||||||||||||||||
Outstanding-January 1, 2014 | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (19,050 | ) | 9.81 | ||||||||||||||
Cancelled/forfeited/expired | (42 | ) | 11.22 | ||||||||||||||
Outstanding at March 31, 2014 | 145,006 | $ | 11.15 | 6 | $ | 1,266,412 | |||||||||||
Exercisable at March 31, 2014 | 76,992 | $ | 11.31 | 4.4 | $ | 659,747 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Number of Options | Weighted- Average Grant Date Fair Value | ||||||||||||||||
Nonvested at January 1, 2014 | 68,039 | $ | 6.11 | ||||||||||||||
Granted | - | - | |||||||||||||||
Canceled/forfeited/expired | (25 | ) | 6.34 | ||||||||||||||
Vested | - | - | |||||||||||||||
Nonvested at March 31, 2014 | 68,014 | $ | 11.15 | ||||||||||||||
Number of Options | Weighted- Average Grant Date Fair Value | ||||||||||||||||
Nonvested at January 1, 2014 | 9,500 | $ | 18.17 | ||||||||||||||
Granted | - | - | |||||||||||||||
Canceled/forfeited/expired | (9,500 | ) | 18.17 | ||||||||||||||
Vested | - | - | |||||||||||||||
Nonvested at March 31, 2014 | - | $ | - | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||
Exercise Price | Shares Under Outstanding Options | Weighted-Average Remaining Contractual Term | Shares Under Exercisable Options | ||||||||||||||
(in years) | |||||||||||||||||
$ | 10.44 | 20,000 | 3.9 | 20,000 | |||||||||||||
$ | 10.9 | 12,000 | 3.2 | 12,000 | |||||||||||||
$ | 10.9 | 66,000 | 8.2 | 10,800 | |||||||||||||
$ | 11.22 | 27,006 | 6.7 | 14,192 | |||||||||||||
$ | 11.54 | 6,000 | 2.9 | 6,000 | |||||||||||||
$ | 11.75 | 6,000 | 1.9 | 6,000 | |||||||||||||
$ | 14.32 | 8,000 | 0.9 | 8,000 | |||||||||||||
145,006 | 6 | 76,992 |
Note_E_Segment_Information_Tab
Note E - Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
(in thousands, except percentage data) | |||||||||||||||||
Truckload Services revenue | $ | 69,447 | 92.7 | $ | 70,908 | 91.1 | |||||||||||
Brokerage and Logistics Services revenue | 5,449 | 7.3 | 6,920 | 8.9 | |||||||||||||
Total revenues | $ | 74,896 | 100 | $ | 77,828 | 100 |
Note_G_Accumulated_Other_Compr1
Note G - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||
Unrealized gains and losses on available-for-sale securities | |||||
(in thousands) | |||||
Balance at December 31, 2013, net of tax of $3,770 | $ | 6,160 | |||
Other comprehensive income before reclassifications, net of tax of $259 | 422 | ||||
Balance at March 31, 2014, net of tax of $4,029 | $ | 6,582 |
Note_H_Earnings_Loss_Per_Share1
Note H - Earnings (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per share data) | |||||||||
Net income (loss) | $ | 1,357 | $ | (456 | ) | ||||
Basic weighted average common shares outstanding | 7,985 | 8,688 | |||||||
Dilutive effect of common stock equivalents | 48 | - | |||||||
Diluted weighted average common shares outstanding | 8,033 | 8,688 | |||||||
Basic earnings (loss) per share | $ | 0.17 | $ | (0.05 | ) | ||||
Diluted earnings (loss) per share | $ | 0.17 | $ | (0.05 | ) |
Note_J_Fair_Value_of_Financial1
Note J - Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable equity securities | $ | 21,688 | $ | 21,688 | - | - | |||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Carrying | Estimated | ||||||||||||||||
Value | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||
Long-term debt | $ | 97,093 | $ | 96,966 |
Note_L_OffBalance_Sheet_Arrang1
Note L - Off-Balance Sheet Arrangements (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
(in thousands) | |||||
2014 | $ | 2,379 | |||
2015 | 3,172 | ||||
2016 | 2,622 | ||||
2017 | 81 | ||||
Total future minimum lease payments | $ | 8,254 |
Note_C_Marketable_Equity_Secur2
Note C - Marketable Equity Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $0 | $24,000 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,582,000 | ' | 6,160,000 |
Available For Sale Securities Net Unrealized Holding Gain Loss Net Of Tax | 410,000 | ' | 1,897,000 |
Trading Securities, Realized Gain | 52,000 | 0 | ' |
Trading Securities, Realized Loss | 0 | 12,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' | 0 |
Trading Securities Pledged as Collateral | $9,823,000 | ' | $10,017,000 |
Note_C_Marketable_Equity_Secur3
Note C - Marketable Equity Securities (Details) - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Available-for-sale securities | ' | ' |
Fair market value | $21,479 | $20,810 |
Cost | 10,869 | 10,881 |
Unrealized gain | 10,610 | 9,929 |
Trading securities | ' | ' |
Fair market value | 209 | 165 |
Cost | 157 | 157 |
Unrealized gain | 52 | 8 |
Total | ' | ' |
Fair market value | 21,688 | 20,975 |
Cost | 11,026 | 11,038 |
Unrealized gain | $10,662 | $9,937 |
Note_C_Marketable_Equity_Secur4
Note C - Marketable Equity Securities (Details) - Unrealized Gains and Losses on Marketable Securities (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Available-for-sale securities: | ' | ' |
Gross unrealized gains | $10,624 | $9,946 |
Gross unrealized losses | 14 | 17 |
Net unrealized gains | $10,610 | $9,929 |
Note_C_Marketable_Equity_Secur5
Note C - Marketable Equity Securities (Details) - Recognized Gains (Losses) in Market Value for Securities (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Trading securities | ' | ' |
Recognized gain (loss) | $8 | ($26) |
Net recognized gain | 44 | 14 |
Net recognized gain, net of taxes | 26 | 9 |
Recognized gain (loss) | $52 | ($12) |
Note_C_Marketable_Equity_Secur6
Note C - Marketable Equity Securities (Details) - Realized Gains on Available for Sale Securities (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Realized gains | ' |
Sale proceeds | $13 |
Cost of securities sold | 6 |
Realized gains | 7 |
Realized gains, net of taxes | $4 |
Note_C_Marketable_Equity_Secur7
Note C - Marketable Equity Securities (Details) - Approximate Gross Unrealized Losses and Fair Value of Securities in a Loss Position (Equity Securities [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Equity Securities [Member] | ' | ' |
Note C - Marketable Equity Securities (Details) - Approximate Gross Unrealized Losses and Fair Value of Securities in a Loss Position [Line Items] | ' | ' |
Equity securities b Available-for-sale | $88 | $397 |
Equity securities b Available-for-sale | 16 | 17 |
Totals | 88 | 397 |
Totals | $16 | $17 |
Note_D_Stock_Based_Compensatio2
Note D - Stock Based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 02, 2006 | Mar. 31, 2014 | Mar. 31, 2014 | |
Diluted [Member] | Diluted [Member] | Basic [Member] | Basic [Member] | Nonqualified Options [Member] | Nonqualified Options [Member] | Restricted Stock [Member] | Annual Grant to Non-employee Member [Member] | Increase in Annual Grant of Options, Number of Shares [Member] | Amortization, Current Year [Member] | Amortization, Next Year [Member] | Amortization, Year 3 [Member] | Amortization Year 4 [Member] | 2006 Stock Option Plan [Member] | 2006 Stock Option Plan [Member] | 2006 Stock Option Plan [Member] | |||
Annual Grant to Non-employee Member [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Note D - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | ' | ' | ' | ' | ' | 504 | 3,024 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $19.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $60,000 | $179,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | 86,000 | 228,000 | ' | ' | ' | ' | ' | ' | ' | 179,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense, Impact on Earnings Per Share (in Dollars per share) | ' | ' | ($0.01) | ($0.01) | ($0.01) | ($0.01) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 321,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | 116,000 | 86,000 | 28,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $5.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | $19.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 19,050 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_D_Stock_Based_Compensatio3
Note D - Stock Based Compensation (Details) - Fair Value Assumptions for Employee Stock Options (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Fair Value Assumptions for Employee Stock Options [Abstract] | ' |
Dividend yield | 0.00% |
Volatility | 62.69% |
Risk-free rate | 0.61% |
Expected life (in years) | '4 years 109 days |
Fair value of options (in Dollars per share) | $5.13 |
Note_D_Stock_Based_Compensatio4
Note D - Stock Based Compensation (Details) - Employee Stock Option Activity (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | ||
Employee Stock Option Activity [Abstract] | ' | ' | |
Outstanding-January 1, 2014 | 164,098 | ' | |
Outstanding-January 1, 2014 | $10.99 | ' | |
Exercised | -19,050 | 0 | |
Exercised | $9.81 | ' | |
Cancelled/forfeited/expired | -42 | ' | |
Cancelled/forfeited/expired | $11.22 | ' | |
Outstanding at March 31, 2014 | 145,006 | ' | |
Outstanding at March 31, 2014 | $11.15 | ' | |
Outstanding at March 31, 2014 | '6 years | ' | |
Outstanding at March 31, 2014 | $1,266,412 | [1] | ' |
Exercisable at March 31, 2014 | 76,992 | ' | |
Exercisable at March 31, 2014 | $11.31 | ' | |
Exercisable at March 31, 2014 | '4 years 146 days | ' | |
Exercisable at March 31, 2014 | $659,747 | [1] | ' |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of our common stock, as determined by the closing price on March 31, 2014, was $19.88. |
Note_D_Stock_Based_Compensatio5
Note D - Stock Based Compensation (Details) - Summary of Nonvested Options (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Employee Stock Option [Member] | ' |
Note D - Stock Based Compensation (Details) - Summary of Nonvested Options [Line Items] | ' |
Nonvested at Beginning of Period | 68,039 |
Nonvested - Weighted-Average Grant Date Fair Value | $6.11 |
Canceled/forfeited/expired - Number of Options | -25 |
Canceled/forfeited/expired - Average Grant Date Fair Value | $6.34 |
Nonvested at End of Period | 68,014 |
Nonvested - Weighted-Average Grant Date Fair Value | $11.15 |
Restricted Stock [Member] | ' |
Note D - Stock Based Compensation (Details) - Summary of Nonvested Options [Line Items] | ' |
Nonvested at Beginning of Period | 9,500 |
Nonvested - Weighted-Average Grant Date Fair Value | $18.17 |
Canceled/forfeited/expired - Number of Options | -9,500 |
Canceled/forfeited/expired - Average Grant Date Fair Value | $18.17 |
Note_D_Stock_Based_Compensatio6
Note D - Stock Based Compensation (Details) - Stock Option Activity by Exercise Price (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Shares Under Outstanding Options | 145,006 |
Weighted-Average Remaining Contractual Term | '6 years |
Shares Under Exercisable Options | 76,992 |
Exercise Price 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 10.44 |
Shares Under Outstanding Options | 20,000 |
Weighted-Average Remaining Contractual Term | '3 years 328 days |
Shares Under Exercisable Options | 20,000 |
Exercise Price 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 10.9 |
Shares Under Outstanding Options | 12,000 |
Weighted-Average Remaining Contractual Term | '3 years 73 days |
Shares Under Exercisable Options | 12,000 |
Exercise Price 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 10.9 |
Shares Under Outstanding Options | 66,000 |
Weighted-Average Remaining Contractual Term | '8 years 73 days |
Shares Under Exercisable Options | 10,800 |
Exercise Price 4 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 11.22 |
Shares Under Outstanding Options | 27,006 |
Weighted-Average Remaining Contractual Term | '6 years 255 days |
Shares Under Exercisable Options | 14,192 |
Exercise Price 5 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 11.54 |
Shares Under Outstanding Options | 6,000 |
Weighted-Average Remaining Contractual Term | '2 years 328 days |
Shares Under Exercisable Options | 6,000 |
Exercise Price 6 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 11.75 |
Shares Under Outstanding Options | 6,000 |
Weighted-Average Remaining Contractual Term | '1 year 328 days |
Shares Under Exercisable Options | 6,000 |
Exercise Price 7 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price (in Dollars per share) | 14.32 |
Shares Under Outstanding Options | 8,000 |
Weighted-Average Remaining Contractual Term | '328 days |
Shares Under Exercisable Options | 8,000 |
Note_E_Segment_Information_Det
Note E - Segment Information (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Note_E_Segment_Information_Det1
Note E - Segment Information (Details) - Segments Revenue Reconciliation (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue, before fuel surcharge | $74,896 | $77,828 |
Truckload Services [Member] | Product Concentration Risk [Member] | Sales Revenue, Segment [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Percentage of revenue, before fuel surcharges | 92.70% | 91.10% |
Truckload Services [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue, before fuel surcharge | 69,447 | 70,908 |
Brokerage and Logistics Services [Member] | Product Concentration Risk [Member] | Sales Revenue, Segment [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Percentage of revenue, before fuel surcharges | 7.30% | 8.90% |
Brokerage and Logistics Services [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Revenue, before fuel surcharge | $5,449 | $6,920 |
Product Concentration Risk [Member] | Sales Revenue, Segment [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Percentage of revenue, before fuel surcharges | 100.00% | 100.00% |
Note_F_Treasury_Stock_Details
Note F - Treasury Stock (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Treasury Stock, Shares | 3,421,925 | 3,407,925 |
Treasury Stock, Value | $51,963,000 | $51,691,000 |
Treasury Stock, Shares, Acquired | 14,000 | ' |
Treasury Stock, Value, Acquired, Cost Method | $272,000 | ' |
Note_G_Accumulated_Other_Compr2
Note G - Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Accumulated Other Comprehensive Income [Abstract] | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $0 |
Note_G_Accumulated_Other_Compr3
Note G - Accumulated Other Comprehensive Income (Details) - Accumulted Other Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance | $6,582,000 | $6,160,000 |
Other comprehensive income before reclassifications, net of tax of $259 | $422,000 | ' |
Note_G_Accumulated_Other_Compr4
Note G - Accumulated Other Comprehensive Income (Details) - Accumulted Other Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Amounts Reclassified from AOCI [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' |
Tax | $898 | ($328) | $4,029 | $3,770 | $259 |
Income tax (benefit) expense | $898 | ($328) | $4,029 | $3,770 | $259 |
Note_H_Earnings_Loss_Per_Share2
Note H - Earnings (Loss) Per Share (Details) (Equity Option [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Option [Member] | ' | ' |
Note H - Earnings (Loss) Per Share (Details) [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 251,129 |
Note_H_Earnings_Loss_Per_Share3
Note H - Earnings (Loss) Per Share (Details) - Computations of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Computations of Basic and Diluted Earnings Per Share [Abstract] | ' | ' |
Net income (loss) (in Dollars) | $1,357 | ($456) |
Basic weighted average common shares outstanding | 7,985 | 8,688 |
Dilutive effect of common stock equivalents | 48 | ' |
Diluted weighted average common shares outstanding | 8,033 | 8,688 |
Basic earnings (loss) per share (in Dollars per share) | $0.17 | ($0.05) |
Diluted earnings (loss) per share (in Dollars per share) | $0.17 | ($0.05) |
Note_J_Fair_Value_of_Financial2
Note J - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note J - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Marketable equity securities | $21,688 | $20,975 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note J - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Marketable equity securities | $21,688 | ' |
Note_J_Fair_Value_of_Financial3
Note J - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Other Than Lines of Credit (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value of Long-term Debt Other Than Lines of Credit [Abstract] | ' |
Long-term debt | $97,093 |
Long-term debt | $96,966 |
Note_K_Notes_Payable_and_LongT1
Note K - Notes Payable and Long-Term Debt (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Disclosure Text Block [Abstract] | ' |
Notes Payable to Bank, Noncurrent | $5.70 |
Debt Instrument, Term | '60 months |
Long-term Debt, Weighted Average Interest Rate | 2.51% |
Note_L_OffBalance_Sheet_Arrang2
Note L - Off-Balance Sheet Arrangements (Details) (Transportation Equipment [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Transportation Equipment [Member] | ' |
Note L - Off-Balance Sheet Arrangements (Details) [Line Items] | ' |
Operating Leases, Rent Expense | $389,000 |
Note_L_OffBalance_Sheet_Arrang3
Note L - Off-Balance Sheet Arrangements (Details) - Future Minimum Annual Lease Payments (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Annual Lease Payments [Abstract] | ' |
2014 | $2,379 |
2015 | 3,172 |
2016 | 2,622 |
2017 | 81 |
Total future minimum lease payments | $8,254 |