Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 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) | 6,400,803 | ||
Entity Public Float | $ 39,775,800 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 137,000 | $ 157,000 |
Trade, less allowance of $994 and $549, respectively | 56,143,000 | 49,312,000 |
Other | 4,982,000 | 5,850,000 |
Inventories | 1,900,000 | 1,890,000 |
Prepaid expenses and deposits | 8,777,000 | 8,052,000 |
Marketable equity securities | 27,621,000 | 24,575,000 |
Income taxes refundable | 738,000 | 2,865,000 |
Total current assets | 100,298,000 | 92,701,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 5,374,000 | 5,374,000 |
Structures and improvements | 18,861,000 | 17,858,000 |
Revenue equipment | 355,339,000 | 338,853,000 |
Office furniture and equipment | 10,402,000 | 9,854,000 |
Total property and equipment | 389,976,000 | 371,939,000 |
Accumulated depreciation | (112,600,000) | (109,087,000) |
Net property and equipment | 277,376,000 | 262,852,000 |
OTHER ASSETS | 2,392,000 | 2,442,000 |
TOTAL ASSETS | 380,066,000 | 357,995,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 16,088,000 | 17,791,000 |
Accrued expenses and other liabilities | 22,330,000 | 27,093,000 |
Current maturities of long-term debt | 42,806,000 | 40,025,000 |
Total current liabilities | 81,224,000 | 84,909,000 |
Long-term debt—net of current maturities | 124,391,000 | 99,223,000 |
Deferred income taxes | 80,293,000 | 72,309,000 |
Total liabilities | 285,908,000 | 256,441,000 |
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; 11,510,863 and 11,497,471 shares issued; 6,396,803 and 7,116,661 shares outstanding at December 31, 2016 and December 31, 2015, respectively | 115,000 | 115,000 |
Additional paid-in capital | 80,822,000 | 80,429,000 |
Accumulated other comprehensive income | 7,476,000 | 5,310,000 |
Treasury stock, at cost; 5,114,060 and 4,380,810 shares at December 31, 2016 and December 31, 2015, respectively | (122,835,000) | (101,779,000) |
Retained earnings | 128,580,000 | 117,479,000 |
Total stockholders’ equity | 94,158,000 | 101,554,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 380,066,000 | $ 357,995,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Trade, allowance | $ 994 | $ 549 | $ 1,611 | $ 1,477 |
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) | 11,510,863 | 11,497,471 | ||
Common stock, shares outstanding (in shares) | 6,396,803 | 7,116,661 | ||
Treasury stock, shares (in shares) | 5,114,060 | 4,380,180 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING REVENUES: | |||
Revenue, before fuel surcharge | $ 382,737 | $ 355,403 | $ 316,584 |
Fuel surcharge | 50,115 | 61,647 | 94,353 |
Total operating revenues | 432,852 | 417,050 | 410,937 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 112,235 | 105,943 | 108,371 |
Operating supplies and expenses | 82,993 | 89,878 | 126,875 |
Rents and purchased transportation | 158,298 | 134,188 | 90,831 |
Depreciation | 39,114 | 32,346 | 36,296 |
Insurance and claims | 16,632 | 15,315 | 20,274 |
Other | 8,352 | 8,904 | 9,871 |
Gain on disposition of equipment | (4,700) | (5,754) | (4,591) |
Total operating expenses and costs | 412,924 | 380,820 | 387,927 |
OPERATING INCOME | 19,928 | 36,230 | 23,010 |
NON-OPERATING INCOME | 1,485 | 1,516 | 2,099 |
INTEREST EXPENSE | (3,641) | (2,818) | (2,897) |
INCOME BEFORE INCOME TAXES | 17,772 | 34,928 | 22,212 |
FEDERAL & STATE INCOME TAX EXPENSE: | |||
Current | 13 | 591 | 1,209 |
Deferred | 6,658 | 12,901 | 7,512 |
Total federal & state income tax expense | 6,671 | 13,492 | 8,721 |
NET INCOME | $ 11,101 | $ 21,436 | $ 13,491 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $ 1.68 | $ 2.94 | $ 1.69 |
Diluted (in dollars per share) | $ 1.67 | $ 2.93 | $ 1.68 |
Basic (in shares) | 6,627 | 7,288 | 7,990 |
Diluted (in shares) | 6,649 | 7,325 | 8,034 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
NET INCOME | $ 11,101 | $ 21,436 | $ 13,491 | |
Other comprehensive income (loss), net of tax: | ||||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | [1] | (543) | (646) | (630) |
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | [2] | 440 | 516 | 1 |
Changes in fair value of marketable securities (3) | [3] | 2,269 | (962) | 871 |
COMPREHENSIVE INCOME | $ 13,267 | $ 20,344 | $ 13,733 | |
[1] | Net of deferred income taxes of $(333), $(396), and $(385), respectively. | |||
[2] | Net of deferred income taxes of $269, $316, and $0, respectively. | |||
[3] | Net of deferred income taxes of $1,390, $(588), and $533, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred income taxes | $ (333) | $ (396) | $ (385) |
Deferred income taxes | 269 | 316 | 0 |
Deferred income taxes | $ 1,390 | $ (588) | $ 533 |
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, 2013 | 7,984,000 | |||||
Balance at Dec. 31, 2013 | $ 114 | $ 78,811 | $ 6,160 | $ (51,691) | $ 82,552 | $ 115,946 |
Net income | 13,491 | 13,491 | ||||
Other comprehensive income, net of tax | 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 | |||
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 | ||||
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 | 21,436 | 21,436 | ||||
Other comprehensive income, net of tax | (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 | ||||
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 | ||||
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 | 11,101 | 11,101 | ||||
Other comprehensive income, net of tax | 2,166 | $ 2,166 | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 8,000 | 7,917 | ||||
Exercise of stock options-shares issued including tax benefits | 91 | $ 91 | ||||
Restricted stock issued (in shares) | 5,000 | |||||
Treasury stock repurchases (in shares) | (733,000) | |||||
Treasury stock repurchases | (21,056) | (21,056) | ||||
Share-based compensation | 302 | 302 | ||||
Balance (in shares) at Dec. 31, 2016 | 6,397,000 | |||||
Balance at Dec. 31, 2016 | $ 115 | $ 80,822 | $ 7,476 | $ (122,835) | $ 128,580 | $ 94,158 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent [Member] | |||
Other comprehensive income, tax | $ 1,326 | $ (668) | $ 148 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net income | $ 11,101 | $ 21,436 | $ 13,491 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 39,114 | 32,346 | 36,296 |
Bad debt expense | 445 | 151 | 456 |
Stock compensation—net of excess tax benefits | 302 | 267 | 270 |
Sale leaseback deferred gain amortization | (131) | (224) | (205) |
Deferred | 6,658 | 12,901 | 7,512 |
Reclassification of other than temporary impairment in marketable equity securities | 709 | 833 | 1 |
Recognized gain on marketable equity securities | (1,003) | (1,001) | (1,040) |
Gain on sale or disposal of equipment | (4,700) | (5,754) | (4,591) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (6,725) | 1,128 | 5,109 |
Prepaid expenses, deposits, inventories, and other assets | (685) | 1,470 | (3,299) |
Income taxes refundable | 2,127 | (2,358) | (277) |
Trade accounts payable | 3,231 | 886 | (1,555) |
Accrued expenses and other liabilities | (3,041) | (556) | 3,085 |
Net cash provided by operating activities | 47,402 | 61,525 | 55,253 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (86,128) | (125,720) | (28,588) |
Proceeds from disposition of equipment | 32,256 | 33,472 | 38,902 |
Changes in restricted cash | 317 | 8,012 | (7,873) |
Sales of marketable equity securities | 1,550 | 1,500 | 1,720 |
Purchases of marketable equity securities, net of return of capital | (810) | (2,769) | (4,210) |
Net cash used in investing activities | (52,815) | (85,505) | (49) |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 520,089 | 549,955 | 469,918 |
Repayments under line of credit | (528,200) | (539,979) | (469,918) |
Borrowings of long-term debt | 83,517 | 88,018 | 42,979 |
Repayments of long-term debt | (47,457) | (53,947) | (58,247) |
Borrowings under margin account | 1,078 | 3,005 | 4,351 |
Repayments under margin account | (2,669) | (2,779) | (2,645) |
Repurchases of common stock | (21,056) | (48,021) | (16,011) |
Exercise of stock options | 91 | 236 | 846 |
Net cash provided by (used in) financing activities | 5,393 | (3,512) | (28,727) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (20) | (27,492) | 26,477 |
CASH AND CASH EQUIVALENTS—Beginning of year | 157 | 27,649 | 1,172 |
CASH AND CASH EQUIVALENTS—End of year | 137 | 157 | 27,649 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION— | |||
Interest | 3,597 | 2,821 | 2,946 |
Income taxes | 286 | 2,950 | 1,486 |
NONCASH INVESTING AND FINANCING ACTIVITIES— | |||
Purchases of revenue equipment included in accounts payable | 97 | 5,031 | 1,079 |
Purchases of common stock included in accrued expenses and other liabilities | $ 28,743 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 three may Accounts Receivable and Allowance for Doubtful Accounts may in future periods. Bank Overdrafts zero December 31, 2016 2015 $3,509,000 $467,000, Accounts Receivable Other December 31, 2016 2015, $628,000 $580,000, 11, 180 Marketable Equity Securities Impairment of Long-Lived Assets may 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 2016, $1.3 2016. 2016 $0.8 ($0.13 2015, Inventory first first Prepaid Tires 24 Advertising Expense $1,019,000, $988,000 $683,000 December 31, 2016, 2015 2014, 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 may 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 first In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2016, Revenue Recognition Share-Based Compensation 12 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 Fair Value Measurements For additional information with respect to fair value measurements, see Note 17 Reporting Segments 88.4%, 87.6% 92.5% twelve December 31, 2016, 2015 2014, Concentrations of Credit Risk Subsequent Events Foreign Currency Transactions Recent Accounting Pronouncements– May 2014, 2014 09, 2014 09”), Revenue from Contracts with Customers 2014 09 2014 09 (1) (2) (3) (4) (5) 2014 09 December 15, 2017 December 31, 2016. 2014 09. The Company has performed an analysis of the effects of adopting this guidance. The analysis included the following items: ● identifying what constitutes a contract within the Company’s business practices, ● identifying performance obligations within our contracts, ● determining transaction prices, ● allocating the transaction price to performance obligations, ● determination of when performance obligations are satisfied and revenue is earned, ● disaggregation of revenue by source within segments, and ● principal verses agent considerations. Based upon this evaluation, the effects of adopting this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. In November 2015, 2015 17, 2015 17”), Income Taxes (Topic 740): 2015 17 December 15, 2016, 2015 17 January 1, 2016 December 31, 2015. $1.8 In January 2016, 2016 01, 2016 01”), Financial Instruments - Overall (Subtopic 825 10): 2016 01 December 15, 2017. The Company has performed a preliminary analysis of the effects of adopting this guidance. This analysis consisted of the following items: ● categorize securities as either equity securities or debt securities, ● determine which securities held by the Company have readily determinable fair values, ● determine that the exit price notion will be used when measuring the fair value of financial instruments for disclosure purposes, ● consider the need for a valuation allowance related to a deferred tax asset on available-for-sale securities in combination with the Company’s other deferred tax assets. Based upon this evaluation, the effects of adopting this guidance is not expected to have a significant impact on the Company’s financial condition or cash flows but it is expected to have a significant impact on the Company’s results of operations through the recognition of increases or decreases in market value each reporting period rather than recognizing them through comprehensive income. In February 2016, 2016 02, 2016 02”), L eases (Topic 842) twelve 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 December 15, 2018, In March 2016, 2016 08 2016 08”), Revenue from Contracts with Customers (Topic 606): 2016 08 December 15, 2017 In March 2016, 2016 09 2016 09”), Compensation – Stock Compensation 718). 2016 09 2016 09 December 15, 2016, In June 2016, 2016 13 2016 13”), Accounting for Credit Losses (Topic 326) 2016 13 2016 13 December 15, 2019, In August 2016, 2016 15 2016 15”), Statement of Cash Flows (Topic 230): 2016 15 230, eight December 15, 2017, 2016 15 In November 2016, 2016 18 2016 18”), Statement of Cash Flows (Topic 230) 2016 18 2016 18 December 15, 2017, 2016 18 |
Note 2 - Trade Accounts Receiva
Note 2 - Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015: 2016 2015 (in thousands) Billed $ 48,538 $ 43,502 Unbilled 8,599 6,359 Allowance for doubtful accounts (994 ) (549 ) Total accounts receivable—net $ 56,143 $ 49,312 An analysis of changes in the allowance for doubtful accounts for the years ended December 31, 2016, 2015, 2014 2016 2015 2014 (in thousands) Balance—beginning of year $ 549 $ 1,611 $ 1,477 Provision for bad debts 445 151 456 Charge-offs - (1,231 ) (322 ) Recoveries - 18 - Balance—end of year $ 994 $ 549 $ 1,611 |
Note 3 - Marketable Equity Secu
Note 3 - Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2016 | |
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 320 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, 2016, 2015 2014, $709,000, $833,000 $1,000, The following table sets forth cost, market value and unrealized gain on equity securities classified as available-for-sale as of December 31, 2016 2015. no December 31, 2016 December 31, 2015. 2016 2015 (in thousands) Available-for-sale securities Fair market value $ 27,621 $ 24,575 Cost 15,569 16,015 Unrealized gain $ 12,052 $ 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 December 31, 2016 2015. 2016 2015 (in thousands) Available-for-sale securities Gross unrealized gains $ 12,161 $ 9,893 Gross unrealized losses 109 1,333 Net unrealized gains $ 12,052 $ 8,560 As of December 31, 2016 2015, $7,476,000 $5,310,000, For the year ended December 31, 2016 $2,166,000, December 31, 2015, $1,092,000, For the years ended December 31, 2016, 2015 2014, $1,024,000, $1,058,000, $896,000 During 2016, no 2015, The following table shows recognized gains (losses) in market value for securities classified as trading during 2015 2014. No 2016. 2015 2014 (in thousands) Trading securities Recognized gain (loss) at beginning of period $ 146 $ 8 Recognized gain at end of period - 146 Securities transferred from trading to available-for-sale (81 ) - Change in net recognized gain (loss) $ (65 ) $ 138 The following table shows the Company’s realized gains during 2016, 2015 2014 2016 2015 2014 (in thousands) Realized gains Sale proceeds $ 1,550 $ 1,500 $ 1,720 Cost of securities sold 547 434 818 Realized gains $ 1,003 $ 1,066 $ 902 Realized gains, net of taxes $ 627 $ 654 $ 546 At December 31, 2016, $1,340,000 $109,000, December 31, 2015, $5,099,000 $1,333,000, December 31, 2016 2015, no twelve The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2016 2015, $10,358,000 $11,949,000 1.30% 0.94% December 31, 2016 2015, |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 (in thousands) Payroll $ 2,427 $ 1,792 Accrued vacation 1,862 1,771 Taxes—other than income 2,062 2,371 Interest 102 58 Driver escrows 2,245 2,181 Margin account borrowings 10,358 11,949 Self-insurance claims 3,274 6,840 Deferred equipment gain – current portion - 131 Total accrued expenses and other liabilities $ 22,330 $ 27,093 |
Note 5 - Claims Liabilities
Note 5 - Claims Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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 $10,000, $10,000 $2,500, October 1, 2013, October 1, 2013 September 30, 2015, $2,500 October 1, 2015, $500,000 $500,000 $521,000 $300,000 $325,000 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. LONG-TERM DEBT Long-term debt at December 31, 201 6 201 5 (in thousands) Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) $ 1,866 $ 9,977 Equipment financing (2) 165,331 129,271 Total long-term debt 167,197 139,248 Less current maturities (42,806 ) (40,025 ) Long-term debt—net of current maturities $ 124,391 $ 99,223 (1) Line of credit agreement with a bank provides for maximum borrowings of $40.0 first 1.50% (2.12% December 31, 2016) 4.00:1. 2016. December 31, 2016, $2.6 $0.7 $37.4 (2) Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through December 2021, 2.29% December 31, 2016 The Company has provided letters of credit to third $706,000 December 31, 2016. third Scheduled annual maturities on long-term debt outstanding at December 31, 2016, (in thousands) 2017 $ 42,806 2018 67,494 2019 36,943 2020 13,863 2021 6,091 Total $ 167,197 |
Note 7 - Capital Stock
Note 7 - Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. CAPITAL STOCK The Company's authorized capital stock consists of 40,000,000 $.01 10,000,000 $.01 December 31, 2016, 11,510,863 6,396,803 December 31, 2015, 11,497,471 7,116,661 No December 31, 2016 2015. Common Stock The holders of our common stock, subject to such rights as may one Preferred Stock Preferred stock may may December 31, 2016, Treasury Stock In February 2016, 325,000 tender “2016 tender March 2016, 325,000 425,000 2% 142,413 2016 tender February 18, 2016 April 5, 2016. tender tender $31.00 $34.00 567,413 $31.00 $17.7 April 5, 2016. December 31, 2016. In May 2015, 80,000 tender “2015 tender June 2015, 80,000 150,000 2% 148,566 2015 tender May 22, 2015 July 9, 2015. tender tender $59.00 $63.00 298,566 $59.00 $17.8 July 16, 2015. December 31, 2015. The Company’s stock repurchase program has been extended and expanded several times, most recently in May 2014, 500,000 September 2011 165,837 31,263 2016 2015, 2014, 33,341 2014 The Company accounts for Treasury stock using the cost method and as of December 31, 2016, 5,114,060 $122,835,000. |
Note 8 - Comprehensive Income (
Note 8 - Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015: Unrealized gains and losses on available-for-sale securities (in thousands) Balance at January 1, 2015, 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 Other comprehensive income before reclassifications, net of tax of $1,390 2,269 Amounts reclassified from accumulated other comprehensive income, net of tax of $(64) (103 ) Net other comprehensive income (loss) 2,166 Balance at December 31, 2016, net of tax of $4,576 $ 7,476 The following table provides details about reclassifications out of accumulated other comprehensive income for the years ended December 31, 2016 2015: Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (a) Statement of Operations Comprehensive Income Component 2016 2015 Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Unrealized gains and losses on securities sold $ 876 $ 1,043 Non-operating income Impairment expense (709 ) (833 ) Non-operating income Total before tax 167 210 Income before income taxes Tax expense (64 ) (80 ) Income tax expense Total after tax $ 103 $ 130 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, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 9. SIGNIFICANT CUSTOMERS AND INDUSTRY CONCENTRATION In 2016, two 28% 2015, three 37% 2014, two 34% 2016, 2015 2014, 45%, 47% 48%, three $27,085,000 $27,051,000 December 31, 2016 2015, |
Note 10 - Dividends
Note 10 - Dividends | 12 Months Ended |
Dec. 31, 2016 | |
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 near 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, 2016 | |
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 2016 2015 (in thousands) Deferred tax liabilities: Property and equipment $ 85,233 $ 76,362 Unrealized gains on securities 4,576 3,250 Prepaid expenses and other 3,230 3,056 Total deferred tax liabilities 93,039 82,668 Deferred tax assets: Allowance for doubtful accounts 378 208 Alternative minimum tax credit carryforward 1,214 1,378 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 650 625 Self-insurance allowances 748 2,340 Share-based compensation (54 ) 230 Goodwill 9 19 Marketable equity securities 1,244 1,283 Net operating loss carryover 7,545 3,258 Non-competition agreement 7 15 Other 17 15 Total deferred tax assets 12,746 10,359 Net deferred tax liability $ 80,293 $ 72,309 The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2016, 2015 2014 2016 2015 2014 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 6,042 34.0 $ 11,876 34.0 $ 7,552 34.0 Nondeductible expenses 130 0.7 149 0.4 154 0.7 State income taxes/other—net of federal benefit 499 2.8 1,467 4.2 1,015 4.6 Total income tax expense $ 6,671 37.5 $ 13,492 38.6 $ 8,721 39.3 The provision for income taxes consisted of the following: 2016 2015 2014 (in thousands) Current: Federal $ (225 ) $ 98 $ 814 State 238 493 395 Total current income tax provision 13 591 1,209 Deferred: Federal 5,506 10,782 6,111 State 1,152 2,119 1,401 Total deferred income tax provision 6,658 12,901 7,512 Total income tax expense $ 6,671 $ 13,492 $ 8,721 The Company has alternative minimum tax credits of approximately $1,214,000 December 31, 2016, $988,000 2030. $19,876,000 2030. In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2016 2015, 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, 2016, 2016 2015, 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 2013 The Company contracts with a third may December 31, 2016 2015, $167,000 $484,000 third |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 12. STOCK-BASED COMPENSATION The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may March 2, 2006, 2006 “2006 2006 750,000 2006 March 13, 2014, May 29, 2014 2014 “2014 2006 2006 2014 2014 85% Outstanding nonqualified stock options at December 31, 2016, five ten 20% 25% In March 2016, 2,275 2014 $30.80 March 2016, 5,000 $30.81, 25% 25% three In March 2015, 1,225 2014 $57.27 In November 2014, 9,500 $42.65, 20% 20% four In March 2014, 3,024 2014 $19.88 In May 2012, 104,000 20% In November 2010, 50,000 64,000 20% four one 20% 2011. 2011, 4,442 third 2012. 59,558 During 2016 2015, no December 31, 2016, 355,000 The grant date fair value of stock and stock options vested during 2016, 2015 2014 $273,000, $274,000 $263,000, $302,000 2016 $70,000 325 first 2016. $113,000 2016. $0.03 $0.02, 2016. December 31, 2016, $239,000 $135,000 2017, $98,000 2018 $6,000 2019. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $267,000 2015 $70,000 175 first 2015. $103,000 2015. $0.02 2015. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $270,000 2014 $60,000 504 first 2014 $94,000 9,500 fourth 2014. $106,000 2014. $0.02 2014. Transactions in stock options under these plans are summarized as follows: Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2014: 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 Granted - - Exercised (7,917 ) 11.41 Canceled (2,050 ) 10.91 Outstanding—December 31, 2016: 56,131 $ 10.85 Options exercisable—December 31, 2016: 43,331 $ 10.84 Information related to the Company’s option activity as of December 31, 2016, Shares Under Option 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 (7,917 ) 11.41 Canceled/forfeited/expired (2,050 ) 10.91 Outstanding at December 31, 2016 56,131 $ 10.85 3.2 $ 849,026 Fully vested and exercisable at December 31, 2016 43,331 $ 10.84 2.6 $ 656,002 ___________________________ * 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, 2016, $25.98. There were no 2016, 2015, 2014. 2016 $6.07. no 2015. 2014 $6.34 The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 2014, $101,000, $940,000 $1,355,000, A summary of the status of the Company’s nonvested options and restricted stock as of December 31, 2016 December 31, 2016, 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 (13,355 ) 6.07 (5,475 ) 35.02 Nonvested at December 31, 2016 12,800 $ 6.06 7,050 $ 36.35 ___________________________ * 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, 2016 December 31, 2016 Exercise Price Shares Under Outstanding Options Weighted-Average Remaining Contractual Term Shares Under Exercisable Options (in years) $10.44 15,000 1.2 15,000 $10.90 6,000 0.4 6,000 $10.90 25,600 5.4 12,800 $11.22 5,531 3.9 5,531 $11.54 4,000 0.2 4,000 56,131 3.2 43,331 Cash received from option exercises totaled approximately $91,000, $236,000 $846,000 December 31, 2016, 2015 2014, |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 (in thousands, except per share data) Net income $ 11,101 $ 21,436 $ 13,491 Basic weighted average common shares outstanding 6,627 7,288 7,990 Dilutive effect of common stock equivalents 22 37 44 Diluted weighted average common shares outstanding 6,649 7,325 8,034 Basic earnings per share $ 1.68 $ 2.94 $ 1.69 Diluted earnings per share $ 1.67 $ 2.93 $ 1.68 |
Note 14 - Benefit Plan
Note 14 - Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
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) 50% 3% 20% five $161,000, $171,000 $162,000 2016, 2015 2014, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 in the normal course of its business. We are a defendant in a collective-action lawsuit which was re-filed on December 9, 2016, December 6, 2013, may During 2014, 421 Leases for revenue equipment and certain premises under non-cancellable operating leases expire at various dates through 2021. December 31, 2016 (in thousands) 2017 $ 5,912 2018 431 2019 67 2020 36 2021 and thereafter 6 Total $ 6,452 Total rental expense, net of amounts reimbursed, for the years ended December 31, 2016, 2015 2014 $10,294,000, $12,057,000, $6,239,000, |
Note 16 - Lease Income
Note 16 - Lease Income | 12 Months Ended |
Dec. 31, 2016 | |
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 truck. The terms associated with these leases require weekly lease payments over the term of the leases which range from 7 30 December 31, 2016 $44,691,000 $16,522,000, December 31, 2015 $35,199,000 $15,382,000, Leases in our lease-purchase program expire at various dates through 2018. December 31, 2016 2015 $5,935,000 $7,970,000. The Company leases office and shop facilities to a related party. At December 31, 2016, $1,697,000 $1,253,000, December 31, 2015, $1,697,000 $1,310,000, December 31, 2016 $12,000. 18 |
Note 17 - Fair Value of Financi
Note 17 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 three may Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 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, 2016, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 27,621 $ 27,621 - - During 2016 2015, 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, 2016 2015 2016 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 165,331 $ 163,975 $ 129,271 $ 129,024 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, 2016 | |
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, equipment, property leases and other services are conducted between the Company and companies affiliated with our Chairman and a controlling stockholder. The Company recognized approximately $4,834,000, $11,325,000 $13,253,000 $8,837,000, $4,834,000 $1,440,000 2016, 2015, 2014, $67,500 $750,000 2015 2014, The Company purchased physical damage, auto liability, general liability, and workers’ compensation insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with our Chairman and a controlling stockholder. Premiums paid for physical damage coverage were approximately $2,091,000, $2,467,000 $2,597,000 2016, 2015, 2014, 2016, 2015, 2014 $11,030,000, $9,605,000 $9,464,000, 2016, 2015, 2014 $21,000, $23,000, $22,000, 2016, 2015, 2014 $298,000, $276,000 $267,000, Amounts owed to the Company by these affiliates were approximately $929,000 $2,482,000 December 31, 2016 2015, December 31, 2016 2015, $925,000 $2,370,000 $4,000 $5,000 third $106,000 December 31, 2015. no December 31, 2016. December 31, 2016 2015 $472,000 $481,000, December 31, 2016 2015 $1,297,000 $1,236,000 |
Note 19 - Quarterly Results of
Note 19 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 19. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2016 2015: 2016 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 103,589 $ 111,516 $ 109,393 $ 108,354 Operating expenses and costs 98,003 104,162 104,098 106,661 Operating income 5,586 7,354 5,295 1,693 Non-operating (loss) income (22 ) (10 ) 1,235 282 Interest expense (822 ) (910 ) (927 ) (982 ) Income tax expense (1,807 ) (2,442 ) (2,152 ) (270 ) Net income $ 2,935 $ 3,992 $ 3,451 $ 723 Net income per common share: Basic $ 0.41 $ 0.61 $ 0.54 $ 0.11 Diluted $ 0.41 $ 0.61 $ 0.53 $ 0.11 Average common shares outstanding: Basic 7,121 6,551 6,439 6,400 Diluted 7,145 6,572 6,458 6,425 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 three may |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts may in future periods. |
Bank Overdrafts [Policy Text Block] | Bank Overdrafts zero December 31, 2016 2015 $3,509,000 $467,000, |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Other December 31, 2016 2015, $628,000 $580,000, 11, 180 |
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 may |
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 2016, $1.3 2016. 2016 $0.8 ($0.13 2015, |
Inventory Supplies, Policy [Policy Text Block] | Inventory first first |
Prepaid Tires [Policy Text Block] | Prepaid Tires 24 |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense $1,019,000, $988,000 $683,000 December 31, 2016, 2015 2014, |
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 may 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 first In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2016, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation 12 |
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 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements For additional information with respect to fair value measurements, see Note 17 |
Segment Reporting, Policy [Policy Text Block] | Reporting Segments 88.4%, 87.6% 92.5% twelve December 31, 2016, 2015 2014, |
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– May 2014, 2014 09, 2014 09”), Revenue from Contracts with Customers 2014 09 2014 09 (1) (2) (3) (4) (5) 2014 09 December 15, 2017 December 31, 2016. 2014 09. The Company has performed an analysis of the effects of adopting this guidance. The analysis included the following items: ● identifying what constitutes a contract within the Company’s business practices, ● identifying performance obligations within our contracts, ● determining transaction prices, ● allocating the transaction price to performance obligations, ● determination of when performance obligations are satisfied and revenue is earned, ● disaggregation of revenue by source within segments, and ● principal verses agent considerations. Based upon this evaluation, the effects of adopting this guidance is not expected to have a significant impact on the Company’s financial condition, results of operations, or cash flows. In November 2015, 2015 17, 2015 17”), Income Taxes (Topic 740): 2015 17 December 15, 2016, 2015 17 January 1, 2016 December 31, 2015. $1.8 In January 2016, 2016 01, 2016 01”), Financial Instruments - Overall (Subtopic 825 10): 2016 01 December 15, 2017. The Company has performed a preliminary analysis of the effects of adopting this guidance. This analysis consisted of the following items: ● categorize securities as either equity securities or debt securities, ● determine which securities held by the Company have readily determinable fair values, ● determine that the exit price notion will be used when measuring the fair value of financial instruments for disclosure purposes, ● consider the need for a valuation allowance related to a deferred tax asset on available-for-sale securities in combination with the Company’s other deferred tax assets. Based upon this evaluation, the effects of adopting this guidance is not expected to have a significant impact on the Company’s financial condition or cash flows but it is expected to have a significant impact on the Company’s results of operations through the recognition of increases or decreases in market value each reporting period rather than recognizing them through comprehensive income. In February 2016, 2016 02, 2016 02”), L eases (Topic 842) twelve 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 December 15, 2018, In March 2016, 2016 08 2016 08”), Revenue from Contracts with Customers (Topic 606): 2016 08 December 15, 2017 In March 2016, 2016 09 2016 09”), Compensation – Stock Compensation 718). 2016 09 2016 09 December 15, 2016, In June 2016, 2016 13 2016 13”), Accounting for Credit Losses (Topic 326) 2016 13 2016 13 December 15, 2019, In August 2016, 2016 15 2016 15”), Statement of Cash Flows (Topic 230): 2016 15 230, eight December 15, 2017, 2016 15 In November 2016, 2016 18 2016 18”), Statement of Cash Flows (Topic 230) 2016 18 2016 18 December 15, 2017, 2016 18 |
Note 1 - Accounting Policies (T
Note 1 - Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2016 2015 (in thousands) Billed $ 48,538 $ 43,502 Unbilled 8,599 6,359 Allowance for doubtful accounts (994 ) (549 ) Total accounts receivable—net $ 56,143 $ 49,312 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | 2016 2015 2014 (in thousands) Balance—beginning of year $ 549 $ 1,611 $ 1,477 Provision for bad debts 445 151 456 Charge-offs - (1,231 ) (322 ) Recoveries - 18 - Balance—end of year $ 994 $ 549 $ 1,611 |
Note 3 - Marketable Equity Se32
Note 3 - Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | 2016 2015 (in thousands) Available-for-sale securities Fair market value $ 27,621 $ 24,575 Cost 15,569 16,015 Unrealized gain $ 12,052 $ 8,560 |
Unrealized Gain (Loss) on Investments [Table Text Block] | 2016 2015 (in thousands) Available-for-sale securities Gross unrealized gains $ 12,161 $ 9,893 Gross unrealized losses 109 1,333 Net unrealized gains $ 12,052 $ 8,560 |
Realized Gain (Loss) on Investments [Table Text Block] | 2015 2014 (in thousands) Trading securities Recognized gain (loss) at beginning of period $ 146 $ 8 Recognized gain at end of period - 146 Securities transferred from trading to available-for-sale (81 ) - Change in net recognized gain (loss) $ (65 ) $ 138 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2016 2015 2014 (in thousands) Realized gains Sale proceeds $ 1,550 $ 1,500 $ 1,720 Cost of securities sold 547 434 818 Realized gains $ 1,003 $ 1,066 $ 902 Realized gains, net of taxes $ 627 $ 654 $ 546 |
Note 4 - Accrued Expenses and33
Note 4 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2016 2015 (in thousands) Payroll $ 2,427 $ 1,792 Accrued vacation 1,862 1,771 Taxes—other than income 2,062 2,371 Interest 102 58 Driver escrows 2,245 2,181 Margin account borrowings 10,358 11,949 Self-insurance claims 3,274 6,840 Deferred equipment gain – current portion - 131 Total accrued expenses and other liabilities $ 22,330 $ 27,093 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 6 201 5 (in thousands) Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) $ 1,866 $ 9,977 Equipment financing (2) 165,331 129,271 Total long-term debt 167,197 139,248 Less current maturities (42,806 ) (40,025 ) Long-term debt—net of current maturities $ 124,391 $ 99,223 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2017 $ 42,806 2018 67,494 2019 36,943 2020 13,863 2021 6,091 Total $ 167,197 |
Note 8 - Comprehensive Income35
Note 8 - Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 January 1, 2015, 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 Other comprehensive income before reclassifications, net of tax of $1,390 2,269 Amounts reclassified from accumulated other comprehensive income, net of tax of $(64) (103 ) Net other comprehensive income (loss) 2,166 Balance at December 31, 2016, net of tax of $4,576 $ 7,476 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income (a) Statement of Operations Comprehensive Income Component 2016 2015 Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Unrealized gains and losses on securities sold $ 876 $ 1,043 Non-operating income Impairment expense (709 ) (833 ) Non-operating income Total before tax 167 210 Income before income taxes Tax expense (64 ) (80 ) Income tax expense Total after tax $ 103 $ 130 Net income |
Note 11 - Federal and State I36
Note 11 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 (in thousands) Deferred tax liabilities: Property and equipment $ 85,233 $ 76,362 Unrealized gains on securities 4,576 3,250 Prepaid expenses and other 3,230 3,056 Total deferred tax liabilities 93,039 82,668 Deferred tax assets: Allowance for doubtful accounts 378 208 Alternative minimum tax credit carryforward 1,214 1,378 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 650 625 Self-insurance allowances 748 2,340 Share-based compensation (54 ) 230 Goodwill 9 19 Marketable equity securities 1,244 1,283 Net operating loss carryover 7,545 3,258 Non-competition agreement 7 15 Other 17 15 Total deferred tax assets 12,746 10,359 Net deferred tax liability $ 80,293 $ 72,309 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 6,042 34.0 $ 11,876 34.0 $ 7,552 34.0 Nondeductible expenses 130 0.7 149 0.4 154 0.7 State income taxes/other—net of federal benefit 499 2.8 1,467 4.2 1,015 4.6 Total income tax expense $ 6,671 37.5 $ 13,492 38.6 $ 8,721 39.3 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 (in thousands) Current: Federal $ (225 ) $ 98 $ 814 State 238 493 395 Total current income tax provision 13 591 1,209 Deferred: Federal 5,506 10,782 6,111 State 1,152 2,119 1,401 Total deferred income tax provision 6,658 12,901 7,512 Total income tax expense $ 6,671 $ 13,492 $ 8,721 |
Note 12 - Stock-based Compens37
Note 12 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2014: 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 Granted - - Exercised (7,917 ) 11.41 Canceled (2,050 ) 10.91 Outstanding—December 31, 2016: 56,131 $ 10.85 Options exercisable—December 31, 2016: 43,331 $ 10.84 |
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, 2016 66,098 $ 10.92 Granted - - Exercised (7,917 ) 11.41 Canceled/forfeited/expired (2,050 ) 10.91 Outstanding at December 31, 2016 56,131 $ 10.85 3.2 $ 849,026 Fully vested and exercisable at December 31, 2016 43,331 $ 10.84 2.6 $ 656,002 |
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 (13,355 ) 6.07 (5,475 ) 35.02 Nonvested at December 31, 2016 12,800 $ 6.06 7,050 $ 36.35 |
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 1.2 15,000 $10.90 6,000 0.4 6,000 $10.90 25,600 5.4 12,800 $11.22 5,531 3.9 5,531 $11.54 4,000 0.2 4,000 56,131 3.2 43,331 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2016 2015 2014 (in thousands, except per share data) Net income $ 11,101 $ 21,436 $ 13,491 Basic weighted average common shares outstanding 6,627 7,288 7,990 Dilutive effect of common stock equivalents 22 37 44 Diluted weighted average common shares outstanding 6,649 7,325 8,034 Basic earnings per share $ 1.68 $ 2.94 $ 1.69 Diluted earnings per share $ 1.67 $ 2.93 $ 1.68 |
Note 15 - Commitments and Con39
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) 2017 $ 5,912 2018 431 2019 67 2020 36 2021 and thereafter 6 Total $ 6,452 |
Note 17 - Fair Value of Finan40
Note 17 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 $ 27,621 $ 27,621 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2016 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 165,331 $ 163,975 $ 129,271 $ 129,024 |
Note 19 - Quarterly Results o41
Note 19 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2016 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 103,589 $ 111,516 $ 109,393 $ 108,354 Operating expenses and costs 98,003 104,162 104,098 106,661 Operating income 5,586 7,354 5,295 1,693 Non-operating (loss) income (22 ) (10 ) 1,235 282 Interest expense (822 ) (910 ) (927 ) (982 ) Income tax expense (1,807 ) (2,442 ) (2,152 ) (270 ) Net income $ 2,935 $ 3,992 $ 3,451 $ 723 Net income per common share: Basic $ 0.41 $ 0.61 $ 0.54 $ 0.11 Diluted $ 0.41 $ 0.61 $ 0.53 $ 0.11 Average common shares outstanding: Basic 7,121 6,551 6,439 6,400 Diluted 7,145 6,572 6,458 6,425 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 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bank Overdrafts | $ 3,509,000 | $ 467,000 | |
Due from Employees, Current | 628,000 | 580,000 | |
Increase in Depreciation Expense, As Result of Adjustments to Estimated Useful Lives and Salvage Values | 1,300,000 | ||
Increase (Decrease) in Net Income (Loss) as Result of Adjustments to Estimated Useful Lives and Salvage Values | $ (800,000) | ||
Increase (Decrease) in Net Income (Loss) Per Share as Result of Adjustments to Estimated Useful Lives and Salvage Values | $ (0.13) | ||
Period for Amortizing Prepaid Tires | 2 years | ||
Advertising Expense | $ 1,019,000 | $ 988,000 | $ 683,000 |
Reclassification from Current Deferred Income Tax Liability to Noncurrent Deferred Tax Liability [Member] | December 31, 2015 [Member] | |||
Prior Period Reclassification Adjustment | $ 1,800,000 | ||
Truckload Services [Member] | Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 88.40% | 87.60% | 92.50% |
Note 1 - Accounting Policies -
Note 1 - Accounting Policies - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Vehicles [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property and equipment (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment (Year) | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 12 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment (Year) | 40 years |
Note 2 - Trade Accounts Recei44
Note 2 - Trade Accounts Receivable - Accounts Receivable Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Billed | $ 48,538 | $ 43,502 | ||
Unbilled | 8,599 | 6,359 | ||
Allowance for doubtful accounts | (994) | (549) | $ (1,611) | $ (1,477) |
Total accounts receivable—net | $ 56,143 | $ 49,312 |
Note 2 - Trade Accounts Recei45
Note 2 - Trade Accounts Receivable - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance—beginning of year | $ 549 | $ 1,611 | $ 1,477 |
Provision for bad debts | 445 | 151 | 456 |
Charge-offs | (1,231) | (322) | |
Recoveries | 18 | ||
Balance—end of year | $ 994 | $ 549 | $ 1,611 |
Note 3 - Marketable Equity Se46
Note 3 - Marketable Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 709,000 | $ 833,000 | $ 1,000 |
Trading Securities | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 7,476,000 | 5,310,000 | |
Available-for-Sale Securities Net Unrealized Holding Gain (Loss), Net of Tax | 2,166,000 | 1,092,000 | |
Investment Income, Dividend | 1,024,000 | 1,058,000 | $ 896,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,340,000 | 5,099,000 | |
Available-for-sale Equity Securities, Gross Unrealized Loss | 109,000 | 1,333,000 | |
Trading Securities Pledged as Collateral | $ 10,358,000 | $ 11,949,000 | |
Debt, Weighted Average Interest Rate | 1.30% | 0.94% | |
Marketable Securities, Reclassification | $ 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | $ 0 | |
Available-for-sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 7,476,000 | $ 5,310,000 |
Note 3 - Marketable Equity Se47
Note 3 - Marketable Equity Securities - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair market value | $ 27,621 | $ 24,575 |
Cost | 15,569 | 16,015 |
Unrealized gain | $ 12,052 | $ 8,560 |
Note 3 - Marketable Equity Se48
Note 3 - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Gross unrealized gains | $ 12,161 | $ 9,893 |
Gross unrealized losses | 109 | 1,333 |
Net unrealized gains | $ 12,052 | $ 8,560 |
Note 3 - Marketable Equity Se49
Note 3 - Marketable Equity Securities - Recognized Gains (Losses) in Market Value for Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Trading securities | ||
Recognized gain | $ 146 | $ 8 |
Recognized gain | 146 | |
Securities transferred from trading to available-for-sale | (81) | |
Change in net recognized gain (loss) | $ (65) | $ 138 |
Note 3 - Marketable Equity Se50
Note 3 - Marketable Equity Securities - Realized Gains on Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Realized gains | |||
Sale proceeds | $ 1,550 | $ 1,500 | $ 1,720 |
Cost of securities sold | 547 | 434 | 818 |
Realized gains | 1,003 | 1,066 | 902 |
Realized gains, net of taxes | $ 627 | $ 654 | $ 546 |
Note 4 - Accrued Expenses and51
Note 4 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payroll | $ 2,427 | $ 1,792 |
Accrued vacation | 1,862 | 1,771 |
Taxes—other than income | 2,062 | 2,371 |
Interest | 102 | 58 |
Driver escrows | 2,245 | 2,181 |
Margin account borrowings | 10,358 | 11,949 |
Self-insurance claims | 3,274 | 6,840 |
Deferred equipment gain – current portion | 131 | |
Total accrued expenses and other liabilities | $ 22,330 | $ 27,093 |
Note 5 - Claims Liabilities (De
Note 5 - Claims Liabilities (Details Textual) | Dec. 31, 2016USD ($) |
Workers Compensation Self Insured Retention | $ 500,000 |
Workers Compensation Per Occurrence Excess Policy | 500,000 |
Letters of Credit Outstanding, Amount | 706,000 |
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | 325,000 |
Truck Coverage [Member] | |
Per Occurrence Deductibles | 10,000 |
Cargo Loss Coverage [Member] | |
Per Occurrence Deductibles | 10,000 |
Auto Liability Coverage [Member] | |
Per Occurrence Deductibles | 2,500 |
Trailers [Member] | |
Per Occurrence Deductibles | 2,500 |
Workers Compensation Coverage [Member] | |
Letters of Credit Outstanding, Amount | 521,000 |
Certificates of Deposit, at Carrying Value | $ 300,000 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility, Interest Rate at Period End | 2.12% |
Letters of Credit Outstanding, Amount | $ 706,000 |
Line of Credit [Member] | |
Debt Instrument, Face Amount | $ 40,000,000 |
Ratio of Indebtedness to Net Capital | 4 |
Line of Credit Facility, Outstanding Advances | $ 2,600,000 |
Letters of Credit Outstanding, Amount | 700,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 37,400,000 |
Line of Credit [Member] | Equipment Financing [Member] | |
Long-term Debt, Weighted Average Interest Rate | 2.29% |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) | $ 167,197 | $ 139,248 | |
Less current maturities | (42,806) | (40,025) | |
Long-term debt—net of current maturities | 124,391 | 99,223 | |
Line of Credit [Member] | |||
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) | [1] | 1,866 | 9,977 |
Secured Debt [Member] | |||
Line of credit with a bank—due July 1, 2018, and collateralized by accounts receivable (1) | [2] | $ 165,331 | $ 129,271 |
[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% (2.12% at December 31, 2016) 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 maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2016. At December 31, 2016, outstanding advances on the line were approximately $2.6 million, including letters of credit totaling $0.7 million, with availability to borrow $37.4 million. | ||
[2] | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through December 2021, at a weighted average interest rate of 2.29% as of December 31, 2016 and collateralized by revenue equipment. |
Note 6 - Long-term Debt - Annua
Note 6 - Long-term Debt - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 42,806 | |
2,018 | 67,494 | |
2,019 | 36,943 | |
2,020 | 13,863 | |
2,021 | 6,091 | |
Total | $ 167,197 | $ 139,248 |
Note 7 - Capital Stock (Details
Note 7 - Capital Stock (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2016 | May 31, 2015 | Apr. 05, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Jun. 30, 2015 | May 31, 2014 | |
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 | 11,510,863 | 11,497,471 | |||||||
Common Stock, Shares, Outstanding | 6,396,803 | 7,116,661 | |||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 21,056,000 | $ 19,278,000 | $ 30,810,000 | ||||||
Treasury Stock, Shares | 5,114,060 | 4,380,180 | |||||||
Treasury Stock, Value | $ 122,835,000 | $ 101,779,000 | |||||||
The 2016 Tender Offer [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 325,000 | 425,000 | |||||||
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 | ||||||||
Treasury Stock, Shares, Acquired | 567,413 | ||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 31 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 17,700,000 | ||||||||
The 2016 Tender Offer [Member] | Minimum [Member] | |||||||||
Treasury Stock Acquired Cost Per Share | $ 31 | ||||||||
The 2016 Tender Offer [Member] | Maximum [Member] | |||||||||
Treasury Stock Acquired Cost Per Share | $ 34 | ||||||||
The 2015 Tender Offer [Member] | |||||||||
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, Shares, Acquired | 298,566 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 17,800,000 | ||||||||
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 | ||||||||
September 2011 Reauthorization [Member] | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||||||||
Treasury Stock, Shares, Acquired | 165,837 | 31,263 | 33,341 |
Note 8 - Comprehensive Income57
Note 8 - Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance, beginning of period | $ 5,310 | ||
Net other comprehensive income (loss) | 2,166 | $ (1,092) | $ 242 |
Balance, end of period | 7,476 | 5,310 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance, beginning of period | 5,310 | 6,402 | |
Other comprehensive income before reclassifications | 2,269 | (962) | |
Amounts reclassified from accumulated other comprehensive income, net of tax benefit | (103) | (130) | |
Net other comprehensive income (loss) | 2,166 | (1,092) | |
Balance, end of period | $ 7,476 | $ 5,310 | $ 6,402 |
Note 8 - Comprehensive Income58
Note 8 - Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI tax, balance | $ 4,576 | $ 3,250 | $ 3,918 |
OCI before reclassifications, tax | 1,390 | (588) | |
Reclassification from AOCI, tax | $ (64) | $ (80) |
Note 8 - Comprehensive Income59
Note 8 - Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
NON-OPERATING INCOME | $ 282 | $ 1,235 | $ (10) | $ (22) | $ 1,131 | $ (132) | $ 272 | $ 245 | $ 1,485 | $ 1,516 | $ 2,099 | ||
Total before tax | 17,772 | 34,928 | 22,212 | ||||||||||
Tax expense | 270 | 2,152 | 2,442 | 1,807 | 2,048 | 3,567 | 4,471 | 3,406 | (6,671) | (13,492) | (8,721) | ||
NET INCOME | $ 723 | $ 3,451 | $ 3,992 | $ 2,935 | $ 3,233 | $ 5,795 | $ 7,039 | $ 5,369 | 11,101 | 21,436 | $ 13,491 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Total before tax | [1] | 167 | 210 | ||||||||||
Tax expense | (64) | [1] | (80) | ||||||||||
NET INCOME | [1] | 103 | 130 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||||
NON-OPERATING INCOME | [1] | 876 | 1,043 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||||||||||||
NON-OPERATING INCOME | [1] | $ (709) | $ (833) | ||||||||||
[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, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Sales Revenue, Services, Net [Member] | |||
Number of Greater than Ten Percent of Revenue Customers | 2 | 3 | 2 |
Concentration Risk, Percentage | 28.00% | 37.00% | 34.00% |
Revenue Provided to the Automobile Manufacturing Industry [Member] | |||
Concentration Risk, Percentage | 45.00% | 47.00% | 48.00% |
Accounts Receivable [Member] | |||
Number of Greater than Ten Percent of Revenue Customers | 3 | 3 | |
Accounts Receivable, Gross, Current | $ 27,085,000 | $ 27,051,000 |
Note 11 - Federal and State I61
Note 11 - Federal and State Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 1,214,000 | $ 1,378,000 |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 988,000 | |
Operating Loss Carryforwards | 19,876,000 | |
Income Tax Examination, Penalties and Interest Expense | $ 0 | 0 |
Statute of Limitations | 3 years | |
Receivables, Long-term Contracts or Programs | $ 167,000 | $ 484,000 |
Note 11 - Federal and State I62
Note 11 - Federal and State Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | ||
Property and equipment | $ 85,233,000 | $ 76,362,000 |
Unrealized gains on securities | 4,576,000 | 3,250,000 |
Prepaid expenses and other | 3,230,000 | 3,056,000 |
Total deferred tax liabilities | 93,039,000 | 82,668,000 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 378,000 | 208,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,214,000 | 1,378,000 |
QAFMV tax credit carryforward | 864,000 | 864,000 |
New hire tax credit | 124,000 | 124,000 |
Compensated absences | 650,000 | 625,000 |
Self-insurance allowances | 748,000 | 2,340,000 |
Share-based compensation | (54,000) | |
Share-based compensation | 230,000 | |
Goodwill | 9,000 | 19,000 |
Marketable equity securities | 1,244,000 | 1,283,000 |
Net operating loss carryover | 7,545,000 | 3,258,000 |
Non-competition agreement | 7,000 | 15,000 |
Other | 17,000 | 15,000 |
Total deferred tax assets | 12,746,000 | 10,359,000 |
Net deferred tax liability | $ 80,293,000 | $ 72,309,000 |
Note 11 - Federal and State I63
Note 11 - Federal and State Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax at the statutory federal rate | $ 6,042 | $ 11,876 | $ 7,552 | ||||||||
Income tax at the statutory federal rate | 34.00% | 34.00% | 34.00% | ||||||||
Nondeductible expenses | $ 130 | $ 149 | $ 154 | ||||||||
Nondeductible expenses | 0.70% | 0.40% | 0.70% | ||||||||
State income taxes/other—net of federal benefit | $ 499 | $ 1,467 | $ 1,015 | ||||||||
State income taxes/other—net of federal benefit | 2.80% | 4.20% | 4.60% | ||||||||
Total income tax expense | $ (270) | $ (2,152) | $ (2,442) | $ (1,807) | $ (2,048) | $ (3,567) | $ (4,471) | $ (3,406) | $ 6,671 | $ 13,492 | $ 8,721 |
Total income tax expense | 37.50% | 38.60% | 39.30% |
Note 11 - Federal and State I64
Note 11 - Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ (225) | $ 98 | $ 814 | ||||||||
State | 238 | 493 | 395 | ||||||||
Total current income tax provision | 13 | 591 | 1,209 | ||||||||
Deferred: | |||||||||||
Federal | 5,506 | 10,782 | 6,111 | ||||||||
State | 1,152 | 2,119 | 1,401 | ||||||||
Total deferred income tax provision | 6,658 | 12,901 | 7,512 | ||||||||
Total income tax expense | $ (270) | $ (2,152) | $ (2,442) | $ (1,807) | $ (2,048) | $ (3,567) | $ (4,471) | $ (3,406) | $ 6,671 | $ 13,492 | $ 8,721 |
Note 12 - Stock-based Compens65
Note 12 - Stock-based Compensation (Details Textual) - USD ($) | Mar. 02, 2006 | Mar. 31, 2016 | Mar. 31, 2015 | Nov. 30, 2014 | Mar. 31, 2014 | May 31, 2012 | Nov. 30, 2010 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 273,000 | $ 274,000 | $ 263,000 | ||||||||||||||
Allocated Share-based Compensation Expense | 302,000 | 267,000 | 270,000 | ||||||||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 113,000 | $ 103,000 | $ 106,000 | ||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted | $ 0.03 | ||||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic | $ 0.02 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 239,000 | ||||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted | $ 0.02 | $ 0.02 | |||||||||||||||
Share Price | $ 25.98 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.07 | $ 0 | $ 6.34 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 101,000 | $ 940,000 | $ 1,355,000 | ||||||||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 91,000 | $ 236,000 | $ 846,000 | ||||||||||||||
Amortization Year 2 [Member] | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 135,000 | ||||||||||||||||
Amortization, Year 3 [Member] | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 98,000 | ||||||||||||||||
Amortization, Year 4 [Member] | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,000 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,500 | 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 | $ 42.65 | $ 30.81 | [1] | ||||||||||||||
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, Forfeitures, Weighted Average Grant Date Fair Value | [1] | $ 42.65 | |||||||||||||||
Nonqualified Options [Member] | Key Employees [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period, Percentage | 20.00% | 20.00% | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 104,000 | 50,000 | 9,500 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 94,000 | ||||||||||||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 70,000 | $ 70,000 | $ 60,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 325 | 175 | 504 | ||||||||||||||
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 | ||||||||||||||||
Performance Based Variable Nonqualified Stock Options [Member] | Key Employees [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, Options, Grants in Period, Gross | 64,000 | ||||||||||||||||
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] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 355,000 | ||||||||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [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] | Restricted Stock [Member] | Chief Executive Officer [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] | Restricted Stock [Member] | Chief Executive Officer [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] | Restricted Stock [Member] | Chief Executive Officer [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] | Restricted Stock [Member] | Chief Executive Officer [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] | Nonqualified Options [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||||||||||||
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 | 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 | $ 30.80 | $ 57.27 | $ 19.88 | ||||||||||||||
The 2014 Stock Option Plan [Member] | Minimum [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||||||||||
The 2014 Stock Option Plan [Member] | Minimum [Member] | Nonqualified Options [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||||||||||||
The 2014 Stock Option Plan [Member] | Maximum [Member] | Nonqualified Options [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
[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 12 - Stock-based Compens66
Note 12 - Stock-based Compensation - Employee Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding (in shares) | 66,098 | 86,348 | 164,098 |
Outstanding (in dollars per share) | $ 10.92 | $ 11.09 | $ 10.99 |
Exercised (in shares) | (7,917) | (20,250) | (77,708) |
Exercised (in dollars per share) | $ 11.41 | $ 11.65 | $ 10.88 |
Canceled (in shares) | (2,050) | (42) | |
Canceled (in dollars per share) | $ 10.91 | $ 11.22 | |
Outstanding (in shares) | 56,131 | 66,098 | 86,348 |
Outstanding (in dollars per share) | $ 10.85 | $ 10.92 | $ 11.09 |
Exercised (in shares) | (7,917) | (20,250) | (77,708) |
Exercised (in dollars per share) | $ 11.41 | $ 11.65 | $ 10.88 |
Canceled (in shares) | 2,050 | 42 | |
Options exercisable (in shares) | 43,331 | ||
Options exercisable (in dollars per share) | $ 10.84 |
Note 12 - Stock-based Compens67
Note 12 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Outstanding (in shares) | 66,098 | 86,348 | 164,098 | |
Outstanding (in dollars per share) | $ 10.92 | $ 11.09 | $ 10.99 | |
Exercised (in shares) | (7,917) | (20,250) | (77,708) | |
Exercised (in dollars per share) | $ 11.41 | $ 11.65 | $ 10.88 | |
Canceled/forfeited/expired (in shares) | (2,050) | |||
Canceled/forfeited/expired (in dollars per share) | $ 10.91 | |||
Outstanding (in shares) | 56,131 | 66,098 | 86,348 | |
Outstanding (in dollars per share) | $ 10.85 | $ 10.92 | $ 11.09 | |
Outstanding (Year) | 3 years 73 days | |||
Outstanding | [1] | $ 849,026 | ||
Options exercisable (in shares) | 43,331 | |||
Options exercisable (in dollars per share) | $ 10.84 | |||
Fully vested and exercisable (Year) | 2 years 219 days | |||
Fully vested and exercisable | [1] | $ 656,002 | ||
[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, 2016, was $25.98. |
Note 12 - Stock-based Compens68
Note 12 - Stock-based Compensation - Summary of Nonvested Options and Restricted Stock (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.07 | $ 0 | $ 6.34 | |||
Employee Stock Option [Member] | ||||||
Nonvested at Beginning of Period (in shares) | 28,205 | |||||
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.07 | |||||
Canceled/forfeited/expired - Number of Options (in shares) | (2,050) | |||||
Canceled/forfeited/expired - Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.07 | |||||
Vested (in shares) | (13,355) | |||||
Vested (in dollars per share) | $ 6.07 | |||||
Nonvested at End of Period (in shares) | 12,800 | 28,205 | ||||
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.06 | $ 6.07 | ||||
Restricted Stock [Member] | ||||||
Nonvested at Beginning of Period (in shares) | 5,700 | |||||
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 42.65 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,500 | 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 | $ 42.65 | $ 30.81 | [1] | |||
Canceled/forfeited/expired (in shares) | (450) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | [1] | $ 42.65 | ||||
Vested (in shares) | (5,475) | |||||
Vested - Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 35.02 | ||||
Nonvested at End of Period (in shares) | 7,050 | 5,700 | ||||
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | [1] | $ 36.35 | $ 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. |
Note 12 - Stock-based Compens69
Note 12 - Stock-based Compensation - Stock Option Activity by Exercise Price (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares under outstanding options (in shares) | 56,131 |
Weighted-average remaining contractual term (Year) | 3 years 73 days |
Shares under exercisable options (in shares) | 43,331 |
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 (Year) | 1 year 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 (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) | 25,600 |
Weighted-average remaining contractual term (Year) | 5 years 146 days |
Shares under exercisable options (in shares) | 12,800 |
Exercise Price 4 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 11.22 |
Shares under outstanding options (in shares) | 5,531 |
Weighted-average remaining contractual term (Year) | 3 years 328 days |
Shares under exercisable options (in shares) | 5,531 |
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 (Year) | 73 days |
Shares under exercisable options (in shares) | 4,000 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 11,101 | $ 21,436 | $ 13,491 | ||||||||
Basic (in shares) | 6,400 | 6,439 | 6,551 | 7,121 | 7,116 | 7,186 | 7,431 | 7,425 | 6,627 | 7,288 | 7,990 |
Dilutive effect of common stock equivalents (in shares) | 22 | 37 | 44 | ||||||||
Diluted (in shares) | 6,425 | 6,458 | 6,572 | 7,145 | 7,144 | 7,219 | 7,474 | 7,467 | 6,649 | 7,325 | 8,034 |
Basic (in dollars per share) | $ 0.11 | $ 0.54 | $ 0.61 | $ 0.41 | $ 0.45 | $ 0.81 | $ 0.95 | $ 0.72 | $ 1.68 | $ 2.94 | $ 1.69 |
Diluted (in dollars per share) | $ 0.11 | $ 0.53 | $ 0.61 | $ 0.41 | $ 0.45 | $ 0.80 | $ 0.94 | $ 0.72 | $ 1.67 | $ 2.93 | $ 1.68 |
Note 14 - Benefit Plan (Details
Note 14 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 161,000 | $ 171,000 | $ 162,000 |
Note 15 - Commitments and Con72
Note 15 - Commitments and Contingencies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Operating Leases Number of Trucks | 421 | ||
Operating Leases, Rent Expense | $ 10,294,000 | $ 12,057,000 | $ 6,239,000 |
Note 15 - Commitments and Con73
Note 15 - Commitments and Contingencies - Future Minimum Annual Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 5,912 |
2,018 | 431 |
2,019 | 67 |
2,020 | 36 |
2021 and thereafter | 6 |
Total | $ 6,452 |
Note 16 - Lease Income (Details
Note 16 - Lease Income (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Trucks [Member] | ||
Property Subject to or Available for Operating Lease, Gross | $ 44,691,000 | $ 35,199,000 |
Property Subject to or Available for Operating Lease, Net | 16,522,000 | 15,382,000 |
Operating Leases, Future Minimum Payments Receivable | $ 5,935,000 | 7,970,000 |
Trucks [Member] | Minimum [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 210 days | |
Trucks [Member] | Maximum [Member] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 2 years 180 days | |
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 | 1,253,000 | $ 1,310,000 |
Operating Leases, Future Minimum Payments Receivable | $ 12,000 |
Note 17 - Fair Value of Finan75
Note 17 - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Marketable equity securities | $ 27,621 | $ 24,575 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 27,621 | |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | $ 0 |
Note 17 - Fair Value of Finan76
Note 17 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 165,331 | $ 129,271 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 163,975 | $ 129,024 |
Note 18 - Related Party Trans77
Note 18 - Related Party Transactions (Details Textual) - Majority Shareholder [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from Related Parties | $ 4,834,000 | $ 11,325,000 | $ 13,253,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 8,837,000 | 4,834,000 | 1,440,000 |
Due from Related Parties | 929,000 | 2,482,000 | |
Due to Related Parties | 1,297,000 | 1,236,000 | |
Freight Transportation [Member] | |||
Accounts Receivable, Related Parties | 925,000 | 2,370,000 | |
Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | |||
Accounts Receivable, Related Parties | 4,000 | 5,000 | |
Property Lease Charges [Member] | |||
Accounts Receivable, Related Parties | 0 | 106,000 | |
Insurance Premiums Paid in Excess of Amounts Earned [Member] | |||
Accounts Receivable, Related Parties | 472,000 | 481,000 | |
Physical Damage Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 2,091,000 | 2,467,000 | 2,597,000 |
Auto Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 11,030,000 | 9,605,000 | 9,464,000 |
General Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 21,000 | 23,000 | 22,000 |
Workers Compensation Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 298,000 | 276,000 | 267,000 |
Trucks [Member] | |||
Proceeds from Sale of Productive Assets | $ 67,500 | $ 750,000 |
Note 19 - Quarterly Results o78
Note 19 - Quarterly Results of Operations (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | $ 108,354 | $ 109,393 | $ 111,516 | $ 103,589 | $ 102,424 | $ 107,110 | $ 108,033 | $ 99,483 | $ 432,852 | $ 417,050 | $ 410,937 |
Operating expenses and costs | 106,661 | 104,098 | 104,162 | 98,003 | 97,449 | 96,884 | 96,151 | 90,336 | 412,924 | 380,820 | 387,927 |
Operating income | 1,693 | 5,295 | 7,354 | 5,586 | 4,975 | 10,226 | 11,882 | 9,147 | 19,928 | 36,230 | 23,010 |
Non-operating (loss) income | 282 | 1,235 | (10) | (22) | 1,131 | (132) | 272 | 245 | 1,485 | 1,516 | 2,099 |
Interest expense | (982) | (927) | (910) | (822) | (825) | (732) | (644) | (617) | (3,641) | (2,818) | (2,897) |
Total income tax expense | (270) | (2,152) | (2,442) | (1,807) | (2,048) | (3,567) | (4,471) | (3,406) | 6,671 | 13,492 | 8,721 |
Net income | $ 723 | $ 3,451 | $ 3,992 | $ 2,935 | $ 3,233 | $ 5,795 | $ 7,039 | $ 5,369 | $ 11,101 | $ 21,436 | $ 13,491 |
Basic (in dollars per share) | $ 0.11 | $ 0.54 | $ 0.61 | $ 0.41 | $ 0.45 | $ 0.81 | $ 0.95 | $ 0.72 | $ 1.68 | $ 2.94 | $ 1.69 |
Diluted (in dollars per share) | $ 0.11 | $ 0.53 | $ 0.61 | $ 0.41 | $ 0.45 | $ 0.80 | $ 0.94 | $ 0.72 | $ 1.67 | $ 2.93 | $ 1.68 |
Basic (in shares) | 6,400 | 6,439 | 6,551 | 7,121 | 7,116 | 7,186 | 7,431 | 7,425 | 6,627 | 7,288 | 7,990 |
Diluted (in shares) | 6,425 | 6,458 | 6,572 | 7,145 | 7,144 | 7,219 | 7,474 | 7,467 | 6,649 | 7,325 | 8,034 |