Pamt (PAMT) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 21, 2016
Document Information [Line Items]
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)		6,452,628
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 146,000	$ 157,000
Trade, less allowance of $821 and $549, respectively	58,214,000	49,312,000
Other	12,579,000	5,850,000
Inventories	1,780,000	1,890,000
Prepaid expenses and deposits	6,233,000	8,052,000
Marketable equity securities	27,381,000	24,575,000
Income taxes refundable	641,000	2,865,000
Total current assets	106,974,000	92,701,000
Property and equipment:
Land	5,374,000	5,374,000
Structures and improvements	18,595,000	17,858,000
Revenue equipment	340,979,000	338,853,000
Office furniture and equipment	10,085,000	9,854,000
Total property and equipment	375,033,000	371,939,000
Accumulated depreciation	(106,665,000)	(109,087,000)
Net property and equipment	268,368,000	262,852,000
Other assets	2,419,000	2,442,000
TOTAL ASSETS	377,761,000	357,995,000
Current liabilities:
Accounts payable	26,670,000	17,791,000
Accrued expenses and other liabilities	25,837,000	27,093,000
Current maturities of long-term debt	42,034,000	40,025,000
Total current liabilities	94,541,000	84,909,000
Long-term debt-less current portion	115,010,000	99,223,000
Deferred income taxes	77,587,000	72,309,000
Total liabilities	287,138,000	256,441,000
SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
Common stock, $.01 par value, 40,000,000 shares authorized; 11,507,446 and 11,497,471 shares issued; 6,452,328 and 7,116,661 shares outstanding at June 30, 2016 and December 31, 2015, respectively	115,000	115,000
Additional paid-in capital	80,699,000	80,429,000
Accumulated other comprehensive income	7,077,000	5,310,000
Treasury stock, at cost; 5,055,118 and 4,380,810 shares at June 30, 2016 and December 31, 2015, respectively	(121,674,000)	(101,779,000)
Retained earnings	124,406,000	117,479,000
Total shareholders’ equity	90,623,000	101,554,000
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 377,761,000	$ 357,995,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Trade, allowance	$ 821	$ 549
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)	11,507,446	11,497,471
Common stock, shares outstanding (in shares)	6,452,328	7,116,661
Treasury stock, shares (in shares)	5,055,118	4,380,810

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
OPERATING REVENUES:
Revenue, before fuel surcharge	$ 98,921	$ 91,053	$ 192,570	$ 173,737
Fuel surcharge	12,595	16,980	22,535	33,779
Total operating revenues	111,516	108,033	215,105	207,516
OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits	27,841	26,566	55,324	52,499
Operating supplies and expenses	21,042	24,125	40,160	47,291
Rent and purchased transportation	40,718	33,570	78,105	62,627
Depreciation	9,668	7,744	18,845	15,301
Insurance and claims	4,491	3,951	8,549	7,356
Other	2,014	2,288	4,184	4,668
Gain on disposition of equipment	(1,612)	(2,093)	(3,002)	(3,254)
Total operating expenses and costs	104,162	96,151	202,165	186,488
OPERATING INCOME	7,354	11,882	12,940	21,028
NON-OPERATING (EXPENSE) INCOME	(10)	272	(32)	517
INTEREST EXPENSE	(910)	(644)	(1,732)	(1,260)
INCOME BEFORE INCOME TAXES	6,434	11,510	11,176	20,285
FEDERAL AND STATE INCOME TAX EXPENSE:
Current	28	421	52	838
Deferred income taxes	2,414	4,050	4,197	7,039
Total federal and state income tax expense	2,442	4,471	4,249	7,877
NET INCOME	$ 3,992	$ 7,039	$ 6,927	$ 12,408
INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 0.61	$ 0.95	$ 1.01	$ 1.67
Diluted (in dollars per share)	$ 0.61	$ 0.94	$ 1.01	$ 1.66
Basic (in shares)	6,551	7,431	6,836	7,428
Diluted (in shares)	6,572	7,474	6,858	7,471

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income		$ 3,992	$ 7,039	$ 6,927	$ 12,408
Other comprehensive income, net of tax:
Reclassification adjustment for realized losses on marketable securities included in net income (1)	[1]			51
Reclassification adjustment for unrealized losses on marketable securities included in net income, net of income taxes (2)	[2]	185		331
Changes in fair value of marketable securities (3)	[3]	1,089	95	1,385	157
COMPREHENSIVE INCOME		$ 5,266	$ 7,134	$ 8,694	$ 12,565
[1]	Net of deferred income taxes of $0, $0, $31, and $0, respectively.
[2]	Net of deferred income taxes of $113, $0, $202, and $0, respectively.
[3]	Net of deferred income taxes of $667, $58, $848, and $96, respectively.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Realized Gains on Marketable Securities [Member]
Deferred income taxes	$ 0	$ 0	$ 31,000	$ 0
Unrealized Losses on Marketable Securities [Member]
Deferred income taxes	113,000	0	202,000	0
Changes in Fair Value of Marketable Securities [Member]
Deferred income taxes	667,000	58,000	848,000	96,000
Deferred income taxes	$ 2,414,000	$ 4,050,000	$ 4,197,000	$ 7,039,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES:
Net income	$ 6,927,000	$ 12,408,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	18,845,000	15,301,000
Bad debt expense	272,000	346,000
Sale leaseback deferred gain amortization	(112,000)	(112,000)
Stock compensation-net of excess tax benefits	196,000	169,000
Deferred income taxes	4,197,000	7,039,000
Reclassification of unrealized loss on marketable equity securities	532,000
Recognized loss on marketable equity securities	89,000	63,000
Gain on sale or disposal of equipment	(3,002,000)	(3,254,000)
Changes in operating assets and liabilities:
Accounts receivable	(11,633,000)	(4,679,000)
Prepaid expenses, deposits, inventories, and other assets	1,953,000	3,271,000
Income taxes refundable	2,223,000	(973,000)
Trade accounts payable	8,951,000	5,382,000
Accrued expenses and other liabilities	(1,299,000)	2,100,000
Net cash provided by operating activities	28,139,000	37,061,000
INVESTING ACTIVITIES:
Purchases of property and equipment	(40,390,000)	(44,324,000)
Proceeds from disposition of equipment	18,962,000	16,756,000
Change in restricted cash	(4,271,000)	5,711,000
Proceeds from Sale of Available-for-sale Securities, Equity	279,000	0
Purchases of marketable equity securities, net of return of capital	(860,000)	(2,374,000)
Net cash used in investing activities	(26,280,000)	(24,231,000)
FINANCING ACTIVITIES:
Borrowings under line of credit	254,740,000	244,124,000
Repayments under line of credit	(259,085,000)	(244,124,000)
Borrowings of long-term debt	43,554,000	32,733,000
Repayments of long-term debt	(21,413,000)	(24,969,000)
Borrowings under margin account	993,000	2,512,000
Repayments under margin account	(838,000)	(565,000)
Repurchases of common stock	(19,895,000)	(28,745,000)
Exercise of stock options	74,000	231,000
Net cash used in financing activities	(1,870,000)	(18,803,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(11,000)	(5,973,000)
CASH AND CASH EQUIVALENTS-Beginning of period	157,000	27,649,000
CASH AND CASH EQUIVALENTS-End of period	146,000	21,676,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION-
Interest	1,713,000	1,270,000
Income taxes	229,000	1,811,000
NONCASH INVESTING AND FINANCING ACTIVITIES-
Purchases of property and equipment included in accounts payable	$ 4,960,000	$ 10,677,000

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - 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, 2015	7,117
Balance at Dec. 31, 2015	$ 115	$ 80,429	$ 5,310	$ (101,779)	$ 117,479	$ 101,554
Net income					6,927	6,927
Other comprehensive income, net of tax of $1,081			1,767			$ 1,767
Exercise of stock options and stock awards-shares issued including tax benefits (in shares)	10					6,450
Exercise of stock options and stock awards-shares issued including tax benefits		74				$ 74
Treasury stock repurchases (in shares)	(675)
Treasury stock repurchases				(19,895)		(19,895)
Share-based compensation		196				196
Balance (in shares) at Jun. 30, 2016	6,452
Balance at Jun. 30, 2016	$ 115	$ 80,699	$ 7,077	$ (121,674)	$ 124,406	$ 90,623

Condensed Consolidated Stateme9

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
AOCI Attributable to Parent [Member]
Other comprehensive income, tax	$ 1,081

Note A - Basis of Presentation

Note A - Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE A: BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the six-month period ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2015.

Note B - Recent Accounting Pron

Note B - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update, (“ASU”) No. 2014-09, (“ASU 2014-09”), Revenue from Contracts with Customers Revenue from Contracts with Customers In June 2014, the FASB issued ASU No. 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 No. 2016-01, (“ASU 2016-01”), Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 is effective for annual and interim periods beginning after December 15, 2017, 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. In February 2016, the FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (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. In March 2016, the FASB issued ASU No. 2016-08, (“ASU 2016-08”), Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is not permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. Compensation – Stock Compensation (Topic 718) ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016, 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 C - Marketable Equity Secu

Note C - Marketable Equity Securities	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE C: MARKETABLE EQUITY SECURITIES The Company accounts for its marketable securities in accordance with ASC Topic 320, Investments-Debt and Equity Securities Marketable equity securities classified as available-for-sale are carried at fair value, with the unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income in shareholders’ equity. Realized gains and losses, declines in value judged to be other-than-temporary on available-for-sale securities, and increases or decreases in value on trading securities, if any, are included in the determination of net income. A quarterly evaluation is performed in order to judge whether declines in value below cost should be considered temporary and when losses are deemed to be other-than-temporary. Several factors are considered in this evaluation process including the severity and duration of the decline in value, the financial condition and near-term outlook for the specific issuer and the Company’s ability to hold the securities. For the quarter ended June 30, 2016, the evaluation resulted in an impairment charge of approximately $297,000 in the Company’s non-operating income (expense) in its statement of operations. For the quarter ended June 30, 2015, an impairment charge was not necessary. For the six-month period ended June 30, 2016, the evaluation resulted in an impairment charge of approximately $532,000 in the Company’s non-operating income (expense) in its statement of operations. For the six-month period ended June 30, 2015, an impairment charge was not necessary. The following table sets forth cost, market value and unrealized gain/(loss) on equity securities classified as available-for-sale as of June 30, 2016 and December 31, 2015. The Company had no securities classified as trading securities as of June 30, 2016 or December 31, 2015. June 30, 2016 December 31, 2015 (in thousands) Fair market value $ 27,381 $ 24,575 Cost 15,972 16,015 Unrealized gain $ 11,409 $ 8,560 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 June 30, 2016 and December 31, 2015. June 30, 2016 December 31, 2015 (in thousands) Available-for-sale securities: Gross unrealized gains $ 11,634 $ 9,893 Gross unrealized losses 225 1,333 Net unrealized gains $ 11,409 $ 8,560 As of June 30, 2016 and December 31, 2015, the total net unrealized gain, net of deferred income taxes, in accumulated other comprehensive income was approximately $7,077,000 and $5,310,000, respectively. For the six months ended June 30, 2016, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $1,767,000, net of deferred income taxes. For the year ended December 31, 2015, the Company had net unrealized gains in market value on securities classified as available-for-sale of approximately $1,079,000, net of deferred income taxes. As of June 30, 2016, the Company had no securities that were classified as trading. As of June 30, 2015, the Company's marketable securities that were classified as trading had gross recognized gains of approximately $83,000 and no gross recognized losses. The following table shows recognized gains (losses) in market value for securities classified as trading for the periods indicated. Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (in thousands) (in thousands) Recognized gain at beginning of period $ 133 $ 146 Recognized gain at end of period 83 83 Net recognized loss $ (50 ) $ (63 ) Net recognized loss, net of taxes $ (31 ) $ (39 ) There were no reclassifications of marketable securities between trading and available for sale categories during the first six months of 2016 or 2015. The cost of securities sold is based on the specific identification method and interest and dividends on securities are included in non-operating income (expense). There were no sales of securities held as available-for-sale during the three months ending June 30, 2016 or 2015. During the first six months of 2016, the Company sold, for approximately $279,000, certain securities which were held as available-for-sale with a cost of approximately $368,000 which resulted in a realized loss of approximately $89,000. Net of taxes, this loss was approximately $51,000. There were no sales of securities held as available-for-sale during the first six months of 2015. For the quarter ended June 30, 2016, the Company recognized dividends of approximately $243,000 in non-operating income in its statements of operations. For the quarter ended June 30, 2015, the Company recognized dividends of approximately $281,000 in non-operating income (expense) in its statements of operations. For the six months ended June 30, 2016, the Company recognized dividends of approximately $502,000 in non-operating income in its statements of operations. For the six months ended June 30, 2015, the Company recognized dividends of approximately $404,000 in non-operating income in its statements of operations. At June 30, 2016, the Company’s investments’ approximate fair value of securities in a loss position and related gross unrealized losses were $1,649,000 and $225,000, respectively. 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. As of June 30, 2016 and December 31, 2015, 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 June 30, 2016 and December 31, 2015, the Company had outstanding borrowings of approximately $12,104,000 and $11,949,000, respectively, under its margin account. Margin account borrowings are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in Accrued expenses and other liabilities on our balance sheets.

Note D - Stock-based Compensati

Note D - Stock-based Compensation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE D: STOCK BASED COMPENSATION The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may be granted. On March 2, 2006, the Company’s Board of Directors (the “Board”) adopted, and shareholders 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 carried over 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 June 30, 2016, must be exercised within either five or ten years from the date of grant. Outstanding nonqualified stock options granted to members of the Company’s Board of Directors vest immediately while outstanding nonqualified stock options issued to employees vest in increments of 20% to 25% each year. During the first six months of 2016, 2,275 shares of common stock were granted to non-employee directors under the 2014 Plan and 5,000 shares of common stock were granted to the Company’s Chief Executive Officer. The stock awarded to non-employee directors had a grant date fair value of $30.80 per share, based on the closing price of the Company’s stock on the date of grant, and vested immediately. The stock awarded to the Chief Executive Officer had a grant date fair value of $30.81 per share, based on the closing price of the Company’s stock on the date of grant, with 25% of the award vesting immediately and 25% vesting for each of the next three years. The total grant date fair value of stock and stock options vested during the first six months of 2016 was approximately $186,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the second quarter of 2016 was approximately $47,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the first six months of 2016 was approximately $196,000 and includes approximately $70,000 recognized as a result of the grant of 325 shares to each non-employee director during the first quarter of 2016. The recognition of stock-based compensation expense did not have a recognizable impact on diluted or basic earnings per common share reported for the second quarter ended June 30, 2016. The recognition of stock-based compensation expense decreased diluted and basic earnings per common share by approximately $0.02 during the six months ended June 30, 2016. As of June 30, 2016, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $346,000 which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $99,000 in additional compensation expense related to unvested option awards during the remainder of 2016 and to recognize approximately $139,000, $102,000, and $6,000 in additional compensation expense related to unvested option awards during the years 2017, 2018, and 2019, respectively. The total grant date fair value of stock and stock options vested during the first six months of 2015 was approximately $154,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the second quarter of 2015 was approximately $49,000. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits during the first six months of 2015 was approximately $169,000 and includes approximately $70,000 recognized as a result of the grant of 175 shares to each non-employee director during the first quarter of 2015. The recognition of stock-based compensation expense decreased diluted earnings per share reported for the second quarter ending June 30, 2015 by approximately $0.01 but did not have a recognizable impact on basic earnings per share reported for the second quarter ended June 30, 2015. The recognition of stock-based compensation expense decreased diluted and basic earnings per common share by approximately $0.01 during the six months ended June 30, 2015. Information related to stock option activity for the six months ended June 30, 2016 is as follows: Shares Under Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding at January 1, 2016 66,098 $ 10.92 Granted - - Exercised (6,450 ) 11.50 Cancelled/forfeited/expired (2,050 ) 10.91 Outstanding at June 30, 2016 57,598 $ 10.86 3.8 $ 289,835 Exercisable at June 30, 2016 44,243 $ 10.84 3.1 $ 223,371 ___________________________ * 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 June 30, 2016, was $15.89. A summary of the status of the Company’s nonvested options and restricted stock as of June 30, 2016 and changes during the six months ended June 30, 2016, is presented below: Stock Options Restricted Stock Number of Options Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value* Nonvested at January 1, 2016 28,205 $ 6.07 5,700 $ 42.65 Granted - - 7,275 30.81 Canceled/forfeited/expired (2,050 ) 6.07 (450 ) 42.65 Vested (12,800 ) 6.06 (3,525 ) 30.80 Nonvested at June 30, 2016 13,355 $ 6.07 9,000 $ 37.72 ___________________________ * 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 June 30, 2016 and the number and weighted average exercise price of options exercisable as of June 30, 2016 are as follows: Exercise Price Shares Under Outstanding Options Weighted-Average Remaining Contractual Term Shares Under Exercisable Options (in years) $ 10.44 15,000 1.7 15,000 $ 10.90 6,000 0.9 6,000 $ 10.90 26,600 5.9 13,800 $ 11.22 5,998 4.4 5,443 $ 11.54 4,000 0.7 4,000 57,598 3.8 44,243 Cash received from option exercises totaled approximately $74,000 and $231,000 during the six months ended June 30, 2016 and June 30, 2015, respectively. The Company issues new shares upon option exercise.

Note E - Segment Information

Note E - Segment Information	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE E: SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, S egment Reporting, Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 86,880 87.8 $ 79,512 87.3 $ 168,987 87.8 $ 152,040 87.5 Brokerage and Logistics Services revenue 12,041 12.2 11,541 12.7 23,583 12.2 21,697 12.5 Total revenues $ 98,921 100.0 $ 91,053 100.0 $ 192,570 100.0 $ 173,737 100.0

Note F - Treasury Stock

Note F - Treasury Stock	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Treasury Stock [Text Block]	NOTE F: TREASURY STOCK 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 the six months ended June 30, 2016, the Company repurchased 106,895 shares of its common stock at an aggregate cost of approximately $2,162,000 under this program. On February 18, 2016, the Company commenced a tender offer to repurchase up to 325,000 shares of the Company’s outstanding common stock at a price of up to $30.00 per share. On March 18, 2016, the Company extended the offer and increased the offer from 325,000 shares to 425,000 shares and the offer price from up to $30.00 per share to an offer price of up to $34.00 per share. Following the expiration of the tender offer on April 5, 2016, the Company accepted 567,413 shares of its common stock for purchase at $31.00 per share, including 142,413 oversubscribed shares tendered, at an aggregate purchase price of approximately $17.6 million, excluding fees and expenses related to the offer. The Company accounts for Treasury stock using the cost method and as of June 30, 2016, 5,055,118 shares were held in the treasury at an aggregate cost of approximately $121,674,000.

Note G - Accumulated Other Comp

Note G - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Accumulated Other Comprehensive Income [Text Block]	NOTE G: ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated balances of other comprehensive income for the three and six months ended June 30, 2016: Unrealized gains and losses on available-for-sale securities (in thousands) Balance at March 31, 2016, net of tax of $3,551 $ 5,803 Other comprehensive income before reclassifications, net of tax benefit of $667 1,089 Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $113 185 Net current-period other comprehensive income 1,274 Balance at June 30, 2016, net of tax of $4,331 $ 7,077 Balance at December 31, 2015, net of tax of $3,250 $ 5,310 Other comprehensive income before reclassifications, net of tax benefit of $848 1,385 Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $233 382 Net current-period other comprehensive income 1,767 Balance at June 30, 2016, net of tax of $4,331 $ 7,077 The following table provides details about reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2016: Amounts Reclassified from Accumulated Other Comprehensive Income (a) Details about Accumulated Other Comprehensive Income Component Six Months Ended June 30, 2016 Statement of Operations Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Prior period unrealized (gain) loss on securities sold $ 83 Non-operating (expense) income Impairment expense 532 Non-operating (expense) income Total before tax 615 Income before income taxes Tax benefit 233 Income tax expense Total after tax $ 382 Net income ___________________________ (a) Amounts in parentheses indicate debits to profit/loss

Note H - Earnings Per Share

Note H - Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE H: EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except per share data) Net income $ 3,992 $ 7,039 $ 6,927 $ 12,408 Basic weighted average common shares outstanding 6,551 7,431 6,836 7,428 Dilutive effect of common stock equivalents 21 43 22 43 Diluted weighted average common shares outstanding 6,572 7,474 6,858 7,471 Basic earnings per share $ 0.61 $ 0.95 $ 1.01 $ 1.67 Diluted earnings per share $ 0.61 $ 0.94 $ 1.01 $ 1.66 As of June 30, 2016 and June 30, 2015, there were no options outstanding to purchase shares of common stock that had an anti-dilutive effect on the computation of diluted earnings per share.

Note I - Income Taxes

Note I - Income Taxes	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE I: INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which 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. 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 June 30, 2016, 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 June 30, 2016, an adjustment to the Company’s consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the six months ended June 30, 2016 and 2015, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.

Note J - Fair Value of Financia

Note J - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data. Level 3: Unobservable inputs that are supported by little or no market activity. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At June 30, 2016, the following items are measured at fair value on a recurring basis: Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 27,381 $ 27,381 - - The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at June 30, 2016 was as follows: Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 151,412 $ 151,203 The Company has not elected the fair value option for any of its financial instruments.

Note K - Notes Payable and Long

Note K - Notes Payable and Long-term Debt	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	NOTE K: NOTES PAYABLE AND LONG-TERM DEBT During the first six months of 2016, the Company’s subsidiaries entered into installment obligations totaling approximately $43.6 million for the purpose of purchasing revenue equipment. These obligations are payable in monthly installments ranging from 36 months to 60 months at a weighted average interest rate of 2.31%.

Note L - Off-balance Sheet Arra

Note L - Off-balance Sheet Arrangements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	NOTE L: OFF-BALANCE SHEET ARRANGEMENTS As of June 30, 2016, the Company’s subsidiaries operated revenue equipment under various operating lease arrangements. 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 Rent and purchased transportation category. Rent expense related to revenue equipment under these leases were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (in thousands) Rent expense related to revenue equipment $ 2,469 $ 2,668 $ 4,957 $ 5,342 Leases for revenue equipment under non-cancellable operating leases expire at various dates through 2018. F uture minimum lease payments related to non-cancellable leases for revenue equipment at June 30, 2016 are: (in thousands) 2016 $ 3,750 2017 6,002 2018 181 Total future minimum lease payments $ 9,933

Note M - Litigation

Note M - Litigation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE M: LITIGATION We were 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, alleged claims for unpaid wages under the Fair Labor Standards Act and the Arkansas Minimum Wage Law. The complaint alleged 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 sought to enjoin the Company from continuing its pay practices related to the allegations. They also sought 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. During the second quarter of 2016, the plaintiffs’ motion for final approval of the lawsuit was approved by the court and the settlement was paid in June 2016. The loss under this claim was not covered by existing insurance policies.

Note N - Subsequent Events

Note N - Subsequent Events	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE N: SUBSEQUENT EVENTS Management has evaluated subsequent events for recognition and disclosure through the date these financial statements were filed with the United States Securities and Exchange Commission and concluded that no subsequent events or transactions have occurred that require recognition or disclosure in our financial statements.

Note C - Marketable Equity Se24

Note C - Marketable Equity Securities (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Marketable Securities [Table Text Block]	June 30, 2016 December 31, 2015 (in thousands) Fair market value $ 27,381 $ 24,575 Cost 15,972 16,015 Unrealized gain $ 11,409 $ 8,560
Unrealized Gain (Loss) on Investments [Table Text Block]	June 30, 2016 December 31, 2015 (in thousands) Available-for-sale securities: Gross unrealized gains $ 11,634 $ 9,893 Gross unrealized losses 225 1,333 Net unrealized gains $ 11,409 $ 8,560
Realized Gain (Loss) on Investments [Table Text Block]	Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 (in thousands) (in thousands) Recognized gain at beginning of period $ 133 $ 146 Recognized gain at end of period 83 83 Net recognized loss $ (50 ) $ (63 ) Net recognized loss, net of taxes $ (31 ) $ (39 )

Note D - Stock-based Compensa25

Note D - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Share-based Compensation, Activity [Table Text Block]	Shares Under Options Weighted-Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding at January 1, 2016 66,098 $ 10.92 Granted - - Exercised (6,450 ) 11.50 Cancelled/forfeited/expired (2,050 ) 10.91 Outstanding at June 30, 2016 57,598 $ 10.86 3.8 $ 289,835 Exercisable at June 30, 2016 44,243 $ 10.84 3.1 $ 223,371
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Stock Options Restricted Stock Number of Options Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value* Nonvested at January 1, 2016 28,205 $ 6.07 5,700 $ 42.65 Granted - - 7,275 30.81 Canceled/forfeited/expired (2,050 ) 6.07 (450 ) 42.65 Vested (12,800 ) 6.06 (3,525 ) 30.80 Nonvested at June 30, 2016 13,355 $ 6.07 9,000 $ 37.72
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 1.7 15,000 $ 10.90 6,000 0.9 6,000 $ 10.90 26,600 5.9 13,800 $ 11.22 5,998 4.4 5,443 $ 11.54 4,000 0.7 4,000 57,598 3.8 44,243

Note E - Segment Information (T

Note E - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 86,880 87.8 $ 79,512 87.3 $ 168,987 87.8 $ 152,040 87.5 Brokerage and Logistics Services revenue 12,041 12.2 11,541 12.7 23,583 12.2 21,697 12.5 Total revenues $ 98,921 100.0 $ 91,053 100.0 $ 192,570 100.0 $ 173,737 100.0

Note G - Accumulated Other Co27

Note G - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
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 March 31, 2016, net of tax of $3,551 $ 5,803 Other comprehensive income before reclassifications, net of tax benefit of $667 1,089 Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $113 185 Net current-period other comprehensive income 1,274 Balance at June 30, 2016, net of tax of $4,331 $ 7,077 Balance at December 31, 2015, net of tax of $3,250 $ 5,310 Other comprehensive income before reclassifications, net of tax benefit of $848 1,385 Amounts reclassified from accumulated other comprehensive income, net of tax benefit of $233 382 Net current-period other comprehensive income 1,767 Balance at June 30, 2016, net of tax of $4,331 $ 7,077
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amounts Reclassified from Accumulated Other Comprehensive Income (a) Details about Accumulated Other Comprehensive Income Component Six Months Ended June 30, 2016 Statement of Operations Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Prior period unrealized (gain) loss on securities sold $ 83 Non-operating (expense) income Impairment expense 532 Non-operating (expense) income Total before tax 615 Income before income taxes Tax benefit 233 Income tax expense Total after tax $ 382 Net income

Note H - Earnings Per Share (Ta

Note H - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except per share data) Net income $ 3,992 $ 7,039 $ 6,927 $ 12,408 Basic weighted average common shares outstanding 6,551 7,431 6,836 7,428 Dilutive effect of common stock equivalents 21 43 22 43 Diluted weighted average common shares outstanding 6,572 7,474 6,858 7,471 Basic earnings per share $ 0.61 $ 0.95 $ 1.01 $ 1.67 Diluted earnings per share $ 0.61 $ 0.94 $ 1.01 $ 1.66

Note J - Fair Value of Financ29

Note J - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 27,381 $ 27,381 - -
Fair Value, by Balance Sheet Grouping [Table Text Block]	Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 151,412 $ 151,203

Note L - Off-balance Sheet Ar30

Note L - Off-balance Sheet Arrangements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Rent Expense [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (in thousands) Rent expense related to revenue equipment $ 2,469 $ 2,668 $ 4,957 $ 5,342
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	(in thousands) 2016 $ 3,750 2017 6,002 2018 181 Total future minimum lease payments $ 9,933

Note B - Recent Accounting Pr31

Note B - Recent Accounting Pronouncements (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Decrease in Current Deferred Income Tax Liability and Increase in Net Noncurrent Deferred Tax Liability [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment	$ 1.8

Note C - Marketable Equity Se32

Note C - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Available-for-sale Securities [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 7,077,000		$ 7,077,000		$ 5,310,000
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	297,000	$ 0	532,000	$ 0
Trading Securities	0		0		0
Trading Securities, Accumulated Gross Recognized Loss		0		0
Marketable Securities, Reclassification			0	0
Proceeds from Sale of Available-for-sale Securities, Equity	0	0	279,000	0
Accumulated Other Comprehensive Income (Loss), Net of Tax	7,077,000		7,077,000		5,310,000
Available-for-Sale Securities Net Unrealized Holding Gain (Loss), Net of Tax			1,767,000		1,079,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	0		0		0
Trading Securities, Accumulated Gross Recognized Gain		83,000		83,000
Available-for-sale Securities Gross Realized Gains (Losses), Cost of Securities Sold			368,000
Available-for-sale Securities, Gross Realized Losses			89,000
Available-for-sale Securities Realized Loss, Net of Tax			51,000
Investment Income, Dividend	243,000	$ 281,000	502,000	$ 404,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	1,649,000		1,649,000		5,099,000
Available-for-sale Equity Securities, Gross Unrealized Loss			225,000		1,332,000
Trading Securities Pledged as Collateral	$ 12,104,000		$ 12,104,000		$ 11,949,000

Note C - Cost, Market Value and

Note C - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair market value	$ 27,381	$ 24,575
Cost	15,972	16,015
Unrealized gain	$ 11,409	$ 8,560

Note C - Unrealized Gains and L

Note C - Unrealized Gains and Losses on Marketable Securities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Gross unrealized gains	$ 11,634	$ 9,893
Gross unrealized losses	225	1,333
Net unrealized gains	$ 11,409	$ 8,560

Note C - Recognized Gains (Loss

Note C - Recognized Gains (Losses) in Market Value for Securities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Recognized gain at beginning of period	$ 133	$ 146
Recognized gain at end of period	83	83
Net recognized loss	(50)	(63)
Net recognized loss, net of taxes	$ (31)	$ (39)

Note D - Stock-based Compensa36

Note D - Stock-based Compensation (Details Textual) - USD ($)		Mar. 02, 2006	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
The 2006 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		750,000
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Employee-Director [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Employee-Director [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Employee-Director [Member] | Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Employee-Director [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Employee-Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							5,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 30.81
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							2,275
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value							$ 30.80
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
The 2014 Stock Option Plan [Member] | Nonqualified Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							5 years
The 2014 Stock Option Plan [Member] | Nonqualified Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							10 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							7,275
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	[1]						$ 30.81
Nonqualified Options [Member] | Annual Grant to Non-employee [Member]
Allocated Share-based Compensation Expense				$ 70,000		$ 70,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period				325		175
Amortization, Current Year [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 99,000				$ 99,000
Amortization Year 2 [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			139,000				139,000
Amortization, Year 3 [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			102,000				102,000
Amortization, Year 4 [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			6,000				6,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value							186,000	$ 154,000
Allocated Share-based Compensation Expense			47,000		$ 49,000		$ 196,000	$ 169,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted							$ 0.02	$ 0.01
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 346,000				$ 346,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted					$ 0.01
Share Price			$ 15.89				$ 15.89
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options							$ 74,000	$ 231,000
[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.

Note D - Stock Option Activity

Note D - Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Outstanding (in shares) | shares	66,098
Outstanding (in dollars per share) | $ / shares	$ 10.92
Exercised (in shares) | shares	(6,450)
Exercised (in dollars per share) | $ / shares	$ 11.50
Cancelled/forfeited/expired (in shares) | shares	(2,050)
Cancelled/forfeited/expired (in dollars per share) | $ / shares	$ 10.91
Outstanding (in shares) | shares	57,598
Outstanding (in dollars per share) | $ / shares	$ 10.86
Outstanding	3 years 292 days
Outstanding | $	$ 289,835	[1]
Exercisable at June 30, 2016 (in shares) | shares	44,243
Exercisable at June 30, 2016 (in dollars per share) | $ / shares	$ 10.84
Exercisable at June 30, 2016	3 years 36 days
Exercisable at June 30, 2016 | $	$ 223,371	[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 June 30, 2016, was $15.89.

Note D - Summary of Nonvested O

Note D - Summary of Nonvested Options and Restricted Stock (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Employee Stock Option [Member]
Nonvested at Beginning of Period (in shares) | shares	28,205
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 6.07
Canceled/forfeited/expired - Number of Options (in shares) | shares	(2,050)
Canceled/forfeited/expired - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 6.07
Vested (in shares) | shares	(12,800)
Vested (in dollars per share) | $ / shares	$ 6.06
Nonvested at End of Period (in shares) | shares	13,355
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	5,700
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 42.65	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	7,275
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 30.81	[1]
Canceled/forfeited/expired (in shares) | shares	(450)
Canceled/forfeited/expired - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 42.65	[1]
Vested (in shares) | shares	(3,525)
Vested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 30.80	[1]
Nonvested at End of Period (in shares) | shares	9,000
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 37.72	[1]
[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.

Note D - Stock Option Activit39

Note D - Stock Option Activity by Exercise Price (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Exercise Price 1 [Member]
Exercise Price (in dollars per share) | $ / shares	$ 15,000
Shares Under Outstanding Options (in shares)	1.7
Weighted-Average Remaining Contractual Term	15000 years
Exercise Price 2 [Member]
Exercise Price (in dollars per share) | $ / shares	$ 6,000
Shares Under Outstanding Options (in shares)	0.9
Weighted-Average Remaining Contractual Term	6000 years
Exercise Price 3 [Member]
Exercise Price (in dollars per share) | $ / shares	$ 26,600
Shares Under Outstanding Options (in shares)	5.9
Weighted-Average Remaining Contractual Term	13800 years
Exercise Price 4 [Member]
Exercise Price (in dollars per share) | $ / shares	$ 5,998
Shares Under Outstanding Options (in shares)	4.4
Weighted-Average Remaining Contractual Term	5443 years
Exercise Price 5 [Member]
Exercise Price (in dollars per share) | $ / shares	$ 4,000
Shares Under Outstanding Options (in shares)	0.7
Weighted-Average Remaining Contractual Term	4000 years
Shares Under Outstanding Options (in shares)	3.8
Weighted-Average Remaining Contractual Term	44243 years

Note E - Segment Information (D

Note E - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2016
Number of Reportable Segments	1
Number of Operating Segments	2

Note E - Segment Revenue Reconc

Note E - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Truckload Services [Member]
Truckload Services revenue	$ 86,880	$ 79,512	$ 168,987	$ 152,040
Truckload Services revenue	87.80%	87.30%	87.80%	87.50%
Brokerage and Logistics Services [Member]
Truckload Services revenue	$ 12,041	$ 11,541	$ 23,583	$ 21,697
Truckload Services revenue	12.20%	12.70%	12.20%	12.50%
Truckload Services revenue	$ 98,921	$ 91,053	$ 192,570	$ 173,737
Truckload Services revenue	100.00%	100.00%	100.00%	100.00%

Note F - Treasury Stock (Detail

Note F - Treasury Stock (Details Textual) - USD ($)	Apr. 05, 2016	Mar. 18, 2016	Feb. 18, 2016	Jun. 30, 2016	Dec. 31, 2015	May 31, 2014
September 2011 Reauthorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						500,000
Treasury Stock, Shares, Acquired				106,895
Treasury Stock, Value, Acquired, Cost Method				$ 2,162,000
The 2016 Tender Offer [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		425,000	325,000
Treasury Stock Acquired Cost Per Share		$ 34	$ 30
Oversubscribed Shares Tendered [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	142,413
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	567,413
Treasury Stock, Value, Acquired, Cost Method	$ 17,600,000			$ 19,895,000
Treasury Stock Acquired Cost Per Share	$ 31
Treasury Stock, Shares				5,055,118	4,380,810
Treasury Stock, Value				$ 121,674,000	$ 101,779,000

Note G - Accumulated Other Co43

Note G - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Balance, beginning of period	$ 5,803	$ 5,310
Other comprehensive income before reclassifications, net of tax benefit	1,089	1,385
Amounts reclassified from accumulated other comprehensive income, net of tax benefit	185	382
Net current-period other comprehensive income	1,274	1,767
Balance, end of period	7,077	7,077
Balance, beginning of period		5,310
Net current-period other comprehensive income		1,767
Balance, end of period	$ 7,077	$ 7,077

Note G - Accumulated Other Co44

Note G - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
AOCI tax, balance	$ 4,331	$ 4,331	$ 3,551	$ 3,250
OCI before reclassifications, tax	667	848
Reclassification from AOCI, tax	$ 113	$ 233

Note G - Reclassification Out o

Note G - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Non-operating (expense) income	[1]			$ 83
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member]
Non-operating (expense) income	[1]			532
Reclassification out of Accumulated Other Comprehensive Income [Member]
Total before tax	[1]			615
Tax benefit	[1]			233
Net income	[1]			382
Non-operating (expense) income		$ (10)	$ 272	(32)	$ 517
Total before tax		6,434	11,510	11,176	20,285
Tax benefit		2,442	4,471	4,249	7,877
Net income		$ 3,992	$ 7,039	$ 6,927	$ 12,408
[1]	Amounts in parentheses indicate debits to profit/loss

Note H - Earnings Per Share (De

Note H - Earnings Per Share (Details Textual) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note H - Computations of Basic

Note H - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 3,992	$ 7,039	$ 6,927	$ 12,408
Basic weighted average common shares outstanding (in shares)	6,551	7,431	6,836	7,428
Dilutive effect of common stock equivalents (in shares)	21	43	22	43
Diluted weighted average common shares outstanding (in shares)	6,572	7,474	6,858	7,471
Basic earnings per share (in dollars per share)	$ 0.61	$ 0.95	$ 1.01	$ 1.67
Diluted earnings per share (in dollars per share)	$ 0.61	$ 0.94	$ 1.01	$ 1.66

Note I - Income Taxes (Details

Note I - Income Taxes (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Canada Revenue Agency [Member] | Earliest Tax Year [Member] | Foreign Tax Authority [Member]
Open Tax Year	2,012
Statute of Limitations	3 years
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0

Note J - Securities Measured at

Note J - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	$ 27,381,000
Fair Value, Inputs, Level 2 [Member]
Marketable equity securities	0
Fair Value, Inputs, Level 3 [Member]
Marketable equity securities	0
Marketable equity securities	$ 27,381,000	$ 24,575,000

Note J - Fair Value of Long-ter

Note J - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands	Jun. 30, 2016USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 151,412
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 151,203

Note K - Notes Payable and Lo51

Note K - Notes Payable and Long-term Debt (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Minimum [Member]
Debt Instrument, Term	3 years
Maximum [Member]
Debt Instrument, Term	5 years
Notes Payable to Bank, Noncurrent	$ 43.6
Long-term Debt, Weighted Average Interest Rate	2.31%

Note L - Rent Expense Related t

Note L - Rent Expense Related to Revenue Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Rent expense related to revenue equipment	$ 2,469	$ 2,668	$ 4,957	$ 5,342

Note L - Future Minimum Lease P

Note L - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2016USD ($)
2,016	$ 3,750
2,017	6,002
2,018	181
Total future minimum lease payments	$ 9,933

Note M - Litigation (Details Te

Note M - Litigation (Details Textual) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Estimated Litigation Liability	$ 3,450,000	$ 3,950,000