Pamt (PAMT) 10-Q 2 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 29, 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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		5,973,270
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 275	$ 224
Trade, less allowance of $2,012 and $1,335, respectively	75,834	59,055
Other	4,122	3,028
Inventories	1,620	1,660
Prepaid expenses and deposits	9,078	10,112
Marketable equity securities	28,710	26,664
Income taxes refundable	1,351	1,499
Total current assets	120,990	102,242
Property and equipment:
Land	5,374	5,374
Structures and improvements	18,882	18,927
Revenue equipment	446,018	375,817
Office furniture and equipment	10,139	9,761
Total property and equipment	480,413	409,879
Accumulated depreciation	(138,794)	(122,935)
Net property and equipments	341,619	286,944
Other assets	3,053	2,999
TOTAL ASSETS	465,662	392,185
Current liabilities:
Accounts payable	42,142	19,645
Accrued expenses and other liabilities	21,822	17,609
Current maturities of long-term debt	62,413	73,641
Total current liabilities	126,377	110,895
Long-term debt-less current portion	143,046	98,995
Deferred income taxes	59,919	54,691
Total liabilities	329,342	264,581
SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
Common stock, $.01 par value, 40,000,000 shares authorized; 11,610,644 and 11,529,124 shares issued; 6,012,081 and 6,160,889 shares outstanding at September 30, 2018 and December 31, 2017, respectively	116	115
Additional paid-in capital	82,601	81,559
Accumulated other comprehensive income		7,444
Treasury stock, at cost; 5,598,563 and 5,368,235 shares at September 30, 2018 and December 31, 2017, respectively	(139,434)	(129,183)
Retained earnings	193,037	167,669
Total shareholders’ equity	136,320	127,604
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 465,662	$ 392,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Trade, allowance	$ 2,012	$ 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)	11,610,644	11,529,124
Common stock, outstanding (in shares)	6,012,081	6,160,889
Treasury stock (in shares)	5,598,563	5,368,235

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
OPERATING REVENUES:
Operating revenues	$ 140,325	$ 108,899	$ 395,086	$ 326,949
OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits	30,389	24,718	88,999	75,885
Operating supplies and expenses	24,026	19,502	70,203	59,144
Rent and purchased transportation	53,108	44,000	151,100	130,840
Depreciation	12,168	10,177	36,526	31,333
Insurance and claims	4,310	4,232	13,029	13,367
Other	3,262	2,371	8,910	6,791
(Gain) loss on disposition of equipment	(91)	131	(607)	261
Total operating expenses and costs	127,172	105,131	368,160	317,621
OPERATING INCOME	13,153	3,768	26,926	9,328
NON-OPERATING INCOME	935	2,767	688	5,469
INTEREST EXPENSE	(1,711)	(920)	(4,226)	(2,832)
INCOME BEFORE INCOME TAXES	12,377	5,615	23,388	11,965
FEDERAL AND STATE INCOME TAX EXPENSE:
Current	142	116	319	249
Deferred	2,987	2,053	5,145	4,378
Total federal and state income tax expense	3,129	2,169	5,464	4,627
NET INCOME	$ 9,248	$ 3,446	$ 17,924	$ 7,338
INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 1.53	$ 0.54	$ 2.93	$ 1.15
Diluted (in dollars per share)	$ 1.52	$ 0.54	$ 2.89	$ 1.14
AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	6,034	6,326	6,120	6,368
Diluted (in shares)	6,088	6,373	6,203	6,413
Freight Transportation Service [Member]
OPERATING REVENUES:
Operating revenues	$ 117,259	$ 93,457	$ 329,244	$ 280,157
Fuel Surcharge [Member]
OPERATING REVENUES:
Operating revenues	$ 23,066	$ 15,442	$ 65,842	$ 46,792

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net Income		$ 9,248	$ 3,446	$ 17,924	$ 7,338
Other comprehensive income, net of tax:
Reclassification adjustment for realized gains on marketable equity securities included in net income (1)(4)	[1],[2]		(1,265)		(2,308)
Reclassification adjustment for unrealized losses on marketable securities included in net income, net of income taxes (2)(4)	[1],[3]		9		26
Changes in fair value of marketable securities (3)(4)	[1],[4]		437		277
COMPREHENSIVE INCOME		$ 9,248	$ 2,627	$ 17,924	$ 5,333
[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, $(774), $0 and $(1,412), respectively.
[3]	Net of deferred income taxes of $0, $6, $0 and $16, respectively.
[4]	Net of deferred income taxes of $0, $266, $0 and $168, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Reclassification adjustment for realized gains on marketable securities included in net income, tax	$ 0	$ (774)	$ 0	$ (1,412)
Reclassification adjustment for unrealized losses on marketable securities included in net income, tax	0	6	0	16
Changed in fair value of marketable securities, tax	$ 0	$ 266	$ 0	$ 168

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES:
Net income	$ 17,924,000	$ 7,338,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,526,000	31,333,000
Bad debt expense	677,000	186,000
Stock compensation-net of excess tax benefits	557,000	446,000
Provision for deferred income taxes	5,145,000	4,378,000
Reclassification of unrealized loss on marketable equity securities		42,000
Recognized loss (gain) on marketable equity securities	223,000	(4,669,000)
(Gain) loss on sale or disposition of equipment	(607,000)	261,000
Changes in operating assets and liabilities:
Accounts receivable	(18,547,000)	(7,191,000)
Prepaid expenses, deposits, inventories, and other assets	1,020,000	70,000
Income taxes refundable	148,000	99,000
Income taxes payable	83,000
Trade accounts payable	11,790,000	9,086,000
Accrued expenses and other liabilities	2,564,000	2,296,000
Net cash provided by operating activities	57,503,000	43,675,000
INVESTING ACTIVITIES:
Purchases of property and equipment	(51,365,000)	(38,578,000)
Proceeds from disposition of equipment	13,043,000	16,485,000
Sales of marketable equity securities		6,007,000
Purchases of marketable equity securities, net of return of capital	(2,269,000)	(1,988,000)
Net cash used in investing activities	(40,591,000)	(18,074,000)
FINANCING ACTIVITIES:
Borrowings under line of credit	447,523,000	341,106,000
Repayments under line of credit	(429,402,000)	(342,190,000)
Borrowings of long-term debt	35,146,000	17,598,000
Repayments of long-term debt	(62,012,000)	(35,554,000)
Borrowings under margin account	2,512,000	2,133,000
Repayments under margin account	(863,000)	(6,785,000)
Repurchases of common stock	(10,251,000)	(1,961,000)
Exercise of stock options	486,000	122,000
Net cash used in financing activities	(16,861,000)	(25,531,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	51,000	70,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period	224,000	137,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	275,000	207,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION-
Interest	4,104,000	2,860,000
Income taxes	88,000	151,000
NONCASH INVESTING AND FINANCING ACTIVITIES-
Purchases of property and equipment included in accounts payable	$ 13,680,000	$ 7,819,000

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Sep. 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					17,924	$ 17,924
Exercise of stock options and stock awards-shares issued including tax benefits (in shares)	81,000					45,005
Exercise of stock options and stock awards-shares issued including tax benefits	$ 1	485				$ 486
Treasury stock repurchases (in shares)	(230,000)
Treasury stock repurchases				(10,251)		(10,251)
Share-based compensation		557				557
Cumulative effect adjustment – ASU 2016-01			(7,444)		7,444
Balance (in shares) at Sep. 30, 2018	6,012,000
Balance at Sep. 30, 2018	$ 116	$ 82,601		$ (139,434)	$ 193,037	$ 136,320

Note A - Basis of Presentation

Note A - Basis of Presentation	9 Months Ended
	Sep. 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 nine September 30, 2018 not may December 31, 2018. 10 December 31, 2017.

Note B - Recent Accounting Pron

Note B - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B : RECENT ACCOUNTING PRONOUNCEMENTS In July 2018, No. 2018 09, 2018 09” Codification Improvements 2018 09 2018 09 December 15, 2018, not In July 2018, No. 2018 10, 2018 10” Codification Improvements to Topic 842, 2018 10 842, 2018 10 December 15, 2018, not 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, No. 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 nine September 30, 2018, 10 December 31, 2017,

Note C - Revenue Recognition

Note C - Revenue Recognition	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017. September 30, 2018 December 31, 2017 (in thousands) Fair market value $ 28,710 $ 26,664 Cost 21,223 16,640 Unrealized gain $ 7,487 $ 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 September 30, 2018 December 31, 2017. September 30, 2018 December 31, 2017 (in thousands) Gross unrealized gains $ 8,780 $ 10,150 Gross unrealized losses 1,293 126 Net unrealized gains $ 7,487 $ 10,024 The following table shows the Company’s net realized gains during the three nine September 30, 2018 2017 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (in thousands) Sales proceeds $ - $ 2,928 $ - $ 6,007 Cost of securities sold - 405 - 1,338 Realized gain $ - $ 2,523 $ - $ 4,669 Realized gain, net of taxes $ - $ 1,546 $ - $ 2,862 For the quarter ended September 30, 2018, $308,000 September 30, 2017, $225,000 For the nine September 30, 2018, $780,000 nine September 30, 2017, $718,000 The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of September 30, 2018 December 31, 2017, $7,552,000 $5,903,000, During the third 2018, $586,000,

Note E - Stock-based Compensati

Note E - Stock-based Compensation	9 Months Ended
	Sep. 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% There were no September 30, 2018. During the first nine 2018, 1,932 2014 $36.35 The total grant date fair value of stock vested during the first nine 2018 $655,000. first nine 2018 $557,000 $70,000 276 first 2018. $0.02 third 2018. $0.07 nine September 30, 2018. September 30, 2018, $846,000 $157,000 2018 $552,000 $137,000 2019 2020, The total grant date fair value of stock and stock options vested during the first nine 2017 $186,000. first nine 2017 $446,000, $70,000 614 first 2017. $0.02 third 2017. $0.05 nine September 30, 2017. September 30, 2017, $1,501,000, Information related to stock option activity for the nine September 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 (45,005 ) 10.79 Cancelled/forfeited/expired (63 ) 10.90 Outstanding at September 30, 2018 - $ - - $ - Exercisable at September 30, 2018 - $ - - $ - * 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 September 28, 2018, $65.09. The Company had no September 30, 2018. September 30, 2018 nine September 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 September 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. Cash received from option exercises totaled approximately $48 6 ,000 $122,000 nine September 30, 2018 September 30, 2017,

Note F - Segment Information

Note F - Segment Information	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 92,842 79.2 $ 79,736 85.3 $ 262,497 79.7 $ 244,311 87.2 Brokerage and Logistics Services revenue 24,417 20.8 13,721 14.7 66,747 20.3 35,846 12.8 Total revenues $ 117,259 100.0 $ 93,457 100.0 $ 329,244 100.0 $ 280,157 100.0

Note G - Treasury Stock

Note G - Treasury Stock	9 Months Ended
	Sep. 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 nine September 30, 2018 44,731 $2.8 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 September 30, 2018, 5,598,563 $139.4

Note H - Earnings Per Share

Note H - Earnings Per Share	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (in thousands, except per share data) Net income $ 9,248 $ 3,446 $ 17,924 $ 7,338 Basic weighted average common shares outstanding 6,034 6,326 6,120 6,368 Dilutive effect of common stock equivalents 54 47 83 45 Diluted weighted average common shares outstanding 6,088 6,373 6,203 6,413 Basic earnings per share $ 1.53 $ 0.54 $ 2.93 $ 1.15 Diluted earnings per share $ 1.52 $ 0.54 $ 2.89 $ 1.14 As of September 30, 2018 September 30, 2017, no

Note I - Income Taxes

Note I - Income Taxes	9 Months Ended
	Sep. 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, September 30, 2018, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not September 30, 2018, not nine September 30, 2018 2017, not The Company’s effective income tax rates were 23.4% 38.7% nine September 30, 2018 2017, nine September 30, 2018

Note J - Fair Value of Financia

Note J - Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2018, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 28,710 $ 28,710 - - 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 September 30, 2018 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 187,337 $ 184,011 The Company has not

Note K - Long-term Debt

Note K - Long-term Debt	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Long-term Debt [Text Block]	NOTE K : LONG-TERM DEBT Long-term debt as of September 30, 2018 December 31, 2017: September 30, 2018 December 31, 2017 (in thousands) Line of credit with a bank (1) $ 18,122 - Equipment Financing (2) 187,337 172,636 Total long-term debt 205,459 172,636 Less current maturities (62,413 ) (73,641 ) Long-term debt – net of current maturities $ 143,046 $ 98,995 ( 1 $40.0 first 1.50% 3.60% September 30, 2018), July 1, 2020. 4.00:1. 2018. ( 2 July 2025, 3.30% September 30, 2018

Note L - Litigation

Note L - Litigation	9 Months Ended
	Sep. 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 - Noncash Investing and

Note M - Noncash Investing and Financing Activities	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE M : NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $41.6 first nine 2018

Note N - Subsequent Events

Note N - Subsequent Events	9 Months Ended
	Sep. 30, 2018
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 D - Marketable Equity Se_2

Note D - Marketable Equity Securities (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Marketable Securities [Table Text Block]	September 30, 2018 December 31, 2017 (in thousands) Fair market value $ 28,710 $ 26,664 Cost 21,223 16,640 Unrealized gain $ 7,487 $ 10,024
Unrealized Gain (Loss) on Investments [Table Text Block]	September 30, 2018 December 31, 2017 (in thousands) Gross unrealized gains $ 8,780 $ 10,150 Gross unrealized losses 1,293 126 Net unrealized gains $ 7,487 $ 10,024
Schedule of Realized Gain (Loss) [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (in thousands) Sales proceeds $ - $ 2,928 $ - $ 6,007 Cost of securities sold - 405 - 1,338 Realized gain $ - $ 2,523 $ - $ 4,669 Realized gain, net of taxes $ - $ 1,546 $ - $ 2,862

Note E - Stock-based Compensa_2

Note E - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 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 (45,005 ) 10.79 Cancelled/forfeited/expired (63 ) 10.90 Outstanding at September 30, 2018 - $ - - $ - Exercisable at September 30, 2018 - $ - - $ -
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 September 30, 2018 69,567 $ 17.26

Note F - Segment Information (T

Note F - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Amount % Amount % Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 92,842 79.2 $ 79,736 85.3 $ 262,497 79.7 $ 244,311 87.2 Brokerage and Logistics Services revenue 24,417 20.8 13,721 14.7 66,747 20.3 35,846 12.8 Total revenues $ 117,259 100.0 $ 93,457 100.0 $ 329,244 100.0 $ 280,157 100.0

Note H - Earnings Per Share (Ta

Note H - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (in thousands, except per share data) Net income $ 9,248 $ 3,446 $ 17,924 $ 7,338 Basic weighted average common shares outstanding 6,034 6,326 6,120 6,368 Dilutive effect of common stock equivalents 54 47 83 45 Diluted weighted average common shares outstanding 6,088 6,373 6,203 6,413 Basic earnings per share $ 1.53 $ 0.54 $ 2.93 $ 1.15 Diluted earnings per share $ 1.52 $ 0.54 $ 2.89 $ 1.14

Note J - Fair Value of Financ_2

Note J - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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 $ 28,710 $ 28,710 - -
Fair Value, by Balance Sheet Grouping [Table Text Block]	Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 187,337 $ 184,011

Note K - Long-term Debt (Tables

Note K - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2018 December 31, 2017 (in thousands) Line of credit with a bank (1) $ 18,122 - Equipment Financing (2) 187,337 172,636 Total long-term debt 205,459 172,636 Less current maturities (62,413 ) (73,641 ) Long-term debt – net of current maturities $ 143,046 $ 98,995

Note B - Recent Accounting Pr_2

Note B - Recent Accounting Pronouncements (Details Textual) $ in Thousands	9 Months Ended
	Sep. 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 Se_3

Note D - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Equity Securities, Impairment Loss, Cumulative Amount					$ 2,314,000
Investment Income, Dividend	$ 308,000	$ 225,000	$ 780,000	$ 718,000
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	586,000
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member]
Short-term Debt, Total	$ 7,552,000		$ 7,552,000		$ 5,903,000

Note D - Marketable Equity Se_4

Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair market value	$ 28,710	$ 26,664
Cost	21,223	16,640
Unrealized gain	$ 7,487	$ 10,024

Note D - Marketable Equity Se_5

Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Gross unrealized gains	$ 8,780	$ 10,150
Gross unrealized losses	1,293	126
Net unrealized gains	$ 7,487	$ 10,024

Note D - Marketable Equity Se_6

Note D - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales proceeds		$ 2,928		$ 6,007
Cost of securities sold		405		1,338
Realized gain		2,523		4,669
Realized gain, net of taxes		$ 1,546		$ 2,862

Note E - Stock-based Compensa_3

Note E - Stock-based Compensation (Details Textual) - USD ($)		Mar. 02, 2006	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 28, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance										45,068
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							$ 557,000	$ 446,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted			$ 0.02		$ 0.02		$ 0.07	$ 0.05
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 846,000		$ 1,501,000		$ 846,000	$ 1,501,000
Share Price									$ 65.09
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance			0				0
Proceeds from Stock Options Exercised							$ 486,000	122,000
Amortization, Current Year [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 157,000				157,000
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] | Nonqualified Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance			0				0
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, 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%
[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 Compensa_4

Note E - Stock-based Compensation - Stock Option Activity (Details)	9 Months Ended
	Sep. 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	(45,005)
Exercised, weighted-average exercise price (in dollars per share) | $ / shares	$ 10.79
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
Outstanding, weighted-average exercise price (in dollars per share) | $ / shares
Outstanding, weighted-average remaining contractual term (Year)
Outstanding, aggregate intrinsic value | $		[1]
Exercisable, shares (in shares) | shares
Exercisable, weighted-average exercise price (in dollars per share) | $ / shares
Exercisable, weighted-average remaining contractual term (Year)
Exercisable, aggregate intrinsic value | $		[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 September 28, 2018, was $65.09.

Note E - Stock-based Compensa_5

Note E - Stock-based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 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 F - Segment Information (D

Note F - Segment Information (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, before fuel surcharges	$ 140,325	$ 108,899	$ 395,086	$ 326,949
Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 117,259	$ 93,457	$ 329,244	$ 280,157
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	$ 92,842	$ 79,736	$ 262,497	$ 244,311
Truckload Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	79.20%	85.30%	79.70%	87.20%
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 24,417	$ 13,721	$ 66,747	$ 35,846
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	20.80%	14.70%	20.30%	12.80%

Note G - Treasury Stock (Detail

Note G - Treasury Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jun. 08, 2018	Sep. 30, 2018	May 08, 2018	Dec. 31, 2017	Apr. 30, 2017
Treasury Stock, Value, Acquired, Cost Method		$ 10,251
Treasury Stock, Shares, Ending Balance		5,598,563		5,368,235
Treasury Stock, Value, Ending Balance		$ 139,434		$ 129,183
September 2011 Reauthorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					500,000
Treasury Stock, Shares, Acquired		44,731
Treasury Stock, Value, Acquired, Cost Method		$ 2,800
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
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	9 Months Ended
	Sep. 30, 2018	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 9,248	$ 3,446	$ 17,924	$ 7,338
Basic (in shares)	6,034	6,326	6,120	6,368
Dilutive effect of common stock equivalents (in shares)	54	47	83	45
Diluted weighted average common shares outstanding (in shares)	6,088	6,373	6,203	6,413
Basic (in dollars per share)	$ 1.53	$ 0.54	$ 2.93	$ 1.15
Diluted (in dollars per share)	$ 1.52	$ 0.54	$ 2.89	$ 1.14

Note I - Income Taxes (Details

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Statute of Limitations	3 years
Open Tax Year	2014 2015 2016 2017
Income Tax Examination, Penalties and Interest Expense, Total	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent, Total	23.40%	38.70%

Note J - Fair Value of Financ_3

Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Marketable equity securities	$ 28,710	$ 26,664
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	28,710
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 Financ_4

Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands	Sep. 30, 2018USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 187,337
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 184,011

Note K - Long-term Debt (Detail

Note K - Long-term Debt (Details Textual) - Line of Credit [Member] $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 40
Line of Credit Facility, Interest Rate at Period End	3.60%
Ratio of Indebtedness to Net Capital	4
Equipment Financing [Member]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.30%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%

Note K - Long-term Debt - Summa

Note K - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Long-term debt		$ 205,459	$ 172,636
Less current maturities		(62,413)	(73,641)
Long-term debt – net of current maturities		143,046	98,995
Line of Credit [Member]
Long-term debt	[1]	18,122
Secured Debt [Member]
Long-term debt	[2]	$ 187,337	$ 172,636
[1]	Line of credit agreement with a bank provides for maximum borrowings of $40.0 million and contains certain restrictive covenants that must be maintained by the Company on a consolidated basis. Borrowings on the line of credit are at an interest rate of LIBOR as of the first day of the month plus 1.50% (3.60% at September 30, 2018), are secured by our trade accounts receivable and mature on July 1, 2020. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2018.
[2]	Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through July 2025, at a weighted average interest rate of 3.30% as of September 30, 2018 and are collateralized by revenue equipment.

Note M - Noncash Investing an_2

Note M - Noncash Investing and Financing Activities (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 41.6