Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 7,427,115 | ||
Entity Public Float | $89,915,646 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 798287 | ||
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-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $27,649,000 | $1,172,000 |
Accounts receivable—net: | ||
Trade, less allowance of $1,611 and $1,477, respectively | 52,983,000 | 58,484,000 |
Other | 11,469,000 | 3,660,000 |
Inventories | 1,306,000 | 1,498,000 |
Prepaid expenses and deposits | 10,110,000 | 6,621,000 |
Marketable equity securities | 24,895,000 | 20,975,000 |
Income taxes refundable | 507,000 | 230,000 |
Total current assets | 128,919,000 | 92,640,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 4,924,000 | 4,924,000 |
Structures and improvements | 16,165,000 | 16,001,000 |
Revenue equipment | 279,079,000 | 321,862,000 |
Office furniture and equipment | 9,257,000 | 7,684,000 |
Total property and equipment | 309,425,000 | 350,471,000 |
Accumulated depreciation | -116,178,000 | -116,246,000 |
Net property and equipment | 193,247,000 | 234,225,000 |
OTHER ASSETS | 2,439,000 | 2,437,000 |
TOTAL ASSETS | 324,605,000 | 329,302,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 41,695,000 | 27,970,000 |
Accrued expenses and other liabilities | 27,517,000 | 22,502,000 |
Current maturities of long-term debt | 42,908,000 | 40,103,000 |
Deferred income taxes—current | 2,951,000 | 2,651,000 |
Total current liabilities | 115,071,000 | 93,226,000 |
Long-term debt—less current portion | 52,293,000 | 70,366,000 |
Deferred income taxes—less current portion | 57,125,000 | 49,764,000 |
Other long-term liabilities | 131,000 | |
Total liabilities | 224,620,000 | 213,356,000 |
STOCKHOLDERS’ 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; 11,474,096 and 11,391,464 shares issued; 7,423,115 and 7,983,539 shares outstanding at December 31, 2014 and December 31, 2013, respectively | 115,000 | 114,000 |
Additional paid-in capital | 79,926,000 | 78,811,000 |
Accumulated other comprehensive income | 6,402,000 | 6,160,000 |
Treasury stock, at cost; 4,050,981 and 3,407,925 shares at December 31, 2014 and December 31, 2013, respectively | -82,501,000 | -51,691,000 |
Retained earnings | 96,043,000 | 82,552,000 |
Total stockholders’ equity | 99,985,000 | 115,946,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $324,605,000 | $329,302,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||
Trade, allowance (in Dollars) | $1,611 | $1,477 | $1,157 | $2,074 |
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 | 11,474,096 | 11,391,464 | ||
Common stock, shares outstanding | 7,423,115 | 7,983,539 | ||
Treasury stock, shares | 4,050,981 | 3,407,925 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING REVENUES: | |||
Revenue, before fuel surcharge | $316,584 | $313,117 | $297,698 |
Fuel surcharge | 94,353 | 89,696 | 82,935 |
Total operating revenues | 410,937 | 402,813 | 380,633 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 108,371 | 107,037 | 108,866 |
Operating supplies and expenses | 126,875 | 137,268 | 155,392 |
Rents and purchased transportation | 90,831 | 85,226 | 54,011 |
Depreciation | 36,296 | 39,088 | 38,298 |
Insurance and claims | 20,274 | 14,586 | 13,744 |
Other | 9,871 | 8,956 | 7,585 |
Gain on disposition of equipment | -4,591 | -854 | -166 |
Total operating expenses and costs | 387,927 | 391,307 | 377,730 |
OPERATING INCOME | 23,010 | 11,506 | 2,903 |
NON-OPERATING INCOME | 2,099 | 1,540 | 3,288 |
INTEREST EXPENSE | -2,897 | -3,375 | -2,596 |
INCOME BEFORE INCOME TAXES | 22,212 | 9,671 | 3,595 |
FEDERAL & STATE INCOME TAX EXPENSE: | |||
Current | 1,209 | 159 | 51 |
Deferred | 7,512 | 3,597 | 1,365 |
Total federal & state income tax expense | 8,721 | 3,756 | 1,416 |
NET INCOME | $13,491 | $5,915 | $2,179 |
EARNINGS PER COMMON SHARE: | |||
Basic (in Dollars per share) | $1.69 | $0.68 | $0.25 |
Diluted (in Dollars per share) | $1.68 | $0.68 | $0.25 |
AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in Shares) | 7,990 | 8,662 | 8,700 |
Diluted (in Shares) | 8,034 | 8,682 | 8,702 |
DIVIDENDS DECLARED PER COMMON SHARE (in Dollars per share) | $2 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
NET INCOME | $13,491 | $5,915 | $2,179 | |||
Other comprehensive income (loss), net of tax: | ||||||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | -630 | [1] | -215 | [1] | -1,009 | [1] |
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | 1 | [2] | 18 | [2] | 44 | [2] |
Changes in fair value of marketable securities (3) | 871 | [3] | 2,122 | [3] | 495 | [3] |
COMPREHENSIVE INCOME | $13,733 | $7,840 | $1,709 | |||
[1] | Net of deferred income taxes of $(385), $(131) and $(618), respectively. | |||||
[2] | Net of deferred income taxes of $0, $11 and $27, respectively. | |||||
[3] | Net of deferred income taxes of $533, $1,298 and $304, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred income taxes | $7,512 | $3,597 | $1,365 |
Realized Gains on Marketable Securities [Member] | |||
Deferred income taxes | -385 | -131 | -618 |
Unrealized Losses on Marketable Securities [Member] | |||
Deferred income taxes | 0 | 11 | 27 |
Changes in Fair Value of Marketable Securities [Member] | |||
Deferred income taxes | $533 | $1,298 | $304 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | Restricted Stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) |
Balance at Dec. 31, 2011 | $114 | $78,036 | $4,705 | ($37,239) | $91,861 | $137,477 | |
Balance, Shares (in Shares) at Dec. 31, 2011 | 8,696,000 | ||||||
Net income (loss) | 2,179 | 2,179 | |||||
Other comprehensive income | -470 | -470 | |||||
Exercise of stock options-shares issued including tax benefits | 60 | 60 | |||||
Exercise of stock options-shares issued including tax benefits, shares (in Shares) | 6,000 | ||||||
Dividends on common stock, $2 per share | -17,403 | -17,403 | |||||
Share-based compensation | 352 | 352 | |||||
Balance at Dec. 31, 2012 | 114 | 78,448 | 4,235 | -37,239 | 76,637 | 122,195 | |
Balance, Shares (in Shares) at Dec. 31, 2012 | 8,702,000 | ||||||
Net income (loss) | 5,915 | 5,915 | |||||
Other comprehensive income | 1,925 | 1,925 | |||||
Exercise of stock options-shares issued including tax benefits | 46 | 46 | |||||
Exercise of stock options-shares issued including tax benefits, shares (in Shares) | 7,000 | ||||||
Treasury stock repurchases | -14,452 | -14,452 | |||||
Treasury stock repurchases, shares (in Shares) | -725,000 | ||||||
Share-based compensation | 317 | 317 | |||||
Balance at Dec. 31, 2013 | 114 | 78,811 | 6,160 | -51,691 | 82,552 | 115,946 | |
Balance, Shares (in Shares) at Dec. 31, 2013 | 7,984,000 | ||||||
Net income (loss) | 13,491 | 13,491 | |||||
Other comprehensive income | 242 | 242 | |||||
Exercise of stock options-shares issued including tax benefits | 1 | 845 | 846 | ||||
Exercise of stock options-shares issued including tax benefits, shares (in Shares) | 77,000 | 77,708 | |||||
Restricted stock issued (in Shares) | 5,000 | ||||||
Treasury stock repurchases | -30,810 | -30,810 | |||||
Treasury stock repurchases, shares (in Shares) | -643,000 | ||||||
Share-based compensation | 270 | 270 | |||||
Balance at Dec. 31, 2014 | $115 | $79,926 | $6,402 | ($82,501) | $96,043 | $99,985 | |
Balance, Shares (in Shares) at Dec. 31, 2014 | 7,423,000 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other comprehensive income, tax | $149 | $1,178 | ($287) |
Dividends on common stock, per share (in Dollars per share) | $2 | ||
Common Stock [Member] | |||
Dividends on common stock, per share (in Dollars per share) | $2 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES: | |||
Net income | $13,491 | $5,915 | $2,179 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 36,296 | 39,088 | 38,298 |
Bad debt expense | 456 | 424 | 191 |
Stock compensationbnet of excess tax benefits | 270 | 317 | 346 |
Sale leaseback deferred gain amortization | -205 | ||
Provision for deferred income taxes | 7,512 | 3,597 | 1,365 |
Reclassification of other than temporary impairment in marketable equity securities | 1 | 29 | 70 |
Recognized gain on marketable equity securities | -1,040 | -601 | -2,362 |
Gain on sale or disposal of equipment | -4,591 | -854 | -166 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 5,109 | -8,873 | -3,313 |
Prepaid expenses, deposits, inventories, and other assets | -3,299 | 4,918 | -426 |
Income taxes refundable | -277 | 124 | -115 |
Trade accounts payable | -1,555 | -2,802 | -3,369 |
Accrued expenses and other liabilities | 3,085 | 1,888 | 927 |
Net cash provided by operating activities | 55,253 | 43,170 | 33,625 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | -28,588 | -71,520 | -98,046 |
Proceeds from disposition of equipment | 38,902 | 27,304 | 21,190 |
Changes in restricted cash | -7,873 | -120 | -215 |
Sales of marketable equity securities | 1,720 | 857 | 4,554 |
Purchases of marketable equity securities, net of return of capital | -4,210 | -838 | -77 |
Net cash used in investing activities | -49 | -44,317 | -72,594 |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 469,918 | 422,324 | 445,224 |
Repayments under line of credit | -469,918 | -427,741 | -449,135 |
Borrowings of long-term debt | 42,979 | 41,593 | 72,991 |
Repayments of long-term debt | -58,247 | -33,208 | -23,152 |
Borrowings under margin account | 4,351 | 999 | 15,948 |
Repayments under margin account | -2,645 | -1,693 | -5,237 |
Repurchases of common stock | -16,011 | -508 | |
Stock compensation excess tax benefits | 6 | ||
Dividends paid | -17,403 | ||
Exercise of stock options | 846 | 46 | 54 |
Net cash (used in) provided by financing activities | -28,727 | 1,812 | 39,296 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 26,477 | 665 | 327 |
CASH AND CASH EQUIVALENTSbBeginning of year | 1,172 | 507 | 180 |
CASH AND CASH EQUIVALENTSbEnd of year | 27,649 | 1,172 | 507 |
Cash paid during the period for: | |||
Interest | 2,946 | 3,417 | 2,558 |
Income taxes | 1,486 | 77 | 174 |
NONCASH INVESTING AND FINANCING ACTIVITIESb | |||
Purchases of revenue equipment included in accounts payable | 1,079 | 598 | 2,794 |
Purchases of common stock included in accrued expenses and other liabilities | $28,743 | $13,944 |
Note_1_Accounting_Policies
Note 1 - Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Significant Accounting Policies [Text Block] | 1 | ACCOUNTING POLICIES | |||
Description of Business and Principles of Consolidation–P.A.M. Transportation Services, Inc. (the “Company”), through its subsidiaries, operates as a truckload transportation and logistics company. | |||||
The consolidated financial statements include the accounts of the Company and its wholly owned operating subsidiaries: P.A.M. Transport, Inc., P.A.M. Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Decker Transport Co., LLC, T.T.X., LLC, Transcend Logistics, Inc., and East Coast Transport and Logistics, LLC. The following subsidiaries were inactive during all periods presented: P.A.M. International, Inc., P.A.M. Logistics Services, Inc., Choctaw Brokerage, Inc., and S & L Logistics, Inc. | |||||
Use of Estimates–The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. The Company periodically reviews these estimates and assumptions. The Company's estimates were based on its historical experience and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. | |||||
Cash and Cash Equivalents–The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times cash held at banks may exceed FDIC insured limits. | |||||
Accounts Receivable and Allowance for Doubtful Accounts–Accounts receivable are presented in the Company’s consolidated financial statements net of an allowance for estimated uncollectible amounts. Management estimates this allowance based upon an evaluation of the aging of our customer receivables and historical write-offs, as well as other trends and factors surrounding the credit risk of specific customers. The Company continually updates the history it uses to make these estimates so as to reflect the most recent trends, factors and other information available. In order to gather information regarding these trends and factors, the Company also performs ongoing credit evaluations of its customers. Customer receivables are considered to be past due when payment has not been received by the invoice due date. Write-offs occur when management determines an account to be uncollectible and could differ from the allowance estimate as a result of a number of factors, including unanticipated changes in the overall economic environment or factors and risks surrounding a particular customer. Management believes its methodology for estimating the allowance for doubtful accounts to be reliable however, additional allowances may be required if the financial condition of our customers were to deteriorate, and could have a material effect on the Company’s consolidated financial statements in future periods. | |||||
Bank Overdrafts–The Company classifies bank overdrafts in current liabilities as an accounts payable and does not offset other positive bank account balances located at the same or other financial institutions. Bank overdrafts generally represent checks written that have not yet cleared the Company’s bank accounts. The majority of the Company’s bank accounts are zero balance accounts that are funded at the time items clear against the account by drawings against a line of credit, therefore the outstanding checks represent bank overdrafts. Because the recipients of these checks have generally not yet received payment, the Company continues to classify bank overdrafts as accounts payable. Bank overdrafts are classified as changes in accounts payable in the cash flows from operating activities section of the Company’s Consolidated Statement of Cash Flows. There were no bank overdrafts as of December 31, 2014. Bank overdrafts as of December 31, 2013 were approximately $3,179,000. | |||||
Accounts Receivable Other–The components of accounts receivable other consist primarily of amounts representing company driver advances, owner-operator advances, equipment manufacturer warranties, and restricted cash. Advances receivable from company drivers as of December 31, 2014 and 2013, were approximately $486,000 and $707,000, respectively. Restricted cash consists of cash proceeds from the sale of trucks and trailers under our like-kind exchange (“LKE”) tax program. See Note 11, “Federal and State Income Taxes,” for a discussion of the Company’s LKE tax program. We classify restricted cash as a current asset within “Accounts receivable-other” as the exchange process must be completed within 180 days in order to qualify for income tax deferral treatment. The changes in restricted cash balances are reflected as an investing activity in our Consolidated Statements of Cash Flows as they relate to the sales and purchases of revenue equipment. | |||||
Marketable Equity Securities–Marketable equity securities are classified by the Company as either available for sale or trading. Securities classified as available for sale are carried at market value with unrealized gains and losses recognized in accumulated other comprehensive income in the statements of stockholders’ equity. Securities classified as trading are carried at market value with unrealized gains and losses recognized in the statements of operations. Realized gains and losses are computed utilizing the specific identification method. | |||||
Impairment of Long-Lived Assets–The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable, and it exceeds its fair value. For long-lived assets classified as held and used, if the carrying value of the long-lived asset exceeds the sum of the future net undiscounted cash flows, it is not recoverable. | |||||
Property and Equipment–Property and equipment is recorded at historical cost, less accumulated depreciation. For financial reporting purposes, the cost of such property is depreciated principally by the straight-line method. For tax reporting purposes, accelerated depreciation or applicable cost recovery methods are used. Depreciation is recognized over the estimated asset life, considering the estimated salvage value of the asset. Such salvage values are based on estimates using expected market values for used equipment and the estimated time of disposal which, in many cases include guaranteed residual values by the manufacturers. Gains and losses are reflected in the year of disposal. The following is a table reflecting estimated ranges of asset useful lives by major class of depreciable assets: | |||||
Asset Class | Estimated Asset Life | ||||
(in years) | |||||
Service vehicles | 5-Mar | ||||
Office furniture and equipment | 7-Mar | ||||
Revenue equipment | 12-Mar | ||||
Structure and improvements | May-40 | ||||
The Company’s management periodically evaluates whether changes to estimated useful lives and/or salvage values are necessary to ensure its estimates accurately reflect the economic use of the assets. During 2014, management determined that an adjustment to the estimated useful lives or salvage values of trucks or trailers was not necessary based on such an evaluation. | |||||
During 2013, management adjusted the estimated useful lives and salvage values of certain trucks based on such an evaluation. These changes resulted in a decrease in depreciation expense of approximately $550,000 during 2013. This reduction in depreciation expense increased the Company’s 2013 reported net income by approximately $340,000 ($0.04 per diluted share). | |||||
During 2012, management adjusted the estimated useful lives and salvage values of certain trucks based on such an evaluation. These changes resulted in a decrease in depreciation expense of approximately $450,000 during 2012. This reduction in depreciation expense increased the Company’s 2012 reported net income by approximately $300,000 ($0.03 per diluted share). | |||||
Prepaid Tires–Tires purchased with revenue equipment are capitalized as a cost of the related equipment. Replacement tires are included in prepaid expenses and deposits and are amortized over a 24-month period. Amounts paid for the recapping of tires are expensed when incurred. | |||||
Advertising Expense–Advertising costs are expensed as incurred and totaled approximately $683,000, $662,000 and $685,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Repairs and Maintenance–Repairs and maintenance costs are expensed as incurred. | |||||
Self-Insurance Liability–A liability is recognized for known health, workers’ compensation, cargo damage, property damage and auto liability damage claims. An estimate of the incurred but not reported claims for each type of liability is made based on historical claims made, estimated frequency of occurrence, and considering changing factors that contribute to the overall cost of insurance. | |||||
Income Taxes–The Company applies the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||
The application of income tax law to multi-jurisdictional operations such as those performed by the Company, are inherently complex. Laws and regulations in this area are voluminous and often ambiguous. As such, we may be required to make subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations may change over time which could cause changes in our assumptions and judgments that could materially affect amounts recognized in the consolidated financial statements. | |||||
We recognize the impact of tax positions in our financial statements. These tax positions must meet a more-likely-than-not recognition threshold to be recognized and tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. We recognize potential accrued interest and penalties related to unrecognized tax benefits within the consolidated statements of income as income tax expense. | |||||
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 December 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. | |||||
Revenue Recognition–Revenue is recognized in full upon completion of delivery to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | |||||
Share-Based Compensation–The Company estimates the fair value of stock option awards on the option grant date using the Black-Scholes pricing model and recognizes compensation for stock option awards expected to vest on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated at grant date based on historical experience. For additional information with respect to share-based compensation, see Note 12 to our consolidated financial statements. | |||||
Earnings Per Share–The Company computes basic earnings per share (“EPS”) by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the potential dilution that could occur from stock-based awards and other stock-based commitments using the treasury stock or the as if converted methods, as applicable. The difference between the Company's weighted-average shares outstanding and diluted shares outstanding is due to the dilutive effect of stock options for all periods presented. See Note 13 for computation of diluted EPS. | |||||
Fair Value Measurements–Certain financial assets and liabilities are measured at fair value within the financial statements on a recurring basis. Fair value is defined 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. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. For additional information with respect to fair value measurements, see Note 16 to our consolidated financial statements. | |||||
Reporting Segments–The Company's operations are all in the motor carrier segment and are aggregated into a single reporting segment in accordance with the aggregation criteria under Generally Accepted Accounting Principles (“GAAP”). The Company provides truckload transportation services as well as brokerage and logistics services to customers throughout the United States and portions of Canada and Mexico. Truckload transportation services revenues, excluding fuel surcharges, represented 92.5%, 92.6% and 91.8% of total revenues, excluding fuel surcharges, for the twelve months ended December 31, 2014, 2013 and 2012, respectively. Remaining revenues, excluding fuel surcharges, for each respective year were generated by brokerage and logistics services. | |||||
Concentrations of Credit Risk–The Company performs ongoing credit evaluations and generally does not require collateral from its customers. The Company maintains reserves for potential credit losses. In view of the concentration of the Company’s revenues and accounts receivable among a limited number of customers within the automobile industry, the financial health of this industry is a factor in the Company’s overall evaluation of accounts receivable. | |||||
Subsequent Events–We have 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. | |||||
Foreign Currency Transactions– The functional currency of the Company’s foreign branch office in Mexico is the U.S. dollar. The Company remeasures the monetary assets and liabilities of this branch office, which are maintained in the local currency ledgers, at the rates of exchange in effect at the end of the reporting period. Revenues and expenses recorded in the local currency during the period are remeasured using average exchange rates for each period. Non-monetary assets and liabilities are remeasured using historical rates. Any resulting exchange gain or loss from the remeasurement process are included in non-operating income in the Company’s consolidated statements of operations. | |||||
Recent Accounting Pronouncements– In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and is disposed of or classified as held for sale. The standard also introduces several new disclosures. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The adoption of this guidance had no impact on the Company’s financial condition, results of operations, or cash flows. | |||||
In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), Revenue from Contracts with Customers. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The adoption of this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. | |||||
In June 2014, the FASB issued ASU 2014-12, (“SSU 2014-12”), Stock Compensation - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in this update require performance targets that could be achieved after the requisite service period be treated as performance conditions that affect the vesting of the award. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. |
Note_2_Trade_Accounts_Receivab
Note 2 - Trade Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Financing Receivables [Text Block] | 2 | TRADE ACCOUNTS RECEIVABLE | |||||||||||
The Company's receivables result primarily from the sale of transportation and logistics services. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for accounts receivable. Accounts receivable, which consist of both billed and unbilled receivables, are presented net of an allowance for doubtful accounts. Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability. Accounts receivable balances consist of the following components as of December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Billed | $ | 49,302 | $ | 50,168 | |||||||||
Unbilled | 5,292 | 9,793 | |||||||||||
Allowance for doubtful accounts | (1,611 | ) | (1,477 | ) | |||||||||
Total accounts receivable—net | $ | 52,983 | $ | 58,484 | |||||||||
An analysis of changes in the allowance for doubtful accounts for the years ended December 31, 2014, 2013, and 2012 follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Balance—beginning of year | $ | 1,477 | $ | 1,157 | $ | 2,074 | |||||||
Provision for bad debts | 456 | 424 | 191 | ||||||||||
Charge-offs | (322 | ) | (104 | ) | (1,108 | ) | |||||||
Balance—end of year | $ | 1,611 | $ | 1,477 | $ | 1,157 | |||||||
Note_3_Marketable_Equity_Secur
Note 3 - Marketable Equity Securities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 | 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 (loss) in stockholders’ 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. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the evaluation resulted in impairment charges of approximately $1,000, $29,000 and $70,000, respectively, being reported in the Company’s non-operating income in its statements of operations. | |||||||||||||||||
The following table sets forth cost, market value and unrealized gain on equity securities classified as available-for-sale and equity securities classified as trading as of December 31, 2014 and 2013. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Fair market value | $ | 24,592 | $ | 20,810 | |||||||||||||
Cost | 14,272 | 10,881 | |||||||||||||||
Unrealized gain | $ | 10,320 | $ | 9,929 | |||||||||||||
Trading securities | |||||||||||||||||
Fair market value | $ | 303 | $ | 165 | |||||||||||||
Cost | 157 | 157 | |||||||||||||||
Unrealized gain | $ | 146 | $ | 8 | |||||||||||||
Total | |||||||||||||||||
Fair market value | $ | 24,895 | $ | 20,975 | |||||||||||||
Cost | 14,429 | 11,038 | |||||||||||||||
Unrealized gain | $ | 10,466 | $ | 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 December 31, 2014 and 2013. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Gross unrealized gains | $ | 10,710 | $ | 9,946 | |||||||||||||
Gross unrealized losses | 390 | 17 | |||||||||||||||
Net unrealized gains | $ | 10,320 | $ | 9,929 | |||||||||||||
As of December 31, 2014 and 2013, the total net unrealized gains, net of deferred income taxes, in accumulated other comprehensive income was approximately $6,402,000 and $6,160,000, respectively. | |||||||||||||||||
For the years ended December 31, 2014 and 2013, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $237,000 and $1,897,000, net of deferred income taxes, respectively. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recognized dividends of approximately $896,000, $781,000, and $838,000 in non-operating income in its statements of operations, respectively. | |||||||||||||||||
As of December 31, 2014, the Company's marketable securities that are classified as trading had gross recognized gains of approximately $146,000 and had no gross recognized losses. As of December 31, 2013, the Company's marketable securities that were classified as trading had gross recognized gains of approximately $8,000 and had no gross recognized losses. | |||||||||||||||||
The following table shows recognized gains (losses) in market value for securities classified as trading during 2014, 2013 and 2012. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Trading securities | |||||||||||||||||
Recognized gain (loss) at beginning of period | $ | 8 | $ | (26 | ) | $ | (16 | ) | |||||||||
Recognized gain (loss) at end of period | 146 | 8 | (26 | ) | |||||||||||||
Change in net recognized gain (loss) | $ | 138 | $ | 34 | $ | (10 | ) | ||||||||||
During 2014 and 2013, there were no reclassifications of marketable securities between trading and available for sale. | |||||||||||||||||
The following table shows the Company’s realized gains during 2014, 2013 and 2012 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. | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||
Realized gains | |||||||||||||||||
Sale proceeds | $ | 1,720 | $ | 857 | $ | 4,554 | |||||||||||
Cost of securities sold | 818 | 290 | 2,183 | ||||||||||||||
Realized gains | $ | 902 | $ | 567 | $ | 2,371 | |||||||||||
Realized gains, net of taxes | $ | 546 | $ | 346 | $ | 1,437 | |||||||||||
The following table shows the Company’s investments’ approximate gross unrealized losses and related fair value of securities in a loss position at December 31, 2014 and 2013. As of December 31, 2014 and 2013, there were no investments that had been in a continuous unrealized loss position for twelve months or longer. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
Equity securities – Available for sale | $ | 3,961 | $ | 390 | $ | 397 | $ | 17 | |||||||||
Equity securities – Trading | - | - | - | - | |||||||||||||
Totals | $ | 3,961 | $ | 390 | $ | 397 | $ | 17 | |||||||||
The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2014 and 2013, the Company had outstanding borrowings of $11,723,000 and $10,017,000 under its margin account, respectively. The weighted average interest rate on margin account borrowings was 0.76% as of December 31, 2014 and 2013. |
Note_4_Accrued_Expenses_and_Ot
Note 4 - Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4 | ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||
Accrued expenses and other liabilities at December 31 are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Payroll | $ | 1,954 | $ | 3,252 | |||||
Accrued vacation | 1,687 | 1,766 | |||||||
Taxes—other than income | 2,309 | 2,232 | |||||||
Interest | 61 | 110 | |||||||
Driver escrows | 1,584 | 1,395 | |||||||
Margin account borrowings | 11,723 | 10,017 | |||||||
Self-insurance claims | 7,975 | 3,730 | |||||||
Deferred equipment gain – current portion | 224 | - | |||||||
Total accrued expenses and other liabilities | $ | 27,517 | $ | 22,502 | |||||
Note_5_Claims_Liabilities
Note 5 - Claims Liabilities | 12 Months Ended | |
Dec. 31, 2014 | ||
Insurance Loss Reserves [Abstract] | ||
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 5 | CLAIMS LIABILITIES |
With respect to physical damage for trucks, trailers, cargo loss and auto liability, the Company maintains insurance coverage to protect it from certain business risks. These policies are with various carriers and have per occurrence deductibles of $7,500, $2,500, $10,000 and $2,500, respectively. Prior to October 1, 2013, the Company elected to self-insure for physical damage to trailers. Effective October 1, 2013, the Company began insuring trailers for physical damage with a $2,500 deductible per occurrence. The Company maintains workers’ compensation coverage in Arkansas, Ohio, Oklahoma, Mississippi, and Florida with a $500,000 self-insured retention and a $500,000 per occurrence excess policy. The Company has elected to opt out of workers' compensation coverage in Texas and is providing coverage through the P.A.M. Texas Injury Plan. The Company has accrued for estimated losses to pay such claims as well as claims incurred but not yet reported. The Company has not experienced any adverse trends involving differences in claims experienced versus claims estimates for workers’ compensation claims. Letters of credit aggregating approximately $1,101,000 and certificates of deposit totaling $300,000 are held by banks as security for workers’ compensation claims. The Company self-insures for employee health claims with a stop loss of $325,000 per covered employee per year and estimates its liability for claims outstanding and claims incurred but not reported. |
Note_6_Longterm_Debt
Note 6 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | 6 | LONG-TERM DEBT | |||||||
Long-term debt at December 31, consists of the following: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Line of credit with a bank—due July 1, 2016, and collateralized by accounts receivable (1) | $ | - | $ | - | |||||
Equipment financing (2) | 95,201 | 110,469 | |||||||
Total long-term debt | 95,201 | 110,469 | |||||||
Less current maturities | (42,908 | ) | (40,103 | ) | |||||
Long-term debt—net of current maturities | $ | 52,293 | $ | 70,366 | |||||
-1 | Line of credit agreement with a bank provides for maximum borrowings of $40.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the first day of the month plus 1.50% (1.65% at December 31, 2014) and are secured by our trade accounts receivable. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must have a debt to equity ratio of no more than 3.00:1. The Company was in compliance with all provisions under this agreement throughout 2014. | ||||||||
-2 | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through December 2019, at a weighted average interest rate of 2.66% as of December 31, 2014 and collateralized by revenue equipment. | ||||||||
The Company has provided letters of credit to third parties totaling approximately $1,101,000 at December 31, 2014. The letters are held by these third parties to assist such parties in collection of any amounts due by the Company should the Company default in its commitments to the parties. | |||||||||
Scheduled annual maturities on long-term debt outstanding at December 31, 2014, are: | |||||||||
(in thousands) | |||||||||
2015 | $ | 42,908 | |||||||
2016 | 26,779 | ||||||||
2017 | 9,995 | ||||||||
2018 | 9,363 | ||||||||
2019 | 6,156 | ||||||||
Total | $ | 95,201 | |||||||
Note_7_Capital_Stock
Note 7 - Capital Stock | 12 Months Ended | |
Dec. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity Note Disclosure [Text Block] | 7 | CAPITAL STOCK |
The Company's authorized capital stock consists of 40,000,000 shares of common stock, par value $.01 per share, and 10,000,000 shares of preferred stock, par value $.01 per share. At December 31, 2014, there were 11,474,096 shares of our common stock issued and 7,423,115 shares outstanding. At December 31, 2013, there were 11,391,464 shares of our common stock issued and 7,983,539 shares outstanding. No shares of our preferred stock were issued or outstanding at December 31, 2014 or 2013. | ||
Common Stock | ||
The holders of our common stock, subject to such rights as may be granted to any preferred stockholders, elect all directors and are entitled to one vote per share. All shares of common stock participate equally in dividends when and as declared by the Board of Directors and in net assets on liquidation. The shares of common stock have no preference, conversion, exchange, preemptive or cumulative voting rights. | ||
Preferred Stock | ||
Preferred stock may be issued from time to time by our Board of Directors, without stockholder approval, in such series and with such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or other provisions, as may be fixed by the Board of Directors in the resolution authorizing their issuance. The issuance of preferred stock by the Board of Directors could adversely affect the rights of holders of shares of common stock; for example, the issuance of preferred stock could result in a class of securities outstanding that would have certain preferences with respect to dividends and in liquidation over the common stock, and that could result in a dilution of the voting rights, net income per share and net book value of the common stock. As of December 31, 2014, we have no agreements or understandings for the issuance of any shares of preferred stock. | ||
Treasury Stock | ||
In November 2014, our Board of Directors authorized the repurchase of up to 640,000 shares of our common stock through a Dutch auction tender offer (the “2014 tender offer”). Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of its outstanding shares which totaled 160,000 shares. The 2014 tender offer began on the date of the announcement, December 2, 2014 and expired on December 30, 2014. Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of $46.00 to $50.00 per share. Upon expiration, 571,865 shares were tendered through this offer at a final purchase price of $50.00 per share for a total purchase price of approximately $28.7 million, including fees and commission and was settled on January 6, 2015. The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of December 31, 2014. | ||
In November 2013, our Board of Directors authorized the repurchase of up to 600,000 shares of our common stock through a Dutch auction tender offer (the “2013 tender offer”). Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of its outstanding shares which totaled 173,000 shares. The 2013 tender offer began on the date of the announcement, December 2, 2013 and expired on December 30, 2013. Through this tender offer, the Company’s shareholders had the opportunity to tender some or all of their shares at a price within the range of $19.00 to 21.00 per share. Upon expiration, 675,000 shares were tendered through this offer at a final purchase price of $20.50 per share for a total purchase price of approximately $13.9 million, including fees and commission and was settled on January 6, 2014. The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of December 31, 2013. | ||
In May 2014, our Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. Following the reauthorization, the Company repurchased 33,341 shares of its common stock during the remainder of 2014 under this repurchase program. Prior to the reauthorization, and under the initial September 2011 authorization, the Company had repurchased 224,000 shares of its common stock during 2011, 50,325 shares of its common stock during 2013 and 37,850 shares of its common stock during 2014. The Company did not repurchase any additional shares during 2012. | ||
The Company accounts for Treasury stock using the cost method and as of December 31, 2014, 4,050,981 shares were held in the treasury at an aggregate cost of approximately $82,501,000. |
Note_8_Comprehensive_Income_Lo
Note 8 - Comprehensive Income (Loss) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Comprehensive Income (Loss) Note [Text Block] | 8 | COMPREHENSIVE INCOME (LOSS) | ||||||||
Comprehensive income (loss) was comprised of net income (loss) plus or minus market value adjustments related to marketable securities. The following table summarizes the changes in accumulated balances of other comprehensive income for the years ended December 31, 2014 and 2013: | ||||||||||
Unrealized gains and | ||||||||||
losses on available-for-sale | ||||||||||
securities | ||||||||||
(in thousands) | ||||||||||
Balance at January 1, 2013, net of tax of $2,592 | $ | 4,235 | ||||||||
Other comprehensive income before reclassifications, net of tax of $1,298 | 2,122 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $(120) | (197 | ) | ||||||||
Net other comprehensive income | 1,925 | |||||||||
Balance at December 31, 2013, net of tax of $3,770 | 6,160 | |||||||||
Other comprehensive income before reclassifications, net of tax of $533 | 871 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $(385) | (629 | ) | ||||||||
Net other comprehensive income | 242 | |||||||||
Balance at December 31, 2014, net of tax of $3,918 | $ | 6,402 | ||||||||
The following table provides details about reclassifications out of accumulated other comprehensive income for the years ended December 31, 2014 and 2013: | ||||||||||
Details about Accumulated Other | Amounts Reclassified from | Statement of Operations | ||||||||
Accumulated Other | ||||||||||
Comprehensive Income | ||||||||||
(a) | ||||||||||
Comprehensive Income Component | 2014 | 2013 | Classification | |||||||
(in thousands) | ||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||
Realized gain on sale of securities | $ | 1,015 | $ | 346 | Non-operating income | |||||
Impairment expense | (1 | ) | (29 | ) | Non-operating income | |||||
Total before tax | 1,014 | 317 | Income before income taxes | |||||||
Tax expense | (385 | ) | (120 | ) | Income tax expense | |||||
Total after tax | $ | 629 | $ | 197 | Net income | |||||
(a) Amounts in parentheses indicate debits to profit/loss | ||||||||||
Note_9_Significant_Customers_a
Note 9 - Significant Customers and Industry Concentration | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | 9 | SIGNIFICANT CUSTOMERS AND INDUSTRY CONCENTRATION |
In 2014, 2013 and 2012, two customers, who are in the automobile manufacturing industry, accounted for 34%, 33% and 28% of revenues, respectively. The Company also provides transportation services to other manufacturers who are suppliers for automobile manufacturers including suppliers for the Company’s largest customer. As a result, concentration of the Company’s business within the automobile industry is significant. Of the Company’s revenues for 2014, 2013 and 2012, 48%, 46% and 37%, respectively, were derived from transportation services provided to the automobile manufacturing industry. Accounts receivable from the two largest customers totaled approximately $22,965,000 and $28,290,000 at December 31, 2014 and 2013, respectively. |
Note_10_Dividends
Note 10 - Dividends | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | ||
Dividend Payment Restrictions [Text Block] | 10 | DIVIDENDS |
In March 2012, the Board declared a cash dividend of $1.00 per common share. This dividend was paid in cash on April 9, 2012 to stockholders of record at the close of business on March 30, 2012. In December 2012, the Board declared a cash dividend of $1.00 per common share. This dividend was paid in cash on December 28, 2012 to stockholders of record at the close of business on December 17, 2012. The Company currently intends to retain future earnings to finance the growth, development and expansion of its business and does not anticipate paying cash dividends in the future. Any future determination to pay dividends will be at the discretion of the Board and will depend on the Company’s financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends, and other factors the Board deems relevant. |
Note_11_Federal_and_State_Inco
Note 11 - Federal and State Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 11 | FEDERAL AND STATE INCOME TAXES | |||||||||||||||||||||||
Under GAAP, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax reporting purposes. | |||||||||||||||||||||||||
Significant components of the Company’s deferred tax liabilities and assets at December 31 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Current | Long-Term | Current | Long-Term | ||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Property and equipment | $ | - | $ | 64,341 | $ | - | $ | 73,099 | |||||||||||||||||
Unrealized gains on securities | 3,918 | - | 3,769 | - | |||||||||||||||||||||
Prepaid expenses and other | 3,837 | - | 2,498 | - | |||||||||||||||||||||
Total deferred tax liabilities | 7,755 | 64,341 | 6,267 | 73,099 | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts | 612 | - | 561 | - | |||||||||||||||||||||
Alternative minimum tax credit carryforward | - | 1,206 | - | 318 | |||||||||||||||||||||
QAFMV tax credit carryforward | - | 864 | - | 864 | |||||||||||||||||||||
New hire tax credit | - | 124 | - | 124 | |||||||||||||||||||||
Compensated absences | 564 | - | 594 | - | |||||||||||||||||||||
Self-insurance allowances | 2,592 | - | 1,027 | - | |||||||||||||||||||||
Share-based compensation | - | 579 | - | 702 | |||||||||||||||||||||
Goodwill | - | 28 | - | 37 | |||||||||||||||||||||
Marketable equity securities | 686 | - | 767 | - | |||||||||||||||||||||
Net operating loss carryover | - | 4,392 | - | 21,255 | |||||||||||||||||||||
Capital loss carryover | 339 | - | 667 | - | |||||||||||||||||||||
Non-competition agreement | - | 23 | - | 30 | |||||||||||||||||||||
Other | 11 | - | - | 5 | |||||||||||||||||||||
Total deferred tax assets | 4,804 | 7,216 | 3,616 | 23,335 | |||||||||||||||||||||
Net deferred tax liability | $ | 2,951 | $ | 57,125 | $ | 2,651 | $ | 49,764 | |||||||||||||||||
The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2014, 2013 and 2012 is presented in the following table: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Income tax at the statutory federal rate | $ | 7,552 | 34 | $ | 3,288 | 34 | $ | 1,222 | 34 | ||||||||||||||||
Nondeductible expenses | 154 | 0.7 | 127 | 1.3 | 138 | 3.8 | |||||||||||||||||||
State income taxes/other—net of federal benefit | 1,015 | 4.6 | 341 | 3.6 | 56 | 1.6 | |||||||||||||||||||
Total income tax expense | $ | 8,721 | 39.3 | $ | 3,756 | 38.9 | $ | 1,416 | 39.4 | ||||||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 814 | $ | 124 | $ | - | |||||||||||||||||||
State | 395 | 35 | 51 | ||||||||||||||||||||||
1,209 | 159 | 51 | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 6,111 | 2,909 | 1,166 | ||||||||||||||||||||||
State | 1,401 | 688 | 199 | ||||||||||||||||||||||
7,512 | 3,597 | 1,365 | |||||||||||||||||||||||
Total income tax expense | $ | 8,721 | $ | 3,756 | $ | 1,416 | |||||||||||||||||||
The Company has alternative minimum tax credits of approximately $1,206,000 at December 31, 2014, which have no expiration date under the current federal income tax laws and general business credits of approximately $988,000 which begin to expire after the year 2030. The Company also has net operating loss carryovers for federal income purposes of approximately $11,571,000 which begin to expire after the year 2030. | |||||||||||||||||||||||||
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 December 31, 2014 and 2013, 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 December 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 2014 and 2013, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions. | |||||||||||||||||||||||||
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 the Company operates generally provide for a deficiency assessment statute of limitation period of three years and as a result, the Company’s tax years 2011 and forward remain open to examination in those jurisdictions. | |||||||||||||||||||||||||
The Company contracts with a third-party qualified intermediary in order to maintain a like-kind exchange tax program. Under the program, dispositions of eligible trucks or trailers and acquisitions of replacement trucks or trailers are made in a form whereby any associated tax gains related to the disposal are deferred. To qualify for like-kind exchange treatment, we exchange, through our qualified intermediary, eligible trucks or trailers being disposed with trucks or trailers being acquired that allows us to generally carryover the tax basis of the trucks or trailers sold. The program is expected to result in a significant deferral of federal and state income taxes. Under the program, the proceeds from the sale of eligible trucks or trailers carry a Company-imposed restriction for the acquisition of replacement trucks or trailers. These proceeds may be disqualified under the program at any time and at the Company’s sole discretion; however, income tax deferral would not be available for any sale for which the Company disqualifies the related proceeds. At December 31, 2014, the Company had $8,496,000 of restricted cash held by the third-party qualified intermediary. At December 31, 2013, the Company had $623,000 of restricted cash held by the third-party qualified intermediary. Restricted cash is accounted for in “Accounts receivable-other”. |
Note_12_StockBased_Compensatio
Note 12 - Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | 12 | STOCK-BASED COMPENSATION | |||||||||||||||
The Company maintains a stock option plan under which incentive stock options, nonqualified stock options and other stock awards may be granted. On March 2, 2006, the Company’s Board of Director’s adopted, and stockholders later approved, the 2006 Stock Option Plan (the “2006 Plan”). Under the 2006 Plan 750,000 shares were 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 closing price of the Company’s common stock, on its primary exchange, on the same date that the option is granted. On March 13, 2014, the Company’s Board of Directors adopted and on May 29, 2014, our shareholders approved, the 2014 Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”) which replaced the 2006 Plan. The shares which remained reserved under the 2006 Plan were transferred to the 2014 Plan and are reserved for the issuance of stock awards to directors, officers, key employees, and others. Stock option exercise price under the 2014 Plan is the fair market value of the stock on the date the option is granted. The restricted stock purchase price under the 2014 Plan shall not be less than 85% of the fair market value of the Company’s common stock on the date the award is made. 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 or award is granted. | |||||||||||||||||
Outstanding nonqualified stock options at December 31, 2014, must be exercised within either five or ten years from the date of grant. Nonqualified stock options granted to members of the Company’s Board of Directors vest immediately while nonqualified stock options issued to employees vest in increments of 20% each year. | |||||||||||||||||
In November 2014, the Board of Directors granted 9,500 restricted shares of the Company’s stock to certain key employees. This restricted stock award has a grant date fair value of $42.65, based on the closing price of the Company’s stock on the date of grant, of which 20% of the award vested immediately and the remaining award vests in increments of 20% each year for the next four years. | |||||||||||||||||
In March 2014, 3,024 shares of common stock were granted to non-employee directors under the 2014 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. | |||||||||||||||||
In May 2012, the Company granted to certain key employees, 104,000 nonqualified stock options. The exercise price for these awards was fixed at the grant date and was equal to the fair market value of the stock on that date. These nonqualified stock options vest in increments of 20% each year. | |||||||||||||||||
In November 2010, the Company granted to certain key employees, 50,000 nonqualified stock options and 64,000 performance-based variable nonqualified stock options. The exercise price for these awards was fixed at the grant date and was equal to the fair market value of the stock on that date. The nonqualified stock options vest in increments of 20% each year. The performance-based nonqualified stock options were eligible to be earned in four quarterly installments and one annual installment with vesting to occur in increments of 20% each year for any options earned. In order to meet the performance criteria, certain quarterly and annual “operating ratio” results must have been achieved during 2011. During 2011, 4,442 performance-based variable nonqualified stock options were earned with vesting beginning during the third quarter of 2012. The remaining 59,558 performance-based variable nonqualified stock options expired as the related performance criteria was not met. | |||||||||||||||||
During 2014, there were no grants of nonqualified stock options. At December 31, 2014, 361,000 shares were available for granting future options or restricted stock. | |||||||||||||||||
The grant date fair value of stock and stock options vested during 2014, 2013 and 2012 was approximately $263,000, $346,000 and $268,000, respectively. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $270,000 during 2014 and includes approximately $60,000 recognized as a result of the grant of 504 shares of stock to each non-employee director during the first quarter of 2014 and approximately $94,000 recognized as a result of the grant of 9,500 shares of stock to certain key employees during the fourth quarter of 2014. The Company recognized a total income tax benefit of approximately $106,000 related to stock-based compensation expense during 2014. The recognition of stock-based compensation expense decreased diluted and basic income per common share by approximately $0.02 during 2014. As of December 31, 2014, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $541,000 which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $197,000 in additional compensation expense related to unvested option awards during 2015, $167,000 in additional compensation expense related to unvested option awards during 2016, $109,000 in additional compensation expense related to unvested option awards during 2017 and $68,000 in additional compensation expense related to unvested option awards during 2018. | |||||||||||||||||
Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $317,000 during 2013 and included approximately $179,000 recognized as a result of the annual grant of 5,000 stock options to each non-employee director during the first quarter of 2013. The Company recognized a total income tax benefit of approximately $123,000 related to stock-based compensation expense during 2013. The recognition of stock-based compensation expense decreased diluted earnings per common share and basic earnings per common share by approximately $0.02 and $0.03, respectively during 2013. At December 31, 2013, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $518,000. | |||||||||||||||||
Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $352,000 during 2012 and included approximately $199,000 recognized as a result of the annual grant of 5,000 stock options to each non-employee director during the first quarter of 2012. The Company recognized a total income tax benefit of approximately $139,000 related to stock-based compensation expense during 2012. The recognition of stock-based compensation expense decreased diluted and basic income per common share by approximately $0.02 during 2012. At December 31, 2012, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $749,000. | |||||||||||||||||
Transactions in stock options under these plans are summarized as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Under | Average | ||||||||||||||||
Option | Exercise Price | ||||||||||||||||
Outstanding—January 1, 2012: | 180,942 | $ | 16.5 | ||||||||||||||
Granted | 139,000 | 10.96 | |||||||||||||||
Exercised | (6,000 | ) | 9.04 | ||||||||||||||
Canceled | (78,500 | ) | 22.64 | ||||||||||||||
Outstanding—December 31, 2012: | 235,442 | $ | 11.38 | ||||||||||||||
Granted | 35,000 | 10.44 | |||||||||||||||
Exercised | (7,257 | ) | 10.94 | ||||||||||||||
Canceled | (99,087 | ) | 11.71 | ||||||||||||||
Outstanding—December 31, 2013: | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (77,708 | ) | 10.88 | ||||||||||||||
Canceled | (42 | ) | 11.22 | ||||||||||||||
Outstanding—December 31, 2014: | 86,348 | $ | 11.09 | ||||||||||||||
Options exercisable—December 31, 2014: | 38,239 | $ | 11.28 | ||||||||||||||
The fair value of the Company’s stock options was estimated at the date of grant using a Black-Scholes-Merton (“BSM”) option-pricing model using the following assumptions: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||
Volatility range | 62.69% | 57.88%—65.89% | |||||||||||||||
Risk-free rate range | 0.61% | 0.64%—1.09% | |||||||||||||||
Expected life (in years) | 4.30% | 4.2—6.5% | |||||||||||||||
Fair value of options (per share) | $5.13 | $5.54—6.06 | |||||||||||||||
There were no options granted during 2014. | |||||||||||||||||
The Company does not anticipate paying any additional 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 the Company’s option activity as of December 31, 2014, and changes during the year then ended is presented below: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||
Option | Exercise | Remaining | Value* | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(per share) | (in years) | ||||||||||||||||
Outstanding at January 1, 2014 | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (77,708 | ) | 10.88 | ||||||||||||||
Canceled/forfeited/expired | (42 | ) | 11.22 | ||||||||||||||
Outstanding at December 31, 2014 | 86,348 | $ | 11.09 | 5.3 | $ | 3,518,524 | |||||||||||
Fully vested and exercisable at December 31, 2014 | 38,239 | $ | 11.28 | 2.8 | $ | 1,551,088 | |||||||||||
___________________________ | |||||||||||||||||
* 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 December 31, 2014, was $51.84. | |||||||||||||||||
The weighted-average grant-date fair value of options granted during the years 2013 and 2012 was $5.13 and $5.96 per share, respectively. There were no options granted during 2014. The weighted-average grant-date fair value of options either canceled, forfeited, or expired during the years 2014, 2013 and 2012 was $6.34, $5.92 and $8.88 per share, respectively. | |||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012, was approximately $1,355,000, $53,000 and $15,000, respectively. | |||||||||||||||||
A summary of the status of the Company’s nonvested options and restricted stock as of December 31, 2014 and changes during the year ended December 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 | (19,905 | ) | 6.15 | ||||||||||||||
Nonvested at December 31, 2014 | 48,109 | $ | 6.1 | ||||||||||||||
Restricted Shares: | |||||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value (1) | |||||||||||||||||
Nonvested at January 1, 2014 | 9,500 | $ | 18.17 | ||||||||||||||
Granted | 12,524 | 37.15 | |||||||||||||||
Canceled/forfeited/expired | (9,500 | ) | 18.17 | ||||||||||||||
Vested | (4,924 | ) | 28.67 | ||||||||||||||
Nonvested at December 31, 2014 | 7,600 | $ | 42.65 | ||||||||||||||
-1 | The weighted-average grant date fair value was based on the closing price of the Company’s stock on the date of the grant. | ||||||||||||||||
The number, weighted average exercise price and weighted average remaining contractual life of options outstanding as of December 31, 2014 and the number and weighted average exercise price of options exercisable as of December 31, 2014 is as follows: | |||||||||||||||||
Exercise | Shares | Weighted- | Shares | ||||||||||||||
Price | Under | Average | Under | ||||||||||||||
Outstanding | Remaining | Exercisable | |||||||||||||||
Options | Contractual | Options | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
$10.44 | 15,000 | 3.2 | 15,000 | ||||||||||||||
$10.90 | 6,000 | 2.4 | 6,000 | ||||||||||||||
$10.90 | 41,400 | 7.4 | - | ||||||||||||||
$11.22 | 11,948 | 5.9 | 5,239 | ||||||||||||||
$11.54 | 4,000 | 2.2 | 4,000 | ||||||||||||||
$11.75 | 4,000 | 1.2 | 4,000 | ||||||||||||||
$14.32 | 4,000 | 0.2 | 4,000 | ||||||||||||||
86,348 | 5.3 | 38,239 | |||||||||||||||
Cash received from option exercises totaled approximately $846,000, $46,000 and $54,000 during the years ended December 31, 2014, 2013 and 2012, respectively. The Company issues new shares upon option exercise. |
Note_13_Earnings_Per_Share
Note 13 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 13 | EARNINGS PER SHARE | |||||||||||
Basic earnings per common share was computed by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share was calculated as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Net income | $ | 13,491 | $ | 5,915 | $ | 2,179 | |||||||
Basic weighted average common shares outstanding | 7,990 | 8,662 | 8,700 | ||||||||||
Dilutive effect of common stock equivalents | 44 | 20 | 2 | ||||||||||
Diluted weighted average common shares outstanding | 8,034 | 8,682 | 8,702 | ||||||||||
Basic earnings per share | $ | 1.69 | $ | 0.68 | $ | 0.25 | |||||||
Diluted earnings per share | $ | 1.68 | $ | 0.68 | $ | 0.25 | |||||||
Average options outstanding to purchase 14,915 and 227,199 shares of common stock for December 31, 2013 and 2012, respectively, were not included in the computation of diluted earnings per share because to do so would have an anti-dilutive effect. |
Note_14_Benefit_Plan
Note 14 - Benefit Plan | 12 Months Ended | |
Dec. 31, 2014 | ||
Compensation and Retirement Disclosure [Abstract] | ||
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14 | BENEFIT PLAN |
The Company sponsors a benefit plan for the benefit of all eligible employees. The plan qualifies under Section 401(k) of the Internal Revenue Code thereby allowing eligible employees to make tax-deductible contributions to the plan. The plan provides for employer matching contributions of 50% of each participant’s voluntary contribution up to 3% of the participant’s compensation and vests at the rate of 20% each year until fully vested after five years. Total employer matching contributions to the plan were approximately $162,000, $188,000 and $193,000 in 2014, 2013 and 2012, respectively. |
Note_15_Commitments_and_Contig
Note 15 - Commitments and Contigencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 15 | COMMITMENTS AND CONTINGENCIES | |||
Other than the lawsuit discussed below, the Company is not a party to any pending legal proceedings which management believes to be material to the Consolidated financial statements of the Company. The Company maintains liability insurance against risks arising out of the normal course of its business. | |||||
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 accrual damages, court costs, and legal fees. The Company has reached a preliminary settlement with the plaintiffs in the amount of $3,950,000 and accordingly, has reserved this amount, along with estimated settlement costs, in the accompanying 2014 consolidated financial statements. Should the settlement not be approved by the court, further negotiations may take place to reach a different settlement or the case may continue on to trial. Management has determined that any losses under this claim will not be covered by existing insurance policies. | |||||
During 2014, the Company’s subsidiaries entered into operating leases for the lease of 421 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. | |||||
Leases for revenue equipment and certain premises under non-cancellable operating leases expire at various dates through 2019. Future minimum lease payments related to these non-cancellable leases at December 31, 2014 are as follows: | |||||
(in thousands) | |||||
2015 | $ | 8,844 | |||
2016 | 8,915 | ||||
2017 | 5,238 | ||||
2018 | 206 | ||||
2019 and thereafter | 51 | ||||
Total | $ | 23,254 | |||
Total rental expense, net of amounts reimbursed for the years ended December 31, 2014, 2013 and 2012 was approximately $6,239,000, $1,572,000, and $1,555,000, respectively. |
Note_16_Fair_Value_of_Financia
Note 16 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 16 | 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 adopted guidance effective January 1, 2008 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 December 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 | $ | 24,895 | $ | 24,895 | - | - | |||||||||||
During 2014 and 2013, there were no transfers of marketable securities between levels of fair value measurement. | |||||||||||||||||
The Company’s investments in marketable equity securities are recorded at fair value based on quoted market prices. The carrying value of cash and cash equivalents, accounts receivable, trade 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 values and estimated fair values of this other long-term debt at December 31, 2014 and 2013 are summarized as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Long-term debt | $ | 95,201 | $ | 95,326 | $ | 110,469 | $ | 110,373 | |||||||||
The Company has not elected the fair value option for any of our financial instruments. |
Note_17_Related_Party_Transact
Note 17 - Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 17 | RELATED PARTY TRANSACTIONS |
In the normal course of business, transactions for transportation and repair services, property leases and other services are conducted between the Company and companies affiliated with a major stockholder. The Company recognized approximately $13,253,000, $10,350,000 and $3,298,000 in operating revenue and approximately $1,440,000, $1,303,000 and $1,313,000 in operating expenses in 2014, 2013 and 2012, respectively. In addition, also in the normal course of business, the Company sold tractors to an affiliated company owned by a major stockholder for approximately $750,000 during 2014. | ||
The Company purchased physical damage, auto liability, and general liability insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with a major stockholder. Premiums paid for physical damage coverage were approximately $2,597,000, $2,036,000 and $1,590,000 for 2014, 2013 and 2012, respectively. Premiums paid for auto liability coverage during 2014, 2013 and 2012 were approximately $9,464,000, $9,461,000 and $9,235,000, respectively. Premiums paid for general liability coverage during 2014, 2013 and 2012 were approximately $22,000 each year. Beginning in 2012, the Company secured coverage for workers’ compensation insurance under the same arrangement. Premiums paid for workers’ compensation coverage during 2014, 2013, and 2012 were approximately $267,000, $254,000 and $84,000, respectively. | ||
Amounts owed to the Company by these affiliates were approximately $2,598,000 and $3,852,000 at December 31, 2014 and 2013, respectively. Of the accounts receivable at December 31, 2014, approximately $2,544,000 represents freight transportation, approximately $42,000 represents revenue resulting from maintenance performed in the Company’s maintenance facilities and charges paid by the Company to third parties on behalf of their affiliate and charged back at the amount paid, and approximately $12,000 represents property lease charges. Amounts representing prepaid insurance premiums at December 31, 2014 were approximately $1,624,000. There were no amounts representing prepaid insurance premiums as of December 31, 2013. Amounts payable to affiliates at December 31, 2014 and 2013 were approximately $971,000 and $303,000 respectively. |
Note_18_Quarterly_Results_of_O
Note 18 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 18 | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
The tables below present quarterly financial information for 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Operating revenues | $ | 97,820 | $ | 104,343 | $ | 107,059 | $ | 101,715 | |||||||||
Operating expenses and costs | 94,975 | 95,754 | 98,609 | 98,589 | |||||||||||||
Operating income | 2,845 | 8,589 | 8,450 | 3,126 | |||||||||||||
Non-operating income | 272 | 259 | 594 | 974 | |||||||||||||
Interest expense | 862 | 743 | 632 | 660 | |||||||||||||
Income tax expense | 898 | 3,160 | 3,355 | 1,308 | |||||||||||||
Net income | $ | 1,357 | $ | 4,945 | $ | 5,057 | $ | 2,132 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.17 | $ | 0.62 | $ | 0.63 | $ | 0.27 | |||||||||
Diluted | $ | 0.17 | $ | 0.62 | $ | 0.63 | $ | 0.27 | |||||||||
Average common shares outstanding: | |||||||||||||||||
Basic | 7,985 | 7,992 | 7,993 | 7,988 | |||||||||||||
Diluted | 8,033 | 8,035 | 8,032 | 8,027 | |||||||||||||
2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Operating revenues | $ | 99,982 | $ | 104,408 | $ | 101,878 | $ | 96,545 | |||||||||
Operating expenses and costs | 100,234 | 99,402 | 97,194 | 94,477 | |||||||||||||
Operating income (loss) | (252 | ) | 5,006 | 4,684 | 2,068 | ||||||||||||
Non-operating income | 283 | 289 | 130 | 838 | |||||||||||||
Interest expense | 815 | 880 | 846 | 834 | |||||||||||||
Income tax expense (benefit) | (328 | ) | 1,733 | 1,575 | 776 | ||||||||||||
Net income (loss) | $ | (456 | ) | $ | 2,682 | $ | 2,393 | $ | 1,296 | ||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.31 | $ | 0.28 | $ | 0.15 | ||||||||
Diluted | $ | (0.05 | ) | $ | 0.31 | $ | 0.28 | $ | 0.15 | ||||||||
Average common shares outstanding: | |||||||||||||||||
Basic | 8,688 | 8,658 | 8,654 | 8,649 | |||||||||||||
Diluted | 8,688 | 8,659 | 8,663 | 8,683 | |||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Consolidation, Policy [Policy Text Block] | Description of Business and Principles of Consolidation–P.A.M. Transportation Services, Inc. (the “Company”), through its subsidiaries, operates as a truckload transportation and logistics company. | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned operating subsidiaries: P.A.M. Transport, Inc., P.A.M. Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Decker Transport Co., LLC, T.T.X., LLC, Transcend Logistics, Inc., and East Coast Transport and Logistics, LLC. The following subsidiaries were inactive during all periods presented: P.A.M. International, Inc., P.A.M. Logistics Services, Inc., Choctaw Brokerage, Inc., and S & L Logistics, Inc. | |||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates–The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent assets and liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. The Company periodically reviews these estimates and assumptions. The Company's estimates were based on its historical experience and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. | ||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents–The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. At times cash held at banks may exceed FDIC insured limits. | ||||
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts–Accounts receivable are presented in the Company’s consolidated financial statements net of an allowance for estimated uncollectible amounts. Management estimates this allowance based upon an evaluation of the aging of our customer receivables and historical write-offs, as well as other trends and factors surrounding the credit risk of specific customers. The Company continually updates the history it uses to make these estimates so as to reflect the most recent trends, factors and other information available. In order to gather information regarding these trends and factors, the Company also performs ongoing credit evaluations of its customers. Customer receivables are considered to be past due when payment has not been received by the invoice due date. Write-offs occur when management determines an account to be uncollectible and could differ from the allowance estimate as a result of a number of factors, including unanticipated changes in the overall economic environment or factors and risks surrounding a particular customer. Management believes its methodology for estimating the allowance for doubtful accounts to be reliable however, additional allowances may be required if the financial condition of our customers were to deteriorate, and could have a material effect on the Company’s consolidated financial statements in future periods. | ||||
Bank Overdrafts [Policy Text Block] | Bank Overdrafts–The Company classifies bank overdrafts in current liabilities as an accounts payable and does not offset other positive bank account balances located at the same or other financial institutions. Bank overdrafts generally represent checks written that have not yet cleared the Company’s bank accounts. The majority of the Company’s bank accounts are zero balance accounts that are funded at the time items clear against the account by drawings against a line of credit, therefore the outstanding checks represent bank overdrafts. Because the recipients of these checks have generally not yet received payment, the Company continues to classify bank overdrafts as accounts payable. Bank overdrafts are classified as changes in accounts payable in the cash flows from operating activities section of the Company’s Consolidated Statement of Cash Flows. There were no bank overdrafts as of December 31, 2014. Bank overdrafts as of December 31, 2013 were approximately $3,179,000. | ||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Other–The components of accounts receivable other consist primarily of amounts representing company driver advances, owner-operator advances, equipment manufacturer warranties, and restricted cash. Advances receivable from company drivers as of December 31, 2014 and 2013, were approximately $486,000 and $707,000, respectively. Restricted cash consists of cash proceeds from the sale of trucks and trailers under our like-kind exchange (“LKE”) tax program. See Note 11, “Federal and State Income Taxes,” for a discussion of the Company’s LKE tax program. We classify restricted cash as a current asset within “Accounts receivable-other” as the exchange process must be completed within 180 days in order to qualify for income tax deferral treatment. The changes in restricted cash balances are reflected as an investing activity in our Consolidated Statements of Cash Flows as they relate to the sales and purchases of revenue equipment. | ||||
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities–Marketable equity securities are classified by the Company as either available for sale or trading. Securities classified as available for sale are carried at market value with unrealized gains and losses recognized in accumulated other comprehensive income in the statements of stockholders’ equity. Securities classified as trading are carried at market value with unrealized gains and losses recognized in the statements of operations. Realized gains and losses are computed utilizing the specific identification method. | ||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets–The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable, and it exceeds its fair value. For long-lived assets classified as held and used, if the carrying value of the long-lived asset exceeds the sum of the future net undiscounted cash flows, it is not recoverable. | ||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment–Property and equipment is recorded at historical cost, less accumulated depreciation. For financial reporting purposes, the cost of such property is depreciated principally by the straight-line method. For tax reporting purposes, accelerated depreciation or applicable cost recovery methods are used. Depreciation is recognized over the estimated asset life, considering the estimated salvage value of the asset. Such salvage values are based on estimates using expected market values for used equipment and the estimated time of disposal which, in many cases include guaranteed residual values by the manufacturers. Gains and losses are reflected in the year of disposal. The following is a table reflecting estimated ranges of asset useful lives by major class of depreciable assets: | ||||
Asset Class | Estimated Asset Life | ||||
(in years) | |||||
Service vehicles | 5-Mar | ||||
Office furniture and equipment | 7-Mar | ||||
Revenue equipment | 12-Mar | ||||
Structure and improvements | May-40 | ||||
The Company’s management periodically evaluates whether changes to estimated useful lives and/or salvage values are necessary to ensure its estimates accurately reflect the economic use of the assets. During 2014, management determined that an adjustment to the estimated useful lives or salvage values of trucks or trailers was not necessary based on such an evaluation. | |||||
During 2013, management adjusted the estimated useful lives and salvage values of certain trucks based on such an evaluation. These changes resulted in a decrease in depreciation expense of approximately $550,000 during 2013. This reduction in depreciation expense increased the Company’s 2013 reported net income by approximately $340,000 ($0.04 per diluted share). | |||||
During 2012, management adjusted the estimated useful lives and salvage values of certain trucks based on such an evaluation. These changes resulted in a decrease in depreciation expense of approximately $450,000 during 2012. This reduction in depreciation expense increased the Company’s 2012 reported net income by approximately $300,000 ($0.03 per diluted share). | |||||
Prepaid Tires [Policy Tex tBlock] | Prepaid Tires–Tires purchased with revenue equipment are capitalized as a cost of the related equipment. Replacement tires are included in prepaid expenses and deposits and are amortized over a 24-month period. Amounts paid for the recapping of tires are expensed when incurred. | ||||
Advertising Costs, Policy [Policy Text Block] | Advertising Expense–Advertising costs are expensed as incurred and totaled approximately $683,000, $662,000 and $685,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Maintenance Cost, Policy [Policy Text Block] | Repairs and Maintenance–Repairs and maintenance costs are expensed as incurred. | ||||
Self Insurance Liability [Policy Text Block] | Self-Insurance Liability–A liability is recognized for known health, workers’ compensation, cargo damage, property damage and auto liability damage claims. An estimate of the incurred but not reported claims for each type of liability is made based on historical claims made, estimated frequency of occurrence, and considering changing factors that contribute to the overall cost of insurance. | ||||
Income Tax, Policy [Policy Text Block] | Income Taxes–The Company applies the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||
The application of income tax law to multi-jurisdictional operations such as those performed by the Company, are inherently complex. Laws and regulations in this area are voluminous and often ambiguous. As such, we may be required to make subjective assumptions and judgments regarding our income tax exposures. Interpretations of and guidance surrounding income tax laws and regulations may change over time which could cause changes in our assumptions and judgments that could materially affect amounts recognized in the consolidated financial statements. | |||||
We recognize the impact of tax positions in our financial statements. These tax positions must meet a more-likely-than-not recognition threshold to be recognized and tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. We recognize potential accrued interest and penalties related to unrecognized tax benefits within the consolidated statements of income as income tax expense. | |||||
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 December 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. | |||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition–Revenue is recognized in full upon completion of delivery to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | ||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation–The Company estimates the fair value of stock option awards on the option grant date using the Black-Scholes pricing model and recognizes compensation for stock option awards expected to vest on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated at grant date based on historical experience. For additional information with respect to share-based compensation, see Note 12 to our consolidated financial statements. | ||||
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share–The Company computes basic earnings per share (“EPS”) by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the potential dilution that could occur from stock-based awards and other stock-based commitments using the treasury stock or the as if converted methods, as applicable. The difference between the Company's weighted-average shares outstanding and diluted shares outstanding is due to the dilutive effect of stock options for all periods presented. See Note 13 for computation of diluted EPS. | ||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements–Certain financial assets and liabilities are measured at fair value within the financial statements on a recurring basis. Fair value is defined 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. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. For additional information with respect to fair value measurements, see Note 16 to our consolidated financial statements. | ||||
Segment Reporting, Policy [Policy Text Block] | Reporting Segments–The Company's operations are all in the motor carrier segment and are aggregated into a single reporting segment in accordance with the aggregation criteria under Generally Accepted Accounting Principles (“GAAP”). The Company provides truckload transportation services as well as brokerage and logistics services to customers throughout the United States and portions of Canada and Mexico. Truckload transportation services revenues, excluding fuel surcharges, represented 92.5%, 92.6% and 91.8% of total revenues, excluding fuel surcharges, for the twelve months ended December 31, 2014, 2013 and 2012, respectively. Remaining revenues, excluding fuel surcharges, for each respective year were generated by brokerage and logistics services. | ||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk–The Company performs ongoing credit evaluations and generally does not require collateral from its customers. The Company maintains reserves for potential credit losses. In view of the concentration of the Company’s revenues and accounts receivable among a limited number of customers within the automobile industry, the financial health of this industry is a factor in the Company’s overall evaluation of accounts receivable. | ||||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events–We have 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. | ||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions– The functional currency of the Company’s foreign branch office in Mexico is the U.S. dollar. The Company remeasures the monetary assets and liabilities of this branch office, which are maintained in the local currency ledgers, at the rates of exchange in effect at the end of the reporting period. Revenues and expenses recorded in the local currency during the period are remeasured using average exchange rates for each period. Non-monetary assets and liabilities are remeasured using historical rates. Any resulting exchange gain or loss from the remeasurement process are included in non-operating income in the Company’s consolidated statements of operations. | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements– In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 (“ASU 2014-08”), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results and is disposed of or classified as held for sale. The standard also introduces several new disclosures. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The adoption of this guidance had no impact on the Company’s financial condition, results of operations, or cash flows. | ||||
In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), Revenue from Contracts with Customers. The objective of ASU 2014-19 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The adoption of this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. | |||||
In June 2014, the FASB issued ASU 2014-12, (“SSU 2014-12”), Stock Compensation - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in this update require performance targets that could be achieved after the requisite service period be treated as performance conditions that affect the vesting of the award. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. |
Note_1_Accounting_Policies_Tab
Note 1 - Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Property, Plant and Equipment [Table Text Block] | Asset Class | Estimated Asset Life | |||
(in years) | |||||
Service vehicles | 5-Mar | ||||
Office furniture and equipment | 7-Mar | ||||
Revenue equipment | 12-Mar | ||||
Structure and improvements | May-40 |
Note_2_Trade_Accounts_Receivab1
Note 2 - Trade Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2014 | 2013 | |||||||||||
(in thousands) | |||||||||||||
Billed | $ | 49,302 | $ | 50,168 | |||||||||
Unbilled | 5,292 | 9,793 | |||||||||||
Allowance for doubtful accounts | (1,611 | ) | (1,477 | ) | |||||||||
Total accounts receivable—net | $ | 52,983 | $ | 58,484 | |||||||||
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||
(in thousands) | |||||||||||||
Balance—beginning of year | $ | 1,477 | $ | 1,157 | $ | 2,074 | |||||||
Provision for bad debts | 456 | 424 | 191 | ||||||||||
Charge-offs | (322 | ) | (104 | ) | (1,108 | ) | |||||||
Balance—end of year | $ | 1,611 | $ | 1,477 | $ | 1,157 |
Note_3_Marketable_Equity_Secur1
Note 3 - Marketable Equity Securities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Marketable Securities [Table Text Block] | 2014 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Fair market value | $ | 24,592 | $ | 20,810 | |||||||||||||
Cost | 14,272 | 10,881 | |||||||||||||||
Unrealized gain | $ | 10,320 | $ | 9,929 | |||||||||||||
Trading securities | |||||||||||||||||
Fair market value | $ | 303 | $ | 165 | |||||||||||||
Cost | 157 | 157 | |||||||||||||||
Unrealized gain | $ | 146 | $ | 8 | |||||||||||||
Total | |||||||||||||||||
Fair market value | $ | 24,895 | $ | 20,975 | |||||||||||||
Cost | 14,429 | 11,038 | |||||||||||||||
Unrealized gain | $ | 10,466 | $ | 9,937 | |||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | 2014 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Available-for-sale securities | |||||||||||||||||
Gross unrealized gains | $ | 10,710 | $ | 9,946 | |||||||||||||
Gross unrealized losses | 390 | 17 | |||||||||||||||
Net unrealized gains | $ | 10,320 | $ | 9,929 | |||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Trading securities | |||||||||||||||||
Recognized gain (loss) at beginning of period | $ | 8 | $ | (26 | ) | $ | (16 | ) | |||||||||
Recognized gain (loss) at end of period | 146 | 8 | (26 | ) | |||||||||||||
Change in net recognized gain (loss) | $ | 138 | $ | 34 | $ | (10 | ) | ||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Realized gains | |||||||||||||||||
Sale proceeds | $ | 1,720 | $ | 857 | $ | 4,554 | |||||||||||
Cost of securities sold | 818 | 290 | 2,183 | ||||||||||||||
Realized gains | $ | 902 | $ | 567 | $ | 2,371 | |||||||||||
Realized gains, net of taxes | $ | 546 | $ | 346 | $ | 1,437 | |||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | 2014 | 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Fair Value | Losses | Fair Value | Losses | ||||||||||||||
Equity securities – Available for sale | $ | 3,961 | $ | 390 | $ | 397 | $ | 17 | |||||||||
Equity securities – Trading | - | - | - | - | |||||||||||||
Totals | $ | 3,961 | $ | 390 | $ | 397 | $ | 17 |
Note_4_Accrued_Expenses_and_Ot1
Note 4 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Payroll | $ | 1,954 | $ | 3,252 | |||||
Accrued vacation | 1,687 | 1,766 | |||||||
Taxes—other than income | 2,309 | 2,232 | |||||||
Interest | 61 | 110 | |||||||
Driver escrows | 1,584 | 1,395 | |||||||
Margin account borrowings | 11,723 | 10,017 | |||||||
Self-insurance claims | 7,975 | 3,730 | |||||||
Deferred equipment gain – current portion | 224 | - | |||||||
Total accrued expenses and other liabilities | $ | 27,517 | $ | 22,502 |
Note_6_Longterm_Debt_Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | |||||||
(in thousands) | |||||||||
Line of credit with a bank—due July 1, 2016, and collateralized by accounts receivable (1) | $ | - | $ | - | |||||
Equipment financing (2) | 95,201 | 110,469 | |||||||
Total long-term debt | 95,201 | 110,469 | |||||||
Less current maturities | (42,908 | ) | (40,103 | ) | |||||
Long-term debt—net of current maturities | $ | 52,293 | $ | 70,366 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) | ||||||||
2015 | $ | 42,908 | |||||||
2016 | 26,779 | ||||||||
2017 | 9,995 | ||||||||
2018 | 9,363 | ||||||||
2019 | 6,156 | ||||||||
Total | $ | 95,201 |
Note_8_Comprehensive_Income_Lo1
Note 8 - Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains and | |||||||||
losses on available-for-sale | ||||||||||
securities | ||||||||||
(in thousands) | ||||||||||
Balance at January 1, 2013, net of tax of $2,592 | $ | 4,235 | ||||||||
Other comprehensive income before reclassifications, net of tax of $1,298 | 2,122 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $(120) | (197 | ) | ||||||||
Net other comprehensive income | 1,925 | |||||||||
Balance at December 31, 2013, net of tax of $3,770 | 6,160 | |||||||||
Other comprehensive income before reclassifications, net of tax of $533 | 871 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax of $(385) | (629 | ) | ||||||||
Net other comprehensive income | 242 | |||||||||
Balance at December 31, 2014, net of tax of $3,918 | $ | 6,402 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other | Amounts Reclassified from | Statement of Operations | |||||||
Accumulated Other | ||||||||||
Comprehensive Income | ||||||||||
(a) | ||||||||||
Comprehensive Income Component | 2014 | 2013 | Classification | |||||||
(in thousands) | ||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||
Realized gain on sale of securities | $ | 1,015 | $ | 346 | Non-operating income | |||||
Impairment expense | (1 | ) | (29 | ) | Non-operating income | |||||
Total before tax | 1,014 | 317 | Income before income taxes | |||||||
Tax expense | (385 | ) | (120 | ) | Income tax expense | |||||
Total after tax | $ | 629 | $ | 197 | Net income |
Note_11_Federal_and_State_Inco1
Note 11 - Federal and State Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Current | Long-Term | Current | Long-Term | ||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Property and equipment | $ | - | $ | 64,341 | $ | - | $ | 73,099 | |||||||||||||||||
Unrealized gains on securities | 3,918 | - | 3,769 | - | |||||||||||||||||||||
Prepaid expenses and other | 3,837 | - | 2,498 | - | |||||||||||||||||||||
Total deferred tax liabilities | 7,755 | 64,341 | 6,267 | 73,099 | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for doubtful accounts | 612 | - | 561 | - | |||||||||||||||||||||
Alternative minimum tax credit carryforward | - | 1,206 | - | 318 | |||||||||||||||||||||
QAFMV tax credit carryforward | - | 864 | - | 864 | |||||||||||||||||||||
New hire tax credit | - | 124 | - | 124 | |||||||||||||||||||||
Compensated absences | 564 | - | 594 | - | |||||||||||||||||||||
Self-insurance allowances | 2,592 | - | 1,027 | - | |||||||||||||||||||||
Share-based compensation | - | 579 | - | 702 | |||||||||||||||||||||
Goodwill | - | 28 | - | 37 | |||||||||||||||||||||
Marketable equity securities | 686 | - | 767 | - | |||||||||||||||||||||
Net operating loss carryover | - | 4,392 | - | 21,255 | |||||||||||||||||||||
Capital loss carryover | 339 | - | 667 | - | |||||||||||||||||||||
Non-competition agreement | - | 23 | - | 30 | |||||||||||||||||||||
Other | 11 | - | - | 5 | |||||||||||||||||||||
Total deferred tax assets | 4,804 | 7,216 | 3,616 | 23,335 | |||||||||||||||||||||
Net deferred tax liability | $ | 2,951 | $ | 57,125 | $ | 2,651 | $ | 49,764 | |||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||
Income tax at the statutory federal rate | $ | 7,552 | 34 | $ | 3,288 | 34 | $ | 1,222 | 34 | ||||||||||||||||
Nondeductible expenses | 154 | 0.7 | 127 | 1.3 | 138 | 3.8 | |||||||||||||||||||
State income taxes/other—net of federal benefit | 1,015 | 4.6 | 341 | 3.6 | 56 | 1.6 | |||||||||||||||||||
Total income tax expense | $ | 8,721 | 39.3 | $ | 3,756 | 38.9 | $ | 1,416 | 39.4 | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 814 | $ | 124 | $ | - | |||||||||||||||||||
State | 395 | 35 | 51 | ||||||||||||||||||||||
1,209 | 159 | 51 | |||||||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 6,111 | 2,909 | 1,166 | ||||||||||||||||||||||
State | 1,401 | 688 | 199 | ||||||||||||||||||||||
7,512 | 3,597 | 1,365 | |||||||||||||||||||||||
Total income tax expense | $ | 8,721 | $ | 3,756 | $ | 1,416 |
Note_12_StockBased_Compensatio1
Note 12 - Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares | Weighted- | |||||||||||||||
Under | Average | ||||||||||||||||
Option | Exercise Price | ||||||||||||||||
Outstanding—January 1, 2012: | 180,942 | $ | 16.5 | ||||||||||||||
Granted | 139,000 | 10.96 | |||||||||||||||
Exercised | (6,000 | ) | 9.04 | ||||||||||||||
Canceled | (78,500 | ) | 22.64 | ||||||||||||||
Outstanding—December 31, 2012: | 235,442 | $ | 11.38 | ||||||||||||||
Granted | 35,000 | 10.44 | |||||||||||||||
Exercised | (7,257 | ) | 10.94 | ||||||||||||||
Canceled | (99,087 | ) | 11.71 | ||||||||||||||
Outstanding—December 31, 2013: | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (77,708 | ) | 10.88 | ||||||||||||||
Canceled | (42 | ) | 11.22 | ||||||||||||||
Outstanding—December 31, 2014: | 86,348 | $ | 11.09 | ||||||||||||||
Options exercisable—December 31, 2014: | 38,239 | $ | 11.28 | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2013 | 2012 | |||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||
Volatility range | 62.69% | 57.88%—65.89% | |||||||||||||||
Risk-free rate range | 0.61% | 0.64%—1.09% | |||||||||||||||
Expected life (in years) | 4.30% | 4.2—6.5% | |||||||||||||||
Fair value of options (per share) | $5.13 | $5.54—6.06 | |||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||
Option | Exercise | Remaining | Value* | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(per share) | (in years) | ||||||||||||||||
Outstanding at January 1, 2014 | 164,098 | $ | 10.99 | ||||||||||||||
Granted | - | - | |||||||||||||||
Exercised | (77,708 | ) | 10.88 | ||||||||||||||
Canceled/forfeited/expired | (42 | ) | 11.22 | ||||||||||||||
Outstanding at December 31, 2014 | 86,348 | $ | 11.09 | 5.3 | $ | 3,518,524 | |||||||||||
Fully vested and exercisable at December 31, 2014 | 38,239 | $ | 11.28 | 2.8 | $ | 1,551,088 | |||||||||||
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 | (19,905 | ) | 6.15 | ||||||||||||||
Nonvested at December 31, 2014 | 48,109 | $ | 6.1 | ||||||||||||||
Number of | Weighted- | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value (1) | |||||||||||||||||
Nonvested at January 1, 2014 | 9,500 | $ | 18.17 | ||||||||||||||
Granted | 12,524 | 37.15 | |||||||||||||||
Canceled/forfeited/expired | (9,500 | ) | 18.17 | ||||||||||||||
Vested | (4,924 | ) | 28.67 | ||||||||||||||
Nonvested at December 31, 2014 | 7,600 | $ | 42.65 | ||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Exercise | Shares | Weighted- | Shares | |||||||||||||
Price | Under | Average | Under | ||||||||||||||
Outstanding | Remaining | Exercisable | |||||||||||||||
Options | Contractual | Options | |||||||||||||||
Term | |||||||||||||||||
(in years) | |||||||||||||||||
$10.44 | 15,000 | 3.2 | 15,000 | ||||||||||||||
$10.90 | 6,000 | 2.4 | 6,000 | ||||||||||||||
$10.90 | 41,400 | 7.4 | - | ||||||||||||||
$11.22 | 11,948 | 5.9 | 5,239 | ||||||||||||||
$11.54 | 4,000 | 2.2 | 4,000 | ||||||||||||||
$11.75 | 4,000 | 1.2 | 4,000 | ||||||||||||||
$14.32 | 4,000 | 0.2 | 4,000 | ||||||||||||||
86,348 | 5.3 | 38,239 |
Note_13_Earnings_Per_Share_Tab
Note 13 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Net income | $ | 13,491 | $ | 5,915 | $ | 2,179 | |||||||
Basic weighted average common shares outstanding | 7,990 | 8,662 | 8,700 | ||||||||||
Dilutive effect of common stock equivalents | 44 | 20 | 2 | ||||||||||
Diluted weighted average common shares outstanding | 8,034 | 8,682 | 8,702 | ||||||||||
Basic earnings per share | $ | 1.69 | $ | 0.68 | $ | 0.25 | |||||||
Diluted earnings per share | $ | 1.68 | $ | 0.68 | $ | 0.25 |
Note_15_Commitments_and_Contig1
Note 15 - Commitments and Contigencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) | ||||
2015 | $ | 8,844 | |||
2016 | 8,915 | ||||
2017 | 5,238 | ||||
2018 | 206 | ||||
2019 and thereafter | 51 | ||||
Total | $ | 23,254 |
Note_16_Fair_Value_of_Financia1
Note 16 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 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 | $ | 24,895 | $ | 24,895 | - | - | |||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2014 | 2013 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Long-term debt | $ | 95,201 | $ | 95,326 | $ | 110,469 | $ | 110,373 |
Note_18_Quarterly_Results_of_O1
Note 18 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | ||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Operating revenues | $ | 97,820 | $ | 104,343 | $ | 107,059 | $ | 101,715 | |||||||||
Operating expenses and costs | 94,975 | 95,754 | 98,609 | 98,589 | |||||||||||||
Operating income | 2,845 | 8,589 | 8,450 | 3,126 | |||||||||||||
Non-operating income | 272 | 259 | 594 | 974 | |||||||||||||
Interest expense | 862 | 743 | 632 | 660 | |||||||||||||
Income tax expense | 898 | 3,160 | 3,355 | 1,308 | |||||||||||||
Net income | $ | 1,357 | $ | 4,945 | $ | 5,057 | $ | 2,132 | |||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.17 | $ | 0.62 | $ | 0.63 | $ | 0.27 | |||||||||
Diluted | $ | 0.17 | $ | 0.62 | $ | 0.63 | $ | 0.27 | |||||||||
Average common shares outstanding: | |||||||||||||||||
Basic | 7,985 | 7,992 | 7,993 | 7,988 | |||||||||||||
Diluted | 8,033 | 8,035 | 8,032 | 8,027 | |||||||||||||
2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Operating revenues | $ | 99,982 | $ | 104,408 | $ | 101,878 | $ | 96,545 | |||||||||
Operating expenses and costs | 100,234 | 99,402 | 97,194 | 94,477 | |||||||||||||
Operating income (loss) | (252 | ) | 5,006 | 4,684 | 2,068 | ||||||||||||
Non-operating income | 283 | 289 | 130 | 838 | |||||||||||||
Interest expense | 815 | 880 | 846 | 834 | |||||||||||||
Income tax expense (benefit) | (328 | ) | 1,733 | 1,575 | 776 | ||||||||||||
Net income (loss) | $ | (456 | ) | $ | 2,682 | $ | 2,393 | $ | 1,296 | ||||||||
Net income (loss) per common share: | |||||||||||||||||
Basic | $ | (0.05 | ) | $ | 0.31 | $ | 0.28 | $ | 0.15 | ||||||||
Diluted | $ | (0.05 | ) | $ | 0.31 | $ | 0.28 | $ | 0.15 | ||||||||
Average common shares outstanding: | |||||||||||||||||
Basic | 8,688 | 8,658 | 8,654 | 8,649 | |||||||||||||
Diluted | 8,688 | 8,659 | 8,663 | 8,683 |
Note_1_Accounting_Policies_Det
Note 1 - Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 1 - Accounting Policies (Details) [Line Items] | |||
Bank Overdrafts | $0 | $3,179,000 | |
Due from Employees, Current | 486,000 | 707,000 | |
Decrease in Depreciation Expense as Result of Adjustments to Estimated Lives and Salvage Values | 550,000 | 450,000 | |
Increase Decrease in Net Income Loss as Result of Adjustments to Estimated Lives and Salvage Values | 340,000 | 300,000 | |
Increase Decrease in Net Income Loss Per Share as Result of Adjustments to Estimated Lives and Salvage Values | 0.04 | 0.03 | |
Period for Amortizing Prepaid Tires | 24 months | ||
Advertising Expense | $683,000 | $662,000 | $685,000 |
Truckload Services [Member] | Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | |||
Note 1 - Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 92.50% | 92.60% | 91.80% |
Note_1_Accounting_Policies_Det1
Note 1 - Accounting Policies (Details) - Useful Lives of Property and Equipment | 12 Months Ended |
Dec. 31, 2014 | |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 12 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment | 40 years |
Note_2_Trade_Accounts_Receivab2
Note 2 - Trade Accounts Receivable (Details) - Accounts Receivable Balances (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts Receivable Balances [Abstract] | ||||
Billed | $49,302 | $50,168 | ||
Unbilled | 5,292 | 9,793 | ||
Allowance for doubtful accounts | -1,611 | -1,477 | -1,157 | -2,074 |
Total accounts receivablebnet | $52,983 | $58,484 |
Note_2_Trade_Accounts_Receivab3
Note 2 - Trade Accounts Receivable (Details) - Changes in Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Allowance for Doubtful Accounts [Abstract] | |||
Balancebbeginning of year | $1,477 | $1,157 | $2,074 |
Provision for bad debts | 456 | 424 | 191 |
Charge-offs | -322 | -104 | -1,108 |
Balancebend of year | $1,611 | $1,477 | $1,157 |
Note_3_Marketable_Equity_Secur2
Note 3 - Marketable Equity Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 3 - Marketable Equity Securities (Details) [Line Items] | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $1,000 | $29,000 | $70,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,402,000 | 6,160,000 | |
Available For Sale Securities Net Unrealized Holding Gain Loss Net Of Tax | 237,000 | 1,897,000 | |
Investment Income, Dividend | 896,000 | 781,000 | 838,000 |
Trading Securities, Accumulated Gross Recognized Gain | 146,000 | 8,000 | |
Trading Securities, Accumulated Gross Recognized Loss | 0 | 0 | |
Marketable Securities, Reclassification | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Trading Securities Pledged as Collateral | 11,723,000 | 10,017,000 | |
Available-for-sale Securities [Member] | |||
Note 3 - Marketable Equity Securities (Details) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $6,402,000 | $6,160,000 | |
Margin Account Borrowings [Member] | |||
Note 3 - Marketable Equity Securities (Details) [Line Items] | |||
Debt, Weighted Average Interest Rate | 0.76% | 0.76% |
Note_3_Marketable_Equity_Secur3
Note 3 - Marketable Equity Securities (Details) - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale securities | ||
Fair market value | $24,592 | $20,810 |
Cost | 14,272 | 10,881 |
Unrealized gain | 10,320 | 9,929 |
Trading securities | ||
Fair market value | 303 | 165 |
Cost | 157 | 157 |
Unrealized gain | 146 | 8 |
Total | ||
Fair market value | 24,895 | 20,975 |
Cost | 14,429 | 11,038 |
Unrealized gain | $10,466 | $9,937 |
Note_3_Marketable_Equity_Secur4
Note 3 - Marketable Equity Securities (Details) - Unrealized Gains and Losses on Marketable Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale securities | ||
Gross unrealized gains | $10,710 | $9,946 |
Gross unrealized losses | 390 | 17 |
Net unrealized gains | $10,320 | $9,929 |
Note_3_Marketable_Equity_Secur5
Note 3 - Marketable Equity Securities (Details) - Recognized Gains (Losses) in Market Value for Securities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trading securities | |||
Recognized gain (loss) | $8 | ($26) | ($16) |
Change in net recognized gain (loss) | 138 | 34 | -10 |
Recognized gain (loss) | $146 | $8 | ($26) |
Note_3_Marketable_Equity_Secur6
Note 3 - Marketable Equity Securities (Details) - Realized Gains on Available for Sale Securities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Realized gains | |||
Sale proceeds | $1,720 | $857 | $4,554 |
Cost of securities sold | 818 | 290 | 2,183 |
Realized gains | 902 | 567 | 2,371 |
Realized gains, net of taxes | $546 | $346 | $1,437 |
Note_3_Marketable_Equity_Secur7
Note 3 - Marketable Equity Securities (Details) - Approximate Gross Unrealized Losses and Fair Value of Securities in a Loss Position (Equity Securities [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Equity Securities [Member] | ||
Note 3 - 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 | $3,961 | $397 |
Equity securities b Available for sale | 390 | 17 |
Totals | 3,961 | 397 |
Totals | $390 | $17 |
Note_4_Accrued_Expenses_and_Ot2
Note 4 - Accrued Expenses and Other Liabilities (Details) - Accrued Expenses and Other Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Liabilities [Abstract] | ||
Payroll | $1,954 | $3,252 |
Accrued vacation | 1,687 | 1,766 |
Taxesbother than income | 2,309 | 2,232 |
Interest | 61 | 110 |
Driver escrows | 1,584 | 1,395 |
Margin account borrowings | 11,723 | 10,017 |
Self-insurance claims | 7,975 | 3,730 |
Deferred equipment gain b current portion | 224 | |
Total accrued expenses and other liabilities | $27,517 | $22,502 |
Note_5_Claims_Liabilities_Deta
Note 5 - Claims Liabilities (Details) (USD $) | Dec. 31, 2014 | Oct. 02, 2013 |
Note 5 - Claims Liabilities (Details) [Line Items] | ||
Workers Compensation Self Insured Retention | $500,000 | |
Workers Compensation Per Occurrence Excess Policy | 500,000 | |
Letters of Credit Outstanding, Amount | 1,101,000 | |
Certificates of Deposit, at Carrying Value | 300,000 | |
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | 325,000 | |
Truck Coverage [Member] | ||
Note 5 - Claims Liabilities (Details) [Line Items] | ||
Per Occurrence Deductibles | 7,500 | |
Trailers [Member] | ||
Note 5 - Claims Liabilities (Details) [Line Items] | ||
Per Occurrence Deductibles | 2,500 | |
Cargo Loss Coverage [Member] | ||
Note 5 - Claims Liabilities (Details) [Line Items] | ||
Per Occurrence Deductibles | 10,000 | |
Auto Liability [Member] | ||
Note 5 - Claims Liabilities (Details) [Line Items] | ||
Per Occurrence Deductibles | $2,500 |
Note_6_Longterm_Debt_Details
Note 6 - Long-term Debt (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Note 6 - Long-term Debt (Details) [Line Items] | |
Line of Credit Facility, Interest Rate at Period End | 1.65% |
Letters of Credit Outstanding, Amount (in Dollars) | 1,101,000 |
Equipment Financing [Member] | Line of Credit [Member] | |
Note 6 - Long-term Debt (Details) [Line Items] | |
Long-term Debt, Weighted Average Interest Rate | 2.66% |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Note 6 - Long-term Debt (Details) [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Line of Credit [Member] | |
Note 6 - Long-term Debt (Details) [Line Items] | |
Debt Instrument, Face Amount (in Dollars) | 40,000,000 |
Ratio of Indebtedness to Net Capital | 3 |
Note_6_Longterm_Debt_Details_S
Note 6 - Long-term Debt (Details) - Summary of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $95,201 | $110,469 |
Less current maturities | -42,908 | -40,103 |
Long-term debtbnet of current maturities | 52,293 | 70,366 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $95,201 | $110,469 |
Note_6_Longterm_Debt_Details_A
Note 6 - Long-term Debt (Details) - Annual Maturities on Long-term Debt Outstanding (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Annual Maturities on Long-term Debt Outstanding [Abstract] | ||
2015 | $42,908 | |
2016 | 26,779 | |
2017 | 9,995 | |
2018 | 9,363 | |
2019 | 6,156 | |
Total | $95,201 | $110,469 |
Note_7_Capital_Stock_Details
Note 7 - Capital Stock (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 30, 2014 | Dec. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2011 | 31-May-14 | |
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | 40,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | 0.01 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | 0.01 | ||||||
Common Stock, Shares, Issued | 11,474,096 | 11,391,464 | 11,474,096 | ||||||
Common Stock, Shares, Outstanding | 7,423,115 | 7,983,539 | 7,423,115 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $30,810,000 | $14,452,000 | |||||||
Treasury Stock, Shares | 4,050,981 | 3,407,925 | 4,050,981 | ||||||
Treasury Stock, Value (in Dollars) | 82,501,000 | 51,691,000 | 82,501,000 | ||||||
November2014Member | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 640,000 | ||||||||
Minimum [Member] | The 2014 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $46 | ||||||||
Minimum [Member] | The 2013 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $19 | ||||||||
Maximum [Member] | The 2014 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $50 | ||||||||
Maximum [Member] | The 2013 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $21 | ||||||||
The 2014 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Stock Repurchase Program, Additional Shares Authroized to Be Repurchased, Percent of Outstanding Shares, Percent | 2.00% | ||||||||
Stock Repurchase Program, Additional Shares Authorized to Be Repurchased, Percent of Outstanding Shares, Shares | 160,000 | ||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $50 | ||||||||
Treasury Stock, Shares, Acquired | 571,865 | ||||||||
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | 28,700,000 | ||||||||
The 2013 Tender Offer [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 600,000 | ||||||||
Stock Repurchase Program, Additional Shares Authroized to Be Repurchased, Percent of Outstanding Shares, Percent | 2.00% | ||||||||
Stock Repurchase Program, Additional Shares Authorized to Be Repurchased, Percent of Outstanding Shares, Shares | 173,000 | ||||||||
Treasury Stock Acquired Cost Per Share (in Dollars per share) | $20.50 | ||||||||
Treasury Stock, Shares, Acquired | 675,000 | ||||||||
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $13,900,000 | ||||||||
September 2011 Reauthorization [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||||||||
Treasury Stock, Shares, Acquired | 33,341 | ||||||||
September 2011 Authorization [Member] | |||||||||
Note 7 - Capital Stock (Details) [Line Items] | |||||||||
Treasury Stock, Shares, Acquired | 37,850 | 50,325 | 224,000 |
Note_8_Comprehensive_Income_Lo2
Note 8 - Comprehensive Income (Loss) (Details) - Comprehensive Income (Loss) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $6,160,000 | |||
Net other comprehensive income | 242,000 | 1,925,000 | -470,000 | |
Balance | 6,402,000 | 6,160,000 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 6,160,000 | 4,235,000 | ||
Net other comprehensive income | 242,000 | 1,925,000 | ||
Other comprehensive income before reclassifications | 871,000 | 2,122,000 | ||
Amounts reclassified from accumulated other comprehensive income | -629,000 | -197,000 | ||
Balance | $6,402,000 |
Note_8_Comprehensive_Income_Lo3
Note 8 - Comprehensive Income (Loss) (Details) - Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Balance, tax | $1,308 | $3,355 | $3,160 | $898 | $776 | $1,575 | $1,733 | ($328) | $8,721 | $3,756 | $1,416 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Before Reclassification [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Balance, tax | 533 | 1,298 | |||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Amounts Reclassified from AOCI [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Balance, tax | -385 | -120 | |||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Balance, tax | $3,918 | $2,592 | $3,770 |
Note_8_Comprehensive_Income_Lo4
Note 8 - Comprehensive Income (Loss) (Details) - Reclassification Out of Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Total before tax | $22,212 | $9,671 | $3,595 | |||||||||
Tax expense | 1,308 | 3,355 | 3,160 | 898 | 776 | 1,575 | 1,733 | -328 | 8,721 | 3,756 | 1,416 | |
Total after tax | 13,491 | 5,915 | 2,179 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Unrealized gains and losses on available-for-sale securities: | ||||||||||||
Realized gain on sale of securities | 1,015 | |||||||||||
Impairment expense | -1 | [1] | ||||||||||
Total before tax | 1,014 | [1] | ||||||||||
Tax expense | -385 | [1] | ||||||||||
Total after tax | $629 | [1] | ||||||||||
[1] | Amounts in parentheses indicate debits to profit/loss |
Note_9_Significant_Customers_a1
Note 9 - Significant Customers and Industry Concentration (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 9 - Significant Customers and Industry Concentration (Details) [Line Items] | |||
Number of Greater Than Ten Percent of Revenue Customers | 2 | ||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Note 9 - Significant Customers and Industry Concentration (Details) [Line Items] | |||
Number of Greater Than Ten Percent of Revenue Customers | 2 | 2 | |
Concentration Risk, Percentage | 34.00% | 33.00% | 28.00% |
Revenue Provided to the Automobile Manufacturing Industry [Member] | Customer Concentration Risk [Member] | |||
Note 9 - Significant Customers and Industry Concentration (Details) [Line Items] | |||
Concentration Risk, Percentage | 48.00% | 46.00% | 37.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Note 9 - Significant Customers and Industry Concentration (Details) [Line Items] | |||
Number of Greater than Ten Percent of Accounts Receivable Customers | 2 | 2 | |
Accounts Receivable, Gross, Current (in Dollars) | 22,965,000 | 28,290,000 |
Note_10_Dividends_Details
Note 10 - Dividends (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | |
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $1 | $1 | $2 |
Note_11_Federal_and_State_Inco2
Note 11 - Federal and State Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $318,000 | $1,206,000 |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 988,000 | |
Operating Loss Carryforwards | 11,571,000 | |
Statute Of Limitations | 3 years | |
Receivables, Long-term Contracts or Programs | $623,000 | $8,496,000 |
Note_11_Federal_and_State_Inco3
Note 11 - Federal and State Income Taxes (Details) - Significant Components of Deferred Tax Liabilities and Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax liabilities: | ||
Property and equipment | $64,341,000 | $73,099,000 |
Unrealized gains on securities | 3,918,000 | 3,769,000 |
Prepaid expenses and other | 3,837,000 | 2,498,000 |
Total deferred tax liabilities | 7,755,000 | 6,267,000 |
Total deferred tax liabilities | 64,341,000 | 73,099,000 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 612,000 | 561,000 |
Alternative minimum tax credit carryforward | 1,206,000 | 318,000 |
QAFMV tax credit carryforward | 864,000 | 864,000 |
New hire tax credit | 124,000 | 124,000 |
Compensated absences | 564,000 | 594,000 |
Self-insurance allowances | 2,592,000 | 1,027,000 |
Share-based compensation | 579,000 | 702,000 |
Goodwill | 28,000 | 37,000 |
Marketable equity securities | 686,000 | 767,000 |
Net operating loss carryover | 4,392,000 | 21,255,000 |
Capital loss carryover | 339,000 | 667,000 |
Non-competition agreement | 23,000 | 30,000 |
Other | 11,000 | |
Other | 5,000 | |
Total deferred tax assets | 4,804,000 | 3,616,000 |
Total deferred tax assets | 7,216,000 | 23,335,000 |
Net deferred tax liability | 2,951,000 | 2,651,000 |
Net deferred tax liability | $57,125,000 | $49,764,000 |
Note_11_Federal_and_State_Inco4
Note 11 - Federal and State Income Taxes (Details) - Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Rate Reconciliation [Abstract] | |||||||||||
Income tax at the statutory federal rate | $7,552 | $3,288 | $1,222 | ||||||||
Income tax at the statutory federal rate | 34.00% | 34.00% | 34.00% | ||||||||
Nondeductible expenses | 154 | 127 | 138 | ||||||||
Nondeductible expenses | 0.70% | 1.30% | 3.80% | ||||||||
State income taxes/otherbnet of federal benefit | 1,015 | 341 | 56 | ||||||||
State income taxes/otherbnet of federal benefit | 4.60% | 3.60% | 1.60% | ||||||||
Total income tax expense | $1,308 | $3,355 | $3,160 | $898 | $776 | $1,575 | $1,733 | ($328) | $8,721 | $3,756 | $1,416 |
Total income tax expense | 39.30% | 38.90% | 39.40% |
Note_11_Federal_and_State_Inco5
Note 11 - Federal and State Income Taxes (Details) - Components of Income Tax Expense (Benefit) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $814 | $124 | |||||||||
State | 395 | 35 | 51 | ||||||||
1,209 | 159 | 51 | |||||||||
Deferred: | |||||||||||
Federal | 6,111 | 2,909 | 1,166 | ||||||||
State | 1,401 | 688 | 199 | ||||||||
7,512 | 3,597 | 1,365 | |||||||||
Total income tax expense | $1,308 | $3,355 | $3,160 | $898 | $776 | $1,575 | $1,733 | ($328) | $8,721 | $3,756 | $1,416 |
Note_12_StockBased_Compensatio2
Note 12 - Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2014 | 31-May-12 | Nov. 30, 2010 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2011 | Mar. 02, 2006 | |
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 5,000 | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $263,000 | $346,000 | $268,000 | |||||||||
Allocated Share-based Compensation Expense | 270,000 | 317,000 | 352,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in Shares) | 179,000 | 199,000 | ||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 106,000 | 123,000 | 139,000 | |||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share (in Dollars per share) | ($0.02) | $0.02 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 541,000 | 518,000 | 749,000 | 541,000 | ||||||||
Share Price (in Dollars per share) | $51.84 | 51.84 | ||||||||||
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 | $5.96 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value (in Dollars per share) | $6.34 | $5.92 | $8.88 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,355,000 | 53,000 | 15,000 | |||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 846,000 | 46,000 | 54,000 | |||||||||
Amortization, Current Year [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 197,000 | 197,000 | ||||||||||
Amortization, Next Year [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 167,000 | 167,000 | ||||||||||
Amortization, Year 3 [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 109,000 | 109,000 | ||||||||||
Amortization Year 4 [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $68,000 | 68,000 | ||||||||||
Restricted Stock [Member] | Minimum [Member] | 2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||||
Restricted Stock [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Period, Percentage | 20.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 12,524 | 9,500 | ||||||||||
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) | $37.15 | $42.65 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value (in Dollars per share) | $18.17 | |||||||||||
Nonqualified Options [Member] | Minimum [Member] | 2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||||
Nonqualified Options [Member] | Maximum [Member] | 2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||
Nonqualified Options [Member] | Key Employees [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Period, Percentage | 20.00% | 20.00% | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 104,000 | 50,000 | ||||||||||
Nonqualified Options [Member] | Annual Grant to Non-employee Member [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 9,500 | 504 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in Shares) | 94,000 | |||||||||||
Nonqualified Options [Member] | 2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Award Vesting Period, Percentage | 20.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 0 | 0 | ||||||||||
Stock Award [Member] | Director [Member] | 2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 3,024 | |||||||||||
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 | |||||||||||
Stock Award [Member] | Director [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 5,000 | |||||||||||
Performance Based Variable Nonqualified Stock Options [Member] | Key Employees [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 64,000 | |||||||||||
Performance Based Variable Nonqualified Stock Options [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Performance, Awards Earned (in Shares) | 4,442 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (in Shares) | 59,558 | |||||||||||
Increase in Annual Grant of Options, Number of Shares [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in Shares) | 60,000 | |||||||||||
Diluted [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share (in Dollars per share) | ($0.02) | |||||||||||
Basic [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share (in Dollars per share) | ($0.03) | |||||||||||
Minimum [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $5.54 | |||||||||||
Maximum [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $6.06 | |||||||||||
2006 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 750,000 | |||||||||||
2014 Stock Option Plan [Member] | ||||||||||||
Note 12 - Stock-Based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 361,000 | 361,000 |
Note_12_StockBased_Compensatio3
Note 12 - Stock-Based Compensation (Details) - Employee Stock Options Activity (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 12 - Stock-Based Compensation (Details) - Employee Stock Options Activity [Line Items] | |||||
Outstanding, Shares Under Option | 86,348 | 164,098 | |||
Outstanding, Weighted-Average Exercise Price | $11.09 | $10.99 | |||
Granted, Shares Under Option | 5,000 | 0 | |||
Exercised, Shares Under Option | -77,708 | ||||
Exercised, Weighted-Average Exercise Price | $10.88 | ||||
Options exercisablebDecember 31, 2014: | 38,239 | ||||
Options exercisablebDecember 31, 2014: | $11.28 | ||||
Employee Stock Option [Member] | |||||
Note 12 - Stock-Based Compensation (Details) - Employee Stock Options Activity [Line Items] | |||||
Outstanding, Shares Under Option | 86,348 | 164,098 | 235,442 | 180,942 | |
Outstanding, Weighted-Average Exercise Price | $11.09 | $10.99 | $11.38 | $16.50 | |
Granted, Shares Under Option | 35,000 | 139,000 | |||
Granted, Weighted-Average Exercise Price | $10.44 | $10.96 | |||
Exercised, Shares Under Option | -77,708 | -7,257 | -6,000 | ||
Exercised, Weighted-Average Exercise Price | $10.88 | $10.94 | $9.04 | ||
Canceled, Shares Under Option | -42 | -99,087 | -78,500 | ||
Canceled, Weighted-Average Exercise Price | $11.22 | $11.71 | $22.64 | ||
Options exercisablebDecember 31, 2014: | 38,239 | ||||
Options exercisablebDecember 31, 2014: | $11.28 |
Note_12_StockBased_Compensatio4
Note 12 - Stock-Based Compensation (Details) - Fair Value Assumptions for Employee Stock Options (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 12 - Stock-Based Compensation (Details) - Fair Value Assumptions for Employee Stock Options [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Volatility range | 62.69% | |
Risk-free rate range | 0.61% | |
Expected life (in years) | 4 years 109 days | |
Fair value of options (per share) (in Dollars per share) | $5.13 | $5.96 |
Minimum [Member] | ||
Note 12 - Stock-Based Compensation (Details) - Fair Value Assumptions for Employee Stock Options [Line Items] | ||
Volatility range | 57.88% | |
Risk-free rate range | 0.64% | |
Expected life (in years) | 4 years 73 days | |
Fair value of options (per share) (in Dollars per share) | $5.54 | |
Maximum [Member] | ||
Note 12 - Stock-Based Compensation (Details) - Fair Value Assumptions for Employee Stock Options [Line Items] | ||
Volatility range | 65.89% | |
Risk-free rate range | 1.09% | |
Expected life (in years) | 6 years 6 months | |
Fair value of options (per share) (in Dollars per share) | $6.06 |
Note_12_StockBased_Compensatio5
Note 12 - Stock-Based Compensation (Details) - Stock Option Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Stock Option Activity [Abstract] | ||
Shares Under Option | 164,098 | |
Shares Under Option, Weighted-Average Exercise Price | $10.99 | |
Weighted-Average Remaining Contractual Term | 5 years 109 days | |
Aggregate Intrinsic Value | $3,518,524 | [1] |
Fully vested and exercisable at December 31, 2014 | 38,239 | |
Fully vested and exercisable at December 31, 2014 | $11.28 | |
Fully vested and exercisable at December 31, 2014 | 2 years 292 days | |
Fully vested and exercisable at December 31, 2014 | $1,551,088 | [1] |
Exercised | -77,708 | |
Exercised | $10.88 | |
Canceled/forfeited/expired | -42 | |
Canceled/forfeited/expired | $11.22 | |
Shares Under Option | 86,348 | |
Shares Under Option, Weighted-Average Exercise Price | $11.09 | |
[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 marketvalue of our common stock, as determined by the closing price on December 31, 2014, was $51.84. |
Note_12_StockBased_Compensatio6
Note 12 - Stock-Based Compensation (Details) - Summary of Nonvested Options (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2014 | |
Note 12 - Stock-Based Compensation (Details) - Summary of Nonvested Options [Line Items] | ||||
Canceled/forfeited/expired - Average Grant Date Fair Value | $6.34 | $5.92 | $8.88 | |
Employee Stock Option [Member] | ||||
Note 12 - 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 | |||
Vested - Number of Options | -19,905 | |||
Vested - Average Grant Date Fair Value | $6.15 | |||
Nonvested at End of Period | 48,109 | |||
Nonvested - Weighted-Average Grant Date Fair Value | $6.10 | |||
Restricted Stock [Member] | ||||
Note 12 - 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 | |||
Granted - Number of Options | 12,524 | 9,500 | ||
Granted - Average Grant Date Fair Value | $37.15 | $42.65 | ||
Canceled/forfeited/expired - Number of Options | -9,500 | |||
Canceled/forfeited/expired - Average Grant Date Fair Value | $18.17 | |||
Vested - Number of Options | -4,924 | |||
Vested - Average Grant Date Fair Value | $28.67 | |||
Nonvested at End of Period | 7,600 | |||
Nonvested - Weighted-Average Grant Date Fair Value | $42.65 |
Note_12_StockBased_Compensatio7
Note 12 - Stock-Based Compensation (Details) - Stock Option Activity by Exercise Price (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Shares Under Outstanding Options | 86,348 |
Weighted-Average Remaining Contractual Term | 5 years 109 days |
Shares Under Exercisable Options | 38,239 |
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 | 15,000 |
Weighted-Average Remaining Contractual Term | 3 years 73 days |
Shares Under Exercisable Options | 15,000 |
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 | 6,000 |
Weighted-Average Remaining Contractual Term | 2 years 146 days |
Shares Under Exercisable Options | 6,000 |
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 | 41,400 |
Weighted-Average Remaining Contractual Term | 7 years 146 days |
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 | 11,948 |
Weighted-Average Remaining Contractual Term | 5 years 328 days |
Shares Under Exercisable Options | 5,239 |
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 | 4,000 |
Weighted-Average Remaining Contractual Term | 2 years 73 days |
Shares Under Exercisable Options | 4,000 |
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 | 4,000 |
Weighted-Average Remaining Contractual Term | 1 year 73 days |
Shares Under Exercisable Options | 4,000 |
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 | 4,000 |
Weighted-Average Remaining Contractual Term | 73 days |
Shares Under Exercisable Options | 4,000 |
Note_13_Earnings_Per_Share_Det
Note 13 - Earnings Per Share (Details) (Equity Option [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Option [Member] | ||
Note 13 - Earnings Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,915 | 227,199 |
Note_13_Earnings_Per_Share_Det1
Note 13 - Earnings Per Share (Details) - Computations of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Computations of Basic and Diluted Earnings Per Share [Abstract] | |||||||||||
Net income (in Dollars) | $13,491 | $5,915 | $2,179 | ||||||||
Basic weighted average common shares outstanding | 7,988 | 7,993 | 7,992 | 7,985 | 8,649 | 8,654 | 8,658 | 8,688 | 7,990 | 8,662 | 8,700 |
Dilutive effect of common stock equivalents | 44 | 20 | 2 | ||||||||
Diluted weighted average common shares outstanding | 8,027 | 8,032 | 8,035 | 8,033 | 8,683 | 8,663 | 8,659 | 8,688 | 8,034 | 8,682 | 8,702 |
Basic earnings per share (in Dollars per share) | $0.27 | $0.63 | $0.62 | $0.17 | $0.15 | $0.28 | $0.31 | ($0.05) | $1.69 | $0.68 | $0.25 |
Diluted earnings per share (in Dollars per share) | $0.27 | $0.63 | $0.62 | $0.17 | $0.15 | $0.28 | $0.31 | ($0.05) | $1.68 | $0.68 | $0.25 |
Note_14_Benefit_Plan_Details
Note 14 - Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution Fully Vested Period | 5 years | ||
Defined Contribution Plan, Cost Recognized | $162,000 | $188,000 | $193,000 |
Note_15_Commitments_and_Contig2
Note 15 - Commitments and Contigencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Estimated Litigation Liability | $3,950,000 | ||
Operating Leases, Number of trucks | 421 | ||
Operating Leases, Rent Expense | $6,239,000 | $1,572,000 | $1,555,000 |
Note_15_Commitments_and_Contig3
Note 15 - Commitments and Contigencies (Details) - Future Minimum Annual Lease Payments (USD $) | Dec. 31, 2014 |
Future Minimum Annual Lease Payments [Abstract] | |
2015 | $8,844 |
2016 | 8,915 |
2017 | 5,238 |
2018 | 206 |
2019 and thereafter | 51 |
Total | $23,254 |
Note_16_Fair_Value_of_Financia2
Note 16 - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 16 - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Marketable equity securities | $24,895 | $20,975 |
Fair Value, Inputs, Level 1 [Member] | ||
Note 16 - Fair Value of Financial Instruments (Details) - Securities Measured at Fair Value on a Recurring Basis [Line Items] | ||
Marketable equity securities | $24,895 |
Note_16_Fair_Value_of_Financia3
Note 16 - Fair Value of Financial Instruments (Details) - Fair Value of Long-term Debt Other Than Lines of Credit (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $95,201 | $110,469 | |
Equipment Financing [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 95,201 | 110,469 | |
Long-term debt | $95,326 | $110,373 |
Note_17_Related_Party_Transact1
Note 17 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Majority Shareholder [Member] | Tractors [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Proceeds from Sale of Productive Assets | $750,000 | ||
Majority Shareholder [Member] | Physical Damage Coverage [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,597,000 | 2,036,000 | 1,590,000 |
Majority Shareholder [Member] | Auto Liability Coverage [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 9,464,000 | 9,461,000 | 9,235,000 |
Majority Shareholder [Member] | General Liability Coverage [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 22,000 | 22,000 | 22,000 |
Majority Shareholder [Member] | Workersb Compensation Coverage [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 267,000 | 254,000 | 84,000 |
Majority Shareholder [Member] | Freight Transportation [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Accounts Receivable, Related Parties | 2,544,000 | ||
Majority Shareholder [Member] | Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Accounts Receivable, Related Parties | 42,000 | ||
Majority Shareholder [Member] | Property Lease Charges [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Accounts Receivable, Related Parties | 12,000 | ||
Majority Shareholder [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Revenue from Related Parties | 13,253,000 | 10,350,000 | 3,298,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 1,440,000 | 1,303,000 | 1,313,000 |
Due from Related Parties | 2,598,000 | 3,852,000 | |
Due to Related Parties | 971,000 | 303,000 | |
Insurance Premiums Paid in Excess of Amounts Earned [Member] | |||
Note 17 - Related Party Transactions (Details) [Line Items] | |||
Accounts Receivable, Related Parties | $1,624,000 | $0 |
Note_18_Quarterly_Results_of_O2
Note 18 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Abstract] | |||||||||||
Operating revenues | $101,715 | $107,059 | $104,343 | $97,820 | $96,545 | $101,878 | $104,408 | $99,982 | $410,937 | $402,813 | $380,633 |
Operating expenses and costs | 98,589 | 98,609 | 95,754 | 94,975 | 94,477 | 97,194 | 99,402 | 100,234 | 387,927 | 391,307 | 377,730 |
Operating income | 3,126 | 8,450 | 8,589 | 2,845 | 2,068 | 4,684 | 5,006 | -252 | 23,010 | 11,506 | 2,903 |
Non-operating income | 974 | 594 | 259 | 272 | 838 | 130 | 289 | 283 | 2,099 | 1,540 | 3,288 |
Interest expense | 660 | 632 | 743 | 862 | 834 | 846 | 880 | 815 | 2,897 | 3,375 | 2,596 |
Income tax expense | 1,308 | 3,355 | 3,160 | 898 | 776 | 1,575 | 1,733 | -328 | 8,721 | 3,756 | 1,416 |
Net income | $2,132 | $5,057 | $4,945 | $1,357 | $1,296 | $2,393 | $2,682 | ($456) | $13,491 | $5,915 | $2,179 |
Basic (in Dollars per share) | $0.27 | $0.63 | $0.62 | $0.17 | $0.15 | $0.28 | $0.31 | ($0.05) | $1.69 | $0.68 | $0.25 |
Diluted (in Dollars per share) | $0.27 | $0.63 | $0.62 | $0.17 | $0.15 | $0.28 | $0.31 | ($0.05) | $1.68 | $0.68 | $0.25 |
Basic (in Shares) | 7,988 | 7,993 | 7,992 | 7,985 | 8,649 | 8,654 | 8,658 | 8,688 | 7,990 | 8,662 | 8,700 |
Diluted (in Shares) | 8,027 | 8,032 | 8,035 | 8,033 | 8,683 | 8,663 | 8,659 | 8,688 | 8,034 | 8,682 | 8,702 |