Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,746,450 | ||
Entity Public Float | $ 112,575,691 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock ($0.01 par value) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 318,000 | $ 282,000 |
Accounts receivable—net: | ||
Trade, less allowance of $2,952 and $2,224, respectively | 61,784,000 | 63,350,000 |
Other | 3,769,000 | 3,814,000 |
Inventories | 1,327,000 | 1,461,000 |
Prepaid expenses and deposits | 8,669,000 | 10,393,000 |
Marketable equity securities | 29,521,000 | 27,549,000 |
Income taxes refundable | 504,000 | 1,876,000 |
Total current assets | 105,892,000 | 108,725,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 7,246,000 | 5,596,000 |
Structures and improvements | 20,204,000 | 19,547,000 |
Revenue equipment | 524,527,000 | 457,142,000 |
Office furniture and equipment | 11,185,000 | 10,040,000 |
Total property and equipment | 563,162,000 | 492,325,000 |
Accumulated depreciation | (175,887,000) | (137,738,000) |
Net property and equipment | 387,275,000 | 354,587,000 |
OTHER ASSETS | 4,842,000 | 2,754,000 |
TOTAL ASSETS | 498,009,000 | 466,066,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 16,597,000 | 20,002,000 |
Accrued expenses and other liabilities | 40,610,000 | 23,497,000 |
Current maturities of long-term debt | 67,637,000 | 63,908,000 |
Total current liabilities | 124,845,000 | 107,407,000 |
Long-term debt—less current portion | 174,187,000 | 157,315,000 |
Deferred income taxes | 63,522,000 | 61,897,000 |
Other long-term liabilities | 1,481,000 | |
Total liabilities | 364,034,000 | 326,619,000 |
COMMITMENTS AND CONTINGENCIES (Note 16) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,656,160 and 11,612,144 shares issued; 5,748,897 and 5,956,558 shares outstanding at December 31, 2019 and 2018, respectively | 117,000 | 116,000 |
Additional paid-in capital | 83,688,000 | 82,776,000 |
Accumulated other comprehensive income | ||
Treasury stock, at cost; 5,907,263 and 5,655,586 shares at December 31, 2019 and 2018, respectively | (156,836,650) | (142,552,000) |
Retained earnings | 207,007,000 | 199,107,000 |
Total stockholders’ equity | 133,975,000 | 139,447,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 498,009,000 | $ 466,066,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade, allowance | $ 2,952 | $ 2,224 | $ 1,335 | $ 994 |
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) | 11,656,160 | 11,612,144 | ||
Common stock, outstanding (in shares) | 5,748,897 | 5,956,558 | ||
Treasury stock (in shares) | 5,907,263 | 5,655,586 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING REVENUES: | |||
Operating revenues | $ 514,177 | $ 533,261 | $ 437,838 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 129,738 | 119,819 | 102,227 |
Operating supplies and expenses | 98,420 | 93,130 | 79,505 |
Rents and purchased transportation | 168,399 | 201,455 | 174,477 |
Depreciation | 55,107 | 49,387 | 42,274 |
Insurance and claims | 35,622 | 17,191 | 17,484 |
Other | 13,761 | 11,983 | 9,249 |
Loss (gain) on disposition of equipment | 583 | (1,306) | (58) |
Total operating expenses and costs | 501,630 | 491,659 | 425,158 |
OPERATING INCOME | 12,547 | 41,602 | 12,680 |
NON-OPERATING INCOME (EXPENSE) | 6,222 | (4,016) | 5,853 |
INTEREST EXPENSE | (8,654) | (6,245) | (3,902) |
INCOME BEFORE INCOME TAXES | 10,115 | 31,341 | 14,631 |
FEDERAL & STATE INCOME TAX EXPENSE (BENEFIT): | |||
Current | 590 | 141 | 362 |
Deferred | 1,625 | 7,206 | (24,630) |
Total federal & state income tax expense (benefit) | 2,215 | 7,347 | (24,268) |
NET INCOME | $ 7,900 | $ 23,994 | $ 38,899 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $ 1.35 | $ 3.94 | $ 6.14 |
Diluted (in dollars per share) | $ 1.34 | $ 3.90 | $ 6.08 |
AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 5,832 | 6,083 | 6,331 |
Diluted (in shares) | 5,880 | 6,159 | 6,398 |
Freight Transportation Service [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 439,511 | $ 445,855 | $ 373,523 |
Fuel Surcharge [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 74,666 | $ 87,406 | $ 64,315 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
NET INCOME | $ 7,900 | $ 23,994 | $ 38,899 | |
Other comprehensive income (loss), net of tax: | ||||
Reclassification adjustment for realized gains on marketable securities included in net income (1) | [1] | (2,059) | ||
Reclassification adjustment for unrealized losses on marketable securities included in net income (2) | [2] | 26 | ||
Changes in fair value of marketable securities (3) | [3] | 2,001 | ||
COMPREHENSIVE INCOME | $ 7,900 | $ 23,994 | $ 38,867 | |
[1] | Net of deferred income taxes of $0, $0, and $(1,326), respectively. | |||
[2] | Net of deferred income taxes of $0, $0, and $16, respectively. | |||
[3] | Net of deferred income taxes of $0, $0, and $(687), respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification adjustment for realized gains on marketable securities included in net income, tax | $ 0 | $ 0 | $ (1,326) |
Reclassification adjustment for unrealized losses on marketable securities included in net income, tax | 0 | 0 | 16 |
Changes in fair value of marketable securities, tax | $ 0 | $ 0 | $ (687) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 6,397,000 | ||||||
Balance at Dec. 31, 2016 | $ 115 | $ 80,822 | $ 7,476 | $ (122,835) | $ 128,580 | $ 94,158 | |
NET INCOME | 38,899 | 38,899 | |||||
Other comprehensive income (loss), 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 | |||||
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 | |||||
Cumulative effect adjustment – ASU 2016-01 | (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 | |
NET INCOME | 7,900 | $ 7,900 | |||||
Exercise of stock options-shares issued including tax benefits (in shares) | |||||||
Restricted stock issued (in shares) | 44,000 | ||||||
Restricted stock issued | 1 | $ 1 | |||||
Treasury stock repurchases (in shares) | (252,000) | ||||||
Treasury stock repurchases | (14,285) | (14,285) | |||||
Share-based compensation | 912 | 912 | |||||
Balance (in shares) at Dec. 31, 2019 | 5,749,000 | ||||||
Balance at Dec. 31, 2019 | $ 117 | $ 83,688 | $ 0 | $ (156,837) | $ 207,007 | $ 133,975 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Other comprehensive income (loss), tax | $ 1,995 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net income | $ 7,900,000 | $ 23,994,000 | $ 38,899,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 55,107,000 | 49,387,000 | 42,274,000 |
Bad debt expense | 728,000 | 889,000 | 341,000 |
Stock compensation—net of excess tax benefits | 912,000 | 732,000 | 614,000 |
Provision for (benefit from) deferred income taxes | 1,625,000 | 7,206,000 | (24,630,000) |
Reclassification of other than temporary impairment in marketable equity securities | 42,000 | ||
Recognized (gain) loss on marketable equity securities | (4,753,000) | 5,388,000 | (4,735,000) |
(Loss) gain on sale or disposal of equipment | 583,000 | (1,306,000) | (58,000) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 884,000 | (5,970,000) | (1,298,000) |
Prepaid expenses, deposits, inventories, and other assets | 1,865,000 | (137,000) | (1,095,000) |
Income taxes refundable | 1,372,000 | (76,000) | (155,000) |
Trade accounts payable | (2,233,000) | 1,731,000 | 682,000 |
Accrued expenses and other liabilities | 20,307,000 | 509,000 | (266,000) |
Net cash provided by operating activities | 84,297,000 | 82,347,000 | 50,614,000 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (79,354,000) | (73,882,000) | (67,674,000) |
Proceeds from disposition of equipment | 14,263,000 | 24,904,000 | 18,766,000 |
Sales of marketable equity securities | 2,984,000 | 1,045,000 | 6,833,000 |
Purchases of marketable equity securities, net of return of capital | (203,000) | (7,318,000) | (3,211,000) |
Net cash used in investing activities | (62,310,000) | (55,251,000) | (45,286,000) |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 590,902,000 | 615,612,000 | 483,297,000 |
Repayments under line of credit | (584,047,000) | (605,419,000) | (485,163,000) |
Borrowings of long-term debt | 60,203,000 | 52,717,000 | 55,415,000 |
Repayments of long-term debt | (70,917,000) | (82,442,000) | (48,110,000) |
Borrowings under margin account | 527,000 | 7,584,000 | 3,412,000 |
Repayments under margin account | (4,334,000) | (2,206,000) | (7,867,000) |
Repurchases of common stock | (14,285,000) | (13,369,000) | (6,348,000) |
Proceeds from exercise of stock options | 0 | 485,000 | 123,000 |
Net cash used in financing activities | (21,951,000) | (27,038,000) | (5,241,000) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 36,000 | 58,000 | 87,000 |
CASH AND CASH EQUIVALENTS—Beginning of year | 282,000 | 224,000 | 137,000 |
CASH AND CASH EQUIVALENTS—End of year | 318,000 | 282,000 | 224,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION— | |||
Interest | 8,612,000 | 6,095,000 | 3,905,000 |
Income taxes | 671,000 | 217,000 | 518,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES— | |||
Purchases of revenue equipment included in accounts payable | $ 366,000 | $ 1,597,000 | $ 2,973,000 |
Note 1 - Accounting Policies
Note 1 - Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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., S & L Logistics, Inc. and P.A.M. Mexico Holdings, LLC. 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, 2019 2018 $2,572,000 $3,669,000, Accounts Receivable Other December 31, 2019 2018, $211,000 $220,000, December 31, 2019 2018, $1,381,000 $1,724,000, 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, see Note 4 Impairment of Long-Lived Assets may not not not No 2019 2018. 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 2019 2018, not Inventory first first Prepaid Tires 24 Advertising Expense $1,269,000, $1,234,000 $1,087,000 December 31, 2019, 2018 2017, 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, 2019 2018, not Revenue Recognition no Earnings Per Share 14 Fair Value Measurements 18 Reporting Segments 82.7%, 80.0% 86.3% twelve December 31, 2019, 2018 2017, Concentrations of Credit Risk not Subsequent Events February 24, 2020, December 9, 2013, December 31, 2019, December 31, 2019 $16.5 not not Foreign Currency Transactions Recent Accounting Pronouncements– 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, 842 may December 15, 2018, To satisfy the standard’s objective, a lessee will recognize a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability will initially be measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of 12 not The adoption of this guidance on January 1, 2019 not 17 842. In January 2016, 2016 01, 2016 01” 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 |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. 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 3 - Trade Accounts Receiva
Note 3 - Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018: 20 1 9 20 1 8 ( i n thousands) Billed $ 57,495 $ 56,766 Unbilled 7,241 8,808 Allowance for doubtful accounts (2,952 ) (2,224 ) Total accounts receivable—net $ 61,784 $ 63,350 An analysis of changes in the allowance for doubtful accounts for the years ended December 31, 2019, 2018, 2017 20 1 9 20 1 8 20 1 7 ( i n thousands) Balance—beginning of year $ 2,224 $ 1,335 $ 994 Provision for bad debts 728 889 341 Charge-offs - - - Recoveries - - - Balance—end of year $ 2,952 $ 2,224 $ 1,335 |
Note 4 - Marketable Equity Secu
Note 4 - Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2019 | |
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, 321 Marketable equity securities are carried at fair value, with changes 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 Note 18 The following table sets forth cost, market value and unrealized gain on equity securities classified as available-for-sale as of December 31, 2019 2018. 201 9 201 8 (in thousands) Available-for-sale securities: Fair market value $ 29,521 $ 27,549 Cost 24,156 25,602 Unrealized gain $ 5,365 $ 1,947 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of December 31, 2019 2018. 201 9 201 8 (in thousands) Available-for-sale securities: Gross unrealized gains $ 7,808 $ 5,668 Gross unrealized losses 2,443 3,721 Net unrealized gains $ 5,365 $ 1,947 For the years ended December 31, 2019, 2018 2017, $1,309,000, $1,171,000, $999,000 The following table shows the Company’s net realized gains during 2019, 2018 2017 201 9 201 8 201 7 (in thousands) Realized gains: Sale proceeds $ 2,984 $ 1,044 $ 6,833 Cost of securities sold 1,929 669 2,098 Realized gains $ 1,055 $ 375 $ 4,735 Realized gains, net of taxes $ 815 $ 278 $ 2,938 At December 31, 2019, $8,587,000 $2,443,000, December 31, 2018, $12,399,000 $3,721,000, The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2019 2018, $7,474,000 $11,281,000 2.40% 3.11% December 31, 2019 2018, |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 9 20 1 8 ( i n thousands) Payroll $ 2,226 $ 2,955 Accrued vacation 2,191 1,987 Taxes—other than income 2,719 2,319 Interest 284 249 Driver escrows 2,211 2,722 Margin account borrowings 7,474 11,281 Self-insurance claims 2,988 1,984 Legal reserves 19,901 - Current portion of Right-of-Use asset 616 - Total accrued expenses and other liabilities $ 40,610 $ 23,497 |
Note 6 - Claims Liabilities
Note 6 - Claims Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6. CLAIMS LIABILITIES The Company maintains cargo insurance coverage to protect it from certain business risks. This policy has a per occurrence deductible of $10,000. On September 1, 2019, $1.0 September 1, 2019, $1.0 Beginning 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 $430,000 $300,000 $350,000 not 5 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. LONG-TERM DEBT Long-term debt at December 31, 201 9 201 8 (in thousands) Line of credit with a bank—due July 1, 2022, and collateralized by accounts receivable (1) 17,047 10,192 Equipment financing (2) 224,777 211,031 Total long-term debt 241,824 221,223 Less current maturities (67,637 ) (63,908 ) Long-term debt—net of current maturities $ 174,187 $ 157,315 ( 1 Line of credit agreement with a bank provides for maximum borrowings of $60.0 first 1.25% 2.96% December 31, 2019 0.25% $18.0 4.00:1. 2019. December 31, 2019, $17.4 $0.4 $42.6 December 31, 2018, $10.9 $0.7 ( 2 Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through September 2026, 3.65% December 31, 2019 The Company has provided letters of credit to third $430,000 $700,000 December 31, 2019 December 31, 2018, third Scheduled annual maturities on long-term debt outstanding at December 31, 2019, 2020 $ 67,637 2021 41,629 2022 55,460 2023 47,211 2024 26,157 2025 2,955 2026 775 Total $ 241,824 |
Note 8 - Noncash Investing and
Note 8 - Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Noncash Investing and Financing Activities Disclosure [Text Block] | 8. NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $24.5 $68.1 2019 2018, |
Note 9 - Capital Stock
Note 9 - Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 11,656,160 5,748,897 December 31, 2018, 11,612,144 5,956,558 No December 31, 2019 2018. Common Stock The holders of our common stock, subject to such rights as may one no Preferred Stock Preferred stock may may December 31, 2019, no Treasury Stock In May 2019, 200,000 “2019 2% 118,996 2019 May 13, 2019 June 11, 2019. $55.00 $60.00 192,743 $60.00 $11.6 June 13, 2019. December 31, 2019. 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. The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 58,934 101,754 2019 2018, The Company accounts for Treasury stock using the cost method, and as of December 31, 2019, 5,907,263 $156,836,650. |
Note 10 - Segment Information,
Note 10 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting and Concentration Risk Disclosure [Text Block] | 10. SEGMENT INFORMATION, SIGNIFICANT CUSTOMERS, INDUSTRY CONCENTRATION AND GEOGRAPHIC AREAS The Company's revenues for 2019, 2018 2017 The table below presents revenue dollars and percentages by geographic area: Year Ended December 31, 2019 2018 2017 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 326,559 63.5 $ 302,754 56.8 $ 255,197 58.3 Shipments to or from Mexico 186,391 36.3 229,350 43.0 181,099 41.4 Shipments to or from Canada 1,226 0.2 1,157 0.2 1,542 0.3 Total Operating Revenues $ 514,177 100 % $ 533,261 100 % $ 437,838 100 % Our five 40%, 42% 41% 2019, 2018 2017, 19%, 13% 18% 2019, 2018 2017, 9%, 16% 10% 2019, 2018 2017, 7%, 8% 9% 2019, 2018 2017, We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers. Approximately 40%, 46% 46% 2019, 2018 2017, Accounts receivable from the three $31,327,000 $30,848,000 December 31, 2019 2018, |
Note 11 - Dividends
Note 11 - Dividends | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | 11. DIVIDENDS The Company has paid cash dividends in the past; however, the Company currently intends to retain future earnings and does not |
Note 12 - Federal and State Inc
Note 12 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. 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 9 201 8 (in thousands) Deferred tax liabilities: Property and equipment $ 83,453 $ 78,502 Unrealized gains on securities 2,580 2,580 Prepaid expenses and other 2,193 2,667 Total deferred tax liabilities 88,226 83,749 Deferred tax assets: Allowance for doubtful accounts 760 572 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 512 460 Self-insurance allowances 5,630 188 Marketable equity securities 1,253 2,200 Net operating loss carryover 15,364 17,241 Other 198 203 Total deferred tax assets 24,705 21,852 Net deferred tax liability $ 63,521 $ 61,897 The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2019, 2018 2017 201 9 201 8 201 7 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 2,124 21.0 $ 6,582 21.0 $ 4,975 34.0 Impact of the Tax Cuts and Jobs Act (1) - - - - (29,255 ) (199.9 ) Nondeductible expenses 342 3.4 80 0.2 72 0.5 State income taxes/other—net of federal benefit (251 ) (2.5 ) 685 2.2 (60 ) (0.5 ) Total income tax expense (benefit) $ 2,215 21.9 $ 7,347 23.4 $ (24,268 ) (165.9 ) ( 1 December 22, 2017, 35% 21% January 1, 2018 2018 2021. $29.3 fourth 2017 The provision (benefit) for income taxes consisted of the following: 201 9 201 8 201 7 (in thousands) Current: Federal $ (56 ) $ (48 ) $ (79 ) State 646 189 441 Total current income tax provision 590 141 362 Deferred: Federal 2,177 6,185 (24,622 ) State (552 ) 1,021 (8 ) Total deferred income tax provision (benefit) 1,625 7,206 (24,630 ) Total income tax provision (benefit) expense $ 2,215 $ 7,347 $ (24,268 ) At December 31, 2019, $607,000 50% $988,000 December 31, 2018, 2030. $66,805,000 $30,835,000 2030 not In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2019 2018, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not December 31, 2019, not 2019 2018, 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 2016 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 13. 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 April 2019, 1,845 $48.94 In May 2019, 213 $47.06 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 During 2019 2018, no no December 31, 2019 December 31, 2018. December 31, 2019, 407,000 The grant date fair value of stock and stock options vested during 2019, 2018 2017 $953,000, $719,000 $256,000, $912,000 2019 $100,000 205 nine 213 one second 2019. $200,000 2019. $ 0.12 2019. December 31, 2019, $924,000 $399,000 2020, $263,000 2021, $262,000 2022. Total pre-tax stock-based compensation expense, recognized in Salaries, wages and benefits was approximately $732,000 2018 $70,000 276 first 2018. $172,000 2018. $0.09 $0.10, 2018. 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. Transactions in stock options under these plans are summarized as follows: Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2017: 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 ) 11.22 Outstanding—December 31, 2018: - $ - Granted - - Exercised - - Canceled - - Outstanding—December 31, 2019: - $ - Options exercisable—December 31, 2019: - $ - There were no 2019, 2018, 2017. no 2017. 2018 $6.34. The total intrinsic value of options exercised during the years ended December 31, 2018 2017, $1,406,000 $82,000, A summary of the status of the Company’s non-vested restricted stock as of December 31, 2019 December 31, 2019, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2019 100,917 $ 23.09 Granted 2,058 48.75 Canceled/forfeited/expired (3,500 ) 36.35 Vested (44,016 ) 21.65 Nonvested at December 31, 2019 55,459 $ 24.35 Cash received from option exercises totaled approximately $0, $485,000 $123,000 December 31, 2019, 2018 2017, |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. 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 9 201 8 201 7 (in thousands, except per share data) Net income $ 7,900 $ 23,994 $ 38,899 Basic weighted average common shares outstanding 5,832 6,083 6,331 Dilutive effect of common stock equivalents 48 76 67 Diluted weighted average common shares outstanding 5,880 6,159 6,398 Basic earnings per share $ 1.35 $ 3.94 $ 6.14 Diluted earnings per share $ 1.34 $ 3.90 $ 6.08 |
Note 15 - Benefit Plan
Note 15 - Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 15. 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 $198,000, $176,000 $179,000 2019, 2018 2017, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES Other than the lawsuits discussed below, the Company is not We are a defendant in a collective- and class-action lawsuit which was filed on December 9, 2016, December 9, 2013, December 31, 2019, February 18, 2020, $16.5 December 31, 2019, $16.5 not We are a defendant in a collective- and class-action lawsuit which was filed on May 29, 2019, May 29, 2016 not We are involved in certain other claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. On September 1, 2019, $1.0 $1.0 not not During 2014 2015, 471 not 56 January 31, 2018. Total rental expense, net of amounts reimbursed, for the years ended December 31, 2019, 2018 2017 $0, $47,000, $5,460,000, |
Note 17 - Leases
Note 17 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 17. LEASES Right-of-Use Leases During 2019, five not 842, $ 2.1 December 31, 2019. not five not not December 31, 2019. Scheduled amounts and timing of cash flows arising from operating lease payments at December 31, 2019, (in thousands) Maturity of Lease Liabilities 2020 $ 616 2021 627 2022 544 2023 340 2024 114 Thereafter 0 Total undiscounted operating lease payments $ 2,241 Less: Imputed interest (143 ) Present value of operating lease liabilities $ 2,098 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 2,098 Current lease liabilities (recorded in other current liabilities) $ 616 Long-term lease liabilities (recorded in other long-term liabilities) 1,482 Total operating lease liabilities $ 2,098 Other Information Weighted-average remaining lease term for operating leases (in years) 3.74 Weighted-average discount rate for operating leases 3.59 % Cash Flows Right-of-use assets of $2.4 December 31, 2019. $0.3 December 31, 2019 Cash Paid for Operating Leases Twelve Months Ended December 3 1 , 2019 2018 (in thousands) Right-of-Use leases $ 255 $ - Short-term leases (1) 2,214 2,174 Total $ 2,469 $ 2,174 ( 1 twelve Lease Revenue 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, 2019 $60,130,000 $33,757,000, Leases in our lease-purchase program expire at various dates through 2024. December 31, 2019 2018 $18,792,000 $22,319,000, not December 31, 2019, $6.7 The Company leases office and shop facilities to a related party at our Laredo, Texas terminal. At December 31, 2019, $1,697,000 $1,080,000, December 31, 2019 $12,000. 19 The Company's operating lease revenue is disclosed in the table below. Twelve Months E nded December 3 1 , 2019 2018 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 9,220 $ 8,101 Leased dock space revenue (recorded in non-operating income) 155 155 Total lease revenue $ 9,375 $ 8,256 Lease Receivable Future minimum operating lease payments receivable at December 31, 2019: (in thousands) 2020 $ 7,811 2021 3,847 2022 3,404 2023 2,728 2024 1,002 Thereafter - Total future minimum lease payments receivable $ 18,792 Lease Payments to Related Parties Payments to related parties of $813,756 2019 one eleven ASC Topic 840 The ASC Topic 840 842 840. The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The cost and carrying amount of the Company-owned trucks in this program at December 31, 2018 $61,061,000 $34,299,000, Future minimum operating lease payments receivable as of December 31, 2018: (in thousands) 2019 $ 9,649 2020 6,497 2021 2,417 2022 2,025 2023 1,731 Thereafter - Total future minimum lease payments $ 22,319 The Company leases office and shop facilities to a related party. At December 31, 2018, $1,697,000 $1,138,000, December 31, 2018 $12,000. During 2018 one one not $284,000 December 31, 2018. |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. 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, 2019 2018, 2019 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 29,521 $ 29,521 - - $ 27,549 $ 27,549 - - During 2019 2018, 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, 2019 2018 201 9 201 8 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 224,777 $ 228,449 $ 211,031 $ 210,234 The Company has not |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19. 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 $2,691,000, $2,854,000 $585,000 $9,190,000, $9,859,000 $7,497,000 2019, 2018, 2017, 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 $0, $1,271,000 $1,808,000 2019, 2018, 2017, 2019, 2018, 2017 $10,345,000, $10,987,000, $10,860,000, 2019, 2018, 2017 $0, $24,000 $35,000, 2019, 2018, 2017 $266,000, $301,000 $286,000, Amounts owed to the Company by these affiliates were approximately $1,052,000 $149,000 December 31, 2019 2018, December 31, 2019 2018, $1,052,000 $147,000 $0 $2,000 third December 31, 2019 2018 $0 $29,000, December 31, 2019 2018 $961,000 $2,161,000 An insurance company affiliated with our Chairman and controlling stockholder has specific knowledge, experience and expertise related to self-insured claims development and assists the Company in establishing fully developed reserve estimates related to certain auto liability claims in excess of $1.0 |
Note 20 - Quarterly Results of
Note 20 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 20. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2019 2018: 2019 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 128,686 $ 133,000 $ 128,994 $ 123,497 Operating expenses and costs 118,999 119,789 121,461 141,381 Operating income (loss) 9,687 13,211 7,533 (17,884 ) Non-operating income (loss) 3,472 (197 ) 490 2,457 Interest expense (2,040 ) (2,059 ) (2,178 ) (2,377 ) Income tax (expense) benefit (2,818 ) (2,301 ) (1,264 ) 4,168 Net income (loss) $ 8,301 $ 8,654 $ 4,581 $ (13,636 ) Net income (loss) per common share: Basic $ 1.40 $ 1.47 $ 0.80 $ (2.37 ) Diluted $ 1.39 $ 1.45 $ 0.79 $ (2.37 ) Average common shares outstanding: Basic 5,921 5,901 5,756 5,751 Diluted 5,985 5,949 5,799 5,751 201 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 (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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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., S & L Logistics, Inc. and P.A.M. Mexico Holdings, LLC. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three may |
Receivable [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, 2019 2018 $2,572,000 $3,669,000, |
Accounts Receivable [Policy Text Block] | Accounts Receivable Other December 31, 2019 2018, $211,000 $220,000, December 31, 2019 2018, $1,381,000 $1,724,000, |
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, see Note 4 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not not not No 2019 2018. |
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 2019 2018, not |
Inventory Supplies, Policy [Policy Text Block] | Inventory first first |
Prepaid Tires [Policy Text Block] | Prepaid Tires 24 |
Advertising Cost [Policy Text Block] | Advertising Expense $1,269,000, $1,234,000 $1,087,000 December 31, 2019, 2018 2017, |
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, 2019 2018, not |
Revenue [Policy Text Block] | Revenue Recognition no |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 14 |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements 18 |
Segment Reporting, Policy [Policy Text Block] | Reporting Segments 82.7%, 80.0% 86.3% twelve December 31, 2019, 2018 2017, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events February 24, 2020, December 9, 2013, December 31, 2019, December 31, 2019 $16.5 not 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, 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, 842 may December 15, 2018, To satisfy the standard’s objective, a lessee will recognize a right-of-use asset representing its right to use the underlying asset for the lease term and a lease liability for the obligation to make lease payments. Both the right-of-use asset and lease liability will initially be measured at the present value of the lease payments, with subsequent measurement dependent on the classification of the lease as either a finance or an operating lease. For leases with a term of 12 not The adoption of this guidance on January 1, 2019 not 17 842. In January 2016, 2016 01, 2016 01” 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 |
Note 1 - Accounting Policies (T
Note 1 - Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 20 1 9 20 1 8 ( i n thousands) Billed $ 57,495 $ 56,766 Unbilled 7,241 8,808 Allowance for doubtful accounts (2,952 ) (2,224 ) Total accounts receivable—net $ 61,784 $ 63,350 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | 20 1 9 20 1 8 20 1 7 ( i n thousands) Balance—beginning of year $ 2,224 $ 1,335 $ 994 Provision for bad debts 728 889 341 Charge-offs - - - Recoveries - - - Balance—end of year $ 2,952 $ 2,224 $ 1,335 |
Note 4 - Marketable Equity Se_2
Note 4 - Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Marketable Securities [Table Text Block] | 201 9 201 8 (in thousands) Available-for-sale securities: Fair market value $ 29,521 $ 27,549 Cost 24,156 25,602 Unrealized gain $ 5,365 $ 1,947 |
Unrealized Gain (Loss) on Investments [Table Text Block] | 201 9 201 8 (in thousands) Available-for-sale securities: Gross unrealized gains $ 7,808 $ 5,668 Gross unrealized losses 2,443 3,721 Net unrealized gains $ 5,365 $ 1,947 |
Schedule of Realized Gain (Loss) [Table Text Block] | 201 9 201 8 201 7 (in thousands) Realized gains: Sale proceeds $ 2,984 $ 1,044 $ 6,833 Cost of securities sold 1,929 669 2,098 Realized gains $ 1,055 $ 375 $ 4,735 Realized gains, net of taxes $ 815 $ 278 $ 2,938 |
Note 5 - Accrued Expenses and_2
Note 5 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 20 1 9 20 1 8 ( i n thousands) Payroll $ 2,226 $ 2,955 Accrued vacation 2,191 1,987 Taxes—other than income 2,719 2,319 Interest 284 249 Driver escrows 2,211 2,722 Margin account borrowings 7,474 11,281 Self-insurance claims 2,988 1,984 Legal reserves 19,901 - Current portion of Right-of-Use asset 616 - Total accrued expenses and other liabilities $ 40,610 $ 23,497 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 9 201 8 (in thousands) Line of credit with a bank—due July 1, 2022, and collateralized by accounts receivable (1) 17,047 10,192 Equipment financing (2) 224,777 211,031 Total long-term debt 241,824 221,223 Less current maturities (67,637 ) (63,908 ) Long-term debt—net of current maturities $ 174,187 $ 157,315 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 67,637 2021 41,629 2022 55,460 2023 47,211 2024 26,157 2025 2,955 2026 775 Total $ 241,824 |
Note 10 - Segment Information_2
Note 10 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 326,559 63.5 $ 302,754 56.8 $ 255,197 58.3 Shipments to or from Mexico 186,391 36.3 229,350 43.0 181,099 41.4 Shipments to or from Canada 1,226 0.2 1,157 0.2 1,542 0.3 Total Operating Revenues $ 514,177 100 % $ 533,261 100 % $ 437,838 100 % |
Note 12 - Federal and State I_2
Note 12 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 9 201 8 (in thousands) Deferred tax liabilities: Property and equipment $ 83,453 $ 78,502 Unrealized gains on securities 2,580 2,580 Prepaid expenses and other 2,193 2,667 Total deferred tax liabilities 88,226 83,749 Deferred tax assets: Allowance for doubtful accounts 760 572 QAFMV tax credit carryforward 864 864 New hire tax credit 124 124 Compensated absences 512 460 Self-insurance allowances 5,630 188 Marketable equity securities 1,253 2,200 Net operating loss carryover 15,364 17,241 Other 198 203 Total deferred tax assets 24,705 21,852 Net deferred tax liability $ 63,521 $ 61,897 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 9 201 8 201 7 (in thousands) Amount Percent Amount Percent Amount Percent Income tax at the statutory federal rate $ 2,124 21.0 $ 6,582 21.0 $ 4,975 34.0 Impact of the Tax Cuts and Jobs Act (1) - - - - (29,255 ) (199.9 ) Nondeductible expenses 342 3.4 80 0.2 72 0.5 State income taxes/other—net of federal benefit (251 ) (2.5 ) 685 2.2 (60 ) (0.5 ) Total income tax expense (benefit) $ 2,215 21.9 $ 7,347 23.4 $ (24,268 ) (165.9 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 9 201 8 201 7 (in thousands) Current: Federal $ (56 ) $ (48 ) $ (79 ) State 646 189 441 Total current income tax provision 590 141 362 Deferred: Federal 2,177 6,185 (24,622 ) State (552 ) 1,021 (8 ) Total deferred income tax provision (benefit) 1,625 7,206 (24,630 ) Total income tax provision (benefit) expense $ 2,215 $ 7,347 $ (24,268 ) |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Under Option Weighted- Average Exercise Price Outstanding—January 1, 2017: 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 ) 11.22 Outstanding—December 31, 2018: - $ - Granted - - Exercised - - Canceled - - Outstanding—December 31, 2019: - $ - Options exercisable—December 31, 2019: - $ - |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Nonvested at January 1, 2019 100,917 $ 23.09 Granted 2,058 48.75 Canceled/forfeited/expired (3,500 ) 36.35 Vested (44,016 ) 21.65 Nonvested at December 31, 2019 55,459 $ 24.35 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 201 9 201 8 201 7 (in thousands, except per share data) Net income $ 7,900 $ 23,994 $ 38,899 Basic weighted average common shares outstanding 5,832 6,083 6,331 Dilutive effect of common stock equivalents 48 76 67 Diluted weighted average common shares outstanding 5,880 6,159 6,398 Basic earnings per share $ 1.35 $ 3.94 $ 6.14 Diluted earnings per share $ 1.34 $ 3.90 $ 6.08 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) Maturity of Lease Liabilities 2020 $ 616 2021 627 2022 544 2023 340 2024 114 Thereafter 0 Total undiscounted operating lease payments $ 2,241 Less: Imputed interest (143 ) Present value of operating lease liabilities $ 2,098 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 2,098 Current lease liabilities (recorded in other current liabilities) $ 616 Long-term lease liabilities (recorded in other long-term liabilities) 1,482 Total operating lease liabilities $ 2,098 Other Information Weighted-average remaining lease term for operating leases (in years) 3.74 Weighted-average discount rate for operating leases 3.59 % |
Lease, Cost [Table Text Block] | Twelve Months Ended December 3 1 , 2019 2018 (in thousands) Right-of-Use leases $ 255 $ - Short-term leases (1) 2,214 2,174 Total $ 2,469 $ 2,174 |
Operating Lease, Lease Income [Table Text Block] | Twelve Months E nded December 3 1 , 2019 2018 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 9,220 $ 8,101 Leased dock space revenue (recorded in non-operating income) 155 155 Total lease revenue $ 9,375 $ 8,256 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | (in thousands) 2020 $ 7,811 2021 3,847 2022 3,404 2023 2,728 2024 1,002 Thereafter - Total future minimum lease payments receivable $ 18,792 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (in thousands) 2019 $ 9,649 2020 6,497 2021 2,417 2022 2,025 2023 1,731 Thereafter - Total future minimum lease payments $ 22,319 |
Note 18 - Fair Value of Finan_2
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2019 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 29,521 $ 29,521 - - $ 27,549 $ 27,549 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 201 9 201 8 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 224,777 $ 228,449 $ 211,031 $ 210,234 |
Note 20 - Quarterly Results o_2
Note 20 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2019 Three Months Ended March 31 June 30 September 30 December 31 (in thousands, except per share data) Operating revenues $ 128,686 $ 133,000 $ 128,994 $ 123,497 Operating expenses and costs 118,999 119,789 121,461 141,381 Operating income (loss) 9,687 13,211 7,533 (17,884 ) Non-operating income (loss) 3,472 (197 ) 490 2,457 Interest expense (2,040 ) (2,059 ) (2,178 ) (2,377 ) Income tax (expense) benefit (2,818 ) (2,301 ) (1,264 ) 4,168 Net income (loss) $ 8,301 $ 8,654 $ 4,581 $ (13,636 ) Net income (loss) per common share: Basic $ 1.40 $ 1.47 $ 0.80 $ (2.37 ) Diluted $ 1.39 $ 1.45 $ 0.79 $ (2.37 ) Average common shares outstanding: Basic 5,921 5,901 5,756 5,751 Diluted 5,985 5,949 5,799 5,751 201 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 (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 |
Note 1 - Accounting Policies (D
Note 1 - Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Bank Overdrafts | $ 2,572,000 | $ 3,669,000 | |
Due from Employees, Current | 211,000 | 220,000 | |
Other Receivables, Net, Current, Total | 3,769,000 | 3,814,000 | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | ||
Period for Amortizing Prepaid Tires | 2 years | ||
Advertising Expense | 1,269,000 | $ 1,234,000 | $ 1,087,000 |
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) | ||
Settlement Of Collective And Class Action Lawsuit [Member] | |||
Loss Contingency Accrual, Ending Balance | $ 16,500,000 | ||
Truckload Services [Member] | Sales [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 82.70% | 80.00% | 86.30% |
Independent Contractors [Member] | |||
Other Receivables, Net, Current, Total | $ 1,381,000 | $ 1,724,000 |
Note 1 - Accounting Policies -
Note 1 - Accounting Policies - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Billed | $ 57,495 | $ 56,766 | ||
Unbilled | 7,241 | 8,808 | ||
Allowance for doubtful accounts | (2,952) | (2,224) | $ (1,335) | $ (994) |
Total accounts receivable—net | $ 61,784 | $ 63,350 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance—beginning of year | $ 2,224 | $ 1,335 | $ 994 |
Provision for bad debts | 728 | 889 | 341 |
Charge-offs | |||
Recoveries | |||
Balance—end of year | $ 2,952 | $ 2,224 | $ 1,335 |
Note 4 - Marketable Equity Se_3
Note 4 - Marketable Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Income, Dividend | $ 1,309,000 | $ 1,171,000 | $ 999,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 8,587,000 | 12,399,000 | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 2,443,000 | 3,721,000 | |
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member] | |||
Short-term Debt, Total | $ 7,474,000 | $ 11,281,000 | |
Debt, Weighted Average Interest Rate | 2.40% | 3.11% |
Note 4 - Marketable Equity Se_4
Note 4 - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair market value | $ 29,521 | $ 27,549 |
Cost | 24,156 | 25,602 |
Unrealized gain | $ 5,365 | $ 1,947 |
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, 2019 | Dec. 31, 2018 |
Gross unrealized gains | $ 7,808 | $ 5,668 |
Gross unrealized losses | 2,443 | 3,721 |
Net unrealized gains | $ 5,365 | $ 1,947 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sale proceeds | $ 2,984 | $ 1,044 | $ 6,833 |
Cost of securities sold | 1,929 | 669 | 2,098 |
Realized gains | 1,055 | 375 | 4,735 |
Realized gains, net of taxes | $ 815 | $ 278 | $ 2,938 |
Note 5 - Accrued Expenses and_3
Note 5 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payroll | $ 2,226 | $ 2,955 |
Accrued vacation | 2,191 | 1,987 |
Taxes—other than income | 2,719 | 2,319 |
Interest | 284 | 249 |
Driver escrows | 2,211 | 2,722 |
Margin account borrowings | 7,474 | 11,281 |
Self-insurance claims | 2,988 | 1,984 |
Legal reserves | 19,901 | |
Total accrued expenses and other liabilities | 40,610 | 23,497 |
Accrued Expenses and Other Liabilities [Member] | ||
Current lease liabilities (recorded in other current liabilities) | $ 616 |
Note 6 - Claims Liabilities (De
Note 6 - Claims Liabilities (Details Textual) - USD ($) | Dec. 31, 2019 | Sep. 01, 2019 | Dec. 31, 2018 |
Self Insurance Auto Liability Claims Threshold Amount | $ 1,000,000 | ||
Workers Compensation Self Insured Retention | $ 500,000 | ||
Workers Compensation Per Occurrence Excess Policy | 500,000 | ||
Letters of Credit Outstanding, Amount | 430,000 | $ 700,000 | |
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | 350,000 | ||
Cargo Loss Coverage [Member] | |||
Per Occurrence Deductibles | 10,000 | ||
Auto Liability Coverage [Member] | |||
Per Occurrence Deductibles | 2,500 | ||
Self Insurance Auto Liability Claims Threshold Amount | 1,000,000 | $ 1,000,000 | |
Workers Compensation Coverage [Member] | |||
Letters of Credit Outstanding, Amount | 430,000 | ||
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, 2019USD ($) | Dec. 31, 2018USD ($) | |
Letters of Credit Outstanding, Amount | $ 430,000 | $ 700,000 |
Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |
Line of Credit Facility, Interest Rate at Period End | 2.96% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Average Daily Borrowings Amount Unused Fee Trigger | $ 18,000,000 | |
Ratio of Indebtedness to Net Capital | 4 | |
Line of Credit Facility, Outstanding Advances | 17,400,000 | $ 10,900,000 |
Letters of Credit Outstanding, Amount | 400,000 | $ 700,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 42,600,000 | |
Line of Credit [Member] | Equipment Financing [Member] | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.65% | |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term debt | $ 241,824 | $ 221,223 | |
Less current maturities | (67,637) | (63,908) | |
Long-term debt—net of current maturities | 174,187 | 157,315 | |
Line of Credit [Member] | |||
Long-term debt | [1] | 17,047 | 10,192 |
Secured Debt [Member] | |||
Long-term debt | [2] | $ 224,777 | $ 211,031 |
[1] | Line of credit agreement with a bank provides for maximum borrowings of $60.0 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 1.25% (2.96% at December 31, 2019) and are secured by our trade accounts receivable. An “unused fee” of 0.25% is charged if average daily borrowings are less than $18.0 million in a given month. 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 2019. At December 31, 2019, outstanding advances on the line were approximately $17.4 million, including letters of credit totaling $0.4 million, with availability to borrow $42.6 million. At December 31, 2018, outstanding advances on the line were approximately $10.9 million, including letters of credit totaling $0.7 million. | ||
[2] | Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through September 2026, at a weighted average interest rate of 3.65% as of December 31, 2019 and collateralized by revenue equipment. |
Note 7 - Long-term Debt - Annua
Note 7 - Long-term Debt - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 67,637 | |
2021 | 41,629 | |
2022 | 55,460 | |
2023 | 47,211 | |
2024 | 26,157 | |
2025 | 2,955 | |
2026 | 775 | |
Total | $ 241,824 | $ 221,223 |
Note 8 - Noncash Investing an_2
Note 8 - Noncash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 24.5 | $ 68.1 |
Note 9 - Capital Stock (Details
Note 9 - Capital Stock (Details Textual) - USD ($) | Jun. 13, 2019 | May 13, 2019 | Jun. 08, 2018 | May 08, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | 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 | 11,656,160 | 11,612,144 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 5,748,897 | 5,956,558 | ||||||
Preferred Stock, Shares Issued, Total | 0 | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 14,285,000 | $ 13,369,000 | $ 6,348,000 | |||||
Treasury Stock, Shares, Ending Balance | 5,907,263 | 5,655,586 | ||||||
Treasury Stock, Value, Ending Balance | $ 156,836,650 | $ 142,552,000 | ||||||
The 2019 Tender Offer [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 200,000 | |||||||
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 | 118,996 | |||||||
Treasury Stock, Shares, Acquired | 192,743 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 60 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 11,600,000 | |||||||
The 2019 Tender Offer [Member] | Minimum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 55 | |||||||
The 2019 Tender Offer [Member] | Maximum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share | $ 60 | |||||||
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 | |||||||
September 2011 Reauthorization [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 500,000 | |||||||
Treasury Stock, Shares, Acquired | 58,934 | 101,754 |
Note 10 - Segment Information_3
Note 10 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas (Details Textual) - Customer Concentration Risk [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales [Member] | Five Largest Customers [Member] | |||
Concentration Risk, Percentage | 40.00% | 42.00% | 41.00% |
Sales [Member] | General Motors Company [Member] | |||
Concentration Risk, Percentage | 19.00% | 13.00% | 18.00% |
Sales [Member] | Fiat Chrysler Automobiles [Member] | |||
Concentration Risk, Percentage | 9.00% | 16.00% | 10.00% |
Sales [Member] | Ford Motor Company [Member] | |||
Concentration Risk, Percentage | 7.00% | 8.00% | 9.00% |
Revenue Provided to the Automobile Manufacturing Industry [Member] | |||
Concentration Risk, Percentage | 40.00% | 46.00% | 46.00% |
Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 31,327,000 | $ 30,848,000 |
Note 10 - Segment Information_4
Note 10 - 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 123,497 | $ 128,994 | $ 133,000 | $ 128,686 | $ 138,176 | $ 140,325 | $ 135,302 | $ 119,458 | $ 514,177 | $ 533,261 | $ 437,838 |
Motor Carrier [Member] | |||||||||||
Operating revenues | $ 514,177 | $ 533,261 | $ 437,838 | ||||||||
Motor Carrier [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Motor Carrier [Member] | UNITED STATES | |||||||||||
Operating revenues | $ 326,559 | $ 302,754 | $ 255,197 | ||||||||
Motor Carrier [Member] | UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 63.50% | 56.80% | 58.30% | ||||||||
Motor Carrier [Member] | MEXICO | |||||||||||
Operating revenues | $ 186,391 | $ 229,350 | $ 181,099 | ||||||||
Motor Carrier [Member] | MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 36.30% | 43.00% | 41.40% | ||||||||
Motor Carrier [Member] | CANADA | |||||||||||
Operating revenues | $ 1,226 | $ 1,157 | $ 1,542 | ||||||||
Motor Carrier [Member] | CANADA | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||||||||
Operating Revenues, percentage | 0.20% | 0.20% | 0.30% |
Note 12 - Federal and State I_3
Note 12 - Federal and State Income Taxes (Details Textual) - USD ($) | Dec. 21, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 21.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 29,300,000 | ||||
Income Taxes Receivable | $ 607,000 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $ 988,000 | ||||
Operating Loss Carryforwards, Total | 66,805,000 | ||||
Operating Loss Carryforwards, To Expire | 30,835,000 | ||||
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 | |||
Statute of Limitations | 3 years |
Note 12 - Federal and State I_4
Note 12 - Federal and State Income Taxes - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | ||
Property and equipment | $ 83,453 | $ 78,502 |
Unrealized gains on securities | 2,580 | 2,580 |
Prepaid expenses and other | 2,193 | 2,667 |
Total deferred tax liabilities | 88,226 | 83,749 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 760 | 572 |
QAFMV tax credit carryforward | 864 | 864 |
New hire tax credit | 124 | 124 |
Compensated absences | 512 | 460 |
Self-insurance allowances | 5,630 | 188 |
Marketable equity securities | 1,253 | 2,200 |
Net operating loss carryover | 15,364 | 17,241 |
Other | 198 | 203 |
Total deferred tax assets | 24,705 | 21,852 |
Net deferred tax liability | $ 63,521 | $ 61,897 |
Note 12 - Federal and State I_5
Note 12 - Federal and State Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | Dec. 21, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax at the statutory federal rate, amount | $ 2,124 | $ 6,582 | $ 4,975 | ||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 21.00% | 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 | $ 342 | $ 80 | $ 72 | ||||||||||
Nondeductible expenses, percent | 3.40% | 0.20% | 0.50% | ||||||||||
State income taxes/other—net of federal benefit, amount | $ (251) | $ 685 | $ (60) | ||||||||||
State income taxes/other—net of federal benefit, percent | (2.50%) | 2.20% | (0.50%) | ||||||||||
Total income tax provision (benefit) expense | $ (4,168) | $ 1,264 | $ 2,301 | $ 2,818 | $ 1,883 | $ 3,129 | $ 2,005 | $ 330 | $ 2,215 | $ 7,347 | $ (24,268) | ||
Total income tax (benefit) expense, percent | 21.90% | 23.40% | (165.90%) | ||||||||||
[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 $29.3 million in the fourth quarter of 2017 related to the revaluation of its net deferred tax liabilities. |
Note 12 - Federal and State I_6
Note 12 - Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ (56) | $ (48) | $ (79) | ||||||||
State | 646 | 189 | 441 | ||||||||
Total current income tax provision | 590 | 141 | 362 | ||||||||
Deferred: | |||||||||||
Federal | 2,177 | 6,185 | (24,622) | ||||||||
State | (552) | 1,021 | (8) | ||||||||
Total deferred income tax provision (benefit) | 1,625 | 7,206 | (24,630) | ||||||||
Total income tax provision (benefit) expense | $ (4,168) | $ 1,264 | $ 2,301 | $ 2,818 | $ 1,883 | $ 3,129 | $ 2,005 | $ 330 | $ 2,215 | $ 7,347 | $ (24,268) |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) - USD ($) | May 29, 2014 | May 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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, Equity Instruments Other than Options, Grants in Period | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 45,068 | 56,131 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 953,000 | $ 719,000 | $ 256,000 | ||||||||||
Share-based Payment Arrangement, Expense | 912,000 | 732,000 | 614,000 | ||||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 200,000 | $ 172,000 | $ 231,000 | ||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted | $ 0.12 | $ 0.09 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 924,000 | $ 924,000 | |||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic | $ 0.12 | 0.10 | |||||||||||
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 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,406,000 | $ 82,000 | |||||||||||
Proceeds from Stock Options Exercised | $ 0 | 485,000 | 123,000 | ||||||||||
Amortization, Current Year [Member] | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 399,000 | 399,000 | |||||||||||
Amortization Year 2 [Member] | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 263,000 | 263,000 | |||||||||||
Amortization, Year 3 [Member] | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 262,000 | $ 262,000 | |||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 48.75 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,058 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.35 | ||||||||||||
Accrual Shares to Each Non-employee Director [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 100,000 | $ 70,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 276 | ||||||||||||
Accrual Shares to Each Non-employee Director [Member] | Nine Non-Employee Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 205 | ||||||||||||
Accrual Shares to Each Non-employee Director [Member] | One Non-Employee Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 213 | ||||||||||||
Nonqualified Options [Member] | Annual Grant to Non-employee [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 70,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period | 614 | ||||||||||||
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 | 213 | 1,845 | 1,932 | 4,298 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 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 | 407,000 | 407,000 | |||||||||||
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, Weighted Average Grant Date Fair Value | $ 36.35 | ||||||||||||
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, 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, Weighted Average Grant Date Fair Value | $ 16.38 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 100,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||
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 | $ 47.06 | $ 48.94 | $ 36.35 | $ 16.29 | |||||||||
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 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Employee Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Outstanding (in shares) | 45,068 | 56,131 | |
Outstanding (in dollars per share) | $ 10.79 | $ 10.85 | |
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) | |
Exercised (in dollars per share) | $ 10.79 | $ 11.13 | |
Canceled (in shares) | (63) | ||
Canceled (in dollars per share) | $ 11.22 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Outstanding (in shares) | 45,068 | ||
Outstanding (in dollars per share) | $ 10.79 | ||
Options exercisable (in shares) | |||
Options exercisable (in dollars per share) |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Granted (in shares) | |||
Granted - weighted average grant date fair value (in dollars per share) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 6.34 | ||
Restricted Stock [Member] | |||
Non-vested (in shares) | 100,917 | ||
Nonvested - weighted average grant date fair value (in dollars per share) | $ 23.09 | ||
Granted (in shares) | 2,058 | ||
Granted - weighted average grant date fair value (in dollars per share) | $ 48.75 | ||
Canceled/forfeited/expired (in shares) | (3,500) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 36.35 | ||
Vested (in shares) | (44,016) | ||
Vested - weighted average grant date fair value (in dollars per share) | $ 21.65 | ||
Non-vested (in shares) | 55,459 | 100,917 | |
Nonvested - weighted average grant date fair value (in dollars per share) | $ 24.35 | $ 23.09 |
Note 14 - Earnings Per Share -
Note 14 - 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 7,900 | $ 23,994 | $ 38,899 | ||||||||
Basic (in shares) | 5,751 | 5,756 | 5,901 | 5,921 | 5,975 | 6,034 | 6,159 | 6,168 | 5,832 | 6,083 | 6,331 |
Dilutive effect of common stock equivalents (in shares) | 48 | 76 | 67 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 5,751 | 5,799 | 5,949 | 5,985 | 6,029 | 6,088 | 6,229 | 6,264 | 5,880 | 6,159 | 6,398 |
Basic (in dollars per share) | $ (2.37) | $ 0.80 | $ 1.47 | $ 1.40 | $ 1.02 | $ 1.53 | $ 1.18 | $ 0.22 | $ 1.35 | $ 3.94 | $ 6.14 |
Diluted (in dollars per share) | $ (2.37) | $ 0.79 | $ 1.45 | $ 1.39 | $ 1.01 | $ 1.52 | $ 1.17 | $ 0.22 | $ 1.34 | $ 3.90 | $ 6.08 |
Note 15 - Benefit Plan (Details
Note 15 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 198,000 | $ 176,000 | $ 179,000 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 01, 2019USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Self Insurance Auto Liability Claims Threshold Amount | $ 1,000,000 | |||||
Operating Leases Number of Trucks | 56 | 471 | 471 | |||
Operating Leases, Rent Expense, Total | $ 0 | $ 47,000 | $ 5,460,000 | |||
Settlement Of Collective And Class Action Lawsuit [Member] | ||||||
Loss Contingency Accrual, Ending Balance | $ 16,500,000 |
Note 17 - Leases (Details Textu
Note 17 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Operating Lease, Term of Contract | 5 years | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 2,400,000 | ||
Operating Lease, Payments | 300,000 | ||
Property, Plant and Equipment, Gross, Ending Balance | 563,162,000 | $ 492,325,000 | |
Property, Plant and Equipment, Net, Ending Balance | 387,275,000 | 354,587,000 | |
Lessor, Operating Lease, Payments to be Received, Total | 18,792,000 | ||
Depreciation, Total | 55,107,000 | 49,387,000 | $ 42,274,000 |
Operating Leases, Future Minimum Payments Receivable, Total | 22,319,000 | ||
Majority Shareholder [Member] | |||
Operating Lease, Payments | 813,756 | ||
Trucks under Operating Lease [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | 60,130,000 | ||
Property, Plant and Equipment, Net, Ending Balance | 33,757,000 | ||
Lessor, Operating Lease, Payments to be Received, Total | 18,792,000 | 22,319,000 | |
Depreciation, Total | 6,700,000 | ||
Shop and Office Space [Member] | Majority Shareholder [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | 1,697,000 | ||
Property, Plant and Equipment, Net, Ending Balance | 1,080,000 | ||
Lessor, Operating Lease, Payments to be Received, Total | $ 12,000 | ||
Trucks [Member] | |||
Property Subject to or Available for Operating Lease, Gross | 61,061,000 | ||
Property Subject to or Available for Operating Lease, Net, Total | 34,299,000 | ||
Trucks [Member] | Minimum [Member] | |||
Lessor, Operating Lease, Term of Contract | 7 years | ||
Trucks [Member] | Maximum [Member] | |||
Lessor, Operating Lease, Term of Contract | 60 years | ||
Building [Member] | |||
Property Subject to or Available for Operating Lease, Gross | 1,697,000 | ||
Property Subject to or Available for Operating Lease, Net, Total | 1,138,000 | ||
Operating Leases, Future Minimum Payments Receivable, Total | 12,000 | ||
Shop and Office Space [Member] | |||
Operating Leases, Future Minimum Payments Receivable, Total | $ 284,000 | ||
Operating Lease Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 2,100,000 | ||
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |||
Operating Lease, Liability, Total | 2,098,000 | ||
Operating Lease, Right-of-Use Asset | $ 2,098,000 |
Note 17 - Leases - Operating Le
Note 17 - Leases - Operating Lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 616 |
2021 | 627 |
2022 | 544 |
2023 | 340 |
2024 | 114 |
Thereafter | 0 |
Total undiscounted operating lease payments | 2,241 |
Less: Imputed interest | $ (143) |
Weighted-average remaining lease term for operating leases (in years) (Year) | 3 years 270 days |
Weighted-average discount rate for operating leases | 3.59% |
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |
Present value of operating lease liabilities | $ 2,098 |
Right-of-use assets (recorded in other non-current assets) | 2,098 |
Total operating lease liabilities | 2,098 |
Other Current Liabilities [Member] | |
Current lease liabilities (recorded in other current liabilities) | 616 |
Other Noncurrent Liabilities [Member] | |
Long-term lease liabilities (recorded in other long-term liabilities) | $ 1,482 |
Note 17 - Leases - Lease Cost (
Note 17 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Right-of-Use leases | $ 255 | ||
Short-term leases (1) | [1] | 2,214 | 2,174 |
Total | $ 2,469 | $ 2,174 | |
[1] | Short-term lease cost includes leases with a term of twelve months or less and leases with options for early cancellation. |
Note 17 - Leases - Lease Revenu
Note 17 - Leases - Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lease revenue | $ 9,375 | $ 8,256 |
Trucks under Operating Lease [Member] | ||
Lease revenue | 9,220 | 8,101 |
Dock Space under Operating Lease [Member] | ||
Lease revenue | $ 155 | $ 155 |
Note 17 - Leases - Lease Receiv
Note 17 - Leases - Lease Receivables (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 7,811 |
2021 | 3,847 |
2022 | 3,404 |
2023 | 2,728 |
2024 | 1,002 |
Thereafter | |
Total future minimum lease payments receivable | $ 18,792 |
Note 17 - Leases - Future Minim
Note 17 - Leases - Future Minimum Annual Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 9,649 |
2020 | 6,497 |
2021 | 2,417 |
2022 | 2,025 |
2023 | 1,731 |
Thereafter | |
Total future minimum lease payments | $ 22,319 |
Note 18 - Fair Value of Finan_3
Note 18 - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Marketable equity securities | $ 29,521 | $ 27,549 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 29,521 | 27,549 |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities |
Note 18 - Fair Value of Finan_4
Note 18 - 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, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 224,777 | $ 211,031 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 228,449 | $ 210,234 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2019 | |
Self Insurance Auto Liability Claims Threshold Amount | $ 1,000,000 | |||
Auto Liability Coverage [Member] | ||||
Self Insurance Auto Liability Claims Threshold Amount | $ 1,000,000 | $ 1,000,000 | ||
Majority Shareholder [Member] | ||||
Revenue from Related Parties | 2,691,000 | $ 2,854,000 | $ 585,000 | |
Related Party Transaction, Expenses from Transactions with Related Party | 9,190,000 | 9,859,000 | 7,497,000 | |
Due from Related Parties, Total | 1,052,000 | 149,000 | ||
Due to Related Parties, Total | 961,000 | 2,161,000 | ||
Majority Shareholder [Member] | Freight Transportation [Member] | ||||
Accounts Receivable, Related Parties | 1,052,000 | 147,000 | ||
Majority Shareholder [Member] | Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | ||||
Accounts Receivable, Related Parties | 0 | 2,000 | ||
Majority Shareholder [Member] | Insurance Premiums Paid in Excess of Amounts Earned [Member] | ||||
Accounts Receivable, Related Parties | 0 | 29,000 | ||
Majority Shareholder [Member] | Physical Damage Coverage [Member] | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0 | 1,271,000 | 1,808,000 | |
Majority Shareholder [Member] | Auto Liability Coverage [Member] | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 10,345,000 | 10,987,000 | 10,860,000 | |
Majority Shareholder [Member] | General Liability Coverage [Member] | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0 | 24,000 | 35,000 | |
Majority Shareholder [Member] | Workers Compensation Coverage [Member] | ||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 266,000 | $ 301,000 | $ 286,000 |
Note 20 - Quarterly Results o_3
Note 20 - 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating revenues | $ 123,497 | $ 128,994 | $ 133,000 | $ 128,686 | $ 138,176 | $ 140,325 | $ 135,302 | $ 119,458 | $ 514,177 | $ 533,261 | $ 437,838 |
Operating expenses and costs | 141,381 | 121,461 | 119,789 | 118,999 | 123,500 | 127,172 | 125,285 | 115,702 | 501,630 | 491,659 | 425,158 |
Operating income (loss) | (17,884) | 7,533 | 13,211 | 9,687 | 14,676 | 13,153 | 10,017 | 3,756 | 12,547 | 41,602 | 12,680 |
Non-operating income (loss) | 2,457 | 490 | (197) | 3,472 | (4,704) | 935 | 632 | (879) | 6,222 | (4,016) | 5,853 |
Interest expense | (2,377) | (2,178) | (2,059) | (2,040) | (2,019) | (1,711) | (1,355) | (1,160) | (8,654) | (6,245) | (3,902) |
Income tax (expense) benefit | 4,168 | (1,264) | (2,301) | (2,818) | (1,883) | (3,129) | (2,005) | (330) | (2,215) | (7,347) | 24,268 |
Net income | $ (13,636) | $ 4,581 | $ 8,654 | $ 8,301 | $ 6,070 | $ 9,248 | $ 7,289 | $ 1,387 | $ 7,900 | $ 23,994 | $ 38,899 |
Basic (in dollars per share) | $ (2.37) | $ 0.80 | $ 1.47 | $ 1.40 | $ 1.02 | $ 1.53 | $ 1.18 | $ 0.22 | $ 1.35 | $ 3.94 | $ 6.14 |
Diluted (in dollars per share) | $ (2.37) | $ 0.79 | $ 1.45 | $ 1.39 | $ 1.01 | $ 1.52 | $ 1.17 | $ 0.22 | $ 1.34 | $ 3.90 | $ 6.08 |
Basic (in shares) | 5,751 | 5,756 | 5,901 | 5,921 | 5,975 | 6,034 | 6,159 | 6,168 | 5,832 | 6,083 | 6,331 |
Diluted (in shares) | 5,751 | 5,799 | 5,949 | 5,985 | 6,029 | 6,088 | 6,229 | 6,264 | 5,880 | 6,159 | 6,398 |