Pamt (PAMT) 10-Q 25 Apr 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 19, 2019
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 Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		5,920,005
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 286	$ 282
Accounts receivable-net:
Trade, less allowance of $2,293 and $2,224, respectively	68,735	63,350
Other	3,717	3,814
Inventories	1,471	1,461
Prepaid expenses and deposits	9,114	10,393
Marketable equity securities	30,805	27,549
Income taxes refundable	1,804	1,876
Total current assets	115,932	108,725
Property and equipment:
Land	5,596	5,596
Structures and improvements	19,611	19,547
Revenue equipment	455,454	457,142
Office furniture and equipment	10,221	10,040
Total property and equipment	490,882	492,325
Accumulated depreciation	(144,494)	(137,738)
Net property and equipment	346,388	354,587
Other assets	2,752	2,754
TOTAL ASSETS	465,072	466,066
Current liabilities:
Accounts payable	22,716	20,002
Accrued expenses and other liabilities	25,907	23,497
Current maturities of long-term debt	58,508	63,908
Total current liabilities	107,131	107,407
Long-term debt-less current portion	146,969	157,315
Deferred income taxes	64,626	61,897
Total liabilities	318,726	326,619
SHAREHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued
Common stock, $.01 par value, 40,000,000 shares authorized; 11,613,394 and 11,612,144 shares issued; 5,918,160 and 5,956,558 shares outstanding at March 31, 2019 and December 31, 2018, respectively	116	116
Additional paid-in capital	82,992	82,776
Treasury stock, at cost; 5,695,234 and 5,655,586 shares at March 31, 2019 and December 31, 2018, respectively	(144,170)	(142,552)
Retained earnings	207,408	199,107
Total shareholders’ equity	146,346	139,447
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 465,072	$ 466,066

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Trade, allowance	$ 2,293	$ 2,224
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)	11,613,394	11,612,144
Common stock, outstanding (in shares)	5,918,160	5,956,558
Treasury stock (in shares)	5,695,234	5,655,586

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING REVENUES:
Operating revenues	$ 128,686	$ 119,458
OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits	31,063	28,639
Operating supplies and expenses	23,512	22,671
Rent and purchased transportation	44,554	45,917
Depreciation	13,187	11,623
Insurance and claims	4,114	4,268
Other	2,994	2,581
(Gain)/loss on disposition of equipment	(425)	3
Total operating expenses and costs	118,999	115,702
OPERATING INCOME	9,687	3,756
NON-OPERATING INCOME/(EXPENSE)	3,472	(879)
INTEREST EXPENSE	(2,040)	(1,160)
INCOME BEFORE INCOME TAXES	11,119	1,717
FEDERAL AND STATE INCOME TAX EXPENSE:
Current	89	35
Deferred	2,729	295
Total federal and state income tax expense	2,818	330
NET INCOME	$ 8,301	$ 1,387
INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 1.40	$ 0.22
Diluted (in dollars per share)	$ 1.39	$ 0.22
AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	5,921	6,168
Diluted (in shares)	5,985	6,264
Freight Transportation Service [Member]
OPERATING REVENUES:
Operating revenues	$ 110,345	$ 99,104
Fuel Surcharge [Member]
OPERATING REVENUES:
Operating revenues	$ 18,341	$ 20,354

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES:
Net income	$ 8,301,000	$ 1,387,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,187,000	11,623,000
Bad debt expense	69,000	158,000
Stock compensation-net of excess tax benefits	306,000	233,000
Provision for deferred income taxes	2,729,000	295,000
Recognized (gain) loss on marketable equity securities	(3,184,000)	1,142,000
(Gain)/loss on disposition of equipment	(425,000)	3,000
Changes in operating assets and liabilities:
Accounts receivable	(5,356,000)	(6,693,000)
Prepaid expenses, deposits, inventories, and other assets	1,269,000	1,633,000
Income taxes refundable	75,000	31,000
Trade accounts payable	199,000	4,414,000
Accrued expenses and other liabilities	2,567,000	1,494,000
Net cash provided by operating activities	19,737,000	15,720,000
INVESTING ACTIVITIES:
Purchases of property and equipment	(7,926,000)	(13,220,000)
Proceeds from disposition of equipment	5,787,000	756,000
Purchases of marketable equity securities, net of return of capital	(72,000)	(582,000)
Net cash used in investing activities	(2,211,000)	(13,046,000)
FINANCING ACTIVITIES:
Borrowings under line of credit	131,387,000	130,935,000
Repayments under line of credit	(133,442,000)	(126,372,000)
Borrowings of long-term debt	5,789,000	6,949,000
Repayments of long-term debt	(19,480,000)	(14,674,000)
Borrowings under margin account	166,000	669,000
Repayments under margin account	(324,000)	(290,000)
Repurchases of common stock	(1,618,000)	(36,000)
Exercise of stock options	0	168,000
Net cash used in financing activities	(17,522,000)	(2,651,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,000	23,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period	282,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	286,000	247,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION-
Interest	2,037,000	1,164,000
Income taxes	15,000	5,000
NONCASH INVESTING AND FINANCING ACTIVITIES-
Purchases of property and equipment included in accounts payable	$ 4,025,000	$ 2,431,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017		6,161
Balance at Dec. 31, 2017		$ 115	$ 81,559	$ 7,444	$ (129,183)	$ 167,669	$ 127,604
Net Income						1,387	1,387
Exercise of stock awards-shares issued including tax benefits (in shares)		17
Exercise of stock awards-shares issued including tax benefits			168				168
Treasury stock repurchases (in shares)		(1)
Treasury stock repurchases					(36)		(36)
Stock compensation	[1]		162				162
Balance at Mar. 31, 2018		$ 115	81,889		(129,219)	176,500	129,285
Exercise of stock options and stock awards-shares issued including tax benefits (in shares)		17
Exercise of stock options and stock awards-shares issued including tax benefits			168				168
Share-based compensation	[1]		162				162
Balance (in shares) at Mar. 31, 2018		6,177
Cumulative effect adjustment – ASU 2016-01				$ (7,444)		7,444
Balance (in shares) at Dec. 31, 2018		5,957
Balance at Dec. 31, 2018		$ 116	82,776		(142,552)	199,107	139,447
Net Income						8,301	8,301
Exercise of stock awards-shares issued including tax benefits (in shares)		1
Exercise of stock awards-shares issued including tax benefits
Treasury stock repurchases (in shares)		(40)
Treasury stock repurchases					(1,618)		(1,618)
Stock compensation	[2]		216				216
Balance at Mar. 31, 2019		$ 116	82,992		(144,170)	207,408	146,346
Exercise of stock options and stock awards-shares issued including tax benefits (in shares)		1
Exercise of stock options and stock awards-shares issued including tax benefits
Share-based compensation	[2]		$ 216				$ 216
Balance (in shares) at Mar. 31, 2019		5,918
[1]	Approximately $70,000 was accrued as Share-based compensation at March 31, 2018 for restricted stock earned by non-employee directors but for which shares were not issued until April 2018.
[2]	Approximately $90,000 was accrued as Share-based compensation at March 31, 2019 for restricted stock earned by non-employee directors but for which shares were not issued until April 2019.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
Additional Paid-in Capital [Member] | Restricted Stock [Member] | Director [Member]
Stock compensation	$ 90		$ 70
Share-based compensation	90		70
Additional Paid-in Capital [Member]
Stock compensation	216	[1]	162	[2]
Share-based compensation	216	[1]	162	[2]
Stock compensation	216	[1]	162	[2]
Share-based compensation	$ 216	[1]	$ 162	[2]
[1]	Approximately $90,000 was accrued as Share-based compensation at March 31, 2019 for restricted stock earned by non-employee directors but for which shares were not issued until April 2019.
[2]	Approximately $70,000 was accrued as Share-based compensation at March 31, 2018 for restricted stock earned by non-employee directors but for which shares were not issued until April 2018.

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE A : BASIS OF PRESENTATION Unless the context otherwise requires, all references in this Quarterly Report on Form 10 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not December 31, 2018 not three March 31, 2019 not may December 31, 2019. 10 December 31, 2018.

Note B - Recent Accounting Pron

Note B - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE B : RECENT ACCOUNTING PRONOUNCEMENTS In July 2018, No. 2018 09, 2018 09” 2018 09 2018 09 December 15, 2018, January 1, 2019 not In July 2018, No. 2018 10, 2018 10” 842, 2018 10 842, 2018 10 December 15, 2018, January 1, 2019 not In June 2016, No. 2016 13, 2016 13” 326 2016 13 2016 13 December 15, 2019, not In February 2016, No. 2016 02, 2016 02” 842 12 not In transition, lessees and lessors are 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 currently leases shop, office and parking spaces in various locations around the country. The initial term for the majority of these leases is one one not The initial lease term for certain shop and office locations is for periods ranging from one five may may not not not The Company has concluded that it is not March 31, 2019 December 31, 2018. one may one may not The Company leases trucks to independent contractors under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal. We have reviewed these leases and determined that the adoption of ASU 2016 02 not Because the Company’s historical method of accounting for leases is consistent with the provisions of ASU 2016 02, 2016 02 January 1, 2019 not With the exception of the new standards discussed above, there have been no three March 31, 2019, 10 December 31, 2018,

Note C - Revenue Recognition

Note C - Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE C: REVENUE RECOGNITION 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 truck 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 D - Marketable Equity Secu

Note D - Marketable Equity Securities	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE D : MARKETABLE EQUITY SECURITIES The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense). Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J, below. The following table sets forth market value, cost, and unrealized gains on equity securities as of March 31, 2019 December 31, 2018. March 31, 2019 December 31, 2018 (in thousands) Fair market value $ 30,805 $ 27,549 Cost 26,000 25,602 Unrealized gain $ 4,805 $ 1,947 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of March 31, 2019 December 31, 2018. March 31, 2019 December 31, 2018 (in thousands) Gross unrealized gains $ 7,129 $ 5,668 Gross unrealized losses 2,324 3,721 Net unrealized gains $ 4,805 $ 1,947 There were no first three 2019 2018. For the quarter ended March 31, 2019, $277,000 March 31, 2018, $271,000 The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2019 December 31, 2018, $11,123,000 $11,281,000, Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $3,184,000 first 2019, $1,142,000 first 2018,

Note E - Stock Based Compensati

Note E - Stock Based Compensation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE E : STOCK BASED COMPENSATION The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may 750,000 not 85% On March 31, 2019, 205 April 2019 $48.94 The total grant date fair value of stock vested during the first three 2019 $39,000. first three 2019 $306,000 $90,000 205 first 2019. $0.04 first 2019. March 31, 2019, $1,648,000 $630,000 2019 $430,000, $294,000 $294,000 2020, 2021 2022, The total grant date fair value of stock and stock options vested during the first three 2018 $39,000. first three 2018 $233,000, $70,000 276 first 2018. $0.03 first 2018. March 31, 2018, $1,171,000 A summary of the status of the Company’s non-vested restricted stock as of March 31, 2019 three March 31, 2019, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2019 100,917 $ 23.09 Granted - - Canceled/forfeited/expired - - Vested (1,250 ) 30.81 Non-vested at March 31, 2019 99,667 $ 22.99 ___________________________ Cash received from option exercises totaled approximately $0 $168,000 three March 31, 2019 March 31, 2018,

Note F - Segment Information

Note F - Segment Information	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE F : SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, egment Reporting, two 280, two single Three Months Ended March 31, 2019 2018 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 90,013 81.6 $ 80,524 81.3 Brokerage and Logistics Services revenue 20,332 18.4 18,580 18.7 Total revenues $ 110,345 100.0 $ 99,104 100.0

Note G - Treasury Stock

Note G - Treasury Stock	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Treasury Stock [Text Block]	NOTE G : TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 three March 31, 2019, 39,648 $1.6 The Company accounts for Treasury stock using the cost method and as of March 31, 2019, 5,695,234 $144.2

Note H - Net Income Per Share

Note H - Net Income Per Share	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE H : NET INCOME PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Net income $ 8,301 $ 1,387 Basic weighted average common shares outstanding 5,921 6,168 Dilutive effect of common stock equivalents 64 96 Diluted weighted average common shares outstanding 5,985 6,264 Basic earnings per share $ 1.40 $ 0.22 Diluted earnings per share $ 1.39 $ 0.22 As of March 31, 2019 March 31, 2018, no

Note I - Income Taxes

Note I - Income Taxes	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE I : INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitation period of three 2015 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, March 31, 2019, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not March 31, 2019, not three March 31, 2019 2018, not The Company’s effective income tax rates were 25.4% 19.2% three March 31, 2019 2018, three March 31, 2019

Note J - Fair Value of Financia

Note J - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE J : FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 not not Level 3: Unobservable inputs that are supported by little or no The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At March 31, 2019, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 30,805 $ 30,805 - - The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2019 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 197,340 $ 197,597 The Company has not

Note K - Notes Payable

Note K - Notes Payable	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Long-term Debt [Text Block]	NOTE K : NOTES PAYABLE During the first three 2019, $5.8 36

Note L - Litigation

Note L - Litigation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE L : LITIGATION Other than the lawsuit discussed below, the Company is not We are a defendant in a collective-action lawsuit which was re-filed on December 9, 2016, December 6, 2013, may not

Note M - Subsequent Events

Note M - Subsequent Events	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE M : SUBSEQUENT EVENTS Management has evaluated subsequent events for recognition and disclosure through the date these financial statements were filed with the United States Securities and Exchange Commission and concluded that no

Note D - Marketable Equity Se_2

Note D - Marketable Equity Securities (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Marketable Securities [Table Text Block]	March 31, 2019 December 31, 2018 (in thousands) Fair market value $ 30,805 $ 27,549 Cost 26,000 25,602 Unrealized gain $ 4,805 $ 1,947
Unrealized Gain (Loss) on Investments [Table Text Block]	March 31, 2019 December 31, 2018 (in thousands) Gross unrealized gains $ 7,129 $ 5,668 Gross unrealized losses 2,324 3,721 Net unrealized gains $ 4,805 $ 1,947

Note E - Stock Based Compensa_2

Note E - Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2019 100,917 $ 23.09 Granted - - Canceled/forfeited/expired - - Vested (1,250 ) 30.81 Non-vested at March 31, 2019 99,667 $ 22.99

Note F - Segment Information (T

Note F - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended March 31, 2019 2018 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 90,013 81.6 $ 80,524 81.3 Brokerage and Logistics Services revenue 20,332 18.4 18,580 18.7 Total revenues $ 110,345 100.0 $ 99,104 100.0

Note H - Net Income Per Share (

Note H - Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Net income $ 8,301 $ 1,387 Basic weighted average common shares outstanding 5,921 6,168 Dilutive effect of common stock equivalents 64 96 Diluted weighted average common shares outstanding 5,985 6,264 Basic earnings per share $ 1.40 $ 0.22 Diluted earnings per share $ 1.39 $ 0.22

Note J - Fair Value of Financ_2

Note J - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 30,805 $ 30,805 - -
Fair Value, by Balance Sheet Grouping [Table Text Block]	Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 197,340 $ 197,597

Note B - Recent Accounting Pr_2

Note B - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Lessee, Operating Lease, Renewal Term	30 days
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	$ 0	$ 0
Operating Lease, Liability, Total	$ 0	$ 0
Minimum [Member]
Lessee, Operating Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract	5 years

Note D - Marketable Equity Se_3

Note D - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Increase (Decrease) in Equity Securities, FV-NI	$ 0	$ 0
Investment Income, Dividend	277,000	271,000
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	3,184,000	$ (1,142,000)
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member]
Short-term Debt, Total	$ 11,123,000		$ 11,281,000

Note D - Marketable Equity Se_4

Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair market value	$ 30,805	$ 27,549
Cost	26,000	25,602
Unrealized gain	$ 4,805	$ 1,947

Note D - Marketable Equity Se_5

Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Gross unrealized gains	$ 7,129	$ 5,668
Gross unrealized losses	2,324	3,721
Net unrealized gains	$ 4,805	$ 1,947

Note E - Stock Based Compensa_3

Note E - Stock Based Compensation (Details Textual) - USD ($)	Mar. 31, 2019	May 29, 2014	Apr. 24, 2019	Mar. 31, 2019	Mar. 31, 2018
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, Vested in Period, Fair Value				$ 39,000	$ 39,000
Allocated Share-based Compensation Expense, Total				$ 306,000	$ 233,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted				$ 0.04	$ 0.03
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	$ 1,648,000			$ 1,648,000	$ 1,171,000
Proceeds from Stock Options Exercised				0	168,000
Amortization, Current Year [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	630,000			630,000
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
Accrual Shares to Each Non-employee Director [Member]
Allocated Share-based Compensation Expense, Total				$ 90,000
Nonqualified Options [Member] | Annual Grant to Non-employee [Member]
Allocated Share-based Compensation Expense, Total					$ 70,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period					276
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	205
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Director [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 48.94
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 E - Stock Based Compensa_4

Note E - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Non-vested (in shares) | shares	100,917
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 23.09
Granted (in shares) | shares
Granted - weighted average grant date fair value (in dollars per share) | $ / shares
Canceled/forfeited/expired (in shares) | shares
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) | $ / shares
Vested (in shares) | shares	(1,250)
Vested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 30.81
Non-vested (in shares) | shares	99,667
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 22.99

Note F - Segment Information (D

Note F - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2019
Number of Operating Segments	2
Number of Reportable Segments	1

Note F - Segment Information -

Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, before fuel surcharges	$ 128,686	$ 119,458
Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 110,345	$ 99,104
Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	100.00%	100.00%
Truckload Services [Member] | Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 90,013	$ 80,524
Truckload Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	81.60%	81.30%
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 20,332	$ 18,580
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	18.40%	18.70%

Note G - Treasury Stock (Detail

Note G - Treasury Stock (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Apr. 30, 2017
Treasury Stock, Value, Acquired, Cost Method	$ 1,618	$ 36
Treasury Stock, Shares, Ending Balance	5,695,234		5,655,586
Treasury Stock, Value, Ending Balance	$ 144,170		$ 142,552
September 2011 Reauthorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				500,000
Treasury Stock, Shares, Acquired	39,648
Treasury Stock, Value, Acquired, Cost Method	$ 1,600

Note H - Net Income Per Share_2

Note H - Net Income Per Share (Details Textual) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Note H - Net Income Per Share -

Note H - Net Income Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Income	$ 8,301	$ 1,387
Basic (in shares)	5,921	6,168
Dilutive effect of common stock equivalents (in shares)	64	96
Diluted weighted average common shares outstanding (in shares)	5,985	6,264
Basic (in dollars per share)	$ 1.40	$ 0.22
Diluted (in dollars per share)	$ 1.39	$ 0.22

Note I - Income Taxes (Details

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statute of Limitations	3 years
Open Tax Year	2015 2016 2017 2018
Income Tax Examination, Penalties and Interest Expense, Total	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent, Total	25.40%	19.20%

Note J - Fair Value of Financ_3

Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Marketable equity securities	$ 30,805	$ 27,549
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	30,805
Fair Value, Inputs, Level 2 [Member]
Marketable equity securities	0
Fair Value, Inputs, Level 3 [Member]
Marketable equity securities	$ 0

Note J - Fair Value of Financ_4

Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands	Mar. 31, 2019USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 197,340
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 197,597

Note K - Notes Payable (Details

Note K - Notes Payable (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Notes Payable, Total	$ 5.8
Notes Payable, Number of Monthly Installments	36