Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
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) | 6,054,257 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 263,000 | $ 224,000 |
Trade, less allowance of $1,724 and $1,335, respectively | 74,971,000 | 59,055,000 |
Other | 3,981,000 | 3,028,000 |
Inventories | 1,680,000 | 1,660,000 |
Prepaid expenses and deposits | 6,724,000 | 10,112,000 |
Marketable equity securities | 27,860,000 | 26,664,000 |
Income taxes refundable | 1,375,000 | 1,499,000 |
Total current assets | 116,854,000 | 102,242,000 |
Property and equipment: | ||
Land | 5,374,000 | 5,374,000 |
Structures and improvements | 18,880,000 | 18,927,000 |
Revenue equipment | 428,840,000 | 375,817,000 |
Office furniture and equipment | 9,925,000 | 9,761,000 |
Total property and equipment | 463,019,000 | 409,879,000 |
Accumulated depreciation | (144,031,000) | (122,935,000) |
Net property and equipment | 318,988,000 | 286,944,000 |
Other assets | 3,053,000 | 2,999,000 |
TOTAL ASSETS | 438,895,000 | 392,185,000 |
Current liabilities: | ||
Accounts payable | 31,921,000 | 19,645,000 |
Accrued expenses and other liabilities | 20,922,000 | 17,609,000 |
Current maturities of long-term debt | 72,029,000 | 73,641,000 |
Total current liabilities | 124,872,000 | 110,895,000 |
Long-term debt-less current portion | 127,562,000 | 98,995,000 |
Deferred income taxes | 56,849,000 | 54,691,000 |
Total liabilities | 309,283,000 | 264,581,000 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,609,089 and 11,529,124 shares issued; 6,054,257 and 6,160,889 shares outstanding at June 30, 2018 and December 31, 2017, respectively | 116,000 | 115,000 |
Additional paid-in capital | 82,421,000 | 81,559,000 |
Accumulated other comprehensive income | 7,444,000 | |
Treasury stock, at cost; 5,554,832 and 5,368,235 shares at June 30, 2018 and December 31, 2017, respectively | (136,714,000) | (129,183,000) |
Retained earnings | 183,789,000 | 167,669,000 |
Total shareholders’ equity | 129,612,000 | 127,604,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 438,895,000 | $ 392,185,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Trade, allowance | $ 1,724 | $ 1,335 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 11,609,089 | 11,529,124 |
Common stock, outstanding (in shares) | 6,054,257 | 6,160,889 |
Treasury stock (in shares) | 5,554,832 | 5,368,235 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING REVENUES: | ||||
Operating revenues | $ 135,302 | $ 108,646 | $ 254,761 | $ 218,050 |
OPERATING EXPENSES AND COSTS: | ||||
Salaries, wages and benefits | 29,971 | 25,263 | 58,610 | 51,167 |
Operating supplies and expenses | 23,506 | 19,410 | 46,176 | 39,642 |
Rent and purchased transportation | 52,075 | 43,717 | 97,992 | 86,839 |
Depreciation | 12,734 | 10,485 | 24,358 | 21,156 |
Insurance and claims | 4,451 | 4,439 | 8,719 | 9,135 |
Other | 3,067 | 2,304 | 5,648 | 4,421 |
(Gain) loss on disposition of equipment | (519) | 130 | (515) | 130 |
Total operating expenses and costs | 125,285 | 105,748 | 240,988 | 212,490 |
OPERATING INCOME | 10,017 | 2,898 | 13,773 | 5,560 |
NON-OPERATING INCOME/(EXPENSE) | 632 | 650 | (247) | 2,702 |
INTEREST EXPENSE | (1,355) | (935) | (2,515) | (1,912) |
INCOME BEFORE INCOME TAXES | 9,294 | 2,613 | 11,011 | 6,350 |
FEDERAL AND STATE INCOME TAX EXPENSE: | ||||
Current | 142 | 66 | 177 | 133 |
Deferred | 1,863 | 938 | 2,158 | 2,325 |
Total federal and state income tax expense | 2,005 | 1,004 | 2,335 | 2,458 |
NET INCOME | $ 7,289 | $ 1,609 | $ 8,676 | $ 3,892 |
INCOME PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 1.18 | $ 0.25 | $ 1.41 | $ 0.61 |
Diluted (in dollars per share) | $ 1.17 | $ 0.25 | $ 1.39 | $ 0.61 |
AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic (in shares) | 6,159 | 6,381 | 6,163 | 6,390 |
Diluted (in shares) | 6,229 | 6,430 | 6,257 | 6,412 |
Freight Transportation Service [Member] | ||||
OPERATING REVENUES: | ||||
Operating revenues | $ 112,881 | $ 93,097 | $ 211,985 | $ 186,700 |
Fuel Surcharge [Member] | ||||
OPERATING REVENUES: | ||||
Operating revenues | $ 22,421 | $ 15,549 | $ 42,776 | $ 31,350 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Net Income | $ 7,289 | $ 1,609 | $ 8,676 | $ 3,892 | |
Other comprehensive income, net of tax: | |||||
Reclassification adjustment for realized gains on marketable equity securities included in net income (1)(4) | [1],[2] | (143) | (1,043) | ||
Reclassification adjustment for unrealized losses on marketable securities included in net income, net of income taxes (2)(4) | [1],[3] | 17 | 17 | ||
Changes in fair value of marketable securities (3)(4) | [1],[4] | (138) | (160) | ||
COMPREHENSIVE INCOME | $ 7,289 | $ 1,345 | $ 8,676 | $ 2,706 | |
[1] | In accordance with the adoption of ASU 2016-01 on January 1, 2018 unrealized market gains and losses on equity securities have been reclassified to income for the current period and to retained earnings for historical amounts recorded in Other Comprehensive Income for periods prior to December 31, 2017 - (see Note B). | ||||
[2] | Net of deferred income taxes of $0, $(88), $0 and $(638), respectively. | ||||
[3] | Net of deferred income taxes of $0, $10, $0 and $10, respectively. | ||||
[4] | Net of deferred income taxes of $0, $(82), $0 and $(97), respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification adjustment for realized gains on marketable securities included in net income, tax | $ 0 | $ (88) | $ 0 | $ (638) |
Reclassification adjustment for unrealized losses on marketable securities included in net income, tax | 0 | 10 | 0 | 10 |
Changed in fair value of marketable securities, tax | $ 0 | $ (82) | $ 0 | $ (97) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING ACTIVITIES: | ||
Net income | $ 8,676,000 | $ 3,892,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 24,358,000 | 21,156,000 |
Bad debt expense | 389,000 | 118,000 |
Stock compensation-net of excess tax benefits | 395,000 | 284,000 |
Provision for deferred income taxes | 2,158,000 | 2,325,000 |
Reclassification of unrealized loss on marketable equity securities | 27,000 | |
Recognized loss (gain) on marketable equity securities | 810,000 | (2,145,000) |
(Gain)loss on sale or disposition of equipment | (515,000) | 130,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,258,000) | (2,103,000) |
Prepaid expenses, deposits, inventories, and other assets | 3,314,000 | 3,083,000 |
Income taxes refundable | 124,000 | 27,000 |
Trade accounts payable | 5,361,000 | (1,938,000) |
Accrued expenses and other liabilities | 1,712,000 | 1,403,000 |
Net cash provided by operating activities | 29,524,000 | 26,259,000 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (39,768,000) | (14,372,000) |
Proceeds from disposition of equipment | 4,450,000 | 5,507,000 |
Sales of marketable equity securities | 3,079,000 | |
Purchases of marketable equity securities, net of return of capital | (2,006,000) | 13,000 |
Net cash used in investing activities | (37,324,000) | (5,773,000) |
FINANCING ACTIVITIES: | ||
Borrowings under line of credit | 299,959,000 | 218,678,000 |
Repayments under line of credit | (274,702,000) | (220,543,000) |
Borrowings of long-term debt | 25,046,000 | 7,821,000 |
Repayments of long-term debt | (37,002,000) | (21,786,000) |
Borrowings under margin account | 2,166,000 | 81,000 |
Repayments under margin account | (565,000) | (3,604,000) |
Repurchases of common stock | (7,531,000) | (1,193,000) |
Exercise of stock options | 468,000 | 112,000 |
Net cash provided by (used in) financing activities | 7,839,000 | (20,434,000) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 39,000 | 52,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period | 224,000 | 137,000 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period | 263,000 | 189,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION- | ||
Interest | 2,452,000 | 1,931,000 |
Income taxes | 53,000 | 106,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES- | ||
Purchases of property and equipment included in accounts payable | $ 9,888,000 | $ 2,939,000 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - 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, 2017 | 6,161,000 | |||||
Balance at Dec. 31, 2017 | $ 115 | $ 81,559 | $ 7,444 | $ (129,183) | $ 167,669 | $ 127,604 |
Net Income | 8,676 | $ 8,676 | ||||
Exercise of stock options and stock awards-shares issued including tax benefits (in shares) | 80,000 | 43,450 | ||||
Exercise of stock options and stock awards-shares issued including tax benefits | $ 1 | 467 | $ 468 | |||
Treasury stock repurchases (in shares) | (187,000) | |||||
Treasury stock repurchases | (7,531) | (7,531) | ||||
Share-based compensation | 395 | 395 | ||||
Cumulative effect adjustment – ASU 2016-01 | (7,444) | 7,444 | ||||
Balance (in shares) at Jun. 30, 2018 | 6,054,000 | |||||
Balance at Jun. 30, 2018 | $ 116 | $ 82,421 | $ (136,714) | $ 183,789 | $ 129,612 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 not six June 30, 2018 not may December 31, 2018. 10 December 31, 2017. |
Note B - Recent Accounting Pron
Note B - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B : RECENT ACCOUNTING PRONOUNCEMENTS In May 2017, No. 2017 09, 2017 09” Compensation – Stock Compensation (Topic 718 718. 2017 09 December 15, 2017 2017 09 January 1, 2018 not In November 2016, No. 2016 18, 2016 18” Statement of Cash Flows (Topic 230 2016 18 No. 2016 18 December 15, 2017, January 1, 2018 not In August 2016, No. 2016 15, 2016 15” Statement of Cash Flows (Topic 230 2016 15 230, eight December 15, 2017, January 1, 2018 not In June 2016, No. 2016 13, 2016 13” Accounting for Credit Losses (Topic 326 2016 13 2016 13 December 15, 2019, not In March 2016, No. 2016 09, 2016 09” Compensation – Stock Compensation (Topic 718 2016 09 2016 09 December 15, 2016, January 1, 2017, 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 January 2016, 2016 01, 2016 01” Financial Instruments - Overall (Subtopic 825 10 The provisions of ASU 2016 01 ● Categorize securities as equity securities or debt securities ● Eliminate the classification of equity securities as trading or available for sale ● Determine which securities have readily determinable fair values ● Use the exit price notion 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, and ● Recognize changes in the fair market value of equity securities in net income ASU 2016 01 December 15, 2017. not January 1, 2018, not $7.4 December 31, 2017 In May 2014, No. 2014 09, 2014 09” Revenue from Contracts with Customers 2014 09 2014 09 1 2 3 4 5 2014 09 The adoption of this guidance on January 1, 2018 not With the exception of the new standards discussed above, there have been no six June 30, 2018, 10 December 31, 2017, |
Note C - Revenue Recognition
Note C - Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE C: REVENUE RECOGNITION Company revenue is generated from freight transportation services performed utilizing heavy tractor trailer combinations. While various ownership arrangements may third not We are obligated to pick up from shippers, transport, and deliver the freight in good condition in a timely manner. Control of freight is transferred to us at the point it has been loaded into our trailer, the doors are sealed and we have signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, responsibility for payment of our invoice, and pickup and delivery locations. Our revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event our customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, we are entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one three one Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers. Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that approximately adjusts diesel fuel costs to an agreed upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate base amount agreed upon. Revenue is recognized in full upon completion of delivery to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue on a pro rata basis that is based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. There are no |
Note D - Marketable Equity Secu
Note D - Marketable Equity Securities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE D: MARKETABLE EQUITY SECURITIES The Company accounts for its marketable equity securities in accordance with ASC Topic 321, 321” Investments- Equity Securities 321 Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J. The following table sets forth market value, cost, and unrealized gains on equity securities as of June 30, 2018 December 31, 2017. June 30, 2018 December 31, 2017 (in thousands) Fair market value $ 27,860 $ 26,664 Cost 20,959 16,640 Unrealized gain $ 6,901 $ 10,024 Prior to the Company’s January 1, 2018 2016 01, 2016 01, no December 31, 2017 $2,314,000 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of June 30, 2018 December 31, 2017. June 30, 2018 December 31, 2017 (in thousands) Gross unrealized gains $ 7,983 $ 10,150 Gross unrealized losses 1,082 126 Net unrealized gains $ 6,901 $ 10,024 The following table shows the Company’s net realized gains during the first six 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (in thousands) Realized gain Sales proceeds $ - $ 711 $ - $ 3,079 Cost of securities sold - 349 - 934 Realized gain $ - $ 362 $ - $ 2,145 Realized gain, net of taxes $ - $ 222 $ - $ 1,314 For the quarter ended June 30, 2018, $254,000 June 30, 2017, $272,000 For the six June 30, 2018, $472,000 six June 30, 2017, $493,000 The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of June 30, 2018 December 31, 2017, $7,504,000 $5,903,000, During the second 2018, $333,000, |
Note E - Stock Based Compensati
Note E - Stock Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE E : 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, 2018, 20% 25% ten During the first six 2018, 1,932 2014 $36.35 The total grant date fair value of stock vested during the first six 2018 $655,000. first six 2018 $395,000 $70,000 276 first 2018. $0.02 second 2018. $0.05 six June 30, 2018. June 30, 2018, $1,008,000 $319,000 2018 $552,000 $137,000 2019 2020, 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 Information related to stock option activity for the six June 30, 2018 Shares Under Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding-January 1, 2018 45,068 $ 10.79 Granted - - Exercised (43,450 ) 10.78 Cancelled/forfeited/expired (63 ) 10.90 Outstanding at June 30, 2018 1,555 $ 11.01 3.38 $ 55,911 Exercisable at June 30, 2018 1,555 $ 11.01 3.38 $ 55,911 ___________________________ * 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 29, 2018, $46.97. The Company has no June 30, 2018 June 30, 2018 six June 30, 2018, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value* Non-vested at January 1, 2018 104,150 $ 17.14 Granted 1,932 36.35 Canceled/forfeited/expired - - Vested (36,515 ) 17.93 Non-vested at June 30, 2018 69,567 $ 17.26 ___________________________ * 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, 2018 June 30, 2018 Exercise Price Shares Under Outstanding Options Weighted-Average Remaining Contractual Term Shares Under Exercisable Options (in years) $10.90 1,000 3.9 1,000 $11.22 555 2.4 555 1,555 3.4 1,555 Cash received from option exercises totaled approximately $468,000 $112,000 six June 30, 2018 June 30, 2017, |
Note F - Segment Information
Note F - Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE F : 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, 2018 2017 2018 2017 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 89,131 79.0 $ 81,656 87.7 $ 169,655 80.0 $ 164,575 88.1 Brokerage and Logistics Services revenue 23,750 21.0 11,441 12.3 42,330 20.0 22,125 11.9 Total revenues $ 112,881 100.0 $ 93,097 100.0 $ 211,985 100.0 $ 186,700 100.0 |
Note G - Treasury Stock
Note G - Treasury Stock | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE G : TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 six June 30, 2018 1,000 $36,000 On May 8, 2018, 100,000 not $43.00 $39.00 June 7, 2018, 185,597 $40.00 85,597 $7.4 The Company accounts for Treasury stock using the cost method, and as of June 30, 2018, 5,554,832 $136,714,000. |
Note H - Earnings Per Share
Note H - Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 (in thousands, except per share data) Net income $ 7,289 $ 1,609 $ 8,676 $ 3,892 Basic weighted average common shares outstanding 6,159 6,381 6,163 6,390 Dilutive effect of common stock equivalents 70 49 94 22 Diluted weighted average common shares outstanding 6,229 6,430 6,257 6,412 Basic earnings per share $ 1.18 $ 0.25 $ 1.41 $ 0.61 Diluted earnings per share $ 1.17 $ 0.25 $ 1.39 $ 0.61 As of June 30, 2018 June 30, 2017, no |
Note I - Income Taxes
Note I - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
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 2014 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, June 30, 2018, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not June 30, 2018, not six June 30, 2018 2017, not The Company’s effective income tax rates were 21.2% 38.7% six June 30, 2018 2017, six June 30, 2018 |
Note J - Fair Value of Financia
Note J - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 27,860 $ 27,860 - - 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, 2018 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 174,334 $ 171,562 The Company has not |
Note K - Notes Payable
Note K - Notes Payable | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE K : NOTES PAYABLE During the first six 2018, $38.7 |
Note L - Litigation
Note L - Litigation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE L : 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 M - Subsequent Events
Note M - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE M : 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 N - Noncash Investing and
Note N - Noncash Investing and Financing Activities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE N : NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $13.6 first six 2018 |
Note D - Marketable Equity Se23
Note D - Marketable Equity Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | June 30, 2018 December 31, 2017 (in thousands) Fair market value $ 27,860 $ 26,664 Cost 20,959 16,640 Unrealized gain $ 6,901 $ 10,024 |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30, 2018 December 31, 2017 (in thousands) Gross unrealized gains $ 7,983 $ 10,150 Gross unrealized losses 1,082 126 Net unrealized gains $ 6,901 $ 10,024 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (in thousands) Realized gain Sales proceeds $ - $ 711 $ - $ 3,079 Cost of securities sold - 349 - 934 Realized gain $ - $ 362 $ - $ 2,145 Realized gain, net of taxes $ - $ 222 $ - $ 1,314 |
Note E - Stock Based Compensa24
Note E - Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Activity [Table Text Block] | Shares Under Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value* (per share) (in years) Outstanding-January 1, 2018 45,068 $ 10.79 Granted - - Exercised (43,450 ) 10.78 Cancelled/forfeited/expired (63 ) 10.90 Outstanding at June 30, 2018 1,555 $ 11.01 3.38 $ 55,911 Exercisable at June 30, 2018 1,555 $ 11.01 3.38 $ 55,911 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value* Non-vested at January 1, 2018 104,150 $ 17.14 Granted 1,932 36.35 Canceled/forfeited/expired - - Vested (36,515 ) 17.93 Non-vested at June 30, 2018 69,567 $ 17.26 |
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) $10.90 1,000 3.9 1,000 $11.22 555 2.4 555 1,555 3.4 1,555 |
Note F - Segment Information (T
Note F - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 89,131 79.0 $ 81,656 87.7 $ 169,655 80.0 $ 164,575 88.1 Brokerage and Logistics Services revenue 23,750 21.0 11,441 12.3 42,330 20.0 22,125 11.9 Total revenues $ 112,881 100.0 $ 93,097 100.0 $ 211,985 100.0 $ 186,700 100.0 |
Note H - Earnings Per Share (Ta
Note H - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (in thousands, except per share data) Net income $ 7,289 $ 1,609 $ 8,676 $ 3,892 Basic weighted average common shares outstanding 6,159 6,381 6,163 6,390 Dilutive effect of common stock equivalents 70 49 94 22 Diluted weighted average common shares outstanding 6,229 6,430 6,257 6,412 Basic earnings per share $ 1.18 $ 0.25 $ 1.41 $ 0.61 Diluted earnings per share $ 1.17 $ 0.25 $ 1.39 $ 0.61 |
Note J - Fair Value of Financ27
Note J - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 27,860 $ 27,860 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 174,334 $ 171,562 |
Note B - Recent Accounting Pr28
Note B - Recent Accounting Pronouncements (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | |
AOCI Attributable to Parent [Member] | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | (7,444) |
Retained Earnings [Member] | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | 7,444 |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | (7,400) |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | $ 7,400 |
Note D - Marketable Equity Se29
Note D - Marketable Equity Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Equity Securities, Impairment Loss, Cumulative Amount | $ 2,314,000 | ||||
Investment Income, Dividend | $ 254,000 | $ 272,000 | $ 472,000 | $ 493,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | 333,000 | ||||
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member] | |||||
Short-term Debt, Total | $ 7,504,000 | $ 7,504,000 | $ 5,903,000 |
Note D - Marketable Equity Se30
Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair market value | $ 27,860 | $ 26,664 |
Cost | 20,959 | 16,640 |
Unrealized gain | $ 6,901 | $ 10,024 |
Note D - Marketable Equity Se31
Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Gross unrealized gains | $ 7,983 | $ 10,150 |
Gross unrealized losses | 1,082 | 126 |
Net unrealized gains | $ 6,901 | $ 10,024 |
Note D - Marketable Equity Se32
Note D - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Sales proceeds | $ 711 | $ 3,079 | ||
Cost of securities sold | 349 | 934 | ||
Realized gain | 362 | 2,145 | ||
Realized gain, net of taxes | $ 222 | $ 1,314 |
Note E - Stock Based Compensa33
Note E - Stock Based Compensation (Details Textual) - USD ($) | Mar. 02, 2006 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 655,000 | $ 186,000 | |||||||
Allocated Share-based Compensation Expense, Total | $ 395,000 | 284,000 | |||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted | $ 0.02 | $ 0.02 | $ 0.05 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,008,000 | $ 1,663,000 | $ 1,008,000 | $ 1,663,000 | |||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic | $ 0.02 | ||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted | $ 0.03 | ||||||||
Share Price | $ 46.97 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 0 | 0 | |||||||
Proceeds from Stock Options Exercised | $ 468,000 | $ 112,000 | |||||||
Amortization, Current Year [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 319,000 | 319,000 | |||||||
Amortization Year 2 [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 552,000 | 552,000 | |||||||
Amortization, Year 3 [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 137,000 | $ 137,000 | |||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | [1] | $ 36.35 | |||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | |||||||||
Allocated Share-based Compensation Expense, Total | $ 70,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 614 | ||||||||
Accrual Shares to Each Non-employee Director [Member] | |||||||||
Allocated Share-based Compensation Expense, Total | $ 70,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 276 | ||||||||
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] | |||||||||
Number of Common Stock Accrued Under Share-based Compensation Plan for Each Non-employee Director | 1,932 | ||||||||
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, Weighted Average Grant Date Fair Value | $ 36.35 | ||||||||
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, 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, Award Vesting Rights, Percentage | 25.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
[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 E - Stock Based Compensa34
Note E - Stock Based Compensation - Stock Option Activity (Details) | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / sharesshares | ||
Outstanding, shares (in shares) | shares | 45,068 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 10.79 | |
Granted, shares (in shares) | shares | ||
Granted, weighted-average exercise price (in dollars per share) | $ / shares | ||
Exercised, shares (in shares) | shares | (43,450) | |
Exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 10.78 | |
Cancelled/forfeited/expired, shares (in shares) | shares | (63) | |
Cancelled/forfeited/expired, weighted-average exercise price (in dollars per share) | $ / shares | $ 10.90 | |
Outstanding, shares (in shares) | shares | 1,555 | |
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares | $ 11.01 | |
Outstanding, weighted-average remaining contractual term (Year) | 3 years 138 days | |
Outstanding, aggregate intrinsic value | $ | $ 55,911 | [1] |
Exercisable, shares (in shares) | shares | 1,555 | |
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares | $ 11.01 | |
Exercisable, weighted-average remaining contractual term (Year) | 3 years 138 days | |
Exercisable, aggregate intrinsic value | $ | $ 55,911 | [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 29, 2018, was $46.97. |
Note E - Stock Based Compensa35
Note E - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member] | 6 Months Ended | |
Jun. 30, 2018$ / sharesshares | ||
Nonvested (in shares) | shares | 104,150 | |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.14 | [1] |
Granted (in shares) | shares | 1,932 | |
Granted - weighted average grant date fair value (in dollars per share) | $ / shares | $ 36.35 | [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 | (36,515) | |
Vested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.93 | [1] |
Nonvested (in shares) | shares | 69,567 | |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.26 | [1] |
[1] | The weighted-average grant date fair value was based on the closing price of the Company's stock on the date of the grant. |
Note E - Stock Based Compensa36
Note E - Stock Based Compensation - Stock Option Activity by Exercise Price (Details) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Shares under outstanding options (in shares) | 1,555 |
Weighted-average remaining contractual term (Year) | 3 years 146 days |
Shares under exercisable options (in shares) | 1,555 |
Exercise Price 1 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 10.90 |
Shares under outstanding options (in shares) | 1,000 |
Weighted-average remaining contractual term (Year) | 3 years 328 days |
Shares under exercisable options (in shares) | 1,000 |
Exercise Price 2 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 11.22 |
Shares under outstanding options (in shares) | 555 |
Weighted-average remaining contractual term (Year) | 2 years 146 days |
Shares under exercisable options (in shares) | 555 |
Note F - Segment Information (D
Note F - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Number of Reportable Segments | 2 |
Note F - Segment Information -
Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue, before fuel surcharges | $ 135,302 | $ 108,646 | $ 254,761 | $ 218,050 |
Freight Transportation Service [Member] | ||||
Revenue, before fuel surcharges | $ 112,881 | $ 93,097 | $ 211,985 | $ 186,700 |
Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Truckload Services [Member] | Freight Transportation Service [Member] | ||||
Revenue, before fuel surcharges | $ 89,131 | $ 81,656 | $ 169,655 | $ 164,575 |
Truckload Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 79.00% | 87.70% | 80.00% | 88.10% |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | ||||
Revenue, before fuel surcharges | $ 23,750 | $ 11,441 | $ 42,330 | $ 22,125 |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member] | ||||
Revenue, before fuel surcharges, percentage | 21.00% | 12.30% | 20.00% | 11.90% |
Note G - Treasury Stock (Detail
Note G - Treasury Stock (Details Textual) - USD ($) | Jun. 08, 2018 | Jun. 30, 2018 | May 08, 2018 | Dec. 31, 2017 | Apr. 30, 2017 |
Treasury Stock, Value, Acquired, Cost Method | $ 7,531,000 | ||||
Treasury Stock, Shares, Ending Balance | 5,554,832 | 5,368,235 | |||
Treasury Stock, Value, Ending Balance | $ 136,714,000 | $ 129,183,000 | |||
September 2011 Reauthorization [Member] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | ||||
Treasury Stock, Shares, Acquired | 1,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 36,000 | ||||
The 2018 Tender Offer [Member] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | ||||
Treasury Stock, Shares, Acquired | 185,597 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,400,000 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 40 | ||||
Treasury Stock, Shares, Acquired, Portion Oversubscribed | 85,597 | ||||
The 2018 Tender Offer [Member] | Maximum [Member] | |||||
Stock Repurchase Program, Future Price Per Share | $ 43 | ||||
The 2018 Tender Offer [Member] | Minimum [Member] | |||||
Stock Repurchase Program, Future Price Per Share | $ 39 |
Note H - Earnings Per Share (De
Note H - Earnings Per Share (Details Textual) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 7,289 | $ 1,609 | $ 8,676 | $ 3,892 |
Basic (in shares) | 6,159 | 6,381 | 6,163 | 6,390 |
Dilutive effect of common stock equivalents (in shares) | 70 | 49 | 94 | 22 |
Diluted weighted average common shares outstanding (in shares) | 6,229 | 6,430 | 6,257 | 6,412 |
Basic (in dollars per share) | $ 1.18 | $ 0.25 | $ 1.41 | $ 0.61 |
Diluted (in dollars per share) | $ 1.17 | $ 0.25 | $ 1.39 | $ 0.61 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statute of Limitations | 3 years | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.20% | 38.70% |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,014 |
Note J - Fair Value of Financ43
Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Marketable equity securities | $ 27,860 | $ 26,664 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 27,860 | |
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 Financ44
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, 2018USD ($) |
Reported Value Measurement [Member] | |
Long-term debt | $ 174,334 |
Estimate of Fair Value Measurement [Member] | |
Long-term debt | $ 171,562 |
Note K - Notes Payable (Details
Note K - Notes Payable (Details Textual) $ in Millions | Jun. 30, 2018USD ($) |
Subsidiaries [Member] | |
Long-term Debt, Gross | $ 38.7 |
Note N - Noncash Investing an46
Note N - Noncash Investing and Financing Activities (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 13.6 |