Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 18, 2017 | |
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 | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 6,342,579 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 189,000 | $ 137,000 |
Trade, less allowance of $1,112 and $994, respectively | 58,246,000 | 56,143,000 |
Other | 4,863,000 | 4,982,000 |
Inventories | 1,635,000 | 1,900,000 |
Prepaid expenses and deposits | 5,959,000 | 8,777,000 |
Marketable equity securities | 24,736,000 | 27,621,000 |
Income taxes refundable | 711,000 | 738,000 |
Total current assets | 96,339,000 | 100,298,000 |
Property and equipment: | ||
Land | 5,374,000 | 5,374,000 |
Structures and improvements | 18,868,000 | 18,861,000 |
Revenue equipment | 357,031,000 | 355,339,000 |
Office furniture and equipment | 10,596,000 | 10,402,000 |
Total property and equipment | 391,869,000 | 389,976,000 |
Accumulated depreciation | (124,072,000) | (112,600,000) |
Net property and equipment | 267,797,000 | 277,376,000 |
Other assets | 2,392,000 | 2,392,000 |
TOTAL ASSETS | 366,528,000 | 380,066,000 |
Current liabilities: | ||
Accounts payable | 16,992,000 | 16,088,000 |
Accrued expenses and other liabilities | 20,210,000 | 22,330,000 |
Current maturities of long-term debt | 49,681,000 | 42,806,000 |
Total current liabilities | 86,883,000 | 81,224,000 |
Long-term debt-less current portion | 101,686,000 | 124,391,000 |
Deferred income taxes | 81,702,000 | 80,293,000 |
Total liabilities | 270,271,000 | 285,908,000 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,526,411 and 11,510,863 shares issued; 6,342,579 and 6,396,803 shares outstanding at June 30, 2017 and December 31, 2016, respectively | 115,000 | 115,000 |
Additional paid-in capital | 81,218,000 | 80,822,000 |
Accumulated other comprehensive income | 6,290,000 | 7,476,000 |
Treasury stock, at cost; 5,183,832 and 5,114,060 shares at June 30, 2017 and December 31, 2016, respectively | (124,028,000) | (122,835,000) |
Retained earnings | 132,662,000 | 128,580,000 |
Total shareholders’ equity | 96,257,000 | 94,158,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 366,528,000 | $ 380,066,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Trade, allowance | $ 1,112 | $ 994 |
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) | 11,526,411 | 11,510,863 |
Common stock, shares outstanding (in shares) | 6,342,579 | 6,396,803 |
Treasury stock, shares (in shares) | 5,183,832 | 5,114,060 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING REVENUES: | ||||
Revenue, before fuel surcharge | $ 93,097 | $ 98,921 | $ 186,700 | $ 192,570 |
Fuel surcharge | 15,549 | 12,595 | 31,350 | 22,535 |
Total operating revenues | 108,646 | 111,516 | 218,050 | 215,105 |
OPERATING EXPENSES AND COSTS: | ||||
Salaries, wages and benefits | 25,263 | 27,841 | 51,167 | 55,324 |
Operating supplies and expenses | 19,410 | 21,042 | 39,642 | 40,160 |
Rent and purchased transportation | 43,717 | 40,718 | 86,839 | 78,105 |
Depreciation | 10,485 | 9,668 | 21,156 | 18,845 |
Insurance and claims | 4,439 | 4,491 | 9,135 | 8,549 |
Other | 2,304 | 2,014 | 4,421 | 4,184 |
Loss (gain) on disposition of equipment | 130 | (1,612) | 130 | (3,002) |
Total operating expenses and costs | 105,748 | 104,162 | 212,490 | 202,165 |
OPERATING INCOME | 2,898 | 7,354 | 5,560 | 12,940 |
NON-OPERATING INCOME (EXPENSE) | 650 | (10) | 2,702 | (32) |
INTEREST EXPENSE | (935) | (910) | (1,912) | (1,732) |
INCOME BEFORE INCOME TAXES | 2,613 | 6,434 | 6,350 | 11,176 |
FEDERAL AND STATE INCOME TAX EXPENSE: | ||||
Current | 66 | 28 | 133 | 52 |
Deferred | 938 | 2,414 | 2,325 | 4,197 |
Total federal and state income tax expense | 1,004 | 2,442 | 2,458 | 4,249 |
NET INCOME | $ 1,609 | $ 3,992 | $ 3,892 | $ 6,927 |
INCOME PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.61 | $ 0.61 | $ 1.01 |
Diluted (in dollars per share) | $ 0.25 | $ 0.61 | $ 0.61 | $ 1.01 |
AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in shares) | 6,381 | 6,551 | 6,390 | 6,836 |
Diluted (in shares) | 6,430 | 6,572 | 6,412 | 6,858 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
NET INCOME | $ 1,609 | $ 3,992 | $ 3,892 | $ 6,927 | |
Other comprehensive income, net of tax: | |||||
Reclassification adjustment for realized (gains) losses on marketable equity securities included in net income (1) | [1] | (143) | (1,043) | 51 | |
Reclassification adjustment for unrealized losses on marketable securities included in net income, net of income taxes (2) | [2] | 17 | 185 | 17 | 331 |
Changes in fair value of marketable securities (3) | [3] | (138) | 1,089 | (160) | 1,385 |
COMPREHENSIVE INCOME | $ 1,345 | $ 5,266 | $ 2,706 | $ 8,694 | |
[1] | Net of deferred income taxes of $(88), $0, $(638), and $31, respectively. | ||||
[2] | Net of deferred income taxes of $10, $113, $10, and $202, respectively. | ||||
[3] | Net of deferred income taxes of $(82), $667, $(97), and $848, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Deferred income taxes | $ (88) | $ 0 | $ (683) | $ 31 |
Deferred income taxes | 10 | 113 | 10 | 202 |
Deferred income taxes | $ (82) | $ 667 | $ (97) | $ 848 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 3,892,000 | $ 6,927,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 21,156,000 | 18,845,000 |
Bad debt expense | 118,000 | 272,000 |
Sale leaseback deferred gain amortization | (112,000) | |
Stock compensation-net of excess tax benefits | 284,000 | 196,000 |
Provision for deferred income taxes | 2,325,000 | 4,197,000 |
Reclassification of unrealized loss on marketable equity securities | 27,000 | 532,000 |
Recognized (gain) loss on marketable equity securities | (2,145,000) | 89,000 |
Loss (gain) on sale or disposition of equipment | 130,000 | (3,002,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,010,000) | (11,633,000) |
Prepaid expenses, deposits, inventories, and other assets | 3,083,000 | 1,953,000 |
Income taxes refundable | 27,000 | 2,223,000 |
Trade accounts payable | (1,938,000) | 8,951,000 |
Accrued expenses and other liabilities | 1,403,000 | (1,299,000) |
Net cash provided by operating activities | 27,352,000 | 28,139,000 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (14,372,000) | (40,390,000) |
Proceeds from disposition of equipment | 5,507,000 | 18,962,000 |
Change in restricted cash | (1,093,000) | (4,271,000) |
Sales of marketable equity securities | 3,079,000 | 279,000 |
Purchases of marketable equity securities, net of return of capital | 13,000 | (860,000) |
Net cash used in investing activities | (6,866,000) | (26,280,000) |
FINANCING ACTIVITIES: | ||
Borrowings under line of credit | 218,678,000 | 254,740,000 |
Repayments under line of credit | (220,543,000) | (259,085,000) |
Borrowings of long-term debt | 7,821,000 | 43,554,000 |
Repayments of long-term debt | (21,786,000) | (21,413,000) |
Borrowings under margin account | 81,000 | 993,000 |
Repayments under margin account | (3,604,000) | (838,000) |
Repurchases of common stock | (1,193,000) | (19,895,000) |
Exercise of stock options | 112,000 | 74,000 |
Net cash used in financing activities | (20,434,000) | (1,870,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 52,000 | (11,000) |
CASH AND CASH EQUIVALENTS-Beginning of period | 137,000 | 157,000 |
CASH AND CASH EQUIVALENTS-End of period | 189,000 | 146,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION- | ||
Interest | 1,931,000 | 1,713,000 |
Income taxes | 106,000 | 229,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES- | ||
Purchases of property and equipment included in accounts payable | $ 2,939,000 | $ 4,960,000 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2017 - 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, 2016 | 6,397,000 | |||||
Balance at Dec. 31, 2016 | $ 115 | $ 80,822 | $ 7,476 | $ (122,835) | $ 128,580 | $ 94,158 |
Balance at Jun. 30, 2017 | $ 115 | 81,218 | 6,290 | (124,028) | 132,662 | 96,257 |
Net Income | 3,892 | 3,892 | ||||
Other comprehensive income, net of tax | $ (1,186) | $ (1,186) | ||||
Exercise of stock options and stock awards-shares issued including tax benefits (in shares) | 15,000 | 10,000 | ||||
Exercise of stock options and stock awards-shares issued including tax benefits | 112 | $ 112 | ||||
Treasury stock repurchases (in shares) | (69,000) | |||||
Treasury stock repurchases | $ (1,193) | (1,193) | ||||
Share-based compensation | $ 284 | 284 | ||||
Balance (in shares) at Jun. 30, 2017 | 6,343,000 | |||||
Cumulative effect adjustment – ASU 2016-09 | $ 190 | $ 190 |
Condensed Consolidated Stateme9
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
AOCI Attributable to Parent [Member] | |
Other comprehensive income, tax | $ (725) |
Note A - Basis of Presentation
Note A - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE A: BASIS OF PRESENTATION Unless the context otherwise requires, all references in this Quarterly Report on Form 10 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10 10 X. not December 31, 2016 not six June 30, 2017 not may December 31, 2017. 10 December 31, 2016. |
Note B - Recent Accounting Pron
Note B - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, No. 2014 09, 2014 09” Revenue from Contracts with Customers 2014 19 2014 09 1 2 3 4 5 2014 09 December 15, 2017 not 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 versus agent considerations. Based upon this evaluation, the adoption of this guidance is not In January 2016, 2016 01, 2016 01” Financial Instruments - Overall (Subtopic 825 10 2016 01 December 15, 2017. not 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 adoption of this guidance is not In February 2016, No. 2016 02, 2016 02” Leases (Topic 842 12 not 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, not In March 2016, No. 2016 08, 2016 08” Revenue from Contracts with Customers (Topic 606 2016 08 The new guidance is effective for public companies for annual periods beginning after December 15, 2017, not not March 2016, No. 2016 09, 2016 09” Compensation – Stock Compensation (Topic 718 2016 09 ASU 2016 09 December 15, 2017, January 1, 2017, not In June 2016, No. 2016 13, 2016 13” Accounting for Credit Losses (Topic 326 2016 13 2016 13 December 15, 2019, not In August 2016, No. 2016 15, 2016 15” Statement of Cash Flows (Topic 230 2016 15 230, eight December 15, 2017, 2016 15 not In November 2016, No. 2016 18, 2016 18” Statement of Cash Flows (Topic 230 2016 18 No. 2016 18 December 15, 2017, No. 2016 18 not In May 2017, No. 2017 09, 2017 09" Compensation – Stock Compensation (Topic 718 718. 2017 09 December 15, 2017 2017 09 not 2017 09 not 2017 09 With the exception of the new standards discussed above, there have been no six June 30, 2017, 10 December 31, 2016, |
Note C - Marketable Equity Secu
Note C - Marketable Equity Securities | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE C: MARKETABLE EQUITY SECURITIES The Company accounts for its marketable securities in accordance with ASC Topic 320, 320” Investments-Debt and Equity Securities 320 no first six 2017 2016. Marketable equity securities are carried at fair value, with the unrealized gains and losses, net of tax, included as a component of accumulated other comprehensive income in shareholders’ equity. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities, if any, are included in the determination of net income. A quarterly evaluation is performed in order to judge whether declines in value below cost should be considered temporary and when losses are deemed to be other-than-temporary. Several factors are considered in this evaluation process including the severity and duration of the decline in value, the financial condition and near-term outlook for the specific issuer and the Company’s ability to hold the securities. For the quarter ended June 30, 2017, $27,000 June 30, 2016, $297,000 For the six June 30, 2017, $27,000 six June 30, 2016, $532,000 The following table sets forth market value, cost, and unrealized gains on equity securities as of June 30, 2017 December 31, 2016. June 30, 2017 December 31, 2016 (in thousands) Fair market value $ 24,736 $ 27,621 Cost 14,595 15,569 Unrealized gain $ 10,141 $ 12,052 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of June 30, 2017 December 31, 2016. June 30, 2017 December 31, 2016 (in thousands) Gross unrealized gains $ 10,287 $ 12,161 Gross unrealized losses 146 109 Net unrealized gains $ 10,141 $ 12,052 As of June 30, 2017 December 31, 2016, $6,290,000 $7,476,000, For the six June 30, 2017, $1,186,000, December 31, 2016, $2,166,000, At June 30, 2017, $2,147,000 $146,000, December 31, 2016, $1,340,000 $109,000, June 30, 2017 December 31, 2016, no twelve The following table shows the Company’s net realized gains and (losses) during the first six 2017 2016 Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Sales proceeds $ 711 $ - $ 3,079 $ 279 Cost of securities sold 349 - 934 368 Realized gain/(loss) $ 362 $ - $ 2,145 $ (89 ) Realized gain/(loss), net of taxes $ 222 $ - $ 1,314 $ (55 ) For the quarter ended June 30, 2017, $272,000 June 30, 2016, $243,000 For the six June 30, 2017, $493,000 six June 30, 2016, $502,000 The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of June 30, 2017 December 31, 2016, $6,835,000 $10,358,000, |
Note D - Stock-based Compensati
Note D - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE D: STOCK BASED COMPENSATION The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may March 2, 2006, 2006 “2006 2006 750,000 2006 March 13, 2014, May 29, 2014 2014 “2014 2006 2006 2014 2014 not 85% Outstanding nonqualified stock options at June 30, 2017, five ten 20% 33% During the first six 2017, 4,298 2014 100,000 $16.29 $16.38 33% three The total grant date fair value of stock and stock options vested during the first six 2017 $186,000. first six 2017 $284,000 $70,000 614 first 2017. $0.02 second 2017. $0.02 $0.03, six June 30, 2017. June 30, 2017, $1,663,000 $330,000 2017 $644,000, $552,000, $137,000 2018, 2019, 2020, The total grant date fair value of stock and stock options vested during the first six 2016 $186,000. second 2016 $47,000. first six 2016 $196,000 $70,000 325 first 2016. not second June 30, 2016. $0.02 six June 30, 2016. June 30, 2016, $346,000 Information related to stock option activity for the six June 30, 2017 Shares Under Options Weighted- Average Exercise Price Weighted- Average Remaining Contractua l Term Aggregate Intrinsi c Value* (per share) (in years) Outstanding-January 1, 2017 56,131 $ 10.85 Granted - - Exercised (10,000 ) 11.16 Cancelled/forfeited/expired - - Outstanding at June 30, 2017 46,131 $ 10.79 3.4 $ 376,485 Exercisable at June 30, 2017 46,131 $ 10.79 3.4 $ 376,485 __________________________ * The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of our common stock, as determined by the closing price on June 30, 2017, $18.95. A summary of the status of the Company’s nonvested options and restricted stock as of June 30, 2017 six June 30, 2017, 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, 2017 12,800 $ 6.06 7,050 $ 36.35 Granted - - 104,298 16.38 Canceled/forfeited/expired - - - - Vested (12,800 ) 6.06 (5,548 ) 19.56 Nonvested at June 30, 2017 - $ - 105,800 $ 17.54 ___________________________ * The weighted-average grant date fair value was based on the closing price of the Company’s stock on the date of the grant. The number, weighted average exercise price, and weighted average remaining contractual life of options outstanding as of June 30, 2017 June 30, 2017 Exercise Price Shares Under Outstanding Options Weighted-Average Remaining Contractual Term Shares Under Exercisable Options (in years) $ 10.44 15,000 0.7 15,000 $ 10.90 25,600 4.9 25,600 $ 11.22 5,531 3.4 5,531 46,131 3.4 46,131 Cash received from option exercises totaled approximately $112,000 $74,000 six June 30, 2017 June 30, 2016, |
Note E - Segment Information
Note E - Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE E: SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, egment Reporting, two 280, two Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 81,656 87.7 $ 86,880 87.8 $ 164,575 88.1 $ 168,987 87.8 Brokerage and Logistics Services revenue 11,441 12.3 12,041 12.2 22,125 11.9 23,583 12.2 Total revenues $ 93,097 100.0 $ 98,921 100.0 $ 186,700 100.0 $ 192,570 100.0 |
Note F - Treasury Stock
Note F - Treasury Stock | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE F: TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 During the six June 30, 2017, 69,772 $1,193,000 The Company accounts for Treasury stock using the cost method and as of June 30, 2017, 5,183,832 $124,028,000. |
Note G - Accumulated Other Comp
Note G - Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Income [Text Block] | NOTE G: ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated balances of other comprehensive income for the three six June 30, 2017: Unrealized gains and losses on available- for-sale securities (in thousands) Balance at March 31, 2017, net of tax of $4,011 $ 6,554 Other comprehensive income before reclassifications, net of tax of $(82) (138 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(78) (126 ) Net current-period other comprehensive income (264 ) Balance at June 30, 2017, net of tax of $3,851 $ 6,290 Balance at December 31, 2016, net of tax of $4,576 $ 7,476 Other comprehensive income before reclassifications, net of tax benefit of $(97) (160 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(628) (1,026 ) Net current-period other comprehensive income (1,186 ) Balance at June 30, 2017, net of tax of $3,851 $ 6,290 The following table provides details about reclassifications out of accumulated other comprehensive income for the six June 30, 2017: Details about Accumulated Other Comprehensive Income Component Amounts Reclassified from Accumulated Other Comprehensive Income (a) Statement of Operations Classification Six Months Ended June 30, 2017 (in thousands) Unrealized gains and losses on available-for-sale securities: Prior period unrealized gain (loss) on securities sold $ 1,681 Non-operating income (expense) Impairment expense (27 ) Non-operating income (expense) Total before tax 1,654 Income before income taxes Tax expense (628 ) Income tax expense Total after tax $ 1,026 Net income __________________________ (a) Amounts in parentheses indicate debits to profit/loss |
Note H - Earnings Per Share
Note H - Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE H: EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 1,609 $ 3,992 $ 3,892 $ 6,927 Basic weighted average common shares outstanding 6,381 6,551 6,390 6,836 Dilutive effect of common stock equivalents 49 21 22 22 Diluted weighted average common shares outstanding 6,430 6,572 6,412 6,858 Basic earnings per share $ 0.25 $ 0.61 $ 0.61 $ 1.01 Diluted earnings per share $ 0.25 $ 0.61 $ 0.61 $ 1.01 As of June 30, 2017 June 30, 2016, no |
Note I - Income Taxes
Note I - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE I: INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitation period of three 2013 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, June 30, 2017, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not June 30, 2017, not six June 30, 2017 2016, not |
Note J - Fair Value of Financia
Note J - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 not not Level 3: Unobservable inputs that are supported by little or no The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At June 30, 2017, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 24,736 $ 24,736 - - The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at June 30, 2017 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 151,367 $ 150,189 The Company has not |
Note K - Notes Payable
Note K - Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE K: NOTES PAYABLE During the first six 2017, $7.8 |
Note L - Off-balance Sheet Arra
Note L - Off-balance Sheet Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE L: OFF-BALANCE SHEET ARRANGEMENTS As of June 30, 2017, not Rent expense related to revenue equipment under these leases were as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Rent expense related to revenue equipment $ 1,718 $ 2,469 $ 3,458 $ 4,957 Leases for revenue equipment under non-cancellable operating leases expire at various dates through 2018. uture minimum lease payments related to non-cancellable leases for revenue equipment at June 30, 2017 (in thousands) 2017 $ 1,858 2018 181 Total future minimum lease payments $ 2,039 |
Note M - Litigation
Note M - Litigation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE M: LITIGATION Other than the lawsuit discussed below, the Company is not We are a defendant in a collective-action lawsuit which was re-filed on December 9, 2016, December 6, 2013, may not |
Note N - Subsequent Events
Note N - Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE N: SUBSEQUENT EVENTS Management has evaluated subsequent events for recognition and disclosure through the date these financial statements were filed with the United States Securities and Exchange Commission and concluded that no |
Note C - Marketable Equity Se24
Note C - Marketable Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Marketable Securities [Table Text Block] | June 30, 2017 December 31, 2016 (in thousands) Fair market value $ 24,736 $ 27,621 Cost 14,595 15,569 Unrealized gain $ 10,141 $ 12,052 |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30, 2017 December 31, 2016 (in thousands) Gross unrealized gains $ 10,287 $ 12,161 Gross unrealized losses 146 109 Net unrealized gains $ 10,141 $ 12,052 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Sales proceeds $ 711 $ - $ 3,079 $ 279 Cost of securities sold 349 - 934 368 Realized gain/(loss) $ 362 $ - $ 2,145 $ (89 ) Realized gain/(loss), net of taxes $ 222 $ - $ 1,314 $ (55 ) |
Note D - Stock-based Compensa25
Note D - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Shares Under Options Weighted- Average Exercise Price Weighted- Average Remaining Contractua l Term Aggregate Intrinsi c Value* (per share) (in years) Outstanding-January 1, 2017 56,131 $ 10.85 Granted - - Exercised (10,000 ) 11.16 Cancelled/forfeited/expired - - Outstanding at June 30, 2017 46,131 $ 10.79 3.4 $ 376,485 Exercisable at June 30, 2017 46,131 $ 10.79 3.4 $ 376,485 |
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, 2017 12,800 $ 6.06 7,050 $ 36.35 Granted - - 104,298 16.38 Canceled/forfeited/expired - - - - Vested (12,800 ) 6.06 (5,548 ) 19.56 Nonvested at June 30, 2017 - $ - 105,800 $ 17.54 |
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 0.7 15,000 $ 10.90 25,600 4.9 25,600 $ 11.22 5,531 3.4 5,531 46,131 3.4 46,131 |
Note E - Segment Information (T
Note E - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 81,656 87.7 $ 86,880 87.8 $ 164,575 88.1 $ 168,987 87.8 Brokerage and Logistics Services revenue 11,441 12.3 12,041 12.2 22,125 11.9 23,583 12.2 Total revenues $ 93,097 100.0 $ 98,921 100.0 $ 186,700 100.0 $ 192,570 100.0 |
Note G - Accumulated Other Co27
Note G - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains and losses on available- for-sale securities (in thousands) Balance at March 31, 2017, net of tax of $4,011 $ 6,554 Other comprehensive income before reclassifications, net of tax of $(82) (138 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(78) (126 ) Net current-period other comprehensive income (264 ) Balance at June 30, 2017, net of tax of $3,851 $ 6,290 Balance at December 31, 2016, net of tax of $4,576 $ 7,476 Other comprehensive income before reclassifications, net of tax benefit of $(97) (160 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $(628) (1,026 ) Net current-period other comprehensive income (1,186 ) Balance at June 30, 2017, net of tax of $3,851 $ 6,290 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Comprehensive Income Component Amounts Reclassified from Accumulated Other Comprehensive Income (a) Statement of Operations Classification Six Months Ended June 30, 2017 (in thousands) Unrealized gains and losses on available-for-sale securities: Prior period unrealized gain (loss) on securities sold $ 1,681 Non-operating income (expense) Impairment expense (27 ) Non-operating income (expense) Total before tax 1,654 Income before income taxes Tax expense (628 ) Income tax expense Total after tax $ 1,026 Net income |
Note H - Earnings Per Share (Ta
Note H - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 1,609 $ 3,992 $ 3,892 $ 6,927 Basic weighted average common shares outstanding 6,381 6,551 6,390 6,836 Dilutive effect of common stock equivalents 49 21 22 22 Diluted weighted average common shares outstanding 6,430 6,572 6,412 6,858 Basic earnings per share $ 0.25 $ 0.61 $ 0.61 $ 1.01 Diluted earnings per share $ 0.25 $ 0.61 $ 0.61 $ 1.01 |
Note J - Fair Value of Financ29
Note J - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 24,736 $ 24,736 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 151,367 $ 150,189 |
Note L - Off-balance Sheet Ar30
Note L - Off-balance Sheet Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Rent Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 (in thousands) Rent expense related to revenue equipment $ 1,718 $ 2,469 $ 3,458 $ 4,957 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) 2017 $ 1,858 2018 181 Total future minimum lease payments $ 2,039 |
Note C - Marketable Equity Se31
Note C - Marketable Equity Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 | $ 0 | ||
Investment Income, Dividend | 272,000 | $ 243,000 | 493,000 | $ 502,000 | |
Trading Securities Pledged as Collateral | 6,835,000 | 6,835,000 | 10,358,000 | ||
Marketable Securities, Reclassification | 0 | 0 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 27,000 | $ 297,000 | 27,000 | $ 532,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 6,290,000 | 6,290,000 | 7,476,000 | ||
Available-for-Sale Securities Net Unrealized Holding Gain (Loss), Net of Tax | 1,186,000 | 2,166,000 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,147,000 | 2,147,000 | 1,340,000 | ||
Available-for-sale Equity Securities, Gross Unrealized Loss | 146,000 | 109,000 | |||
Available-for-sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 6,290,000 | $ 6,290,000 | $ 7,476,000 |
Note C - Marketable Equity Se32
Note C - Marketable Equity Securities - Cost, Market Value and Unrealized Gain/(Loss) on Equity Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair market value | $ 24,736 | $ 27,621 |
Cost | 14,595 | 15,569 |
Unrealized gain | $ 10,141 | $ 12,052 |
Note C - Marketable Equity Se33
Note C - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Gross unrealized gains | $ 10,287 | $ 12,161 |
Gross unrealized losses | 146 | 109 |
Net unrealized gains | $ 10,141 | $ 12,052 |
Note C - Marketable Equity Se34
Note C - Marketable Equity Securities - Recognized Gains (Losses) on Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Sales proceeds | $ 711 | $ 3,079 | $ 279 | |
Cost of securities sold | 349 | 934 | 368 | |
Realized gain/(loss) | 362 | 2,145 | (89) | |
Realized gain/(loss), net of taxes | $ 222 | $ 1,314 | $ (55) |
Note D - Stock-based Compensa35
Note D - Stock-based Compensation (Details Textual) - USD ($) | Mar. 02, 2006 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 186,000 | $ 186,000 | ||||||
Allocated Share-based Compensation Expense | $ 47,000 | $ 284,000 | $ 196,000 | |||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic | $ 0.02 | $ 0.03 | ||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted | $ 0 | $ 0.02 | ||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted | $ 0.02 | $ 0.02 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,663,000 | $ 346,000 | $ 1,663,000 | $ 346,000 | ||||
Share Price | $ 18.95 | $ 18.95 | ||||||
Proceeds from Stock Options Exercised | $ 112,000 | $ 74,000 | ||||||
Amortization, Current Year [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 330,000 | 330,000 | ||||||
Amortization Year 2 [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 644,000 | 644,000 | ||||||
Amortization, Year 3 [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 552,000 | 552,000 | ||||||
Amortization, Year 4 [Member] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 137,000 | $ 137,000 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 104,298 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 16.38 | ||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | ||||||||
Allocated Share-based Compensation Expense | $ 70,000 | $ 70,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 614 | 325 | ||||||
The 2006 Stock Option Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | |||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,298 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.29 | |||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 16.38 | $ 16.38 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
The 2014 Stock Option Plan [Member] | Stock Award [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 | 33.00% | |||||||
The 2014 Stock Option Plan [Member] | Stock Award [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 | 33.00% | |||||||
The 2014 Stock Option Plan [Member] | Stock Award [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 | 33.00% | |||||||
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 | 33.00% | |||||||
[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 D - Stock-based Compensa36
Note D - Stock-based Compensation - Stock Option Activity (Details) | 6 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | ||
Outstanding (in shares) | shares | 56,131 | |
Outstanding (in dollars per share) | $ / shares | $ 10.85 | |
Exercised (in shares) | shares | (10,000) | |
Exercised (in dollars per share) | $ / shares | $ 11.16 | |
Outstanding (in dollars per share) | $ / shares | $ 10.79 | |
Outstanding (Year) | 3 years 146 days | |
Outstanding | $ | $ 376,485 | [1] |
Options exercisable (in shares) | shares | 46,131 | |
Options exercisable (in dollars per share) | $ / shares | $ 10.79 | |
Fully vested and exercisable (Year) | 3 years 146 days | |
Outstanding (in shares) | shares | 46,131 | |
Fully vested and exercisable | $ | $ 376,485 | [1] |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of our common stock, as determined by the closing price on June 30, 2017, was $18.95. |
Note D - Stock-based Compensa37
Note D - Stock-based Compensation - Summary of Nonvested Options and Restricted Stock (Details) | 6 Months Ended | |
Jun. 30, 2017$ / sharesshares | ||
Employee Stock Option [Member] | ||
Nonvested at Beginning of Period (in shares) | shares | 12,800 | |
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 6.06 | |
Canceled/forfeited/expired - Number of Options (in shares) | shares | ||
Canceled/forfeited/expired - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | ||
Vested (in shares) | shares | (12,800) | |
Vested (in dollars per share) | $ / shares | $ 6.06 | |
Nonvested at End of Period (in shares) | shares | ||
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | ||
Restricted Stock [Member] | ||
Nonvested at Beginning of Period (in shares) | shares | 7,050 | |
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 36.35 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 104,298 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 16.38 | [1] |
Canceled/forfeited/expired (in shares) | shares | ||
Canceled/forfeited/expired - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | [1] | |
Vested (in shares) | shares | (5,548) | |
Vested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.56 | [1] |
Nonvested - Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 17.54 | [1] |
Nonvested at End of Period (in shares) | shares | 105,800 | |
[1] | The weighted-average grant date fair value was based on the closing price of the Company’s stock on the date of the grant. |
Note D - Stock-based Compensa38
Note D - Stock-based Compensation - Stock Option Activity by Exercise Price (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Shares under exercisable options (in shares) | 46,131 |
Shares under outstanding options (in shares) | 46,131 |
Weighted-average remaining contractual term (Year) | 3 years 146 days |
Exercise Price 1 [Member] | |
Shares under exercisable options (in shares) | 15,000 |
Exercise price (in dollars per share) | $ / shares | $ 10.44 |
Shares under outstanding options (in shares) | 15,000 |
Weighted-average remaining contractual term (Year) | 255 days |
Exercise Price 2 [Member] | |
Shares under exercisable options (in shares) | 25,600 |
Exercise price (in dollars per share) | $ / shares | $ 10.90 |
Shares under outstanding options (in shares) | 25,600 |
Weighted-average remaining contractual term (Year) | 4 years 328 days |
Exercise Price 3 [Member] | |
Shares under exercisable options (in shares) | 5,531 |
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 146 days |
Note E - Segment Information (D
Note E - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 2 |
Note E - Segment Information -
Note E - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue, before fuel surcharge | $ 93,097 | $ 98,921 | $ 186,700 | $ 192,570 |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Truckload Services [Member] | ||||
Revenue, before fuel surcharge | $ 81,656 | $ 86,880 | $ 164,575 | $ 168,987 |
Truckload Services [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 87.70% | 87.80% | 88.10% | 87.80% |
Brokerage and Logistics Services [Member] | ||||
Revenue, before fuel surcharge | $ 11,441 | $ 12,041 | $ 22,125 | $ 23,583 |
Brokerage and Logistics Services [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 12.30% | 12.20% | 11.90% | 12.20% |
Note F - Treasury Stock (Detail
Note F - Treasury Stock (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | May 31, 2017 | Dec. 31, 2016 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,193,000 | ||
Treasury Stock, Shares | 5,183,832 | 5,114,060 | |
Treasury Stock, Value | $ 124,028,000 | $ 122,835,000 | |
September 2011 Reauthorization [Member] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||
Treasury Stock, Shares, Acquired | 69,772 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1,193,000 |
Note G - Accumulated Other Co42
Note G - Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Net current-period other comprehensive income | $ (1,186) | |
Balance | $ 6,290 | 6,290 |
Balance | 7,476 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Amounts reclassified from accumulated other comprehensive income, net of tax of $(78) | (126) | (1,026) |
Net current-period other comprehensive income | (264) | (1,186) |
Balance | 6,290 | 6,290 |
Balance | 6,554 | 7,476 |
Other comprehensive income before reclassifications, net of tax of $(82) | $ (138) | $ (160) |
Note G - Accumulated Other Co43
Note G - Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
AOCI tax, balance | $ 3,851 | $ 3,851 |
AOCI tax, balance | 4,011 | 4,576 |
OCI before reclassifications, tax | (82) | (97) |
Reclassification from AOCI, tax | $ (78) | $ (628) |
Note G - Accumulated Other Co44
Note G - Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Non-operating income (expense) | $ 650 | $ (10) | $ 2,702 | $ (32) | |
Total before tax | 2,613 | 6,434 | 6,350 | 11,176 | |
Tax expense | (1,004) | (2,442) | (2,458) | (4,249) | |
Net Income | $ 1,609 | $ 3,992 | 3,892 | $ 6,927 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Total before tax | [1] | 1,654 | |||
Tax expense | [1] | (628) | |||
Net Income | [1] | 1,026 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Non-operating income (expense) | [1] | 1,681 | |||
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Non-operating income (expense) | [1] | $ (27) | |||
[1] | Amounts in parentheses indicate debits to profit/loss |
Note H - Earnings Per Share (De
Note H - Earnings Per Share (Details Textual) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note H - Earnings Per Share - C
Note H - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 1,609 | $ 3,992 | $ 3,892 | $ 6,927 |
Basic (in shares) | 6,381 | 6,551 | 6,390 | 6,836 |
Dilutive effect of common stock equivalents (in shares) | 49 | 21 | 22 | 22 |
Diluted (in shares) | 6,430 | 6,572 | 6,412 | 6,858 |
Basic (in dollars per share) | $ 0.25 | $ 0.61 | $ 0.61 | $ 1.01 |
Diluted (in dollars per share) | $ 0.25 | $ 0.61 | $ 0.61 | $ 1.01 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statute of Limitations | 3 years | |
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,013 |
Note J - Fair Value of Financ48
Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Marketable equity securities | $ 24,736 | $ 27,621 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 24,736 | |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | $ 0 |
Note J - Fair Value of Financ49
Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Reported Value Measurement [Member] | |
Long-term debt | $ 151,367 |
Estimate of Fair Value Measurement [Member] | |
Long-term debt | $ 150,189 |
Note K - Notes Payable (Details
Note K - Notes Payable (Details Textual) $ in Millions | Jun. 30, 2017USD ($) |
Subsidiaries [Member] | |
Long-term Debt, Gross | $ 7.8 |
Note L - Off-balance Sheet Ar51
Note L - Off-balance Sheet Arrangements - Rent Expense Related to Revenue Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Rent expense related to revenue equipment | $ 1,718 | $ 2,469 | $ 3,458 | $ 4,957 |
Note L - Off-balance Sheet Ar52
Note L - Off-balance Sheet Arrangements - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2,017 | $ 1,858 |
2,018 | 181 |
Total future minimum lease payments | $ 2,039 |