Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | ||
Entity Central Index Key | 0000798287 | ||
Trading Symbol | ptsi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,916,910 | ||
Entity Public Float | $ 95,927,799 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 282,000 | $ 224,000 |
Trade, less allowance of $2,224 and $1,335, respectively | 63,350,000 | 59,055,000 |
Other | 3,814,000 | 3,028,000 |
Inventories | 1,461,000 | 1,660,000 |
Prepaid expenses and deposits | 10,393,000 | 10,112,000 |
Marketable equity securities | 27,549,000 | 26,664,000 |
Income taxes refundable | 1,876,000 | 1,499,000 |
Total current assets | 108,725,000 | 102,242,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 5,596,000 | 5,374,000 |
Structures and improvements | 19,547,000 | 18,927,000 |
Revenue equipment | 457,142,000 | 375,817,000 |
Office furniture and equipment | 10,040,000 | 9,761,000 |
Total property and equipment | 492,325,000 | 409,879,000 |
Accumulated depreciation | (137,738,000) | (122,935,000) |
Net property and equipment | 354,587,000 | 286,944,000 |
OTHER ASSETS | 2,754,000 | 2,999,000 |
TOTAL ASSETS | 466,066,000 | 392,185,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 20,002,000 | 19,645,000 |
Accrued expenses and other liabilities | 23,497,000 | 17,609,000 |
Current maturities of long-term debt | 63,908,000 | 73,641,000 |
Total current liabilities | 107,407,000 | 110,895,000 |
Long-term debt—less current portion | 157,315,000 | 98,995,000 |
Deferred income taxes | 61,897,000 | 54,691,000 |
Total liabilities | 326,619,000 | 264,581,000 |
COMMITMENTS AND CONTINGENCIES (Note 17) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,612,144 and 11,529,124 shares issued; 5,956,558 and 6,160,889 shares outstanding at December 31, 2018 and 2017, respectively | 116,000 | 115,000 |
Additional paid-in capital | 82,776,000 | 81,559,000 |
Accumulated other comprehensive income | 7,444,000 | |
Treasury stock, at cost; 5,655,586 and 5,368,235 shares at December 31, 2018 and 2017, respectively | (142,552,000) | (129,183,000) |
Retained earnings | 199,107,000 | 167,669,000 |
Total stockholders’ equity | 139,447,000 | 127,604,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 466,066,000 | $ 392,185,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Trade, allowance | $ 2,224 | $ 1,335 | $ 994 | $ 549 |
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) | 11,612,144 | 11,529,124 | ||
Common stock, outstanding (in shares) | 5,956,558 | 6,160,889 | ||
Treasury stock (in shares) | 5,655,586 | 5,368,235 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING REVENUES: | |||
Operating revenues | $ 533,261 | $ 437,838 | $ 432,852 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 119,819 | 102,227 | 112,235 |
Operating supplies and expenses | 93,130 | 79,505 | 82,993 |
Rents and purchased transportation | 201,455 | 174,477 | 158,298 |
Depreciation | 49,387 | 42,274 | 39,114 |
Insurance and claims | 17,191 | 17,484 | 16,632 |
Other | 11,983 | 9,249 | 8,352 |
Gain on disposition of equipment | (1,306) | (58) | (4,700) |
Total operating expenses and costs | 491,659 | 425,158 | 412,924 |
OPERATING INCOME | 41,602 | 12,680 | 19,928 |
NON-OPERATING (EXPENSE) INCOME | (4,016) | 5,853 | 1,485 |
INTEREST EXPENSE | (6,245) | (3,902) | (3,641) |
INCOME BEFORE INCOME TAXES | 31,341 | 14,631 | 17,772 |
FEDERAL & STATE INCOME TAX EXPENSE (BENEFIT): | |||
Current | 141 | 362 | 13 |
Deferred | 7,206 | (24,630) | 6,658 |
Total federal & state income tax expense (benefit) | 7,347 | (24,268) | 6,671 |
NET INCOME | $ 23,994 | $ 38,899 | $ 11,101 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $ 3.94 | $ 6.14 | $ 1.68 |
Diluted (in dollars per share) | $ 3.90 | $ 6.08 | $ 1.67 |
AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 6,083 | 6,331 | 6,627 |
Diluted (in shares) | 6,159 | 6,398 | 6,649 |
Freight Transportation Service [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 445,855 | $ 373,523 | $ 382,737 |
Fuel Surcharge [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 87,406 | $ 64,315 | $ 50,115 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
NET INCOME | $ 23,994 | $ 38,899 | $ 11,101 | |
Other comprehensive income (loss), net of tax: | ||||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | [1] | (2,059) | (543) | |
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | [2] | 26 | 440 | |
Changes in fair value of marketable securities (3) | [3] | 2,001 | 2,269 | |
COMPREHENSIVE INCOME | $ 23,994 | $ 38,867 | $ 13,267 | |
[1] | Net of deferred income taxes of $0, $(1,326), and $(333), respectively. | |||
[2] | Net of deferred income taxes of $0, $16, and $269, respectively. | |||
[3] | Net of deferred income taxes of $0, $(687), and $1,390, respectively. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 7,117,000 | |||||
Balance at Dec. 31, 2015 | $ 115 | $ 80,429 | $ 5,310 | $ (101,779) | $ 117,479 | $ 101,554 |
NET INCOME | 11,101 | 11,101 | ||||
Other comprehensive income, net of tax | 2,166 | $ 2,166 | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 8,000 | 7,917 | ||||
Exercise of stock options-shares issued including tax benefits | 91 | $ 91 | ||||
Restricted stock issued (in shares) | 5,000 | |||||
Restricted stock issued | ||||||
Treasury stock repurchases (in shares) | (733,000) | |||||
Treasury stock repurchases | (21,056) | (21,056) | ||||
Share-based compensation | 302 | 302 | ||||
Treasury stock repurchases (in shares) | 733,000 | |||||
Balance (in shares) at Dec. 31, 2016 | 6,397,000 | |||||
Balance at Dec. 31, 2016 | $ 115 | 80,822 | 7,476 | (122,835) | 128,580 | 94,158 |
NET INCOME | 38,899 | 38,899 | ||||
Other comprehensive income, net of tax | (32) | $ (32) | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 11,000 | 11,063 | ||||
Exercise of stock options-shares issued including tax benefits | 123 | $ 123 | ||||
Restricted stock issued (in shares) | 7,000 | |||||
Restricted stock issued | ||||||
Treasury stock repurchases (in shares) | 254,000 | |||||
Treasury stock repurchases | (6,348) | (6,348) | ||||
Share-based compensation | 614 | 614 | ||||
Treasury stock repurchases (in shares) | (254,000) | |||||
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 |
Cumulative effect adjustment – ASU 2016-09 | 190 | 190 | ||||
NET INCOME | 23,994 | $ 23,994 | ||||
Exercise of stock options-shares issued including tax benefits (in shares) | 45,000 | 45,005 | ||||
Exercise of stock options-shares issued including tax benefits | $ 1 | 485 | $ 486 | |||
Restricted stock issued (in shares) | 38,000 | |||||
Restricted stock issued | ||||||
Treasury stock repurchases (in shares) | 287,000 | |||||
Treasury stock repurchases | (13,369) | (13,369) | ||||
Share-based compensation | 732 | 732 | ||||
Treasury stock repurchases (in shares) | (287,000) | |||||
Cumulative effect adjustment – ASU 2016-01 | (7,444) | 7,444 | (7,444) | |||
Balance (in shares) at Dec. 31, 2018 | 5,957,000 | |||||
Balance at Dec. 31, 2018 | $ 116 | $ 82,776 | $ 0 | $ (142,552) | $ 199,107 | $ 139,447 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other comprehensive (loss), tax | $ 1,995 | $ 1,326 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES: | |||
Net income | $ 23,994,000 | $ 38,899,000 | $ 11,101,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 49,387,000 | 42,274,000 | 39,114,000 |
Bad debt expense | 889,000 | 341,000 | 445,000 |
Stock compensation—net of excess tax benefits | 732,000 | 614,000 | 302,000 |
Sale leaseback deferred gain amortization | (131,000) | ||
Provision for (benefit from) deferred income taxes | 7,206,000 | (24,630,000) | 6,658,000 |
Reclassification of other than temporary impairment in marketable equity securities | 42,000 | 709,000 | |
Recognized loss (gain) on marketable equity securities | 5,388,000 | (4,735,000) | (1,003,000) |
Gain on sale or disposal of equipment | (1,306,000) | (58,000) | (4,700,000) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (5,970,000) | (1,298,000) | (6,408,000) |
Prepaid expenses, deposits, inventories, and other assets | (137,000) | (1,095,000) | (685,000) |
Income taxes refundable | (76,000) | (155,000) | 2,127,000 |
Trade accounts payable | 1,731,000 | 682,000 | 3,231,000 |
Accrued expenses and other liabilities | 509,000 | (266,000) | (3,041,000) |
Net cash provided by operating activities | 82,347,000 | 50,614,000 | 47,719,000 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (73,882,000) | (67,674,000) | (86,128,000) |
Proceeds from disposition of equipment | 24,904,000 | 18,766,000 | 32,256,000 |
Sales of marketable equity securities | 1,045,000 | 6,833,000 | 1,550,000 |
Purchases of marketable equity securities, net of return of capital | (7,318,000) | (3,211,000) | (810,000) |
Net cash used in investing activities | (55,251,000) | (45,286,000) | (53,132,000) |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 615,612,000 | 483,297,000 | 520,089,000 |
Repayments under line of credit | (605,419,000) | (485,163,000) | (528,200,000) |
Borrowings of long-term debt | 52,717,000 | 55,415,000 | 83,517,000 |
Repayments of long-term debt | (82,442,000) | (48,110,000) | (47,457,000) |
Borrowings under margin account | 7,584,000 | 3,412,000 | 1,078,000 |
Repayments under margin account | (2,206,000) | (7,867,000) | (2,669,000) |
Repurchases of common stock | (13,369,000) | (6,348,000) | (21,056,000) |
Proceeds from exercise of stock options | 485,000 | 123,000 | 91,000 |
Net cash (used in) provided by financing activities | (27,038,000) | (5,241,000) | 5,393,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 58,000 | 87,000 | (20,000) |
CASH, CASH EQUIVALENTS—Beginning of year | 224,000 | 137,000 | 157,000 |
CASH, CASH EQUIVALENTS—End of year | 282,000 | 224,000 | 137,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION— | |||
Interest | 6,095,000 | 3,905,000 | 3,597,000 |
Income taxes | 217,000 | 518,000 | 286,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES— | |||
Purchases of revenue equipment included in accounts payable | $ 1,597,000 | $ 2,973,000 | $ 97,000 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. ACCOUNTING POLICIES Description of Business and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned operating subsidiaries: P.A.M. Transport, Inc., P.A.M. Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Decker Transport Co., LLC, T.T.X., LLC, Transcend Logistics, Inc., and East Coast Transport and Logistics, LLC. The following subsidiaries were inactive during all periods presented: P.A.M. International, Inc., P.A.M. Logistics Services, Inc., Choctaw Brokerage, Inc., and S & L Logistics, Inc. Use of Estimates Cash and Cash Equivalents three may Accounts Receivable and Allowance for Doubtful Accounts not may Bank Overdrafts not not zero not December 31, 2018 2017 $3,669,000 $4,377,000, Accounts Receivable Other December 31, 2018 2017, $220,000 $448,000, December 31, 2018 2017, $1,724,000 $1,813,000, Marketable Equity Securities 321, 321” 321 Prior to the adoption of ASU 2016 01 January 1, 2018, For additional information with respect to marketable equity securities, “Item 8. 4 Impairment of Long-Lived Assets may not not not No 2018 2017. Property and Equipment Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 8 Structures and improvements 5 - 40 The Company’s management periodically evaluates whether changes to estimated useful lives and/or salvage values are necessary to ensure its estimates accurately reflect the economic use of the assets. During 2018 2017, not 2016, $1.0 $2.7 $1.3 2018, 2017 2016, Inventory first first Prepaid Tires 24 Advertising Expense $1,234,000, $1,087,000 $1,019,000 December 31, 2018, 2017 2016, Repairs and Maintenance Self - Insurance Liability not Income Taxes not not The application of income tax law to multi-jurisdictional operations such as those performed by the Company, is inherently complex. Laws and regulations in this area are voluminous and often ambiguous. As such, we may may We recognize the impact of tax positions in our financial statements. These tax positions must meet a more-likely-than- not not first no not first no In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2018 2017, not Revenue Recognition no S hare- Based Compensation 8. 14 Earnings Per Share 8. 15 Fair Value Measurements 8. 19 Reporting Segment s 80.0%, 86.3% 88.4% twelve December 31, 2018, 2017 2016, Concentrations of Credit Risk not Subsequent Events January 24, 2019, March 28, 2016 ( $40.0 The purposes of the Amendment are to extend the term of the Loan by one July 1, 2021, $40.0 $60.0 1.50% 1.25%, 0.25% $18.0 Under the terms of the Agreement, as amended by the Amendment, the Company may $60.0 first 1.25%. July 1, 2021. not Foreign Currency Transactions Recent Accounting Pronouncements– July 2018, No. 2018 09, 2018 09” 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, The Company has evaluated the leases in which it participates as lessee and determined them to be operating leases, the majority of which have lease terms of one 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 8. 2 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION On January 1, 2018, 2014 09 not five no January 1, 2018 2014 09 not December 31, 2018. The Company has a single performance obligation, to transport our customer’s freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition, are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations. Company revenue is generated from freight transportation services performed utilizing heavy tractor trailer combinations. While various ownership arrangements may third not In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, control of freight is transferred to us at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, responsibility for invoice payment, 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 over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. There are no |
Note 3 - Trade Accounts Receiva
Note 3 - Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | 3. TRADE ACCOUNTS RECEIVABLE The Company's receivables result primarily from the sale of transportation and logistics services. The Company performs ongoing credit evaluations of its customers and generally does not December 31, 2018 2017: 20 1 8 20 1 7 ( i n thousands) Billed $ 56,766 $ 51,236 Unbilled 8,808 9,154 Allowance for doubtful accounts (2,224 ) (1,335 ) Total accounts receivable—net $ 63,350 $ 59,055 An analysis of changes in the allowance for doubtful accounts for the years ended December 31, 2018, 2017, 2016 20 1 8 20 1 7 20 1 6 ( i n thousands) Balance—beginning of year $ 1,335 $ 994 $ 549 Provision for bad debts 889 341 445 Charge-offs - - - Recoveries - - - Balance—end of year $ 2,224 $ 1,335 $ 994 |
Note 4 - Marketable Equity Secu
Note 4 - Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. MARKETABLE EQUITY SECURITIES The Company accounts for its marketable securities in accordance with ASC Topic 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 market value of marketable equity securities is determined based on quoted market prices in active markets. See “Item 8. 19 The following table sets forth cost, market value and unrealized gain on equity securities classified as available-for-sale as of December 31, 2018 2017. 2018 2017 (in thousands) Available-for-sale securities: Fair market value $ 27,549 $ 26,664 Cost 25,602 16,640 Unrealized gain $ 1,947 $ 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 December 31, 2018 2017. 2018 2017 (in thousands) Available-for-sale securities: Gross unrealized gains $ 5,668 $ 10,150 Gross unrealized losses 3,721 126 Net unrealized gains $ 1,947 $ 10,024 For the years ended December 31, 2018, 2017 2016, $1,171,000, $999,000, $1,024,000 The following table shows the Company’s net realized gains during 2018, 2017 2016 2018 2017 2016 (in thousands) Realized gains: Sale proceeds $ 1,044 $ 6,833 $ 1,550 Cost of securities sold 669 2,098 547 Realized gains $ 375 $ 4,735 $ 1,003 Realized gains, net of taxes $ 278 $ 2,938 $ 627 At December 31, 2018, $12,399,000 $3,721,000, December 31, 2017, $2,980,000 $126,000, The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2018 2017, $11,281,000 $5,903,000 3.11% 2.07% December 31, 2018 2017, |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities at December 31 20 1 8 20 1 7 ( i n thousands) Payroll $ 2,955 $ 2,710 Accrued vacation 1,987 1,762 Taxes—other than income 2,319 2,488 Interest 249 99 Driver escrows 2,722 2,381 Margin account borrowings 11,281 5,903 Self-insurance claims 1,984 2,266 Total accrued expenses and other liabilities $ 23,497 $ 17,609 |
Note 6 - Claims Liabilities
Note 6 - Claims Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6. CLAIMS LIABILITIES With respect to cargo loss and auto liability, the Company maintains insurance coverage to protect it from certain business risks. These policies are with various carriers and have per occurrence deductibles of $10,000 $2,500, September 1, 2018, October 1, 2013, October 1, 2013 September 30, 2015, $2,500 October 1, 2015, The Company maintains workers’ compensation coverage in Arkansas, Ohio, Oklahoma, Mississippi, and Florida with a $500,000 $500,000 not not $515,000 $300,000 $325,000 not 8. 5 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. LONG-TERM DEBT Long-term debt at December 31, 201 8 201 7 (in thousands) Line of credit with a bank—due July 1, 2020, and collateralized by accounts receivable (1) 10,192 - Equipment financing (2) 211,031 172,636 Total long-term debt 221,223 172,636 Less current maturities (63,908 ) (73,641 ) Long-term debt—net of current maturities $ 157,315 $ 98,995 ( 1 Line of credit agreement with a bank provides for maximum borrowings of $40.0 first 1.50% 3.85% December 31, 2018 4.00:1. 2018. December 31, 2018, $10.9 $0.7 $29.1 ( 2 Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through October 2025, 3.61% December 31, 2018 The Company has provided letters of credit to third $700,000 December 31, 2018. third Scheduled annual maturities on long-term debt outstanding at December 31, 2018, 2019 $ 63,908 2020 67,636 2021 28,505 2022 18,558 2023 37,656 2024 3,013 2025 1,947 Total $ 221,223 |
Note 8 - Noncash Investing and
Note 8 - Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 8. NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $68.1 2018 |
Note 9 - Capital Stock
Note 9 - Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. CAPITAL STOCK The Company's authorized capital stock consists of 40,000,000 $.01 10,000,000 $.01 December 31, 2018, 11,612,144 5,956,558 December 31, 2017, 11,529,124 6,160,889 No December 31, 2018 2017. Common Stock The holders of our common stock, subject to such rights as may one no Preferred Stock Preferred stock may may December 31, 2018, no Treasury Stock In May 2018, 100,000 “2018 2% 124,248 2018 May 8, 2018 June 7, 2018. $39.00 $43.00 185,597 $40.00 $7.5 June 12, 2018. December 31, 2018. In October 2017, 400,000 “2017 2% 126,060 2017 October 10, 2017 November 7, 2017. $27.00 $30.00 143,859 $30.00 $4.4 November 10, 2017. December 31, 2017. The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 101,754 110,316 2018 2017, The Company accounts for Treasury stock using the cost method, and as of December 31, 2018, 5,655,586 $142,552,000. |
Note 10 - Comprehensive Income
Note 10 - Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. COMPREHENSIVE INCOME (LOSS) Prior to the Company’s January 1, 2018 2016 01, In accordance with the adoption of ASU 2016 01 January 1, 2018, December 31, 2017 The following table summarizes the changes in accumulated balances of other comprehensive income for the years ended December 31, 2018 2017: Unrealized gains and losses on available-for-sale securities (in thousands) Balance at January 1, 2017, net of tax of $4,576 $ 7,476 Other comprehensive income before reclassifications, net of tax of $(687) 2,001 Amounts reclassified from accumulated other comprehensive income, net of tax of $(1,310) (2,033 ) Net other comprehensive income (loss) (32 ) Balance at December 31, 2017, net of tax of $2,579 7,444 Cumulative effect adjustment – ASU 2016-01 (7,444 ) Net other comprehensive income (loss) (7,444 ) Balance at December 31, 2018 $ - The following table provides details about reclassifications out of accumulated other comprehensive income for the year ended December 31, 2018 2017: Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income Statement of Operations Comprehensive Income Component 2018 2017 Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Unrealized gains and losses on securities sold $ - $ 3,385 Non-operating income Impairment expense - (42 ) Non-operating income Total before tax - 3,343 Income before income taxes Tax expense - (1,310 ) Income tax expense Total after tax $ - $ 2,033 Net income |
Note 11 - Segment Information,
Note 11 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting and Concentration Risk Disclosure [Text Block] | 11. SEGMENT INFORMATION, SIGNIFICANT CUSTOMERS, INDUSTRY CONCENTRATION AND GEOGRAPHIC AREAS The Company's revenues for 2018, 2017 2016 The table below presents revenue dollars and percentages by geographic area: Year ended December 31, 2018 2017 2016 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 302,754 56.8 $ 255,197 58.3 $ 251,390 58.1 Shipments to or from Mexico 229,350 43.0 181,099 41.4 181,159 41.9 Shipments to or from Canada 1,157 0.2 1,542 0.3 303 - Total Operating Revenues $ 533,261 100 % 437,838 100 % $ 432,852 100 % Our five 42%, 41% 43% 2018, 2017 2016, 16%, 10% 9% 2018, 2017 2016, 13%, 18% 18% 2018, 2017 2016, 8%, 9% 10% 2018, 2017 2016, We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers. Approximately 46%, 46% 45% 2018, 2017 2016, Accounts receivable from the three $30,848,000 $29,788,000 December 31, 2018 2017, |
Note 12 - Dividends
Note 12 - Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | 12. DIVIDENDS The Company has paid cash dividends in the past; however, the Company currently intends to retain future earnings and does not |
Note 13 - Federal and State Inc
Note 13 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. FEDERAL AND STATE INCOME TAXES Under GAAP, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Significant components of the Company’s deferred tax liabilities and assets at December 31 201 8 201 7 (in thousands) Deferred tax liabilities: Property and equipment $ 78,502 $ 60,388 Unrealized gains on securities 2,580 2,580 Prepaid expenses and other 2,667 2,603 Total deferred tax liabilities 83,749 65,571 Deferred tax assets: Allowance for doubtful accounts 572 344 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 460 410 Self-insurance allowances 188 149 Share-based compensation - 61 Marketable equity securities 2,200 750 Net operating loss carryover 17,241 7,975 Other 203 203 Total deferred tax assets 21,852 10,880 Net deferred tax liability $ 61,897 $ 54,691 The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2018, 2017 2016 201 8 201 7 201 6 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 6,582 21.0 $ 4,975 34.0 $ 6,042 34.0 Impact of the Tax Cuts and Jobs Act (1) - - (29,255 ) (199.9 ) - - Nondeductible expenses 80 0.2 72 0.5 130 0.7 State income taxes/other—net of federal benefit 685 2.2 (60 ) (0.5 ) 499 2.8 Total income tax (benefit) expense $ 7,347 23.4 $ (24,268 ) (165.9 ) $ 6,671 37.5 ( 1 December 22, 2017, 35% 21% January 1, 2018 2018 2021. $29.3 fourth 2017 The (benefit) provision for income taxes consisted of the following: 201 8 201 7 201 6 (in thousands) Current: Federal $ (48 ) $ (79 ) $ (225 ) State 189 441 238 Total current income tax provision 141 362 13 Deferred: Federal 6,185 (24,622 ) 5,506 State 1,021 (8 ) 1,152 Total deferred income tax (benefit) provision 7,206 (24,630 ) 6,658 Total income tax (benefit) expense $ 7,347 $ (24,268 ) $ 6,671 At December 31, 2018, $1,214,000 50% $988,000 December 31, 2018, 2030. $66,983,000 2030. In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2018 2017, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not December 31, 2018, not 2018 2017, not 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 2015 Prior to 2018, third not December 31, 2017, $29,000 third |
Note 14 - Stock-based Compensat
Note 14 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 14. STOCK-BASED COMPENSATION The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may March 13, 2014, May 29, 2014 2014 2006 750,000 2014 not 85% In December 2018, 33,000 $36.35 one fourth four In March 2018, 1,932 $36.35 In April 2017, 100,000 $16.38, one third three In March 2017, 4,298 $16.29 In March 2016, 2,275 $30.80 March 2016, 5,000 $30.81, 25% 25% three During 2018 2017, no no December 31, 2018. December 31, 2018, 405,000 The grant date fair value of stock and stock options vested during 2018, 2017 2016 $719,000, $256,000 $273,000, $732,000 2018 $70,000 276 first 2018. $172,000 2018. $0.09 $0.10, 2018. December 31, 2018, $1,864,000 $846,000 2019, $430,000 2020, $294,000 2021, $294,000 2022. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $614,000 2017 $70,000 614 first 2017. $231,000 2017. $0.26 2017. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $302,000 2016 $70,000 325 first 2016. $113,000 2016. $0.03 $0.02 2016. Transactions in stock options under these plans are summarized as follows: Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2016: 66,098 $ 10.92 Granted - - Exercised (7,917 ) 11.41 Canceled (2,050 ) 10.91 Outstanding—December 31, 2016: 56,131 $ 10.85 Granted - - Exercised (11,063 ) 11.13 Canceled - - Outstanding—December 31, 2017: 45,068 $ 10.79 Granted - - Exercised (45,005 ) 10.79 Canceled (63 ) 10.90 Outstanding—December 31, 2018: - $ - Options exercisable—December 31, 2018: - $ - There were no 2018, 2017, 2016. no 2017. 2018 2016 $6.34 $6.07, The total intrinsic value of options exercised during the years ended December 31, 2018, 2017 2016, $1,406,000, $82,000 $101,000, A summary of the status of the Company’s non-vested restricted stock as of December 31, 2018 December 31, 2018, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2018 104,150 $ 17.14 Granted 34,932 36.35 Canceled/forfeited/expired (150 ) 42.65 Vested (38,015 ) 18.91 Nonvested at December 31, 2018 100,917 $ 23.09 Cash received from option exercises totaled approximately $485,000, $123,000 $91,000 December 31, 2018, 2017 2016, |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. EARNINGS PER SHARE Basic earnings per common share was computed by dividing net income by the weighted average number of shares outstanding during the period. Diluted earnings per common share was calculated as follows: For the Year Ended December 31, 201 8 201 7 201 6 (in thousands, except per share data) Net income $ 23,994 $ 38,899 $ 11,101 Basic weighted average common shares outstanding 6,083 6,331 6,627 Dilutive effect of common stock equivalents 76 67 22 Diluted weighted average common shares outstanding 6,159 6,398 6,649 Basic earnings per share $ 3.94 $ 6.14 $ 1.68 Diluted earnings per share $ 3.90 $ 6.08 $ 1.67 |
Note 16 - Benefit Plan
Note 16 - Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 16. BENEFIT PLAN The Company sponsors a benefit plan for the benefit of all eligible employees. The plan qualifies under Section 401 50% 3% 20% five $176,000, $179,000 $161,000 2018, 2017 2016, |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. COMMITMENTS AND CONTINGENCIES 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 During 2014 2015, 471 not 56 January 31, 2018. Total rental expense, net of amounts reimbursed, for the years ended December 31, 2018, 2017 2016 $47,000, $5,460,000, $10,294,000, |
Note 18 - Lease Income
Note 18 - Lease Income | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 18. LEASE INCOME The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the term of the leases which range from 7 60 December 31, 2018 $61,061,000 $34,299,000, December 31, 2017 $42,206,000 $17,028,000, Leases in our lease-purchase program expire at various dates through 2023. December 31, 2018 2017 $22,319,000 $9,360,000, The Company leases office and shop facilities to a related party. At December 31, 2018, $1,697,000 $1,138,000, December 31, 2017, $1,697,000 $1,195,000, December 31, 2018 $12,000. 8. 20 |
Note 19 - Fair Value of Financi
Note 19 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 19. 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. The 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 December 31, 2018 2017, 2018 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 27,549 $ 27,549 - - $ 26,664 $ 26,664 - - During 2018 2017, no The Company’s investments in marketable equity securities are recorded at fair value based on quoted market prices. The carrying value of cash and cash equivalents, accounts receivable, trade accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying values and estimated fair values of this other long-term debt at December 31, 2018 2017 201 8 201 7 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 211,031 $ 210,234 $ 172,636 $ 171,289 The Company has not |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. RELATED PARTY TRANSACTIONS In the normal course of business, transactions for transportation and repair services, equipment, property leases and other services are conducted between the Company and companies affiliated with our Chairman and controlling stockholder. The Company recognized approximately $2,854,000, $585,000 $4,834,000 $9,859,000 $7,497,000 $8,837,000 2018, 2017, 2016, The Company purchased physical damage, auto liability, general liability, and workers’ compensation insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with our Chairman and controlling stockholder. The premiums for physical damage coverage were approximately $1,271,000, $1,808,000 $2,091,000 2018, 2017, 2016, 2018, 2017, 2016 $10,987,000, $10,860,000, $11,030,000, 2018, 2017, 2016 $24,000, $35,000 $21,000, 2018, 2017, 2016 $301,000, $286,000 $298,000, Amounts owed to the Company by these affiliates were approximately $149,000 $21,000 December 31, 2018 2017, December 31, 2018 2017, $147,000 $19,000 $2,000 $2,000 third December 31, 2018 2017 $29,000 $1,385,000, December 31, 2018 2017 $2,161,000 $971,000 |
Note 21 - Quarterly Results of
Note 21 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2018 2017: 201 8 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 119,458 $ 135,302 $ 140,325 $ 138,176 Operating expenses and costs 115,702 125,285 127,172 123,500 Operating income 3,756 10,017 13,153 14,676 Non-operating (loss) income (879 ) 632 935 (4,704 ) Interest expense (1,160 ) (1,355 ) (1,711 ) (2,019 ) Income tax (expense) benefit (330 ) (2,005 ) (3,129 ) (1,883 ) Net income $ 1,387 $ 7,289 $ 9,248 $ 6,070 Net income per common share: Basic $ 0.22 $ 1.18 $ 1.53 $ 1.02 Diluted $ 0.22 $ 1.17 $ 1.52 $ 1.01 Average common shares outstanding: Basic 6,168 6,159 6,034 5,975 Diluted 6,264 6,229 6,088 6,029 201 7 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 109,405 $ 108,646 $ 108,899 $ 110,888 Operating expenses and costs 106,743 105,748 105,131 107,536 Operating income 2,662 2,898 3,768 3,352 Non-operating income 2,052 650 2,767 384 Interest expense (977 ) (935 ) (920 ) (1,070 ) Income tax expense (1,454 ) (1,004 ) (2,169 ) 28,895 Net income $ 2,283 $ 1,609 $ 3,446 $ 31,561 Net income per common share: Basic $ 0.36 $ 0.25 $ 0.54 $ 5.07 Diluted $ 0.36 $ 0.25 $ 0.54 $ 5.00 Average common shares outstanding: Basic 6,399 6,381 6,326 6,219 Diluted 6,425 6,430 6,373 6,312 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Description of Business and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned operating subsidiaries: P.A.M. Transport, Inc., P.A.M. Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Decker Transport Co., LLC, T.T.X., LLC, Transcend Logistics, Inc., and East Coast Transport and Logistics, LLC. The following subsidiaries were inactive during all periods presented: P.A.M. International, Inc., P.A.M. Logistics Services, Inc., Choctaw Brokerage, Inc., and S & L Logistics, Inc. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts not may |
Bank Overdrafts [Policy Text Block] | Bank Overdrafts not not zero not December 31, 2018 2017 $3,669,000 $4,377,000, |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Other December 31, 2018 2017, $220,000 $448,000, December 31, 2018 2017, $1,724,000 $1,813,000, |
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities 321, 321” 321 Prior to the adoption of ASU 2016 01 January 1, 2018, For additional information with respect to marketable equity securities, “Item 8. 4 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not not not No 2018 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 8 Structures and improvements 5 - 40 The Company’s management periodically evaluates whether changes to estimated useful lives and/or salvage values are necessary to ensure its estimates accurately reflect the economic use of the assets. During 2018 2017, not 2016, $1.0 $2.7 $1.3 2018, 2017 2016, |
Inventory Supplies, Policy [Policy Text Block] | Inventory first first |
Prepaid Tires [Policy Text Block] | Prepaid Tires 24 |
Advertising Costs, Policy [Policy Text Block] | Advertising Expense $1,234,000, $1,087,000 $1,019,000 December 31, 2018, 2017 2016, |
Maintenance Cost, Policy [Policy Text Block] | Repairs and Maintenance |
Self Insurance Liability [Policy Text Block] | Self - Insurance Liability not |
Income Tax, Policy [Policy Text Block] | Income Taxes not not The application of income tax law to multi-jurisdictional operations such as those performed by the Company, is inherently complex. Laws and regulations in this area are voluminous and often ambiguous. As such, we may may We recognize the impact of tax positions in our financial statements. These tax positions must meet a more-likely-than- not not first no not first no In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2018 2017, not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition no |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | S hare- Based Compensation 8. 14 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 8. 15 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements 8. 19 |
Segment Reporting, Policy [Policy Text Block] | Reporting Segment s 80.0%, 86.3% 88.4% twelve December 31, 2018, 2017 2016, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events January 24, 2019, March 28, 2016 ( $40.0 The purposes of the Amendment are to extend the term of the Loan by one July 1, 2021, $40.0 $60.0 1.50% 1.25%, 0.25% $18.0 Under the terms of the Agreement, as amended by the Amendment, the Company may $60.0 first 1.25%. July 1, 2021. not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements– July 2018, No. 2018 09, 2018 09” 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, The Company has evaluated the leases in which it participates as lessee and determined them to be operating leases, the majority of which have lease terms of one 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 8. 2 |
Note 1 - Accounting Policies (T
Note 1 - Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Class Estimated Asset Life (in years) Service vehicles 3 - 5 Office furniture and equipment 3 - 7 Revenue equipment 3 - 8 Structures and improvements 5 - 40 |
Note 3 - Trade Accounts Recei_2
Note 3 - Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 20 1 8 20 1 7 ( i n thousands) Billed $ 56,766 $ 51,236 Unbilled 8,808 9,154 Allowance for doubtful accounts (2,224 ) (1,335 ) Total accounts receivable—net $ 63,350 $ 59,055 |
Schedule of Credit Losses Related to Financing Receivables, Current and Noncurrent [Table Text Block] | 20 1 8 20 1 7 20 1 6 ( i n thousands) Balance—beginning of year $ 1,335 $ 994 $ 549 Provision for bad debts 889 341 445 Charge-offs - - - Recoveries - - - Balance—end of year $ 2,224 $ 1,335 $ 994 |
Note 4 - Marketable Equity Se_2
Note 4 - Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | 2018 2017 (in thousands) Available-for-sale securities: Fair market value $ 27,549 $ 26,664 Cost 25,602 16,640 Unrealized gain $ 1,947 $ 10,024 |
Unrealized Gain (Loss) on Investments [Table Text Block] | 2018 2017 (in thousands) Available-for-sale securities: Gross unrealized gains $ 5,668 $ 10,150 Gross unrealized losses 3,721 126 Net unrealized gains $ 1,947 $ 10,024 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2018 2017 2016 (in thousands) Realized gains: Sale proceeds $ 1,044 $ 6,833 $ 1,550 Cost of securities sold 669 2,098 547 Realized gains $ 375 $ 4,735 $ 1,003 Realized gains, net of taxes $ 278 $ 2,938 $ 627 |
Note 5 - Accrued Expenses and_2
Note 5 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 20 1 8 20 1 7 ( i n thousands) Payroll $ 2,955 $ 2,710 Accrued vacation 1,987 1,762 Taxes—other than income 2,319 2,488 Interest 249 99 Driver escrows 2,722 2,381 Margin account borrowings 11,281 5,903 Self-insurance claims 1,984 2,266 Total accrued expenses and other liabilities $ 23,497 $ 17,609 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 8 201 7 (in thousands) Line of credit with a bank—due July 1, 2020, and collateralized by accounts receivable (1) 10,192 - Equipment financing (2) 211,031 172,636 Total long-term debt 221,223 172,636 Less current maturities (63,908 ) (73,641 ) Long-term debt—net of current maturities $ 157,315 $ 98,995 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 63,908 2020 67,636 2021 28,505 2022 18,558 2023 37,656 2024 3,013 2025 1,947 Total $ 221,223 |
Note 10 - Comprehensive Incom_2
Note 10 - Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains and losses on available-for-sale securities (in thousands) Balance at January 1, 2017, net of tax of $4,576 $ 7,476 Other comprehensive income before reclassifications, net of tax of $(687) 2,001 Amounts reclassified from accumulated other comprehensive income, net of tax of $(1,310) (2,033 ) Net other comprehensive income (loss) (32 ) Balance at December 31, 2017, net of tax of $2,579 7,444 Cumulative effect adjustment – ASU 2016-01 (7,444 ) Net other comprehensive income (loss) (7,444 ) Balance at December 31, 2018 $ - |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income Statement of Operations Comprehensive Income Component 2018 2017 Classification (in thousands) Unrealized gains and losses on available-for-sale securities: Unrealized gains and losses on securities sold $ - $ 3,385 Non-operating income Impairment expense - (42 ) Non-operating income Total before tax - 3,343 Income before income taxes Tax expense - (1,310 ) Income tax expense Total after tax $ - $ 2,033 Net income |
Note 11 - Segment Information_2
Note 11 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year ended December 31, 2018 2017 2016 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 302,754 56.8 $ 255,197 58.3 $ 251,390 58.1 Shipments to or from Mexico 229,350 43.0 181,099 41.4 181,159 41.9 Shipments to or from Canada 1,157 0.2 1,542 0.3 303 - Total Operating Revenues $ 533,261 100 % 437,838 100 % $ 432,852 100 % |
Note 13 - Federal and State I_2
Note 13 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 8 201 7 (in thousands) Deferred tax liabilities: Property and equipment $ 78,502 $ 60,388 Unrealized gains on securities 2,580 2,580 Prepaid expenses and other 2,667 2,603 Total deferred tax liabilities 83,749 65,571 Deferred tax assets: Allowance for doubtful accounts 572 344 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 460 410 Self-insurance allowances 188 149 Share-based compensation - 61 Marketable equity securities 2,200 750 Net operating loss carryover 17,241 7,975 Other 203 203 Total deferred tax assets 21,852 10,880 Net deferred tax liability $ 61,897 $ 54,691 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 8 201 7 201 6 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 6,582 21.0 $ 4,975 34.0 $ 6,042 34.0 Impact of the Tax Cuts and Jobs Act (1) - - (29,255 ) (199.9 ) - - Nondeductible expenses 80 0.2 72 0.5 130 0.7 State income taxes/other—net of federal benefit 685 2.2 (60 ) (0.5 ) 499 2.8 Total income tax (benefit) expense $ 7,347 23.4 $ (24,268 ) (165.9 ) $ 6,671 37.5 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 8 201 7 201 6 (in thousands) Current: Federal $ (48 ) $ (79 ) $ (225 ) State 189 441 238 Total current income tax provision 141 362 13 Deferred: Federal 6,185 (24,622 ) 5,506 State 1,021 (8 ) 1,152 Total deferred income tax (benefit) provision 7,206 (24,630 ) 6,658 Total income tax (benefit) expense $ 7,347 $ (24,268 ) $ 6,671 |
Note 14 - Stock-based Compens_2
Note 14 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2016: 66,098 $ 10.92 Granted - - Exercised (7,917 ) 11.41 Canceled (2,050 ) 10.91 Outstanding—December 31, 2016: 56,131 $ 10.85 Granted - - Exercised (11,063 ) 11.13 Canceled - - Outstanding—December 31, 2017: 45,068 $ 10.79 Granted - - Exercised (45,005 ) 10.79 Canceled (63 ) 10.90 Outstanding—December 31, 2018: - $ - Options exercisable—December 31, 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 Nonvested at January 1, 2018 104,150 $ 17.14 Granted 34,932 36.35 Canceled/forfeited/expired (150 ) 42.65 Vested (38,015 ) 18.91 Nonvested at December 31, 2018 100,917 $ 23.09 |
Note 15 - Earnings Per Share (T
Note 15 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 201 8 201 7 201 6 (in thousands, except per share data) Net income $ 23,994 $ 38,899 $ 11,101 Basic weighted average common shares outstanding 6,083 6,331 6,627 Dilutive effect of common stock equivalents 76 67 22 Diluted weighted average common shares outstanding 6,159 6,398 6,649 Basic earnings per share $ 3.94 $ 6.14 $ 1.68 Diluted earnings per share $ 3.90 $ 6.08 $ 1.67 |
Note 19 - Fair Value of Finan_2
Note 19 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2018 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 27,549 $ 27,549 - - $ 26,664 $ 26,664 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 201 8 201 7 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 211,031 $ 210,234 $ 172,636 $ 171,289 |
Note 21 - Quarterly Results o_2
Note 21 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 8 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 119,458 $ 135,302 $ 140,325 $ 138,176 Operating expenses and costs 115,702 125,285 127,172 123,500 Operating income 3,756 10,017 13,153 14,676 Non-operating (loss) income (879 ) 632 935 (4,704 ) Interest expense (1,160 ) (1,355 ) (1,711 ) (2,019 ) Income tax (expense) benefit (330 ) (2,005 ) (3,129 ) (1,883 ) Net income $ 1,387 $ 7,289 $ 9,248 $ 6,070 Net income per common share: Basic $ 0.22 $ 1.18 $ 1.53 $ 1.02 Diluted $ 0.22 $ 1.17 $ 1.52 $ 1.01 Average common shares outstanding: Basic 6,168 6,159 6,034 5,975 Diluted 6,264 6,229 6,088 6,029 201 7 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 109,405 $ 108,646 $ 108,899 $ 110,888 Operating expenses and costs 106,743 105,748 105,131 107,536 Operating income 2,662 2,898 3,768 3,352 Non-operating income 2,052 650 2,767 384 Interest expense (977 ) (935 ) (920 ) (1,070 ) Income tax expense (1,454 ) (1,004 ) (2,169 ) 28,895 Net income $ 2,283 $ 1,609 $ 3,446 $ 31,561 Net income per common share: Basic $ 0.36 $ 0.25 $ 0.54 $ 5.07 Diluted $ 0.36 $ 0.25 $ 0.54 $ 5.00 Average common shares outstanding: Basic 6,399 6,381 6,326 6,219 Diluted 6,425 6,430 6,373 6,312 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) | Jan. 24, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Bank Overdrafts | $ 3,669,000 | $ 4,377,000 | ||
Due from Employees, Current | 220,000 | 448,000 | ||
Other Receivables, Net, Current, Total | 3,814,000 | 3,028,000 | ||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | ||
Increase in Depreciation Expense, As Result of Adjustments to Estimated Useful Lives and Salvage Values | $ 1,000,000 | 2,700,000 | $ 1,300,000 | |
Period for Amortizing Prepaid Tires | 2 years | |||
Advertising Expense | $ 1,234,000 | $ 1,087,000 | $ 1,019,000 | |
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | (7,444,000) | |||
AOCI Attributable to Parent [Member] | ||||
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | (7,444,000) | |||
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||||
Reclassification of Gain (Loss) Unrealized on Equity Securities from AOCI to Retained Earnings | (7,400,000) | |||
Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Line of Credit [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |||
Debt Instrument, Term Extension | 1 year | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Line of Credit Facility, Minimum Amount of Monthly Unused Capacity for Commitment Fee Percentage to Apply | $ 18,000,000 | |||
Line of Credit [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Truckload Services [Member] | Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 80.00% | 86.30% | 88.40% | |
Independent Contractors [Member] | ||||
Other Receivables, Net, Current, Total | $ 1,724,000 | $ 1,813,000 |
Note 1 - Accounting Policies -
Note 1 - Accounting Policies - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Vehicles [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property and equipment (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property and equipment (Year) | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 8 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment (Year) | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment (Year) | 40 years |
Note 3 - Trade Accounts Recei_3
Note 3 - Trade Accounts Receivable - Accounts Receivable Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Billed | $ 56,766 | $ 51,236 | ||
Unbilled | 8,808 | 9,154 | ||
Allowance for doubtful accounts | (2,224) | (1,335) | $ (994) | $ (549) |
Total accounts receivable—net | $ 63,350 | $ 59,055 |
Note 3 - Trade Accounts Recei_4
Note 3 - Trade Accounts Receivable - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance—beginning of year | $ 1,335 | $ 994 | $ 549 |
Provision for bad debts | 889 | 341 | 445 |
Charge-offs | |||
Recoveries | |||
Balance—end of year | $ 2,224 | $ 1,335 | $ 994 |
Note 4 - Marketable Equity Se_3
Note 4 - Marketable Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Securities, Impairment Loss, Cumulative Amount | $ 2,314,000 | ||
Investment Income, Dividend | $ 1,171,000 | 999,000 | $ 1,024,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 12,399,000 | 2,980,000 | |
Available-for-sale Equity Securities, Gross Unrealized Loss | $ 3,721,000 | $ 126,000 | |
Debt, Weighted Average Interest Rate | 3.11% | 2.07% | |
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member] | |||
Short-term Debt, Total | $ 11,281,000 | $ 5,903,000 |
Note 4 - Marketable Equity Se_4
Note 4 - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities: | ||
Fair market value | $ 27,549 | $ 26,664 |
Cost | 25,602 | 16,640 |
Unrealized gain | $ 1,947 | $ 10,024 |
Note 4 - Marketable Equity Se_5
Note 4 - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Gross unrealized gains | $ 5,668 | $ 10,150 |
Gross unrealized losses | 3,721 | 126 |
Net unrealized gains | $ 1,947 | $ 10,024 |
Note 4 - Marketable Equity Se_6
Note 4 - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sale proceeds | $ 1,044 | $ 6,833 | $ 1,550 |
Cost of securities sold | 669 | 2,098 | 547 |
Realized gains | 375 | 4,735 | 1,003 |
Realized gains, net of taxes | $ 278 | $ 2,938 | $ 627 |
Note 5 - Accrued Expenses and_3
Note 5 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payroll | $ 2,955 | $ 2,710 |
Accrued vacation | 1,987 | 1,762 |
Taxes—other than income | 2,319 | 2,488 |
Interest | 249 | 99 |
Driver escrows | 2,722 | 2,381 |
Margin account borrowings | 11,281 | 5,903 |
Self-insurance claims | 1,984 | 2,266 |
Total accrued expenses and other liabilities | $ 23,497 | $ 17,609 |
Note 6 - Claims Liabilities (De
Note 6 - Claims Liabilities (Details Textual) | Dec. 31, 2018USD ($) |
Workers Compensation Self Insured Retention | $ 500,000 |
Workers Compensation Per Occurrence Excess Policy | 500,000 |
Letters of Credit Outstanding, Amount | 700,000 |
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | 325,000 |
Cargo Loss Coverage [Member] | |
Per Occurrence Deductibles | 10,000 |
Auto Liability Coverage [Member] | |
Per Occurrence Deductibles | 2,500 |
Trailers [Member] | |
Per Occurrence Deductibles | 2,500 |
Workers Compensation Coverage [Member] | |
Letters of Credit Outstanding, Amount | 515,000 |
Certificates of Deposit, at Carrying Value | $ 300,000 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Letters of Credit Outstanding, Amount | $ 700,000 |
Line of Credit [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 |
Line of Credit Facility, Interest Rate at Period End | 3.85% |
Ratio of Indebtedness to Net Capital | 4 |
Line of Credit Facility, Outstanding Advances | $ 10,900,000 |
Letters of Credit Outstanding, Amount | 700,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 29,100,000 |
Line of Credit [Member] | Equipment Financing [Member] | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.61% |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term debt | $ 221,223 | $ 172,636 | |
Less current maturities | (63,908) | (73,641) | |
Long-term debt—net of current maturities | 157,315 | 98,995 | |
Line of Credit [Member] | |||
Long-term debt | [1] | 10,192 | |
Secured Debt [Member] | |||
Long-term debt | [2] | $ 211,031 | $ 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% (3.85% at December 31, 2018) and are secured by our trade accounts receivable. Monthly payments of interest are required under this agreement. Also, under the terms of the agreement the Company must maintain a debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2018. At December 31, 2018, outstanding advances on the line were approximately $10.9 million, including letters of credit totaling $0.7 million, with availability to borrow $29.1 million. | ||
[2] | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through October 2025, at a weighted average interest rate of 3.61% as of December 31, 2018 and collateralized by revenue equipment. |
Note 7 - Long-term Debt - Annua
Note 7 - Long-term Debt - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
2019 | $ 63,908 | |
2020 | 67,636 | |
2021 | 28,505 | |
2022 | 18,558 | |
2023 | 37,656 | |
2024 | 3,013 | |
2025 | 1,947 | |
Total | $ 221,223 | $ 172,636 |
Note 8 - Noncash Investing an_2
Note 8 - Noncash Investing and Financing Activities (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 68.1 |
Note 9 - Capital Stock (Details
Note 9 - Capital Stock (Details Textual) - USD ($) | Jun. 08, 2018 | May 08, 2018 | Nov. 10, 2017 | Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2017 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares, Issued, Total | 11,612,144 | 11,529,124 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 5,956,558 | 6,160,889 | ||||||
Preferred Stock, Shares Issued, Total | 0 | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 13,369,000 | $ 6,348,000 | $ 21,056,000 | |||||
Treasury Stock, Shares, Ending Balance | 5,655,586 | 5,368,235 | ||||||
Treasury Stock, Value, Ending Balance | $ 142,552,000 | $ 129,183,000 | ||||||
The 2018 Tender Offer [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 100,000 | |||||||
Stock Repurchase Program Additional Shares Authroized To Be Repurchased Percent Of Outstanding Shares Percent | 2.00% | |||||||
Stock Repurchase Program Additional Shares Authorized To Be Repurchased Percent Of Outstanding Shares, Shares | 124,248 | |||||||
Treasury Stock, Shares, Acquired | 185,597 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 40 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 7,500,000 | |||||||
The 2018 Tender Offer [Member] | Minimum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 39 | |||||||
The 2018 Tender Offer [Member] | Maximum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 43 | |||||||
The 2017 Tender Offer [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 400,000 | |||||||
Stock Repurchase Program Additional Shares Authroized To Be Repurchased Percent Of Outstanding Shares Percent | 2.00% | |||||||
Stock Repurchase Program Additional Shares Authorized To Be Repurchased Percent Of Outstanding Shares, Shares | 126,060 | |||||||
Treasury Stock, Shares, Acquired | 143,859 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 30 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,400,000 | |||||||
The 2017 Tender Offer [Member] | Minimum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 27 | |||||||
The 2017 Tender Offer [Member] | Maximum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 30 | |||||||
September 2011 Reauthorization [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | |||||||
Treasury Stock, Shares, Acquired | 101,754 | 110,316 |
Note 10 - Comprehensive Incom_3
Note 10 - Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, beginning of period | $ 7,444 | ||
Net other comprehensive income (loss) | $ (32) | $ 2,166 | |
Balance, end of period | 7,444 | ||
Cumulative effect adjustment – ASU 2016-01 | (7,444) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Balance, beginning of period | 7,444 | 7,476 | |
Other comprehensive income before reclassifications | 2,001 | ||
Amounts reclassified from accumulated other comprehensive income, net of tax benefit | (2,033) | ||
Net other comprehensive income (loss) | (7,444) | (32) | |
Balance, end of period | $ 7,444 | $ 7,476 |
Note 10 - Comprehensive Incom_4
Note 10 - Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI tax, balance | $ 2,579 | $ 4,576 |
OCI before reclassifications, tax | (687) | |
Reclassification from AOCI, tax | $ (1,310) |
Note 10 - Comprehensive Incom_5
Note 10 - Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
NON-OPERATING (EXPENSE) INCOME | $ (4,704) | $ 935 | $ 632 | $ (879) | $ 384 | $ 2,767 | $ 650 | $ 2,052 | $ (4,016) | $ 5,853 | $ 1,485 |
Total before tax | 31,341 | 14,631 | 17,772 | ||||||||
Tax expense | 1,883 | 3,129 | 2,005 | 330 | (28,895) | 2,169 | 1,004 | 1,454 | (7,347) | 24,268 | (6,671) |
NET INCOME | $ 6,070 | $ 9,248 | $ 7,289 | $ 1,387 | $ 31,561 | $ 3,446 | $ 1,609 | $ 2,283 | 23,994 | 38,899 | $ 11,101 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Total before tax | 3,343 | ||||||||||
Tax expense | (1,310) | ||||||||||
NET INCOME | 2,033 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||||||
NON-OPERATING (EXPENSE) INCOME | 3,385 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | |||||||||||
NON-OPERATING (EXPENSE) INCOME | $ (42) |
Note 11 - Segment Information_3
Note 11 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas (Details Textual) - Customer Concentration Risk [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales Revenue, Services, Net [Member] | Five Largest Customers [Member] | |||
Concentration Risk, Percentage | 42.00% | 41.00% | 43.00% |
Sales Revenue, Services, Net [Member] | Fiat Chrysler Automobiles [Member] | |||
Concentration Risk, Percentage | 16.00% | 10.00% | 9.00% |
Sales Revenue, Services, Net [Member] | General Motors Company [Member] | |||
Concentration Risk, Percentage | 13.00% | 18.00% | 18.00% |
Sales Revenue, Services, Net [Member] | Ford Motor Company [Member] | |||
Concentration Risk, Percentage | 8.00% | 9.00% | 10.00% |
Revenue Provided to the Automobile Manufacturing Industry [Member] | |||
Concentration Risk, Percentage | 46.00% | 46.00% | 45.00% |
Accounts Receivable [Member] | |||
Accounts Receivable, Gross, Current | $ 30,848,000 | $ 29,788,000 |
Note 11 - Segment Information_4
Note 11 - Segment Information, Significant Customers, Industry Concentration, and Geographic Areas - Revenue Dollars and Percentages by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues | $ 138,176 | $ 140,325 | $ 135,302 | $ 119,458 | $ 110,888 | $ 108,899 | $ 108,646 | $ 109,405 | $ 533,261 | $ 437,838 | $ 432,852 |
Motor Carrier [Member] | |||||||||||
Operating revenues | $ 533,261 | $ 437,838 | $ 432,852 | ||||||||
Motor Carrier [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Motor Carrier [Member] | UNITED STATES | |||||||||||
Operating revenues | $ 302,754 | $ 255,197 | $ 251,390 | ||||||||
Motor Carrier [Member] | UNITED STATES | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 56.80% | 58.30% | 58.10% | ||||||||
Motor Carrier [Member] | MEXICO | |||||||||||
Operating revenues | $ 229,350 | $ 181,099 | $ 181,159 | ||||||||
Motor Carrier [Member] | MEXICO | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 43.00% | 41.40% | 41.90% | ||||||||
Motor Carrier [Member] | CANADA | |||||||||||
Operating revenues | $ 1,157 | $ 1,542 | $ 303 | ||||||||
Motor Carrier [Member] | CANADA | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 0.20% | 0.30% |
Note 13 - Federal and State I_3
Note 13 - Federal and State Income Taxes (Details Textual) - USD ($) | Dec. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 34.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 29,300,000 | ||||
Income Taxes Receivable | $ 1,214,000 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 988,000 | ||||
Operating Loss Carryforwards, Total | 66,983,000 | ||||
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 | |||
Statute of Limitations | 3 years | ||||
Receivables, Long-term Contracts or Programs, Total | 29,000 | 29,000 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | $ 0 |
Note 13 - Federal and State I_4
Note 13 - Federal and State Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax liabilities: | ||
Property and equipment | $ 78,502 | $ 60,388 |
Unrealized gains on securities | 2,580 | 2,580 |
Prepaid expenses and other | 2,667 | 2,603 |
Total deferred tax liabilities | 83,749 | 65,571 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 572 | 344 |
QAFMV tax credit carryforward | 864 | 864 |
New hire tax credit | 124 | 124 |
Compensated absences | 460 | 410 |
Self-insurance allowances | 188 | 149 |
Share-based compensation | 61 | |
Marketable equity securities | 2,200 | 750 |
Net operating loss carryover | 17,241 | 7,975 |
Other | 203 | 203 |
Total deferred tax assets | 21,852 | 10,880 |
Net deferred tax liability | $ 61,897 | $ 54,691 |
Note 13 - Federal and State I_5
Note 13 - Federal and State Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | Dec. 21, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax at the statutory federal rate, amount | $ 6,582 | $ 4,975 | $ 6,042 | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 34.00% | 34.00% | |||||||||
Impact of the Tax Cuts and Jobs Act, amount | [1] | $ (29,255) | |||||||||||
Impact of the Tax Cuts and Jobs Act, percent | [1] | (199.90%) | |||||||||||
Nondeductible expenses, amount | $ 80 | $ 72 | $ 130 | ||||||||||
Nondeductible expenses, percent | 0.20% | 0.50% | 0.70% | ||||||||||
State income taxes/other—net of federal benefit, amount | $ 685 | $ (60) | $ 499 | ||||||||||
State income taxes/other—net of federal benefit, percent | 2.20% | (0.50%) | 2.80% | ||||||||||
Total income tax (benefit) expense | $ (1,883) | $ (3,129) | $ (2,005) | $ (330) | $ 28,895 | $ (2,169) | $ (1,004) | $ (1,454) | $ 7,347 | $ (24,268) | $ 6,671 | ||
Total income tax (benefit) expense, percent | 23.40% | (165.90%) | 37.50% | ||||||||||
[1] | On December 22, 2017, the Tax Cuts and Jobs Act (the Act) was signed into law. The Act included numerous changes to existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018 and repeal of the alternative minimum tax (AMT) allowing a refund of existing AMT carryovers during the years 2018 through 2021. As a result, the Company recorded a tax benefit of $29.3 million in the fourth quarter of 2017 related to the revaluation of its net deferred tax liabilities. |
Note 13 - Federal and State I_6
Note 13 - Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||||||||||
Federal | $ (48) | $ (79) | $ (225) | ||||||||
State | 189 | 441 | 238 | ||||||||
Total current income tax provision | 141 | 362 | 13 | ||||||||
Deferred: | |||||||||||
Federal | 6,185 | (24,622) | 5,506 | ||||||||
State | 1,021 | (8) | 1,152 | ||||||||
Total deferred income tax (benefit) provision | 7,206 | (24,630) | 6,658 | ||||||||
Total income tax (benefit) expense | $ (1,883) | $ (3,129) | $ (2,005) | $ (330) | $ 28,895 | $ (2,169) | $ (1,004) | $ (1,454) | $ 7,347 | $ (24,268) | $ 6,671 |
Note 14 - Stock-based Compens_3
Note 14 - Stock-based Compensation (Details Textual) - USD ($) | May 29, 2014 | Dec. 31, 2018 | Mar. 31, 2018 | Apr. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 45,068 | 56,131 | 66,098 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 719,000 | $ 256,000 | $ 273,000 | |||||||||
Allocated Share-based Compensation Expense, Total | 732,000 | 614,000 | 302,000 | |||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 172,000 | $ 231,000 | $ 113,000 | |||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted | $ 0.09 | $ 0.03 | ||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic | $ 0.10 | 0.02 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,864,000 | $ 1,864,000 | ||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted | $ 0.26 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 0 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.34 | $ 6.07 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,406,000 | $ 82,000 | $ 101,000 | |||||||||
Proceeds from Stock Options Exercised | 485,000 | $ 123,000 | 91,000 | |||||||||
Amortization, Current Year [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 846,000 | 846,000 | ||||||||||
Amortization Year 2 [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 430,000 | 430,000 | ||||||||||
Amortization, Year 3 [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 294,000 | 294,000 | ||||||||||
Amortization, Year 4 [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 294,000 | $ 294,000 | ||||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 34,932 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Ending Balance | 100,917 | 100,917 | 104,150 | |||||||||
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 | |||||||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | ||||||||||||
Allocated Share-based Compensation Expense, Total | $ 70,000 | $ 70,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 614 | 325 | ||||||||||
The 2014 Stock Option Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | |||||||||||
Number of Common Stock Accrued Under Share-based Compensation Plan for Each Non-employee Director | 1,932 | 4,298 | 2,275 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 405,000 | 405,000 | ||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 33,000 | |||||||||||
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 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100,000 | 5,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.38 | $ 30.81 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
The 2014 Stock Option Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
The 2014 Stock Option Plan [Member] | 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 | $ 16.29 | $ 30.80 | |||||||||
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% |
Note 14 - Stock-based Compens_4
Note 14 - Stock-based Compensation - Employee Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding (in shares) | 45,068 | 56,131 | 66,098 |
Outstanding (in dollars per share) | $ 10.79 | $ 10.85 | $ 10.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | |||
Granted (in dollars per share) | |||
Exercised (in shares) | (45,005) | (11,063) | (7,917) |
Exercised (in dollars per share) | $ 10.79 | $ 11.13 | $ 11.41 |
Canceled (in shares) | (63) | (2,050) | |
Canceled (in dollars per share) | $ 10.90 | $ 10.91 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Outstanding (in shares) | 45,068 | 56,131 | |
Outstanding (in dollars per share) | $ 10.79 | $ 10.85 | |
Options exercisable (in shares) | |||
Options exercisable (in dollars per share) |
Note 14 - Stock-based Compens_5
Note 14 - Stock-based Compensation - Summary of Nonvested Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Nonvested, stock options (in shares) | 0 | ||
Granted, stock options (in shares) | 0 | 0 | 0 |
Nonvested, stock options (in shares) | 0 | ||
Restricted Stock [Member] | |||
Nonvested, stock options (in shares) | 104,150 | ||
Nonvested - weighted average grant date fair value, stock options (in dollars per share) | $ 17.14 | ||
Granted, stock options (in shares) | 34,932 | ||
Granted (in dollars per share) | $ 36.35 | ||
Canceled/forfeited/expired, stock options (in shares) | (150) | ||
Canceled/forfeited/expired - weighted average grant date fair value, stock options (in dollars per share) | $ 42.65 | ||
Vested, stock options (in shares) | (38,015) | ||
Vested - weighted average grant date fair value, stock options (in dollars per share) | $ 18.91 | ||
Nonvested, stock options (in shares) | 100,917 | 104,150 | |
Nonvested - weighted average grant date fair value, stock options (in dollars per share) | $ 23.09 | $ 17.14 |
Note 15 - Earnings Per Share -
Note 15 - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 23,994 | $ 38,899 | $ 11,101 | ||||||||
Basic (in shares) | 5,975 | 6,034 | 6,159 | 6,168 | 6,219 | 6,326 | 6,381 | 6,399 | 6,083 | 6,331 | 6,627 |
Dilutive effect of common stock equivalents (in shares) | 76 | 67 | 22 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 6,029 | 6,088 | 6,229 | 6,264 | 6,312 | 6,373 | 6,430 | 6,425 | 6,159 | 6,398 | 6,649 |
Basic (in dollars per share) | $ 1.02 | $ 1.53 | $ 1.18 | $ 0.22 | $ 5.07 | $ 0.54 | $ 0.25 | $ 0.36 | $ 3.94 | $ 6.14 | $ 1.68 |
Diluted (in dollars per share) | $ 1.01 | $ 1.52 | $ 1.17 | $ 0.22 | $ 5 | $ 0.54 | $ 0.25 | $ 0.36 | $ 3.90 | $ 6.08 | $ 1.67 |
Note 16 - Benefit Plan (Details
Note 16 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||
Defined Contribution, Fully Vested Period | 5 years | ||
Defined Contribution Plan, Cost | $ 176,000 | $ 179,000 | $ 161,000 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases Number of Trucks | 56 | 471 | 471 | ||
Operating Leases, Rent Expense, Total | $ 47,000 | $ 5,460,000 | $ 10,294,000 |
Note 18 - Lease Income (Details
Note 18 - Lease Income (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Trucks [Member] | ||
Property Subject to or Available for Operating Lease, Gross | $ 61,061,000 | $ 42,206,000 |
Property Subject to or Available for Operating Lease, Net, Total | 34,299,000 | 17,028,000 |
Operating Leases, Future Minimum Payments Receivable, Total | $ 22,319,000 | 9,360,000 |
Trucks [Member] | Minimum [Member] | ||
Lessor, Operating Lease, Term of Contract | 210 days | |
Trucks [Member] | Maximum [Member] | ||
Lessor, Operating Lease, Term of Contract | 5 years | |
Building [Member] | ||
Property Subject to or Available for Operating Lease, Gross | $ 1,697,000 | 1,697,000 |
Property Subject to or Available for Operating Lease, Net, Total | 1,138,000 | $ 1,195,000 |
Operating Leases, Future Minimum Payments Receivable, Total | $ 12,000 |
Note 19 - Fair Value of Finan_3
Note 19 - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Marketable equity securities | $ 27,549 | $ 26,664 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 27,549 | 26,664 |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | $ 0 |
Note 19 - Fair Value of Finan_4
Note 19 - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 211,031 | $ 172,636 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 210,234 | $ 171,289 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - Majority Shareholder [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from Related Parties | $ 2,854,000 | $ 585,000 | $ 4,834,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 9,859,000 | 7,497,000 | 8,837,000 |
Due from Related Parties, Total | 149,000 | 21,000 | |
Due to Related Parties, Total | 2,161,000 | 971,000 | |
Freight Transportation [Member] | |||
Accounts Receivable, Related Parties | 147,000 | 19,000 | |
Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | |||
Accounts Receivable, Related Parties | 2,000 | 2,000 | |
Insurance Premiums Paid in Excess of Amounts Earned [Member] | |||
Accounts Receivable, Related Parties | 29,000 | 1,385,000 | |
Physical Damage Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 1,271,000 | 1,808,000 | 2,091,000 |
Auto Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 10,987,000 | 10,860,000 | 11,030,000 |
General Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 24,000 | 35,000 | 21,000 |
Workers Compensation Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 301,000 | $ 286,000 | $ 298,000 |
Note 21 - Quarterly Results o_3
Note 21 - Quarterly Results of Operations (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues | $ 138,176 | $ 140,325 | $ 135,302 | $ 119,458 | $ 110,888 | $ 108,899 | $ 108,646 | $ 109,405 | $ 533,261 | $ 437,838 | $ 432,852 |
Operating expenses and costs | 123,500 | 127,172 | 125,285 | 115,702 | 107,536 | 105,131 | 105,748 | 106,743 | 491,659 | 425,158 | 412,924 |
Operating income | 14,676 | 13,153 | 10,017 | 3,756 | 3,352 | 3,768 | 2,898 | 2,662 | 41,602 | 12,680 | 19,928 |
Non-operating (loss) income | (4,704) | 935 | 632 | (879) | 384 | 2,767 | 650 | 2,052 | (4,016) | 5,853 | 1,485 |
Interest expense | (2,019) | (1,711) | (1,355) | (1,160) | (1,070) | (920) | (935) | (977) | (6,245) | (3,902) | (3,641) |
Income tax (expense) benefit | (1,883) | (3,129) | (2,005) | (330) | 28,895 | (2,169) | (1,004) | (1,454) | 7,347 | (24,268) | 6,671 |
Net income | $ 6,070 | $ 9,248 | $ 7,289 | $ 1,387 | $ 31,561 | $ 3,446 | $ 1,609 | $ 2,283 | $ 23,994 | $ 38,899 | $ 11,101 |
Basic (in dollars per share) | $ 1.02 | $ 1.53 | $ 1.18 | $ 0.22 | $ 5.07 | $ 0.54 | $ 0.25 | $ 0.36 | $ 3.94 | $ 6.14 | $ 1.68 |
Diluted (in dollars per share) | $ 1.01 | $ 1.52 | $ 1.17 | $ 0.22 | $ 5 | $ 0.54 | $ 0.25 | $ 0.36 | $ 3.90 | $ 6.08 | $ 1.67 |
Basic (in shares) | 5,975 | 6,034 | 6,159 | 6,168 | 6,219 | 6,326 | 6,381 | 6,399 | 6,083 | 6,331 | 6,627 |
Diluted (in shares) | 6,029 | 6,088 | 6,229 | 6,264 | 6,312 | 6,373 | 6,430 | 6,425 | 6,159 | 6,398 | 6,649 |
Total income tax (benefit) expense | $ (1,883) | $ (3,129) | $ (2,005) | $ (330) | $ 28,895 | $ (2,169) | $ (1,004) | $ (1,454) | $ 7,347 | $ (24,268) | $ 6,671 |