Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 23, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | ||
Entity Central Index Key | 798,287 | ||
Trading Symbol | ptsi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,120,661 | ||
Entity Public Float | $ 178,260,112 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 157,000 | $ 27,649,000 |
Trade, less allowance of $549 and $1,611, respectively | 49,312,000 | 52,983,000 |
Other | 5,850,000 | 11,469,000 |
Inventories | 1,890,000 | 1,306,000 |
Prepaid expenses and deposits | 8,052,000 | 10,110,000 |
Marketable equity securities | 24,575,000 | 24,895,000 |
Income taxes refundable | 2,865,000 | 507,000 |
Total current assets | 92,701,000 | 128,919,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 5,374,000 | 4,924,000 |
Structures and improvements | 17,858,000 | 16,165,000 |
Revenue equipment | 338,853,000 | 279,079,000 |
Office furniture and equipment | 9,854,000 | 9,257,000 |
Total property and equipment | 371,939,000 | 309,425,000 |
Accumulated depreciation | (109,087,000) | (116,178,000) |
Net property and equipment | 262,852,000 | 193,247,000 |
OTHER ASSETS | 2,442,000 | 2,439,000 |
TOTAL ASSETS | 357,995,000 | 324,605,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 17,791,000 | 41,695,000 |
Accrued expenses and other liabilities | 27,093,000 | 27,517,000 |
Current maturities of long-term debt | 40,025,000 | 42,908,000 |
Deferred income taxes—current | 1,835,000 | 2,951,000 |
Total current liabilities | 86,744,000 | 115,071,000 |
Long-term debt—less current portion | 99,223,000 | 52,293,000 |
Deferred income taxes—less current portion | $ 70,474,000 | 57,125,000 |
Other long-term liabilities | 131,000 | |
Total liabilities | $ 256,441,000 | $ 224,620,000 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,497,471 and 11,474,096 shares issued; 7,116,661 and 7,423,115 shares outstanding at December 31, 2015 and December 31, 2014, respectively | $ 115,000 | $ 115,000 |
Additional paid-in capital | 80,429,000 | 79,926,000 |
Accumulated other comprehensive income | 5,310,000 | 6,402,000 |
Treasury stock, at cost; 4,380,810 and 4,050,981 shares at December 31, 2015 and December 31, 2014, respectively | (101,779,000) | (82,501,000) |
Retained earnings | 117,479,000 | 96,043,000 |
Total stockholders’ equity | 101,554,000 | 99,985,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 357,995,000 | $ 324,605,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Trade, allowance | $ 549 | $ 1,611 | $ 1,477 | $ 1,157 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | ||
Common stock, shares issued (in shares) | 11,497,471 | 11,474,096 | ||
Common stock, shares outstanding (in shares) | 7,116,661 | 7,423,115 | ||
Treasury stock, shares (in shares) | 4,380,810 | 4,050,981 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING REVENUES: | |||
Revenue, before fuel surcharge | $ 355,403 | $ 316,584 | $ 313,117 |
Fuel surcharge | 61,647 | 94,353 | 89,696 |
Total operating revenues | 417,050 | 410,937 | 402,813 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 105,943 | 108,371 | 107,037 |
Operating supplies and expenses | 89,878 | 126,875 | 137,268 |
Rents and purchased transportation | 134,188 | 90,831 | 85,226 |
Depreciation | 32,346 | 36,296 | 39,088 |
Insurance and claims | 15,315 | 20,274 | 14,586 |
Other | 8,904 | 9,871 | 8,956 |
Gain on disposition of equipment | (5,754) | (4,591) | (854) |
Total operating expenses and costs | 380,820 | 387,927 | 391,307 |
OPERATING INCOME | 36,230 | 23,010 | 11,506 |
NON-OPERATING INCOME | 1,516 | 2,099 | 1,540 |
INTEREST EXPENSE | (2,818) | (2,897) | (3,375) |
INCOME BEFORE INCOME TAXES | 34,928 | 22,212 | 9,671 |
FEDERAL & STATE INCOME TAX EXPENSE: | |||
Current | 591 | 1,209 | 159 |
Deferred income taxes | 12,901 | 7,512 | 3,597 |
Total federal & state income tax expense | 13,492 | 8,721 | 3,756 |
NET INCOME | $ 21,436 | $ 13,491 | $ 5,915 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $ 2.94 | $ 1.69 | $ 0.68 |
Diluted (in dollars per share) | $ 2.93 | $ 1.68 | $ 0.68 |
Basic (in shares) | 7,288 | 7,990 | 8,662 |
Diluted (in shares) | 7,325 | 8,034 | 8,682 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
NET INCOME | $ 21,436 | $ 13,491 | $ 5,915 | |
Other comprehensive income (loss), net of tax: | ||||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | [1] | (646) | (630) | (215) |
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | [2] | 516 | 1 | 18 |
Changes in fair value of marketable securities (3) | [3] | (962) | 871 | 2,122 |
COMPREHENSIVE INCOME | $ 20,344 | $ 13,733 | $ 7,840 | |
[1] | Net of deferred income taxes of $(396), $(385), and $(131), respectively. | |||
[2] | Net of deferred income taxes of $316, $0, and $11, respectively. | |||
[3] | Net of deferred income taxes of $(588), $533, and $1,298, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized Gains on Marketable Securities [Member] | |||
Deferred income taxes | $ (396,000) | $ (385,000) | $ (131,000) |
Unrealized Losses on Marketable Securities [Member] | |||
Deferred income taxes | 316,000 | 0 | 11,000 |
Changes in Fair Value of Marketable Securities [Member] | |||
Deferred income taxes | (588,000) | 533,000 | 1,298,000 |
Deferred income taxes | $ 12,901,000 | $ 7,512,000 | $ 3,597,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders'' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2012 | 8,702,000 | |||||
Balance at Dec. 31, 2012 | $ 114 | $ 78,448 | $ 4,235 | $ (37,239) | $ 76,637 | $ 122,195 |
Net income | 5,915 | 5,915 | ||||
Other comprehensive income, net of tax of $1,178 | 1,925 | $ 1,925 | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 7,000 | 7,257 | ||||
Exercise of stock options-shares issued including tax benefits | 46 | $ 46 | ||||
Treasury stock repurchases (in shares) | (725,000) | |||||
Treasury stock repurchases | (14,452) | (14,452) | ||||
Share-based compensation | 317 | 317 | ||||
Balance (in shares) at Dec. 31, 2013 | 7,984,000 | |||||
Balance at Dec. 31, 2013 | $ 114 | 78,811 | 6,160 | (51,691) | 82,552 | 115,946 |
NET INCOME | 5,915 | 5,915 | ||||
Treasury stock repurchases (in shares) | (725,000) | |||||
Treasury stock repurchases | (14,452) | (14,452) | ||||
Share-based compensation | 317 | 317 | ||||
Net income | 13,491 | 13,491 | ||||
Other comprehensive income, net of tax of $1,178 | 242 | $ 242 | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 77,000 | 77,708 | ||||
Exercise of stock options-shares issued including tax benefits | $ 1 | 845 | $ 846 | |||
Treasury stock repurchases (in shares) | (643,000) | |||||
Treasury stock repurchases | $ (30,810) | (30,810) | ||||
Share-based compensation | 270 | 270 | ||||
Balance (in shares) at Dec. 31, 2014 | 7,423,000 | |||||
Balance at Dec. 31, 2014 | $ 115 | 79,926 | 6,402 | $ (82,501) | 96,043 | 99,985 |
NET INCOME | 13,491 | 13,491 | ||||
Restricted stock issued (in shares) | 5,000 | |||||
Treasury stock repurchases (in shares) | (643,000) | |||||
Treasury stock repurchases | $ (30,810) | (30,810) | ||||
Share-based compensation | 270 | 270 | ||||
Net income | 21,436 | 21,436 | ||||
Other comprehensive income, net of tax of $1,178 | (1,092) | $ (1,092) | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 21,000 | 20,250 | ||||
Exercise of stock options-shares issued including tax benefits | 236 | $ 236 | ||||
Treasury stock repurchases (in shares) | (330,000) | |||||
Treasury stock repurchases | $ (19,278) | (19,278) | ||||
Share-based compensation | 267 | 267 | ||||
Balance (in shares) at Dec. 31, 2015 | 7,117,000 | |||||
Balance at Dec. 31, 2015 | $ 115 | 80,429 | $ 5,310 | (101,779) | 117,479 | 101,554 |
NET INCOME | $ 21,436 | 21,436 | ||||
Restricted stock issued (in shares) | 3,000 | |||||
Treasury stock repurchases (in shares) | (330,000) | |||||
Treasury stock repurchases | $ (19,278) | (19,278) | ||||
Share-based compensation | $ 267 | $ 267 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders'' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Attributable to Parent [Member] | |||
Other comprehensive income, tax | $ (668) | $ 148 | $ 1,178 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income | $ 21,436 | $ 13,491 | $ 5,915 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 32,346 | 36,296 | 39,088 |
Bad debt expense | 151 | 456 | 424 |
Stock compensation—net of excess tax benefits | 267 | 270 | $ 317 |
Sale leaseback deferred gain amortization | (224) | (205) | |
Deferred income taxes | 12,901 | 7,512 | $ 3,597 |
Reclassification of other than temporary impairment in marketable equity securities | 833 | 1 | 29 |
Recognized gain on marketable equity securities | (1,001) | (1,040) | (601) |
Gain on sale or disposal of equipment | (5,754) | (4,591) | (854) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,128 | 5,109 | (8,873) |
Prepaid expenses, deposits, inventories, and other assets | 1,470 | (3,299) | 4,918 |
Income taxes refundable | (2,358) | (277) | 124 |
Trade accounts payable | 886 | (1,555) | (2,802) |
Accrued expenses and other liabilities | (556) | 3,085 | 1,888 |
Net cash provided by operating activities | 61,525 | 55,253 | 43,170 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (125,720) | (28,588) | (71,520) |
Proceeds from disposition of equipment | 33,472 | 38,902 | 27,304 |
Changes in restricted cash | 8,012 | (7,873) | (120) |
Sales of marketable equity securities | 1,500 | 1,720 | 857 |
Purchases of marketable equity securities, net of return of capital | (2,769) | (4,210) | (838) |
Net cash used in investing activities | (85,505) | (49) | (44,317) |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 549,955 | 469,918 | 422,324 |
Repayments under line of credit | (539,979) | (469,918) | (427,741) |
Borrowings of long-term debt | 88,018 | 42,979 | 41,593 |
Repayments of long-term debt | (53,947) | (58,247) | (33,208) |
Borrowings under margin account | 3,005 | 4,351 | 999 |
Repayments under margin account | (2,779) | (2,645) | (1,693) |
Repurchases of common stock | (48,021) | (16,011) | (508) |
Exercise of stock options | 236 | 846 | 46 |
Net cash (used in) provided by financing activities | (3,512) | (28,727) | 1,812 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (27,492) | 26,477 | 665 |
CASH AND CASH EQUIVALENTS—Beginning of year | 27,649 | 1,172 | 507 |
CASH AND CASH EQUIVALENTS—End of year | 157 | 27,649 | 1,172 |
Cash paid during the period for: | |||
Interest | 2,821 | 2,946 | 3,417 |
Income taxes | 2,950 | 1,486 | 77 |
NONCASH INVESTING AND FINANCING ACTIVITIES— | |||
Purchases of revenue equipment included in accounts payable | $ 5,031 | 1,079 | 598 |
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, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. ACCOUNTING POLICIES Description of Business and Principles of Consolidation 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 Cash and Cash Equivalents Accounts Receivable and Allowance for Doubtful Accounts in future periods. Bank Overdrafts Accounts Receivable Other Marketable Equity Securities Impairment of Long-Lived Assets Property and Equipment Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 12 Structures and improvements 5 - 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 2015 and 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). Inventory Prepaid Tires Advertising Expense Repairs and Maintenance Self-Insurance Liability Income Taxes 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, 2015, 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 Share-Based Compensation Earnings Per Share 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 For additional information with respect to fair value measurements, see Note 17 to our consolidated financial statements. Reporting Segments Concentrations of Credit Risk Subsequent Events Foreign Currency Transactions Recent Accounting Pronouncements– Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), Revenue from Contracts with Customers Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, (“ASU 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 In November 2015, the FASB issued ASU No. 2015-17, (“ASU 2015-17”), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, (“ASU 2016-01”), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, (“ASU 2016-02”), L eases (Topic 842) In transition, lessees and lessors will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on the Company’s financial condition, results of operations, or cash flows. |
Note 2 - Trade Accounts Receiva
Note 2 - Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015 and 2014: 2015 2014 (in thousands) Billed $ 43,502 $ 49,302 Unbilled 6,359 5,292 Allowance for doubtful accounts (549 ) (1,611 ) Total accounts receivable—net $ 49,312 $ 52,983 An analysis of changes in the allowance for doubtful accounts for the years ended December 31, 2015, 2014, and 2013 follows: 2015 2014 2013 (in thousands) Balance—beginning of year $ 1,611 $ 1,477 $ 1,157 Provision for bad debts 151 456 424 Charge-offs (1,231 ) (322 ) (104 ) Recoveries 18 - - Balance—end of year $ 549 $ 1,611 $ 1,477 |
Note 3 - Marketable Equity Secu
Note 3 - Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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 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, 2015, 2014 and 2013, the evaluation resulted in impairment charges of approximately $833,000, $1,000 and $29,000, respectively, being reported in the Company’s non-operating income (loss) 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, 2015 and 2014. 2015 2014 (in thousands) Available-for-sale securities Fair market value $ 24,575 $ 24,592 Cost 16,015 14,272 Unrealized gain $ 8,560 $ 10,320 Trading securities Fair market value $ - $ 303 Cost - 157 Unrealized gain $ - $ 146 Total Fair market value $ 24,575 $ 24,895 Cost 16,015 14,429 Unrealized gain $ 8,560 $ 10,466 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, 2015 and 2014. 2015 2014 (in thousands) Available-for-sale securities Gross unrealized gains $ 9,893 $ 10,710 Gross unrealized losses 1,333 390 Net unrealized gains $ 8,560 $ 10,320 As of December 31, 2015 and 2014, the total net unrealized gains, net of deferred income taxes, in accumulated other comprehensive income was approximately $5,310,000 and $6,402,000, respectively. For the year ended December 31, 2015 the Company had net unrealized losses in market value on securities classified as available-for-sale of approximately $1,079,000, net of deferred income taxes. For the year ended December 31, 2014, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $237,000, net of deferred income taxes. For the years ended December 31, 2015, 2014 and 2013, the Company recognized dividends of approximately $1,058,000, $896,000, and $781,000 in non-operating income in its statements of operations, respectively. During 2015, the Company reclassified the securities which were classified as trading to available-for-sale at their fair market values at the time of transfer. During 2014, there were no reclassifications of marketable securities between trading and available for sale. As of December 31, 2014, the Company's marketable securities that were classified as trading had gross recognized gains of approximately $146,000 and had no gross recognized losses. The following table shows recognized gains (losses) in market value for securities classified as trading during 2015, 2014 and 2013. 2015 2014 2013 (in thousands) Trading securities Recognized gain (loss) at beginning of period $ 146 $ 8 $ (26 ) Recognized gain at end of period - 146 8 Securities transferred from trading to available-for-sale (81 ) - - Change in net recognized gain (loss) $ (65 ) $ 138 $ 34 The following table shows the Company’s realized gains during 2015, 2014 and 2013 on certain securities which were held as available-for-sale. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income. 2015 2014 2013 (in thousands) Realized gains Sale proceeds $ 1,500 $ 1,720 $ 857 Cost of securities sold 434 818 290 Realized gains $ 1,066 $ 902 $ 567 Realized gains, net of taxes $ 654 $ 546 $ 346 At December 31, 2015, the Company’s investments’ approximate fair value of securities in a loss position and related gross unrealized losses were $5,099,000 and $1,332,000, respectively. At December 31, 2014, the Company’s investments’ approximate fair value of securities in a loss position and related gross unrealized losses were $3,961,000 and $390,000, respectively. As of December 31, 2015 and 2014, there were no investments that had been in a continuous unrealized loss position for twelve months or longer. The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2015 and 2014, the Company had outstanding borrowings of $11,949,000 and $11,723,000 under its margin account, respectively. The weighted average interest rate on margin account borrowings was 0.94% and 0.76% as of December 31, 2015 and 2014, respectively. |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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: 2015 2014 (in thousands) Payroll $ 1,792 $ 1,954 Accrued vacation 1,771 1,687 Taxes—other than income 2,371 2,309 Interest 58 61 Driver escrows 2,181 1,584 Margin account borrowings 11,949 11,723 Self-insurance claims 6,840 7,975 Deferred equipment gain – current portion 131 224 Total accrued expenses and other liabilities $ 27,093 $ 27,517 |
Note 5 - Claims Liabilities
Note 5 - Claims Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 5. CLAIMS LIABILITIES With respect to physical damage for trucks, 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, $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 until October 1, 2015, at which time the Company elected to self-insure trailers for physical damage losses. 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 $600,000 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 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. LONG-TERM DEBT Long-term debt at December 31, consists of the following: 2015 2014 (in thousands) Line of credit with a bank—due July 1, 2017, and collateralized by accounts receivable (1) $ 9,977 $ - Equipment financing (2) 129,271 95,201 Total long-term debt 139,248 95,201 Less current maturities (40,025 ) (42,908 ) Long-term debt—net of current maturities $ 99,223 $ 52,293 (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% (1.74% at December 31, 2015) 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 2015. (2) Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through October 2020, at a weighted average interest rate of 2.27% as of December 31, 2015 and collateralized by revenue equipment. The Company has provided letters of credit to third parties totaling approximately $791,000 at December 31, 2015. 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, 2015, are: (in thousands) 2016 $ 40,025 2017 36,999 2018 48,716 2019 11,217 2020 2,291 Total $ 139,248 |
Note 7 - Capital Stock
Note 7 - Capital Stock | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015, there were 11,497,471 shares of our common stock issued and 7,116,661 shares outstanding. At December 31, 2014, there were 11,474,096 shares of our common stock issued and 7,423,115 shares outstanding. No shares of our preferred stock were issued or outstanding at December 31, 2015 or 2014. 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, 2015, we have no agreements or understandings for the issuance of any shares of preferred stock. Treasury Stock In February 2016, our Board of Directors authorized the repurchase of up to 325,000 shares of our common stock through a Dutch auction tender offer (the “2016 tender offer”). Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of its outstanding shares which totals 142,413 shares. The 2016 tender offer commenced on February 18, 2016 and expires on March 17, 2016. Through this tender offer, the Company’s shareholders have the opportunity to tender some or all of their shares at a price within the range of $27.00 to $30.00 per share. In May 2015, our Board of Directors authorized the repurchase of up to 80,000 shares of our common stock through a Dutch auction tender offer (the “2015 tender offer”). In June 2015, the Company extended the offer and increased the offer from 80,000 shares to 150,000 shares. Subject to certain limitations and legal requirements, the Company could repurchase up to an additional 2% of its outstanding shares which totaled 148,566 shares. The 2015 tender offer began on the date of the announcement, May 22, 2015 and expired on July 9, 2015. 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 $59.00 to $63.00 per share. Upon expiration, 298,566 shares were tendered through this offer at a final purchase price of $59.00 per share for a total purchase price of approximately $17.8 million, including fees and commission and was settled on July 16, 2015. The Company accounted for the repurchase of these shares as treasury stock on the Company’s consolidated balance sheet as of December 31, 2015. 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. The Company’s stock repurchase program has been extended and expanded several times, most recently in May 2014, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. During 2015, the Company repurchased 31,263 shares of its common stock under this program. Following the reauthorization in 2014, 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, 2015, 4,380,810 shares were held in the treasury at an aggregate cost of approximately $101,779,000. |
Note 8 - Comprehensive Income (
Note 8 - Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income [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, 2015 and 2014: Unrealized gains and losses on available-for-sale securities (in thousands) Balance at January 1, 2014, 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 (loss) 242 Balance at December 31, 2014, net of tax of $3,918 6,402 Other comprehensive income before reclassifications, net of tax of $(588) (962 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(80) (130 ) Net other comprehensive income (loss) (1,092 ) Balance at December 31, 2015, net of tax of $3,250 $ 5,310 The following table provides details about reclassifications out of accumulated other comprehensive income for the years ended December 31, 2015 and 2014: Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other (a) Comprehensive Income Component 2015 2014 Statement of Operations Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Realized gain on sale of securities $ 1,043 $ 1,015 Non-operating income Impairment expense (833 ) (1 ) Non-operating income Total before tax 210 1,014 Income before income taxes Tax expense (80 ) (385 ) Income tax expense Total after tax $ 130 $ 629 Net income (a) Amounts in parentheses indicate debits to profit/loss |
Note 9 - Significant Customers
Note 9 - Significant Customers and Industry Concentration | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 9. SIGNIFICANT CUSTOMERS AND INDUSTRY CONCENTRATION In 2015, three customers, who are in the automobile manufacturing industry, accounted for 37% of revenues. In 2014 and 2013, two customers, who are in the automobile manufacturing industry, accounted for 34% and 33% 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 2015, 2014 and 2013, 47%, 48% and 46%, respectively, were derived from transportation services provided to the automobile manufacturing industry. Accounts receivable from the three largest customers totaled approximately $27,051,000 and $28,297,000 at December 31, 2015 and 2014, respectively. |
Note 10 - Dividends
Note 10 - Dividends | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | 10. DIVIDENDS The Company has paid cash dividends in the past, however, the Company currently intends to retain future earnings 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 Inc
Note 11 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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: 2015 2014 (in thousands) Current Long-Term Current Long-Term Deferred tax liabilities: Property and equipment $ - $ 76,362 $ - $ 64,341 Unrealized gains on securities 3,250 - 3,918 - Prepaid expenses and other 3,056 - 3,837 - Total deferred tax liabilities 6,306 76,362 7,755 64,341 Deferred tax assets: Allowance for doubtful accounts 208 - 612 - Alternative minimum tax credit carryforward - 1,378 - 1,206 QAFMV tax credit carryforward - 864 - 864 New hire tax credit - 124 - 124 Compensated absences 625 - 564 - Self-insurance allowances 2,340 - 2,592 - Share-based compensation - 230 - 579 Goodwill - 19 - 28 Marketable equity securities 1,283 - 686 - Net operating loss carryover - 3,258 - 4,392 Capital loss carryover - - 339 - Non-competition agreement - 15 - 23 Other 15 - 11 - Total deferred tax assets 4,471 5,888 4,804 7,216 Net deferred tax liability $ 1,835 $ 70,474 $ 2,951 $ 57,125 The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2015, 2014 and 2013 is presented in the following table: 2015 2014 2013 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 11,876 34.0 $ 7,552 34.0 $ 3,288 34.0 Nondeductible expenses 149 0.4 154 0.7 127 1.3 State income taxes/other—net of federal benefit 1,467 4.2 1,015 4.6 341 3.6 Total income tax expense $ 13,492 38.6 $ 8,721 39.3 $ 3,756 38.9 The provision for income taxes consisted of the following: 2015 2014 2013 (in thousands) Current: Federal $ 98 $ 814 $ 124 State 493 395 35 591 1,209 159 Deferred: Federal 10,782 6,111 2,909 State 2,119 1,401 688 12,901 7,512 3,597 Total income tax expense $ 13,492 $ 8,721 $ 3,756 The Company has alternative minimum tax credits of approximately $1,378,000 at December 31, 2015, 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 $8,584,000 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, 2015 and 2014, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of December 31, 2015, 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 2015 and 2014, 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 2012 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, 2015, the Company had $484,000 of restricted cash held by the third-party qualified intermediary. At December 31, 2014, the Company had $8,496,000 of restricted cash held by the third-party qualified intermediary. Restricted cash is accounted for in “Accounts receivable-other”. |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015, 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 March 2015, 1,225 shares of common stock were granted to non-employee directors under the 2014 Plan. This stock award has a grant date fair value of $57.27 per share, based on the closing price of the Company’s stock on the date of grant and vests immediately. 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 2015, there were no grants of nonqualified stock options. At December 31, 2015, 358,000 shares were available for granting future options or restricted stock. The grant date fair value of stock and stock options vested during 2015, 2014 and 2013 was approximately $274,000, $263,000 and $346,000, respectively. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $267,000 during 2015 and includes approximately $70,000 recognized as a result of the grant of 175 shares of stock to each non-employee director during the first quarter of 2015. The Company recognized a total income tax benefit of approximately $103,000 related to stock-based compensation expense during 2015. The recognition of stock-based compensation expense decreased diluted and basic income per common share by approximately $0.02 during 2015. As of December 31, 2015, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $344,000 which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $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 $270,000 during 2014 and included 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. 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. Transactions in stock options under these plans are summarized as follows: Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2013: 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 Granted - - Exercised (20,250 ) 11.65 Canceled - - Outstanding—December 31, 2015: 66,098 $ 10.92 Options exercisable—December 31, 2015: 37,893 $ 10.93 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 Dividend yield 0% Volatility range 62.69% Risk-free rate range 0.61% Expected life (years) 4.3 Fair value of options (per share) $5.13 There were no options granted during 2015 or 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, 2015, and changes during the year then ended is presented below: Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding at January 1, 2015 86,348 $ 11.09 Granted - - Exercised (20,250 ) 11.65 Canceled/forfeited/expired - - Outstanding at December 31, 2015 66,098 $ 10.92 4.1 $ 1,101,716 Fully vested and exercisable at December 31, 2015 37,893 $ 10.93 2.5 $ 631,168 __________________________ * 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, 2015, was $27.59. The weighted-average grant-date fair value of options granted during 2013 was $5.13 per share. There were no options granted during 2015 or 2014. The weighted-average grant-date fair value of options either canceled, forfeited, or expired during the years 2014 and 2013 were $6.34 and $5.92 per share, respectively. There were no options either canceled, forfeited, or expired during 2015. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013, were approximately $940,043, $1,355,000 and $53,000, respectively. A summary of the status of the Company’s nonvested options and restricted stock as of December 31, 2015 and changes during the year ended December 31, 2015, is presented below: Stock Options: Number of Options Weighted- Average Grant Date Fair Value Nonvested at January 1, 2015 48,109 $ 6.10 Granted - - Canceled/forfeited/expired - - Vested (19,904 ) 6.15 Nonvested at December 31, 2015 28,205 $ 6.07 Restricted Shares: Number of Shares Weighted- Average Grant Date Fair Value (1) Nonvested at January 1, 2015 7,600 $ 42.65 Granted 1,225 57.27 Canceled/forfeited/expired - - Vested (3,125 ) 48.38 Nonvested at December 31, 2015 5,700 $ 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, 2015 and the number and weighted average exercise price of options exercisable as of December 31, 2015 is as follows: Exercise Price Shares Under Outstanding Options Weighted- Average Remaining Contractual Term Shares Under Exercisable Options (in years) $ 10.44 15,000 2.2 15,000 $ 10.90 6,000 1.4 6,000 $ 10.90 29,600 6.4 2,000 $ 11.22 7,498 4.9 6,893 $ 11.54 4,000 1.2 4,000 $ 11.75 4,000 0.2 4,000 66,098 4.1 37,893 Cash received from option exercises totaled approximately $236,000, $846,000 and $46,000 during the years ended December 31, 2015, 2014 and 2013, respectively. The Company issues new shares upon option exercise. |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015 2014 2013 (in thousands, except per share data) Net income $ 21,436 $ 13,491 $ 5,915 Basic weighted average common shares outstanding 7,288 7,990 8,662 Dilutive effect of common stock equivalents 37 44 20 Diluted weighted average common shares outstanding 7,325 8,034 8,682 Basic earnings per share $ 2.94 $ 1.69 $ 0.68 Diluted earnings per share $ 2.93 $ 1.68 $ 0.68 Average options outstanding to purchase 14,915 shares of common stock for December 31, 2013 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, 2015 | |
Notes to Financial Statements | |
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 $171,000, $162,000 and $188,000 in 2015, 2014 and 2013, respectively. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contigencies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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. During 2014, the Company reached a preliminary settlement with the plaintiffs in the amount of $3,950,000 and accordingly, reserved this amount, along with estimated settlement costs, in its 2014 consolidated financial statements. During the first quarter of 2015, the Company negotiated a reduction in the settlement amount to approximately $3,450,000. The settlement was approved by the court in January 2016 and we expect to make the settlement payment during 2016. 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 statements 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, 2015 are as follows: (in thousands) 2016 $ 10,113 2017 6,371 2018 400 2019 11 2020 and thereafter - Total $ 16,895 Total rental expense, net of amounts reimbursed, for the years ended December 31, 2015, 2014 and 2013 was approximately $12,057,000, $6,239,000, and $1,572,000, respectively. |
Note 16 - Lease Income
Note 16 - Lease Income | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Operating Leases of Lessor Disclosure [Text Block] | 16. LEASE INCOME The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned tractor. The terms associated with these leases require weekly lease payments over the term of the leases which range from 10 to 30 months. The cost and carrying amount of Company-owned tractors in this program at December 31, 2015 were approximately $35,199,000 and $15,382,000, respectively. The cost and carrying amount of Company-owned tractors in this program at December 31, 2014 was $14,143,000 and $6,136,000, respectively. Leases in our lease-purchase program expire at various dates through 2018. Payments received under this program are classified in the Company’s financial statements under Revenue. Future minimum lease receipts related to these leases at December 31, 2015 and 2014 were approximately $7,970,000 and 4,712,000. The Company leases office and shop facilities to a related party. See Note 18 to our consolidated financial statements. At December 31, 2015, the cost and carrying amount of the facilities leased were approximately $1,697,000 and $1,310,000, respectively. At December 31, 2014, the cost and carrying amount of the facilities leased were approximately $1,697,000 and $1,368,000, respectively. Future minimum lease receipts related to this lease at December 31, 2015 are approximately $48,000. |
Note 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 17. 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, 2015, the following items are measured at fair value on a recurring basis: Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 24,575 $ 24,575 - - During 2015 and 2014, 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, 2015 and 2014 are summarized as follows: 2015 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 129,271 $ 129,024 $ 95,201 $ 95,326 The Company has not elected the fair value option for any of our financial instruments. |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 18. 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 controlling stockholder. The Company recognized approximately $11,325,000, $13,253,000 and $10,350,000 in operating revenue and approximately $4,834,000, $1,440,000 and $1,303,000 in operating expenses in 2015, 2014 and 2013, respectively. In addition, also in the normal course of business, the Company sold tractors to an affiliated company owned by a controlling 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 controlling stockholder. Premiums paid for physical damage coverage were approximately $2,467,000, $2,597,000 and $2,036,000 for 2015, 2014 and 2013, respectively. Premiums paid for auto liability coverage during 2015, 2014 and 2013 were approximately $9,605,000, $9,464,000 and $9,461,000, respectively. Premiums paid for general liability coverage during 2015, 2014 and 2013 were approximately $23,000, $22,000, and $22,000, respectively. Beginning in 2012, the Company secured coverage for workers’ compensation insurance under the same arrangement. Premiums paid for workers’ compensation coverage during 2015, 2014, and 2013 were approximately $276,000, $267,000 and $254,000, respectively. Amounts owed to the Company by these affiliates were approximately $2,482,000 and $2,598,000 at December 31, 2015 and 2014, respectively. Of the accounts receivable at December 31, 2015, approximately $2,370,000 represents freight transportation, approximately $5,000 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 $106,000 represents property lease charges. Amounts representing prepaid insurance premiums at December 31, 2015 and 2014 were approximately $481,000 and $1,624,000, respectively. Amounts payable to affiliates at December 31, 2015 and 2014 were approximately $1,236,000 and $971,000 respectively. |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2015 and 2014: 2015 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 99,483 $ 108,033 $ 107,110 $ 102,424 Operating expenses and costs 90,336 96,151 96,884 97,449 Operating income 9,147 11,882 10,226 4,975 Non-operating income (loss) 245 272 (132 ) 1,131 Interest expense 617 644 732 825 Income tax expense 3,406 4,471 3,567 2,048 Net income $ 5,369 $ 7,039 $ 5,795 $ 3,233 Net income per common share: Basic $ 0.72 $ 0.95 $ 0.81 $ 0.45 Diluted $ 0.72 $ 0.94 $ 0.80 $ 0.45 Average common shares outstanding: Basic 7,425 7,431 7,186 7,116 Diluted 7,467 7,474 7,219 7,144 2014 Three Months Ended March 31 June 30 September 30 December 31 (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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Description of Business and Principles of Consolidation 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 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts in future periods. |
Bank Overdrafts [Policy Text Block] | Bank Overdrafts |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Other |
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 12 Structures and improvements 5 - 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 2015 and 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). |
Inventory Supplies, Policy [Policy Text Block] | Inventory |
Prepaid Tires [Policy Text Block] | Prepaid Tires |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense |
Maintenance Cost, Policy [Policy Text Block] | Repairs and Maintenance |
Self Insurance Liability [Policy Text Block] | Self-Insurance Liability |
Income Tax, Policy [Policy Text Block] | Income Taxes 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, 2015, 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 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 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 For additional information with respect to fair value measurements, see Note 17 to our consolidated financial statements. |
Segment Reporting, Policy [Policy Text Block] | Reporting Segments |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements– Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU No. 2014-09, (“ASU 2014-09”), Revenue from Contracts with Customers Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12, (“ASU 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 In November 2015, the FASB issued ASU No. 2015-17, (“ASU 2015-17”), Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, In January 2016, the FASB issued ASU 2016-01, (“ASU 2016-01”), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, (“ASU 2016-02”), L eases (Topic 842) In transition, lessees and lessors will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on the Company’s financial condition, results of operations, or cash flows. |
Note 1 - Accounting Policies (T
Note 1 - Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 12 Structures and improvements 5 - 40 |
Note 2 - Trade Accounts Recei31
Note 2 - Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2015 2014 (in thousands) Billed $ 43,502 $ 49,302 Unbilled 6,359 5,292 Allowance for doubtful accounts (549 ) (1,611 ) Total accounts receivable—net $ 49,312 $ 52,983 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | 2015 2014 2013 (in thousands) Balance—beginning of year $ 1,611 $ 1,477 $ 1,157 Provision for bad debts 151 456 424 Charge-offs (1,231 ) (322 ) (104 ) Recoveries 18 - - Balance—end of year $ 549 $ 1,611 $ 1,477 |
Note 3 - Marketable Equity Se32
Note 3 - Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Marketable Securities [Table Text Block] | 2015 2014 (in thousands) Available-for-sale securities Fair market value $ 24,575 $ 24,592 Cost 16,015 14,272 Unrealized gain $ 8,560 $ 10,320 Trading securities Fair market value $ - $ 303 Cost - 157 Unrealized gain $ - $ 146 Total Fair market value $ 24,575 $ 24,895 Cost 16,015 14,429 Unrealized gain $ 8,560 $ 10,466 |
Unrealized Gain (Loss) on Investments [Table Text Block] | 2015 2014 (in thousands) Available-for-sale securities Gross unrealized gains $ 9,893 $ 10,710 Gross unrealized losses 1,333 390 Net unrealized gains $ 8,560 $ 10,320 |
Realized Gain (Loss) on Investments [Table Text Block] | 2015 2014 2013 (in thousands) Trading securities Recognized gain (loss) at beginning of period $ 146 $ 8 $ (26 ) Recognized gain at end of period - 146 8 Securities transferred from trading to available-for-sale (81 ) - - Change in net recognized gain (loss) $ (65 ) $ 138 $ 34 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2015 2014 2013 (in thousands) Realized gains Sale proceeds $ 1,500 $ 1,720 $ 857 Cost of securities sold 434 818 290 Realized gains $ 1,066 $ 902 $ 567 Realized gains, net of taxes $ 654 $ 546 $ 346 |
Note 4 - Accrued Expenses and33
Note 4 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2015 2014 (in thousands) Payroll $ 1,792 $ 1,954 Accrued vacation 1,771 1,687 Taxes—other than income 2,371 2,309 Interest 58 61 Driver escrows 2,181 1,584 Margin account borrowings 11,949 11,723 Self-insurance claims 6,840 7,975 Deferred equipment gain – current portion 131 224 Total accrued expenses and other liabilities $ 27,093 $ 27,517 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 2015 2014 (in thousands) Line of credit with a bank—due July 1, 2017, and collateralized by accounts receivable (1) $ 9,977 $ - Equipment financing (2) 129,271 95,201 Total long-term debt 139,248 95,201 Less current maturities (40,025 ) (42,908 ) Long-term debt—net of current maturities $ 99,223 $ 52,293 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2016 $ 40,025 2017 36,999 2018 48,716 2019 11,217 2020 2,291 Total $ 139,248 |
Note 8 - Comprehensive Income35
Note 8 - Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
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, 2014, 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 (loss) 242 Balance at December 31, 2014, net of tax of $3,918 6,402 Other comprehensive income before reclassifications, net of tax of $(588) (962 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(80) (130 ) Net other comprehensive income (loss) (1,092 ) Balance at December 31, 2015, net of tax of $3,250 $ 5,310 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other (a) Comprehensive Income Component 2015 2014 Statement of Operations Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Realized gain on sale of securities $ 1,043 $ 1,015 Non-operating income Impairment expense (833 ) (1 ) Non-operating income Total before tax 210 1,014 Income before income taxes Tax expense (80 ) (385 ) Income tax expense Total after tax $ 130 $ 629 Net income |
Note 11 - Federal and State I36
Note 11 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 (in thousands) Current Long-Term Current Long-Term Deferred tax liabilities: Property and equipment $ - $ 76,362 $ - $ 64,341 Unrealized gains on securities 3,250 - 3,918 - Prepaid expenses and other 3,056 - 3,837 - Total deferred tax liabilities 6,306 76,362 7,755 64,341 Deferred tax assets: Allowance for doubtful accounts 208 - 612 - Alternative minimum tax credit carryforward - 1,378 - 1,206 QAFMV tax credit carryforward - 864 - 864 New hire tax credit - 124 - 124 Compensated absences 625 - 564 - Self-insurance allowances 2,340 - 2,592 - Share-based compensation - 230 - 579 Goodwill - 19 - 28 Marketable equity securities 1,283 - 686 - Net operating loss carryover - 3,258 - 4,392 Capital loss carryover - - 339 - Non-competition agreement - 15 - 23 Other 15 - 11 - Total deferred tax assets 4,471 5,888 4,804 7,216 Net deferred tax liability $ 1,835 $ 70,474 $ 2,951 $ 57,125 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 11,876 34.0 $ 7,552 34.0 $ 3,288 34.0 Nondeductible expenses 149 0.4 154 0.7 127 1.3 State income taxes/other—net of federal benefit 1,467 4.2 1,015 4.6 341 3.6 Total income tax expense $ 13,492 38.6 $ 8,721 39.3 $ 3,756 38.9 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 (in thousands) Current: Federal $ 98 $ 814 $ 124 State 493 395 35 591 1,209 159 Deferred: Federal 10,782 6,111 2,909 State 2,119 1,401 688 12,901 7,512 3,597 Total income tax expense $ 13,492 $ 8,721 $ 3,756 |
Note 12 - Stock-based Compens37
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2013: 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 Granted - - Exercised (20,250 ) 11.65 Canceled - - Outstanding—December 31, 2015: 66,098 $ 10.92 Options exercisable—December 31, 2015: 37,893 $ 10.93 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2013 Dividend yield 0% Volatility range 62.69% Risk-free rate range 0.61% Expected life (years) 4.3 Fair value of options (per share) $5.13 |
Schedule of Share-based Compensation, Activity [Table Text Block] | Shares Under Option Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding at January 1, 2015 86,348 $ 11.09 Granted - - Exercised (20,250 ) 11.65 Canceled/forfeited/expired - - Outstanding at December 31, 2015 66,098 $ 10.92 4.1 $ 1,101,716 Fully vested and exercisable at December 31, 2015 37,893 $ 10.93 2.5 $ 631,168 |
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, 2015 48,109 $ 6.10 Granted - - Canceled/forfeited/expired - - Vested (19,904 ) 6.15 Nonvested at December 31, 2015 28,205 $ 6.07 Number of Shares Weighted- Average Grant Date Fair Value (1) Nonvested at January 1, 2015 7,600 $ 42.65 Granted 1,225 57.27 Canceled/forfeited/expired - - Vested (3,125 ) 48.38 Nonvested at December 31, 2015 5,700 $ 42.65 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Exercise Price Shares Under Outstanding Options Weighted- Average Remaining Contractual Term Shares Under Exercisable Options (in years) $ 10.44 15,000 2.2 15,000 $ 10.90 6,000 1.4 6,000 $ 10.90 29,600 6.4 2,000 $ 11.22 7,498 4.9 6,893 $ 11.54 4,000 1.2 4,000 $ 11.75 4,000 0.2 4,000 66,098 4.1 37,893 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2015 2014 2013 (in thousands, except per share data) Net income $ 21,436 $ 13,491 $ 5,915 Basic weighted average common shares outstanding 7,288 7,990 8,662 Dilutive effect of common stock equivalents 37 44 20 Diluted weighted average common shares outstanding 7,325 8,034 8,682 Basic earnings per share $ 2.94 $ 1.69 $ 0.68 Diluted earnings per share $ 2.93 $ 1.68 $ 0.68 |
Note 15 - Commitments and Con39
Note 15 - Commitments and Contigencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) 2016 $ 10,113 2017 6,371 2018 400 2019 11 2020 and thereafter - Total $ 16,895 |
Note 17 - Fair Value of Finan40
Note 17 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 24,575 $ 24,575 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2015 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 129,271 $ 129,024 $ 95,201 $ 95,326 |
Note 19 - Quarterly Results o41
Note 19 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 99,483 $ 108,033 $ 107,110 $ 102,424 Operating expenses and costs 90,336 96,151 96,884 97,449 Operating income 9,147 11,882 10,226 4,975 Non-operating income (loss) 245 272 (132 ) 1,131 Interest expense 617 644 732 825 Income tax expense 3,406 4,471 3,567 2,048 Net income $ 5,369 $ 7,039 $ 5,795 $ 3,233 Net income per common share: Basic $ 0.72 $ 0.95 $ 0.81 $ 0.45 Diluted $ 0.72 $ 0.94 $ 0.80 $ 0.45 Average common shares outstanding: Basic 7,425 7,431 7,186 7,116 Diluted 7,467 7,474 7,219 7,144 2014 Three Months Ended March 31 June 30 September 30 December 31 (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 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Truckload Services [Member] | Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 87.60% | 92.50% | 92.60% | |
Subsequent Event [Member] | The 2016 Tender Offer [Member] | Minimum [Member] | ||||
Treasury Stock Acquired Cost Per Share | $ 27 | |||
Subsequent Event [Member] | The 2016 Tender Offer [Member] | Maximum [Member] | ||||
Treasury Stock Acquired Cost Per Share | $ 30 | |||
Subsequent Event [Member] | The 2016 Tender Offer [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 325,000 | |||
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 | 142,413 | |||
Bank Overdrafts | $ 467,000 | $ 0 | ||
Due from Employees, Current | $ 580,000 | 486,000 | ||
Decrease in Depreciation Expense as Result of Adjustments to Estimated Lives and Salvage Values | $ 550,000 | |||
Increase (Decrease) in Net Income (Loss) as Result of Adjustments to Estimated Lives and Salvage Values | 340,000 | |||
Increase (Decrease) in Net Income (Loss) Per Share as Result of Adjustments to Estimated Lives and Salvage Values | 0.04 | |||
Period for Amortizing Prepaid Tires | 2 years | |||
Advertising Expense | $ 988,000 | $ 683,000 | $ 662,000 |
Note 1 - Useful Lives of Proper
Note 1 - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Vehicles [Member] | Minimum [Member] | |
Property and equipment | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property and equipment | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment | 12 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment | 40 years |
Note 2 - Account Receivable Bal
Note 2 - Account Receivable Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Billed | $ 43,502 | $ 49,302 |
Unbilled | 6,359 | 5,292 |
Allowance for doubtful accounts | (549) | (1,611) |
Total accounts receivable—net | $ 49,312 | $ 52,983 |
Note 2 - Changes in Allowance f
Note 2 - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance—beginning of year | $ 1,611 | $ 1,477 | $ 1,157 |
Bad debt expense | 151 | 456 | 424 |
Charge-offs | (1,231) | $ (322) | $ (104) |
Recoveries | 18 | ||
Balance—end of year | $ 549 | $ 1,611 | $ 1,477 |
Note 3 - Marketable Equity Se46
Note 3 - Marketable Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 5,310,000 | $ 6,402,000 | |
Trading Securities, Accumulated Gross Recognized Loss | 0 | ||
Marketable Securities, Reclassification | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 833,000 | 1,000 | $ 29,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,310,000 | 6,402,000 | |
Available-for-Sale Securities Net Unrealized Holding Gain (Loss), Net of Tax | 1,079,000 | 237,000 | |
Investment Income, Dividend | 1,058,000 | 896,000 | $ 781,000 |
Trading Securities, Accumulated Gross Recognized Gain | 146,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,099,000 | 3,961,000 | |
Available-for-sale Equity Securities, Gross Unrealized Loss | 1,332,000 | 390,000 | |
Trading Securities Pledged as Collateral | $ 11,949,000 | $ 11,723,000 | |
Debt, Weighted Average Interest Rate | 0.94% | 0.76% |
Note 3 - Cost, Market Value and
Note 3 - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Fair market value | $ 24,575 | $ 24,592 |
Cost | 16,015 | 14,272 |
Unrealized gain | $ 8,560 | 10,320 |
Trading securities | ||
Fair market value | 303 | |
Cost | 157 | |
Unrealized gain | 146 | |
Fair market value | $ 24,575 | 24,895 |
Cost | 16,015 | 14,429 |
Unrealized gain | $ 8,560 | $ 10,466 |
Note 3 - Unrealized Gains and L
Note 3 - Unrealized Gains and Losses on Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale securities | ||
Gross unrealized gains | $ 9,893 | $ 10,710 |
Gross unrealized losses | 1,333 | 390 |
Net unrealized gains | $ 8,560 | $ 10,320 |
Note 3 - Recognized Gains (Loss
Note 3 - Recognized Gains (Losses) in Market Value for Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading securities | |||
Recognized gain (loss) at beginning of period | $ 146 | $ 8 | $ (26) |
Recognized gain at end of period | $ 146 | $ 8 | |
Securities transferred from trading to available-for-sale | $ (81) | ||
Change in net recognized gain (loss) | $ (65) | $ 138 | $ 34 |
Note 3 - Realized Gains on Avai
Note 3 - Realized Gains on Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Realized gains | |||
Sale proceeds | $ 1,500 | $ 1,720 | $ 857 |
Cost of securities sold | 434 | 818 | 290 |
Realized gains | 1,066 | 902 | 567 |
Realized gains, net of taxes | $ 654 | $ 546 | $ 346 |
Note 4 - Accrued Expenses and51
Note 4 - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payroll | $ 1,792 | $ 1,954 |
Accrued vacation | 1,771 | 1,687 |
Taxes—other than income | 2,371 | 2,309 |
Interest | 58 | 61 |
Driver escrows | 2,181 | 1,584 |
Margin account borrowings | 11,949 | 11,723 |
Self-insurance claims | 6,840 | 7,975 |
Deferred equipment gain – current portion | 131 | 224 |
Total accrued expenses and other liabilities | $ 27,093 | $ 27,517 |
Note 5 - Claims Liabilities (De
Note 5 - Claims Liabilities (Details Textual) | Dec. 31, 2015USD ($) |
Auto Liability [Member] | |
Per Occurrence Deductibles | $ 2,500 |
Truck Coverage [Member] | |
Per Occurrence Deductibles | 7,500 |
Cargo Loss Coverage [Member] | |
Per Occurrence Deductibles | 10,000 |
Trailers [Member] | |
Per Occurrence Deductibles | 2,500 |
Workers Compensation Coverage [Member] | |
Letters of Credit Outstanding, Amount | 600,000 |
Certificates of Deposit, at Carrying Value | 300,000 |
Workers Compensation Self Insured Retention | 500,000 |
Workers Compensation Per Occurrence Excess Policy | 500,000 |
Letters of Credit Outstanding, Amount | 791,000 |
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | $ 325,000 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Line of Credit [Member] | Equipment Financing [Member] | |
Long-term Debt, Weighted Average Interest Rate | 2.27% |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Line of Credit [Member] | |
Debt Instrument, Face Amount | $ 40,000,000 |
Ratio of Indebtedness to Net Capital | 3 |
Line of Credit Facility, Interest Rate at Period End | 1.74% |
Letters of Credit Outstanding, Amount | $ 791,000 |
Note 6 - Summary of Long-term D
Note 6 - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Line of Credit [Member] | ||
Long-term debt | $ 9,977 | |
Secured Debt [Member] | ||
Long-term debt | 129,271 | $ 95,201 |
Long-term debt | 139,248 | 95,201 |
Less current maturities | (40,025) | (42,908) |
Long-term debt—net of current maturities | $ 99,223 | $ 52,293 |
Note 6 - Annual Maturities on L
Note 6 - Annual Maturities on Long-term Debt Outstanding (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 40,025 |
2,017 | 36,999 |
2,018 | 48,716 |
2,019 | 11,217 |
2,020 | 2,291 |
Total | $ 139,248 |
Note 7 - Capital Stock (Details
Note 7 - Capital Stock (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2016 | May. 31, 2015 | Nov. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2015 | May. 31, 2014 | |
September 2011 Authorization [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 37,850 | 50,325 | 0 | 224,000 | |||||||
The 2016 Tender Offer [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 27 | ||||||||||
The 2016 Tender Offer [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 30 | ||||||||||
The 2016 Tender Offer [Member] | Subsequent Event [Member] | |||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 325,000 | ||||||||||
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 | 142,413 | ||||||||||
The 2015 Tender Offer [Member] | Minimum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 59 | ||||||||||
The 2015 Tender Offer [Member] | Maximum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 63 | ||||||||||
The 2015 Tender Offer [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 298,566 | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 80,000 | 150,000 | |||||||||
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 | 148,566 | ||||||||||
Treasury Stock Acquired Cost Per Share | $ 59 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 17,800,000 | ||||||||||
The 2014 Tender Offer [Member] | Minimum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 46 | ||||||||||
The 2014 Tender Offer [Member] | Maximum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 50 | ||||||||||
The 2014 Tender Offer [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 571,865 | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 640,000 | ||||||||||
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 | 160,000 | ||||||||||
Treasury Stock Acquired Cost Per Share | $ 50 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 28,700,000 | ||||||||||
The 2013 Tender Offer [Member] | Minimum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 19 | ||||||||||
The 2013 Tender Offer [Member] | Maximum [Member] | |||||||||||
Treasury Stock Acquired Cost Per Share | $ 21 | ||||||||||
The 2013 Tender Offer [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 675,000 | ||||||||||
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 | $ 20.50 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 13,900,000 | ||||||||||
September 2011 Reauthorization [Member] | |||||||||||
Treasury Stock, Shares, Acquired | 31,263 | 33,341 | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||||||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||||
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||
Common Stock, Shares, Issued | 11,497,471 | 11,474,096 | |||||||||
Common Stock, Shares, Outstanding | 7,116,661 | 7,423,115 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 19,278,000 | $ 30,810,000 | $ 14,452,000 | ||||||||
Treasury Stock, Shares | 4,380,810 | 4,050,981 | |||||||||
Treasury Stock, Value | $ 101,779,000 | $ 82,501,000 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance | $ 6,402 | $ 6,160 | |
Other comprehensive income before reclassifications | (962) | 871 | |
Amounts reclassified from accumulated other comprehensive income | (130) | (629) | |
Net other comprehensive income (loss) | (1,092) | 242 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,402 | 6,160 | $ 6,160 |
Balance | 5,310 | 6,402 | 6,160 |
Balance | 6,402 | ||
Net other comprehensive income (loss) | (1,092) | 242 | $ 1,925 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,310 | 6,402 | |
Balance | $ 5,310 | $ 6,402 |
Note 8 - Accumulated Other Co58
Note 8 - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI beginning balance, tax | $ 3,918 | $ 3,770 |
OCI before reclassifications, tax | 588 | 533 |
Reclassification from AOCI, tax | 80 | 385 |
AOCI ending balance, tax | 3,918 | 3,770 |
AOCI beginning balance, tax | $ 3,250 | $ 3,918 |
Note 8 - Reclassification Out o
Note 8 - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Non-operating income | [1] | $ 1,043 | $ 1,015 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||
Non-operating income | [1] | (833) | (1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Total before tax | [1] | 210 | 1,014 |
Tax expense | [1] | (80) | (385) |
Net income | [1] | 130 | 629 |
Non-operating income | 1,516 | 2,099 | |
Total before tax | 34,928 | 22,212 | |
Tax expense | (13,492) | (8,721) | |
Net income | $ 21,436 | $ 13,491 | |
[1] | Amounts in parentheses indicate debits to profit/loss |
Note 9 - Significant Customer60
Note 9 - Significant Customers and Industry Concentration (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Sales Revenue, Services, Net [Member] | |||
Number of Greater than Ten Percent of Revenue Customers | 3 | 2 | 2 |
Concentration Risk, Percentage | 37.00% | 34.00% | 33.00% |
Accounts Receivable [Member] | |||
Number of Greater than Ten Percent of Revenue Customers | 3 | 3 | |
Accounts Receivable, Gross, Current | $ 27,051,000 | $ 28,297,000 | |
Revenue Provided to the Automobile Manufacturing Industry [Member] | |||
Concentration Risk, Percentage | 47.00% | 48.00% | 46.00% |
Note 11 - Federal and State I61
Note 11 - Federal and State Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,378,000 | 1,206,000 |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 988,000 | |
Operating Loss Carryforwards | $ 8,584,000 | |
Statute of Limitations | 3 years | |
Receivables, Long-term Contracts or Programs | $ 484,000 | $ 8,496,000 |
Note 11 - Significant Component
Note 11 - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | ||
Property and equipment | $ 76,362,000 | $ 64,341,000 |
Unrealized gains on securities | 3,250,000 | 3,918,000 |
Prepaid expenses and other | 3,056,000 | 3,837,000 |
Total deferred tax liabilities | 6,306,000 | 7,755,000 |
Total deferred tax liabilities | 76,362,000 | 64,341,000 |
us-gaap_DeferredTaxAssetsGrossAbstract | ||
Allowance for doubtful accounts | 208,000 | 612,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,378,000 | 1,206,000 |
QAFMV tax credit carryforward | 864,000 | 864,000 |
New hire tax credit | 124,000 | 124,000 |
Compensated absences | 625,000 | 564,000 |
Self-insurance allowances | 2,340,000 | 2,592,000 |
Share-based compensation | 230,000 | 579,000 |
Goodwill | 19,000 | 28,000 |
Marketable equity securities | 1,283,000 | 686,000 |
Net operating loss carryover | $ 3,258,000 | 4,392,000 |
Capital loss carryover | 339,000 | |
Non-competition agreement | $ 15,000 | 23,000 |
Other | 15,000 | 11,000 |
Total deferred tax assets | 4,471,000 | 4,804,000 |
Total deferred tax assets | 5,888,000 | 7,216,000 |
Net deferred tax liability | 1,835,000 | 2,951,000 |
Net deferred tax liability | $ 70,474,000 | $ 57,125,000 |
Note 11 - Income Tax Rate Recon
Note 11 - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax at the statutory federal rate | $ 11,876 | $ 7,552 | $ 3,288 |
Income tax at the statutory federal rate | 34.00% | 34.00% | 34.00% |
Nondeductible expenses | $ 149 | $ 154 | $ 127 |
Nondeductible expenses | 0.40% | 0.70% | 1.30% |
State income taxes/other—net of federal benefit | $ 1,467 | $ 1,015 | $ 341 |
State income taxes/other—net of federal benefit | 4.20% | 4.60% | 3.60% |
Total income tax expense | $ 13,492 | $ 8,721 | $ 3,756 |
Total income tax expense | 38.60% | 39.30% | 38.90% |
Note 11 - Components of Income
Note 11 - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 98 | $ 814 | $ 124 |
State | 493 | 395 | 35 |
591 | 1,209 | 159 | |
Deferred: | |||
Federal | 10,782 | 6,111 | 2,909 |
State | 2,119 | 1,401 | 688 |
12,901 | 7,512 | 3,597 | |
Total income tax expense | $ 13,492 | $ 8,721 | $ 3,756 |
Note 12 - Stock-based Compens65
Note 12 - Stock-based Compensation (Details Textual) - USD ($) | Mar. 02, 2006 | Mar. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2014 | May. 31, 2012 | Nov. 30, 2010 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
Nonqualified Options [Member] | The 2014 Stock Option Plan [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||||||||||
Nonqualified Options [Member] | The 2014 Stock Option Plan [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||
Nonqualified Options [Member] | The 2014 Stock Option Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||||||||
Share-based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period, Percentage | 20.00% | |||||||||||||
Nonqualified Options [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 104,000 | 50,000 | 9,500 | |||||||||||
Share-based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period, Percentage | 20.00% | 20.00% | ||||||||||||
Allocated Share-based Compensation Expense | $ 94,000 | |||||||||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 504 | |||||||||||||
Allocated Share-based Compensation Expense | $ 70,000 | $ 60,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 175 | |||||||||||||
Restricted Stock [Member] | The 2014 Stock Option Plan [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
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 | 9,500 | 1,225 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.65 | $ 57.27 | ||||||||||||
Stock Award [Member] | The 2014 Stock Option Plan [Member] | Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,225 | 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 | $ 57.27 | $ 19.88 | ||||||||||||
Stock Award [Member] | Director [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | |||||||||||||
Allocated Share-based Compensation Expense | $ 179,000 | |||||||||||||
Performance Based Variable Nonqualified Stock Options [Member] | Key Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 64,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||||||||
Performance Based Variable Nonqualified Stock Options [Member] | ||||||||||||||
Share-based Compensation Arrangement By Share-based Payment Award, Performance Awards Earned | 4,442 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 59,558 | |||||||||||||
The 2014 Stock Option Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 358,000 | |||||||||||||
The 2006 Stock Option Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | |||||||||||||
Amortization, Next Year [Member] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 167,000 | |||||||||||||
Amortization Year 2 [Member] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 109,000 | |||||||||||||
Amortization, Year 3 [Member] | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 68,000 | |||||||||||||
Diluted [Member] | ||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share | $ 0.02 | |||||||||||||
Basic [Member] | ||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share | $ 0.03 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 35,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 274,000 | $ 263,000 | $ 346,000 | |||||||||||
Allocated Share-based Compensation Expense | 267,000 | 270,000 | 317,000 | |||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 103,000 | $ 106,000 | 123,000 | |||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share | $ 0.02 | $ 0.02 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 344,000 | $ 518,000 | ||||||||||||
Share Price | $ 27.59 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.13 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.34 | $ 5.92 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 940,043 | $ 1,355,000 | $ 53,000 | |||||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 236,000 | $ 846,000 | $ 46,000 |
Note 12 - Employee Stock Option
Note 12 - Employee Stock Options Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Outstanding (in shares) | 86,348 | 164,098 | 235,442 |
Outstanding (in dollars per share) | $ 11.09 | $ 10.99 | $ 11.38 |
Granted (in shares) | 0 | 0 | 35,000 |
Granted (in dollars per share) | $ 10.44 | ||
Exercised (in shares) | (20,250) | (77,708) | (7,257) |
Exercised (in dollars per share) | $ 11.65 | $ 10.88 | $ 10.94 |
Canceled (in shares) | (42) | (99,087) | |
Canceled (in dollars per share) | $ 11.22 | $ 11.71 | |
Outstanding (in shares) | 66,098 | 86,348 | 164,098 |
Outstanding (in dollars per share) | $ 10.92 | $ 11.09 | $ 10.99 |
Options exercisable (in shares) | 37,893 | ||
Options exercisable (in dollars per share) | $ 10.93 |
Note 12 - Fair Value Assumption
Note 12 - Fair Value Assumptions for Employee Stock Options (Details) | 12 Months Ended |
Dec. 31, 2013$ / shares | |
Dividend yield | 0.00% |
Volatility range | 62.69% |
Risk-free rate range | 0.61% |
Expected life (years) | 4 years 109 days |
Fair value of options (per share) (in dollars per share) | $ 5.13 |
Note 12 - Stock Option Activity
Note 12 - Stock Option Activity (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Outstanding (in shares) | shares | 86,348 | |
Outstanding (in dollars per share) | $ / shares | $ 11.09 | |
Exercised (in shares) | shares | (20,250) | |
Exercised (in dollars per share) | $ / shares | $ 11.65 | |
Outstanding (in shares) | shares | 66,098 | |
Outstanding (in dollars per share) | $ / shares | $ 10.92 | |
Outstanding | 4 years 36 days | |
Outstanding | $ | $ 1,101,716 | [1] |
Fully vested and exercisable at December 31, 2015 (in shares) | shares | 37,893 | |
Fully vested and exercisable at December 31, 2015 (in dollars per share) | $ / shares | $ 10.93 | |
Fully vested and exercisable at December 31, 2015 | 2 years 182 days | |
Fully vested and exercisable at December 31, 2015 | $ | $ 631,168 | [1] |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of our common stock, as determined by the closing price on December 31, 2015, was $27.59. |
Note 12 - Summary of Nonvested
Note 12 - Summary of Nonvested Options (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Employee Stock Option [Member] | |
Nonvested at Beginning of Period (in shares) | shares | 48,109 |
Nonvested -Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.10 |
Vested - Number of Options (in shares) | shares | (19,904) |
Vested - Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.15 |
Nonvested at End of Period (in shares) | shares | 28,205 |
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.07 |
Restricted Stock [Member] | |
Nonvested at Beginning of Period (in shares) | shares | 7,600 |
Nonvested -Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 42.65 |
Vested - Number of Options (in shares) | shares | (3,125) |
Vested - Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 48.38 |
Nonvested at End of Period (in shares) | shares | 5,700 |
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 42.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 1,225 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 57.27 |
Note 12 - Stock Option Activi70
Note 12 - Stock Option Activity by Exercise Price (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Exercise Price 1 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 10.44 |
Shares under outstanding options (in shares) | 15,000 |
Weighted-average remaining contractual term | 2 years 73 days |
Shares under exercisable options (in shares) | 15,000 |
Exercise Price 2 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 10.90 |
Shares under outstanding options (in shares) | 6,000 |
Weighted-average remaining contractual term | 1 year 146 days |
Shares under exercisable options (in shares) | 6,000 |
Exercise Price 3 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 10.90 |
Shares under outstanding options (in shares) | 29,600 |
Weighted-average remaining contractual term | 6 years 146 days |
Shares under exercisable options (in shares) | 2,000 |
Exercise Price 4 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 11.22 |
Shares under outstanding options (in shares) | 7,498 |
Weighted-average remaining contractual term | 4 years 328 days |
Shares under exercisable options (in shares) | 6,893 |
Exercise Price 5 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 11.54 |
Shares under outstanding options (in shares) | 4,000 |
Weighted-average remaining contractual term | 1 year 73 days |
Shares under exercisable options (in shares) | 4,000 |
Exercise Price 6 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 11.75 |
Shares under outstanding options (in shares) | 4,000 |
Weighted-average remaining contractual term | 73 days |
Shares under exercisable options (in shares) | 4,000 |
Exercise price (in dollars per share) | $ / shares | |
Shares under outstanding options (in shares) | 66,098 |
Weighted-average remaining contractual term | 4 years 36 days |
Shares under exercisable options (in shares) | 37,893 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2013shares | |
Employee Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,915 |
Note 13 - Computations of Basic
Note 13 - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 21,436 | $ 13,491 | $ 5,915 |
Basic weighted average common shares outstanding (in shares) | 7,288 | 7,990 | 8,662 |
Dilutive effect of common stock equivalents (in shares) | 37 | 44 | 20 |
Diluted weighted average common shares outstanding (in shares) | 7,325 | 8,034 | 8,682 |
Basic earnings per share (in dollars per share) | $ 2.94 | $ 1.69 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 2.93 | $ 1.68 | $ 0.68 |
Note 14 - Benefit Plan (Details
Note 14 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 171,000 | $ 162,000 | $ 188,000 |
Note 15 - Commitments and Con74
Note 15 - Commitments and Contigencies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Estimated Litigation Liability | $ 3,950,000 | $ 3,450,000 | ||
Operating Leases Number of Trucks | 421 | |||
Operating Leases, Rent Expense | $ 12,057,000 | $ 6,239,000 | $ 1,572,000 |
Note 15 - Future Minimum Annual
Note 15 - Future Minimum Annual Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
2,016 | $ 10,113 |
2,017 | 6,371 |
2,018 | 400 |
2,019 | $ 11 |
2020 and thereafter | |
Total | $ 16,895 |
Note 16 - Lease Income (Details
Note 16 - Lease Income (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | Tractors [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 300 days | |
Maximum [Member] | Tractors [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 2 years 180 days | |
Tractors [Member] | ||
Property Subject to or Available for Operating Lease, Gross | $ 35,199,000 | $ 14,143,000 |
Property Subject to or Available for Operating Lease, Net | 15,382,000 | 6,136,000 |
Operating Leases, Future Minimum Payments Receivable | 7,970,000 | 4,712,000 |
Building [Member] | ||
Property Subject to or Available for Operating Lease, Gross | 1,697,000 | 1,697,000 |
Property Subject to or Available for Operating Lease, Net | 1,310,000 | $ 1,368,000 |
Operating Leases, Future Minimum Payments Receivable | $ 48,000 |
Note 17 - Securities Measured a
Note 17 - Securities Measured at Fair Value on a Recurring Basis (Details) | Dec. 31, 2015USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Marketable equity securities | $ 24,575,000 |
Fair Value, Inputs, Level 2 [Member] | |
Marketable equity securities | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Marketable equity securities | 0 |
Marketable equity securities | $ 24,575,000 |
Note 17 - Fair Value of Long-te
Note 17 - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Equipment Financing [Member] | ||
Long-term debt | $ 129,271 | $ 95,201 |
Long-term debt | 129,024 | 95,326 |
Long-term debt | $ 139,248 | $ 95,201 |
Note 18 - Related Party Trans79
Note 18 - Related Party Transactions (Details Textual) - Majority Shareholder [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Tractors [Member] | |||
Proceeds from Sale of Productive Assets | $ 750,000 | ||
Physical Damage Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 2,467,000 | 2,597,000 | $ 2,036,000 |
Auto Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 9,605,000 | 9,464,000 | 9,461,000 |
General Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 23,000 | 22,000 | 22,000 |
Workers Compensation Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 276,000 | 267,000 | 254,000 |
Freight Transportation [Member] | |||
Accounts Receivable, Related Parties | 2,370,000 | ||
Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | |||
Accounts Receivable, Related Parties | 5,000 | ||
Property Lease Charges [Member] | |||
Accounts Receivable, Related Parties | 106,000 | ||
Insurance Premiums Paid in Excess of Amounts Earned [Member] | |||
Accounts Receivable, Related Parties | 481,000 | 1,624,000 | |
Revenue from Related Parties | 11,325,000 | 13,253,000 | 10,350,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 4,834,000 | 1,440,000 | $ 1,303,000 |
Due from Related Parties | 2,482,000 | 2,598,000 | |
Due to Related Parties | $ 1,236,000 | $ 971,000 |
Note 19 - Quarterly Financial I
Note 19 - Quarterly Financial Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | $ 102,424 | $ 107,110 | $ 108,033 | $ 99,483 | $ 101,715 | $ 107,059 | $ 104,343 | $ 97,820 | $ 417,050 | $ 410,937 | $ 402,813 |
Operating expenses and costs | 97,449 | 96,884 | 96,151 | 90,336 | 98,589 | 98,609 | 95,754 | 94,975 | 380,820 | 387,927 | 391,307 |
Operating income | 4,975 | 10,226 | 11,882 | 9,147 | 3,126 | 8,450 | 8,589 | 2,845 | 36,230 | 23,010 | 11,506 |
Non-operating income | 1,131 | (132) | 272 | 245 | 974 | 594 | 259 | 272 | 1,516 | 2,099 | 1,540 |
Interest expense | 825 | 732 | 644 | 617 | 660 | 632 | 743 | 862 | 2,818 | 2,897 | 3,375 |
Income tax expense | 2,048 | 3,567 | 4,471 | 3,406 | 1,308 | 3,355 | 3,160 | 898 | 13,492 | 8,721 | 3,756 |
Net income | $ 3,233 | $ 5,795 | $ 7,039 | $ 5,369 | $ 2,132 | $ 5,057 | $ 4,945 | $ 1,357 | $ 21,436 | $ 13,491 | $ 5,915 |
Basic earnings per share (in dollars per share) | $ 0.45 | $ 0.81 | $ 0.95 | $ 0.72 | $ 0.27 | $ 0.63 | $ 0.62 | $ 0.17 | $ 2.94 | $ 1.69 | $ 0.68 |
Diluted earnings per share (in dollars per share) | $ 0.45 | $ 0.80 | $ 0.94 | $ 0.72 | $ 0.27 | $ 0.63 | $ 0.62 | $ 0.17 | $ 2.93 | $ 1.68 | $ 0.68 |
Basic (in shares) | 7,116 | 7,186 | 7,431 | 7,425 | 7,988 | 7,993 | 7,992 | 7,985 | 7,288 | 7,990 | 8,662 |
Diluted (in shares) | 7,144 | 7,219 | 7,474 | 7,467 | 8,027 | 8,032 | 8,035 | 8,033 | 7,325 | 8,034 | 8,682 |