Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 20, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000798287 | ||
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 0-1507 | ||
Entity Tax Identification Number | 71-0633135 | ||
Entity Address, Address Line One | 297 West Henri De Tonti Blvd | ||
Entity Address, City or Town | Tontitown | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72770 | ||
City Area Code | 479 | ||
Local Phone Number | 361-9111 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | PTSI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 178,799,006 | ||
Entity Common Stock, Shares Outstanding | 22,173,734 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Tulsa, Oklahoma |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 74,087,000 | $ 18,509,000 |
Accounts receivable—net: | ||
Trade, less current estimated credit loss of $5,381 and $4,526, respectively | 134,739,000 | 121,854,000 |
Other | 6,263,000 | 7,092,000 |
Inventories | 2,570,000 | 1,456,000 |
Prepaid expenses and deposits | 15,729,000 | 10,962,000 |
Marketable equity securities | 41,728,000 | 39,424,000 |
Income taxes refundable | 5,650,000 | 277,000 |
Total current assets | 280,766,000 | 199,574,000 |
PROPERTY AND EQUIPMENT: | ||
Land | 19,718,000 | 19,718,000 |
Structures and improvements | 35,534,000 | 33,534,000 |
Revenue equipment | 637,510,000 | 520,840,000 |
Office furniture and equipment | 13,157,000 | 11,211,000 |
Total property and equipment | 705,919,000 | 585,303,000 |
Accumulated depreciation | (242,324,000) | (201,124,000) |
Net property and equipment | 463,595,000 | 384,179,000 |
OTHER ASSETS | 4,801,000 | 3,628,000 |
TOTAL ASSETS | 749,162,000 | 587,381,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 48,917,000 | 43,381,000 |
Accrued expenses and other liabilities | 34,233,000 | 14,114,000 |
Income taxes payable | 0 | 4,364,000 |
Current maturities of long-term debt | 58,815,000 | 49,544,000 |
Total current liabilities | 141,965,000 | 111,403,000 |
Long-term debt—less current portion | 205,466,000 | 172,733,000 |
Deferred income taxes | 101,445,000 | 86,715,000 |
Other long-term liabilities | 103,000 | 420,000 |
Total liabilities | 448,979,000 | 371,271,000 |
COMMITMENTS AND CONTINGENCIES (Note 16) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $.01 par value, 50,000,000 shares authorized; 22,293,687 and 34,574,807 shares issued; 22,166,450 and 22,348,022 shares outstanding at December 31, 2022 and 2021, respectively | 223,000 | 234,000 |
Additional paid-in capital | 40,472,000 | 84,472,000 |
Accumulated Other Comprehensive Income | 0 | 0 |
Treasury stock, at cost; 127,237 and 12,226,785 shares at December 31, 2022 and 2021, respectively | (4,000,000) | (169,946,000) |
Retained earnings | 263,488,000 | 301,350,000 |
Total stockholders’ equity | 300,183,000 | 216,110,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 749,162,000 | $ 587,381,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade, allowance | $ 5,381 | $ 4,526 | $ 3,482 | $ 2,952 |
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) | 50,000,000 | 50,000,000 | ||
Common stock, issued (in shares) | 22,293,687 | 34,574,807 | ||
Common stock, outstanding (in shares) | 22,166,450 | 22,348,022 | ||
Treasury stock (in shares) | 127,237 | 12,226,785 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING REVENUES: | |||
Operating revenues | $ 946,862 | $ 707,120 | $ 486,825 |
OPERATING EXPENSES AND COSTS: | |||
Salaries, wages and benefits | 181,918 | 141,019 | 124,098 |
Operating supplies and expenses | 166,005 | 102,228 | 84,275 |
Rents and purchased transportation | 364,971 | 279,016 | 165,984 |
Depreciation | 62,806 | 55,012 | 56,168 |
Insurance and claims | 32,516 | 18,792 | 8,866 |
Other | 18,128 | 12,294 | 13,138 |
(Gain) loss on disposition of equipment | (3,250) | (1,446) | 373 |
Total operating expenses and costs | 823,094 | 606,915 | 452,902 |
OPERATING INCOME | 123,768 | 100,205 | 33,923 |
NON-OPERATING INCOME (EXPENSE) | 3,168 | 10,339 | (1,699) |
INTEREST EXPENSE | (7,929) | (8,039) | (8,815) |
INCOME BEFORE INCOME TAXES | 119,007 | 102,505 | 23,409 |
FEDERAL & STATE INCOME TAX EXPENSE: | |||
Current | 13,794 | 8,157 | 220 |
Deferred | 14,541 | 17,832 | 5,362 |
Total federal & state income tax expense | 28,335 | 25,989 | 5,582 |
Net income | $ 90,672 | $ 76,516 | $ 17,827 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $ 4.08 | $ 3.37 | $ 0.77 |
Diluted (in dollars per share) | $ 4.04 | $ 3.35 | $ 0.77 |
AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 22,246 | 22,715 | 23,008 |
Diluted (in shares) | 22,436 | 22,864 | 23,072 |
Freight Transportation Service [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 818,751 | $ 641,253 | $ 438,987 |
Fuel Surcharge [Member] | |||
OPERATING REVENUES: | |||
Operating revenues | $ 128,111 | $ 65,867 | $ 47,838 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 22,996 | |||||
Balance at Dec. 31, 2019 | $ 117 | $ 83,688 | $ (156,837) | $ 207,007 | $ 133,975 | |
Net income (loss) | 17,827 | 17,827 | ||||
Restricted stock issued (in shares) | 160 | |||||
Treasury stock repurchases (in shares) | (244) | |||||
Treasury stock repurchases | (2,281) | (2,281) | ||||
Share-based compensation | 460 | 460 | ||||
Net income (loss) | 17,827 | 17,827 | ||||
Balance (in shares) at Dec. 31, 2020 | 22,912 | |||||
Balance at Dec. 31, 2020 | 117 | 84,148 | (159,118) | 224,834 | 149,981 | |
Net income (loss) | 76,516 | 76,516 | ||||
Restricted stock issued (in shares) | 18 | |||||
Treasury stock repurchases (in shares) | (582) | |||||
Treasury stock repurchases | (10,828) | (10,828) | ||||
Share-based compensation | 441 | 441 | ||||
Net income (loss) | 76,516 | 76,516 | ||||
Stock Split | 117 | (117) | ||||
Restricted stock issued | ||||||
Balance (in shares) at Dec. 31, 2021 | 22,348 | |||||
Balance at Dec. 31, 2021 | 234 | 84,472 | 301,350 | 216,110 | ||
Net income (loss) | 90,672 | 90,672 | ||||
Restricted stock issued (in shares) | 29 | |||||
Treasury stock repurchases (in shares) | (211) | |||||
Treasury stock repurchases | (7,000) | (7,000) | ||||
Share-based compensation | 715 | 715 | ||||
Net income (loss) | 90,672 | 90,672 | ||||
Stock Split | 112 | (111) | 1 | |||
Restricted stock issued | ||||||
Treasury stock retired | (123) | (44,289) | 172,946 | (128,534) | ||
Restricted stock net settlement | (315) | (315) | ||||
Balance (in shares) at Dec. 31, 2022 | 22,166 | |||||
Balance at Dec. 31, 2022 | $ 223 | $ 40,472 | $ (4,000) | $ 263,488 | $ 300,183 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES: | |||
Net income | $ 90,672 | $ 76,516 | $ 17,827 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 62,806 | 55,012 | 56,168 |
Bad debt expense | 917 | 1,044 | 530 |
Stock compensation—net of excess tax benefits | 715 | 441 | 460 |
Provision for deferred income taxes | 14,541 | 17,832 | 5,362 |
Recognized (gain) loss on marketable equity securities | (1,129) | (8,197) | 3,463 |
(Gain) loss on sale or disposal of equipment | (3,250) | (1,446) | 373 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,152) | (47,132) | (17,835) |
Prepaid expenses, deposits, inventories, and other assets | (7,257) | (865) | (1,780) |
Income taxes refundable | (5,373) | 591 | (60) |
Income taxes payable | (4,364) | 4,364 | 0 |
Trade accounts payable | 2,198 | 5,945 | 20,880 |
Accrued expenses and other liabilities | 20,491 | (2,365) | (17,798) |
Net cash provided by operating activities | 168,815 | 101,740 | 67,590 |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (65,441) | (19,144) | (48,226) |
Purchase of a business, net of cash acquired | (64,317) | 0 | 0 |
Proceeds from disposition of equipment | 17,406 | 31,680 | 17,418 |
Sales of marketable equity securities | 0 | 3,109 | 2,039 |
Purchases of marketable equity securities, net of return of capital | (1,175) | (6,395) | (3,923) |
Net cash (used in) provided by investing activities | (113,527) | 9,250 | (32,692) |
FINANCING ACTIVITIES: | |||
Borrowings under line of credit | 945,610 | 654,212 | 517,668 |
Repayments under line of credit | (945,610) | (672,458) | (516,468) |
Borrowings of long-term debt | 74,925 | 21,408 | 26,837 |
Repayments of long-term debt | (67,335) | (75,115) | (64,411) |
Borrowings under margin account | 1,229 | 6,510 | 7,068 |
Repayments under margin account | (1,529) | (16,547) | (3,292) |
Repurchases of treasury stock | (7,000) | (10,828) | (2,281) |
Net cash provided by (used in) financing activities | 290 | (92,818) | (34,879) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 55,578 | 18,172 | 19 |
CASH AND CASH EQUIVALENTS—Beginning of year | 18,509 | 337 | 318 |
CASH AND CASH EQUIVALENTS—End of year | 74,087 | 18,509 | 337 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION— | |||
Interest | 7,842 | 8,144 | 8,798 |
Income taxes | 23,342 | 3,870 | 281 |
NON-CASH INVESTING AND FINANCING ACTIVITIES— | |||
Purchases of revenue equipment included in accounts payable | $ 431 | $ 383 | $ 9,050 |
Note 1- Accounting Policies
Note 1- Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022, 2021 2020 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, Met Express, Inc., Costar Equipment, Inc., 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., 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 Current Expected Credit Losses not may Bank Overdrafts not zero not no December 31, 2022 2021. Accounts Receivable Other December 31, 2022 2021, December 31, 2022 2021, Marketable Equity Securities 321, 321” 321 For additional information with respect to marketable equity securities, see Note 4 Impairment of Long-Lived Assets may not not not No 2022 2021. Property and Equipment Asset Class Estimated Asset Life Service vehicles 3 - 5 Office furniture and equipment 3 - 10 Revenue equipment 3 - 10 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 2022, no Inventory first first Prepaid Tires 24 Advertising Expense December 31, 2022, 2021 2020, Repairs and Maintenance Self-Insurance Liability not 6 Income Taxes not not 12 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, 2022 2021, not Revenue Recognition no Earnings Per Share 14 Fair Value Measurements 18 Reportable Segments twelve December 31, 2022, 2021 2020, Concentrations of Credit Risk not Subsequent Events no Risks and Uncertainties (COVID- 19 March 2020, 19” 19 19, not Foreign Currency Transactions Business Combinations may 2022, Recent Accounting Pronouncements March 2020, No. 2020 - 04, 2020 - 04” 848 2020 - 04 2020 - 04 March 12, 2020 December 31, 2022 . January 1, 2022 not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
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 the Company 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. The Company’s revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event the Company’s customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, the Company is 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, 2022 | |
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, 2022 2021: 2022 2021 (in thousands) Billed $ 119,552 $ 105,992 Unbilled 20,568 20,388 Current estimated credit losses (5,381 ) (4,526 ) Total accounts receivable—net $ 134,739 $ 121,854 An analysis of changes in current estimated credit losses for the years ended December 31, 2022, 2021, 2020 2022 2021 2020 (in thousands) Balance—beginning of year $ 4,526 $ 3,482 $ 2,952 Provision for bad debts 917 1,044 530 Charge-offs (62 ) - - Recoveries - - - Balance—end of year $ 5,381 $ 4,526 $ 3,482 |
Note 4 - Marketable Equity Secu
Note 4 - Marketable Equity Securities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021. 2022 2021 (in thousands) Available-for-sale securities: Fair market value $ 41,728 $ 39,424 Cost 30,350 29,385 Unrealized gain $ 11,378 $ 10,039 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of December 31, 2022 2021. 2022 2021 (in thousands) Available-for-sale securities: Gross unrealized gains $ 13,478 $ 12,458 Gross unrealized losses 2,100 2,419 Net unrealized gains $ 11,378 $ 10,039 For the years ended December 31, 2022, 2021 2020, The following table shows the Company’s net realized (losses) gains during 2022, 2021 2020 2022 2021 2020 (in thousands) Realized (losses) gains: Sale proceeds $ - $ 3,109 $ 2,039 Cost of securities sold - 3,199 2,216 Realized (losses) / gains $ - $ (90 ) $ (177 ) At December 31, 2022, December 31, 2021, The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2022 2021, December 31, 2022 2021, |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 (in thousands) Payroll $ 1,995 $ 1,529 Accrued vacation 983 877 Taxes—other than income 3,369 2,674 Interest 283 196 Driver escrows 1,271 1,643 Margin account borrowings 914 1,214 Self-insurance claims and legal reserves 22,709 5,437 Current portion of Right-of-Use liability 340 544 Other liabilities 2,369 - Total accrued expenses and other liabilities $ 34,233 $ 14,114 The Company’s accounts payable of $48,917,000 includes $431,000 in payables for purchases of revenue equipment. |
Note 6 - Claims Liabilities
Note 6 - Claims Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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. Since September 1, 2020, September 1, 2019 August 31, 2020, September 1, 2019, $2.0 The Company maintains workers’ compensation coverage in Arkansas, Florida, Ohio, Oklahoma, and Mississippi with a $0.5 million self-insured retention and a $0.5 million per occurrence excess policy. The Company has elected to opt out of workers’ compensation coverage in Texas and is providing coverage through the P.A.M. Texas Injury Plan. The Company has accrued for estimated losses to pay such claims as well as claims incurred but not not not 5 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. LONG-TERM DEBT Long-term debt at December 31, 2022 2021 (in thousands) Line of credit with a bank—due July 1, 2024, and collateralized by accounts receivable (1) - - Equipment financing (2) 216,875 206,539 Real estate financing (3) 47,406 15,738 Total long-term debt 264,281 222,277 Less current maturities (58,815 ) (49,544 ) Long-term debt—net of current maturities $ 205,466 $ 172,733 ( 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 Term SOFR as of the first December 31, 2022 4.00:1. 2022. December 31, 2022, December 31, 2021, ( 2 Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through March 2028, December 31, 2022 ( 3 Real estate financing consisting of an installment obligation for the purchase of real estate in Laredo, TX, payable in 120 installments at an interest rate of 3.02% and maturing in August 2030, March 2032. The Company has provided letters of credit to third December 31, 2022 December 31, 2021, third Scheduled annual maturities on long-term debt outstanding at December 31, 2022, 2023 $ 58,815 2024 62,490 2025 53,038 2026 34,801 2027 32,491 Thereafter 22,646 Total $ 264,281 |
Note 8 - Noncash Investing and
Note 8 - Noncash Investing and Financing Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Noncash Investing and Financing Activities Disclosure [Text Block] | 8. NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $22.2 million and $36.1 million in equipment purchases during 2022 2021, |
Note 9 - Capital Stock
Note 9 - Capital Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. CAPITAL STOCK The Company's authorized capital stock consists of 50,000,000 shares of common stock, par value $.01 $.01 December 31, 2022, December 31, 2021, No December 31, 2022 2021. Common Stock The holders of our common stock, subject to such rights as may one no Preferred Stock Preferred stock may may December 31, 2022, no Treasury Stock In July 2021, 1 100% August 16, 2021), “2021 2021 July 27, 2021, August 26, 2021. 2021 August 31, 2021. December 31, 2022. The Company’s stock repurchase program has been extended and expanded several times, most recently in November 2021, September 2011 2022 2021, The Company accounts for Treasury stock using the cost method, and as of December 31, 2022, |
Note 10 - Segment Information,
Note 10 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas | 12 Months Ended |
Dec. 31, 2022 | |
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 2022, 2021 2020 The table below presents revenue dollars and percentages by geographic area: Year Ended December 31, 2022 2021 2020 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 629,921 66.5 $ 474,291 67.9 $ 316,542 66.1 Shipments to or from Mexico 313,885 33.2 223,315 32.0 161,412 33.7 Shipments to or from Canada 3,056 0.3 891 0.1 1,156 0.2 Total $ 946,862 100 % $ 698,497 100 % $ 479,110 100 % Our five 2022, 2021 2020, 2022, 2021 2020, We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers. Approximately 31%, 27% and 30% of our revenues were derived from transportation services provided to the automobile industry during 2022, 2021 2020, Accounts receivable from the three December 31, 2022 2021, |
Note 11 - Dividends
Note 11 - Dividends | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | |
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 2022 2021 (in thousands) Deferred tax liabilities: Property and equipment $ 102,169 $ 84,081 Unrealized gains on securities 2,894 2,580 Prepaid expenses and other 3,836 2,783 Total deferred tax liabilities 108,899 89,444 Deferred tax assets: Current expected credit losses 1,385 1,165 Compensated absences 215 185 Self-insurance allowances 5,746 1,207 Other 108 172 Total deferred tax assets 7,454 2,729 Net deferred tax liability $ 101,445 $ 86,715 The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2022, 2021 2020 2022 2021 2020 (in thousands) Amount Percent Amount Percent Amount Percent Federal income tax at statutory rate $ 24,991 21.0 $ 21,526 21.0 $ 4,916 21.0 Nondeductible per diem and meals - - - - 321 1.4 State income taxes/other, net 3,344 2.8 4,463 4.4 345 1.5 Total income tax expense $ 28,335 23.8 $ 25,989 25.4 $ 5,582 23.9 The provision (benefit) for income taxes consisted of the following: 2022 2021 2020 (in thousands) Current: Federal $ 10,673 $ 6,314 $ (62 ) State 3,121 1,843 282 Total current income tax provision 13,794 8,157 220 Deferred: Federal 12,920 13,720 4,860 State 1,621 4,112 502 Total deferred income tax provision 14,541 17,832 5,362 Total income tax provision expense $ 28,335 $ 25,989 $ 5,582 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, December 31, 2022 2021, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not December 31, 2022, not 2022 2021, 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 2019 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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 1 August 2021 1 March 2022) 2014 not The Company granted unrestricted shares of its common stock to its non-employee directors and granted restricted shares of common stock to certain key employees during all periods presented. All share and per share amounts set forth below have been adjusted to reflect the impact of the 2-for- 1 August 2021 March 2022. During February 2022, four one During May 2022, During June 2022, four one In March 2021, In April 2021, 25% four one In January 2020, four In March 2020, In April 2020, In August 2020, 2022, 2023, 2024 2027 2025 2026. In August 2020, four During 2022 2021, December 31, 2022 December 31, 2021. December 31, 2022, The grant date fair value of stock and stock options vested during 2022, 2021 2020 2022 four second 2022. 2022. 2022. December 31, 2022, 2023 $ 649,000 2024 $ 641,000 2025 $ 670,000 2026 $ 343,000 2027 $ 111,000 Total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits was approximately $441,000 during 2021 eight first 2021. 2021. 2021. Total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits was approximately $461,000 during 2020 eight first 2020 one second 2020. 2020. 2020. There were no options granted during 2022, 2021, 2020. A summary of the status of the Company’s non-vested restricted stock as of December 31, 2022 December 31, 2022, Restricted Stock Number of Shares Weighted- Average Grant Nonvested—January 1, 2022 239,212 $ 9.25 Granted 34,475 37.18 Canceled/forfeited/expired - - Vested (37,855 ) 10.36 Nonvested—December 31, 2022: 235,832 $ 13.15 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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 (on a stock split adjusted basis) during the period. Diluted earnings per common share was calculated as follows: For the Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Net income $ 90,672 $ 76,516 $ 17,827 Basic weighted average common shares outstanding (1) 22,246 22,715 23,008 Dilutive effect of common stock equivalents 190 149 64 Diluted weighted average common shares outstanding (1) 22,436 22,864 23,072 Basic earnings per share $ 4.08 $ 3.37 $ 0.77 Diluted earnings per share $ 4.04 $ 3.35 $ 0.77 ( 1 1 August 2021 March 2022, |
Note 15 - Benefit Plan
Note 15 - Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 15. BENEFIT PLAN The Company sponsors a benefit plan for the benefit of all eligible employees. The plan qualifies under Section 401 five 2021, 2021 2020, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. COMMITMENTS AND CONTINGENCIES We were named a defendant in a putative class action lawsuit filed on August 6, 2021, August 5, 2022, October 7, 2022, January 1, 2020 July 31, 2022 not November 14, 2022. April 5, 2023. not We are involved in certain 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, September 1, 2020, not not |
Note 17 - Leases
Note 17 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 17. LEASES Right-of-Use Leases During 2019, five not 2022 2021, not 842, December 31, 2022. not five not not December 31, 2022. Scheduled amounts and timing of cash flows arising from operating lease payments at December 31, 2022, (in thousands) Maturity of Lease Liabilities 2023 $ 340 2024 114 2025 - 2026 - 2027 and Thereafter - Total undiscounted operating lease payments $ 454 Less: Imputed interest (10 ) Present value of operating lease liabilities $ 444 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 444 Current lease liabilities (recorded in other current liabilities) $ 340 Long-term lease liabilities (recorded in other long-term liabilities) 104 Total operating lease liabilities $ 444 Other Information Weighted-average remaining lease term for operating leases (in years) 1.33 Weighted-average discount rate for operating leases 3.74 % Cash Flows No new right-of-use assets were recognized as non-cash asset additions that resulted from new operating lease liabilities during the years ended December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, Cash Paid for Operating Leases Twelve Months Ended December 31, 2022 2021 (in thousands) Right-of-Use leases $ 515 $ 583 Short-term leases (1) 2,393 2,173 Total $ 2,908 $ 2,756 ( 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 operating eases require weekly lease payments over the term of the leases which range from 5 December 31, 2022 December 31, 2021 Leases in our lease-purchase program expire at various dates through 2026. December 31, 2022 2021 not December 31, 2022, The Company leases dock space to a related party at our Laredo, Texas terminal and warehouse and office space to an unrelated lessee at a second December 31, 2022, December 31, 2022 19 The Company's operating lease revenue is disclosed in the table below. Twelve Months Ended December 31, 2022 2021 Leased truck revenue (recorded in revenue, before fuel surcharge) $ 8,705 $ 7,747 Leased building space revenue (recorded in non-operating income) 525 735 Total lease revenue $ 9,230 $ 8,482 Lease Receivable Future minimum operating lease payments receivable at December 31, 2022: 2023 $ 7,637 2024 3,683 2025 221 2026 40 2027 - Thereafter - Total future minimum lease payments receivable $ 11,581 Lease Payments to Related Parties Payments to related parties of $1,780,813 were made for real estate leases during 2022 one eleven During 2022 one one not December 31, 2022. The Company leases office and shop facilities to a related party. At December 31, 2022, December 31, 2022 |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021, 2022 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 41,728 $ 41,728 - - $ 39,424 $ 39,424 - - During 2022 2021, 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, 2022 2021 2022 2021 Carrying Estimated Carrying Estimated (in thousands) Long-term debt $ 264,281 $ 253,762 $ 222,277 $ 224,191 The Company has not |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 $1,363,000, $8,085,000 and $9,897,000 in operating revenue and approximately $21,438,000, $11,103,000 and $6,791,000 in operating expenses in 2022, 2021, 2020, The Company purchased auto liability and workers’ compensation insurance through an insurance company affiliated with our Chairman and controlling stockholder. Premiums for auto liability coverage during 2022, 2021, 2020 2022, 2021, 2020 Amounts owed to the Company by these affiliates were approximately $723,000 and $636,000 at December 31, 2022 2021, December 31, 2022 2021, December 31, 2022 2021 |
Note 20 - Acquisition of Assets
Note 20 - Acquisition of Assets from Metropolitan Trucking Inc. | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 20. Acquisition of Assets from Metropolitan Trucking, Inc. On June 14, 2022, Pursuant to the Asset Purchase Agreement, the Buyer acquired substantially all the assets and assumed certain specified liabilities of Metropolitan Trucking, Inc., and its related entities (the “Transaction”). The Buyer paid $79.9 million of total consideration, including cash and certain assumed indebtedness of Metropolitan Trucking, Inc., and its related entities. The Transaction closed on June 14, 2022., Total cash paid of $64.3 million was funded out of the Company’s available cash. The Transaction included the assumption of $12.6 million of indebtedness and $2.9 million of other current liabilities. The Asset Purchase Agreement contains customary representations, warranties, covenants, escrow, and indemnification provisions. The results of the acquired business have been included in the consolidated financial statements since the date of acquisition and represented 14.1% of consolidated total assets as of December 31, 2022 December 31, 2022. December 31, 2022. The assets and liabilities associated with the acquisition were recorded at their fair values as of the acquisition date and the amounts are as follows: (in thousands) Trade and other accounts receivable $ 10,821 Other current assets 316 Property and equipment 68,722 Total assets 79,859 Accounts payable (2,915 ) Long-term debt (12,627 ) Total cash paid $ 64,317 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, Met Express, Inc., Costar Equipment, Inc., 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., 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 Current Expected Credit Losses not may |
Bank Overdrafts [Policy Text Block] | Bank Overdrafts not zero not no December 31, 2022 2021. |
Accounts Receivable [Policy Text Block] | Accounts Receivable Other December 31, 2022 2021, December 31, 2022 2021, |
Marketable Securities, Policy [Policy Text Block] | Marketable Equity Securities 321, 321” 321 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 2022 2021. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Asset Class Estimated Asset Life Service vehicles 3 - 5 Office furniture and equipment 3 - 10 Revenue equipment 3 - 10 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 2022, no |
Inventory Supplies, Policy [Policy Text Block] | Inventory first first |
Prepaid Tires [Policy Text Block] | Prepaid Tires 24 |
Advertising Cost [Policy Text Block] | Advertising Expense December 31, 2022, 2021 2020, |
Maintenance Cost, Policy [Policy Text Block] | Repairs and Maintenance |
Self Insurance Liability [Policy Text Block] | Self-Insurance Liability not 6 |
Income Tax, Policy [Policy Text Block] | Income Taxes not not 12 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, 2022 2021, 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] | Reportable Segments twelve December 31, 2022, 2021 2020, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events no |
Risks and Uncertainties (COVID-19) [Policy Text Block] | Risks and Uncertainties (COVID- 19 March 2020, 19” 19 19, not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions |
Business Combinations Policy [Policy Text Block] | Business Combinations may 2022, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements March 2020, No. 2020 - 04, 2020 - 04” 848 2020 - 04 2020 - 04 March 12, 2020 December 31, 2022 . January 1, 2022 not |
Note 1- Accounting Policies (Ta
Note 1- Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Class Estimated Asset Life Service vehicles 3 - 5 Office furniture and equipment 3 - 10 Revenue equipment 3 - 10 Structures and improvements 5 - 40 |
Note 3 - Trade Accounts Recei_2
Note 3 - Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2022 2021 (in thousands) Billed $ 119,552 $ 105,992 Unbilled 20,568 20,388 Current estimated credit losses (5,381 ) (4,526 ) Total accounts receivable—net $ 134,739 $ 121,854 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | 2022 2021 2020 (in thousands) Balance—beginning of year $ 4,526 $ 3,482 $ 2,952 Provision for bad debts 917 1,044 530 Charge-offs (62 ) - - Recoveries - - - Balance—end of year $ 5,381 $ 4,526 $ 3,482 |
Note 4 - Marketable Equity Se_2
Note 4 - Marketable Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | 2022 2021 (in thousands) Available-for-sale securities: Fair market value $ 41,728 $ 39,424 Cost 30,350 29,385 Unrealized gain $ 11,378 $ 10,039 |
Unrealized Gain (Loss) on Investments [Table Text Block] | 2022 2021 (in thousands) Available-for-sale securities: Gross unrealized gains $ 13,478 $ 12,458 Gross unrealized losses 2,100 2,419 Net unrealized gains $ 11,378 $ 10,039 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2022 2021 2020 (in thousands) Realized (losses) gains: Sale proceeds $ - $ 3,109 $ 2,039 Cost of securities sold - 3,199 2,216 Realized (losses) / gains $ - $ (90 ) $ (177 ) |
Note 5 - Accrued Expenses and_2
Note 5 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2022 2021 (in thousands) Payroll $ 1,995 $ 1,529 Accrued vacation 983 877 Taxes—other than income 3,369 2,674 Interest 283 196 Driver escrows 1,271 1,643 Margin account borrowings 914 1,214 Self-insurance claims and legal reserves 22,709 5,437 Current portion of Right-of-Use liability 340 544 Other liabilities 2,369 - Total accrued expenses and other liabilities $ 34,233 $ 14,114 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | 2022 2021 (in thousands) Line of credit with a bank—due July 1, 2024, and collateralized by accounts receivable (1) - - Equipment financing (2) 216,875 206,539 Real estate financing (3) 47,406 15,738 Total long-term debt 264,281 222,277 Less current maturities (58,815 ) (49,544 ) Long-term debt—net of current maturities $ 205,466 $ 172,733 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 58,815 2024 62,490 2025 53,038 2026 34,801 2027 32,491 Thereafter 22,646 Total $ 264,281 |
Note 10 - Segment Information_2
Note 10 - Segment Information, Significant Customers, Industry Concentration and Geographic Areas (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2022 2021 2020 (in thousands) Amount Percent Amount Percent Amount Percent United States - domestic shipments $ 629,921 66.5 $ 474,291 67.9 $ 316,542 66.1 Shipments to or from Mexico 313,885 33.2 223,315 32.0 161,412 33.7 Shipments to or from Canada 3,056 0.3 891 0.1 1,156 0.2 Total $ 946,862 100 % $ 698,497 100 % $ 479,110 100 % |
Note 12 - Federal and State I_2
Note 12 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 (in thousands) Deferred tax liabilities: Property and equipment $ 102,169 $ 84,081 Unrealized gains on securities 2,894 2,580 Prepaid expenses and other 3,836 2,783 Total deferred tax liabilities 108,899 89,444 Deferred tax assets: Current expected credit losses 1,385 1,165 Compensated absences 215 185 Self-insurance allowances 5,746 1,207 Other 108 172 Total deferred tax assets 7,454 2,729 Net deferred tax liability $ 101,445 $ 86,715 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 (in thousands) Amount Percent Amount Percent Amount Percent Federal income tax at statutory rate $ 24,991 21.0 $ 21,526 21.0 $ 4,916 21.0 Nondeductible per diem and meals - - - - 321 1.4 State income taxes/other, net 3,344 2.8 4,463 4.4 345 1.5 Total income tax expense $ 28,335 23.8 $ 25,989 25.4 $ 5,582 23.9 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 (in thousands) Current: Federal $ 10,673 $ 6,314 $ (62 ) State 3,121 1,843 282 Total current income tax provision 13,794 8,157 220 Deferred: Federal 12,920 13,720 4,860 State 1,621 4,112 502 Total deferred income tax provision 14,541 17,832 5,362 Total income tax provision expense $ 28,335 $ 25,989 $ 5,582 |
Note 13 - Stock-based Compens_2
Note 13 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | 2023 $ 649,000 2024 $ 641,000 2025 $ 670,000 2026 $ 343,000 2027 $ 111,000 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Number of Shares Weighted- Average Grant Nonvested—January 1, 2022 239,212 $ 9.25 Granted 34,475 37.18 Canceled/forfeited/expired - - Vested (37,855 ) 10.36 Nonvested—December 31, 2022: 235,832 $ 13.15 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Year Ended December 31, 2022 2021 2020 (in thousands, except per share data) Net income $ 90,672 $ 76,516 $ 17,827 Basic weighted average common shares outstanding (1) 22,246 22,715 23,008 Dilutive effect of common stock equivalents 190 149 64 Diluted weighted average common shares outstanding (1) 22,436 22,864 23,072 Basic earnings per share $ 4.08 $ 3.37 $ 0.77 Diluted earnings per share $ 4.04 $ 3.35 $ 0.77 |
Note 17 - Leases (Tables)
Note 17 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (in thousands) Maturity of Lease Liabilities 2023 $ 340 2024 114 2025 - 2026 - 2027 and Thereafter - Total undiscounted operating lease payments $ 454 Less: Imputed interest (10 ) Present value of operating lease liabilities $ 444 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 444 Current lease liabilities (recorded in other current liabilities) $ 340 Long-term lease liabilities (recorded in other long-term liabilities) 104 Total operating lease liabilities $ 444 Other Information Weighted-average remaining lease term for operating leases (in years) 1.33 Weighted-average discount rate for operating leases 3.74 % |
Lease, Cost [Table Text Block] | Twelve Months Ended December 31, 2022 2021 (in thousands) Right-of-Use leases $ 515 $ 583 Short-term leases (1) 2,393 2,173 Total $ 2,908 $ 2,756 |
Operating Lease, Lease Income [Table Text Block] | Twelve Months Ended December 31, 2022 2021 Leased truck revenue (recorded in revenue, before fuel surcharge) $ 8,705 $ 7,747 Leased building space revenue (recorded in non-operating income) 525 735 Total lease revenue $ 9,230 $ 8,482 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2023 $ 7,637 2024 3,683 2025 221 2026 40 2027 - Thereafter - Total future minimum lease payments receivable $ 11,581 |
Note 18 - Fair Value of Finan_2
Note 18 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 2022 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Marketable equity securities $ 41,728 $ 41,728 - - $ 39,424 $ 39,424 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | 2022 2021 Carrying Estimated Carrying Estimated (in thousands) Long-term debt $ 264,281 $ 253,762 $ 222,277 $ 224,191 |
Note 20 - Acquisition of Asse_2
Note 20 - Acquisition of Assets from Metropolitan Trucking Inc. (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Trade and other accounts receivable $ 10,821 Other current assets 316 Property and equipment 68,722 Total assets 79,859 Accounts payable (2,915 ) Long-term debt (12,627 ) Total cash paid $ 64,317 |
Note 1- Accounting Policies (De
Note 1- Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Bank Overdrafts | $ 135,000 | $ 43,000 | |
Other Receivables, Net, Current, Total | 6,263,000 | 7,092,000 | |
Advertising Expense | $ 2,101,000 | $ 1,154,000 | $ 1,102,000 |
Truckload Services [Member] | Sales [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 66% | 67% | 76.90% |
Independent Contractors [Member] | |||
Other Receivables, Net, Current, Total | $ 1,379,000 | $ 1,037,000 |
Note 1 - Accounting Policies -
Note 1 - Accounting Policies - Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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) | 10 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property and equipment (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property and equipment (Year) | 10 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Billed | $ 119,552 | $ 105,992 | ||
Unbilled | 20,568 | 20,388 | ||
Current estimated credit losses | (5,381) | (4,526) | $ (3,482) | $ (2,952) |
Total accounts receivable—net | $ 134,739 | $ 121,854 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance—beginning of year | $ 4,526 | $ 3,482 | $ 2,952 |
Provision for bad debts | 917 | 1,044 | 530 |
Charge-offs | (62) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance—end of year | $ 5,381 | $ 4,526 | $ 3,482 |
Note 4 - Marketable Equity Se_3
Note 4 - Marketable Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Income, Dividend | $ 1,539,000 | $ 1,448,000 | $ 1,266,000 |
Equity Securities, FV-NI, Total | 7,875,000 | 7,373,000 | |
Equity Securities, FV-NI, Unrealized Loss | $ 2,100,000 | $ 2,419,000 | |
Margin Account Borrowings [Member] | |||
Debt, Weighted Average Interest Rate | 4.92% | 0.68% | |
Margin Account Borrowings [Member] | Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |||
Short-Term Debt, Total | $ 914,000 | $ 1,214,000 |
Note 4 - Marketable Equity Se_4
Note 4 - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair market value | $ 41,728 | $ 39,424 |
Cost | 30,350 | 29,385 |
Unrealized gain | $ 11,378 | $ 10,039 |
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, 2022 | Dec. 31, 2021 |
Gross unrealized gains | $ 13,478 | $ 12,458 |
Gross unrealized losses | 2,100 | 2,419 |
Unrealized gain | $ 11,378 | $ 10,039 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sale proceeds | $ 0 | $ 3,109 | $ 2,039 |
Cost of securities sold | 0 | 3,199 | 2,216 |
Realized (losses) / gains | $ 0 | $ (90) | $ (177) |
Note 5 - Accrued Expenses and_3
Note 5 - Accrued Expenses and Other Liabilities (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Payable, Current, Total | $ 48,917,000 | $ 43,381,000 |
Revenue Equipment [Member] | ||
Accounts Payable, Current, Total | $ 431,000 |
Note 5 - Accrued Expenses and_4
Note 5 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payroll | $ 1,995 | $ 1,529 |
Accrued vacation | 983 | 877 |
Taxes—other than income | 3,369 | 2,674 |
Interest | 283 | 196 |
Driver escrows | 1,271 | 1,643 |
Margin account borrowings | 914 | 1,214 |
Self-insurance claims and legal reserves | 22,709 | 5,437 |
Other liabilities | 2,369 | 0 |
Total accrued expenses and other liabilities | 34,233 | 14,114 |
Accrued Expenses and Other Liabilities [Member] | ||
Current lease liabilities (recorded in other current liabilities) | $ 340 | $ 544 |
Note 6 - Claims Liabilities (De
Note 6 - Claims Liabilities (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 01, 2020 | Sep. 01, 2019 |
Self Insurance Auto Liability Claims Threshold Amount | $ 2,000,000 | $ 1,000,000 | |||
Workers Compensation Self Insured Retention | $ 500,000 | ||||
Workers Compensation Per Occurrence Excess Policy | 500,000 | ||||
Letters of Credit Outstanding, Amount | 310,000 | $ 310,000 | |||
Stop Loss for Self Insurance for Employee Health Claims Per Covered Employee Per Year | 400,000 | ||||
Cargo Loss Coverage [Member] | |||||
Per Occurrence Deductibles | $ 10,000 | ||||
Auto Liability Coverage [Member] | |||||
Self Insurance Auto Liability Claims Threshold Amount | $ 2,000,000 | $ 1,000,000 | |||
Workers Compensation Coverage [Member] | |||||
Letters of Credit Outstanding, Amount | 300,000 | ||||
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, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Letters of Credit Outstanding, Amount | $ 310,000 | $ 310,000 |
Texas Real Estate Agreement [Member] | ||
Debt Instrument, Number of Installment Payments | 120 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.02% | |
Terminal [Member] | ||
Debt Instrument, Number of Installment Payments | 120 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.62% | |
Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |
Line of Credit Facility, Interest Rate at Period End | 5.65% | |
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 | $ 400,000 | 400,000 |
Letters of Credit Outstanding, Amount | 300,000 | $ 300,000 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 59,600,000 | |
Line of Credit [Member] | Equipment Financing [Member] | ||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 3.16% | |
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.35% |
Note 7 - Long-term Debt - Summa
Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term debt | $ 264,281 | $ 222,277 | |
Less current maturities | (58,815) | (49,544) | |
Long-term debt—net of current maturities | 205,466 | 172,733 | |
Line of Credit [Member] | |||
Long-term debt | [1] | 0 | 0 |
Secured Debt [Member] | |||
Long-term debt | [2] | 216,875 | 206,539 |
Texas Real Estate Agreement [Member] | |||
Long-term debt | [3] | $ 47,406 | |
Real Estate Financing [Member] | |||
Long-term debt | [3] | $ 15,738 | |
[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 (with a floor of 0.5%) plus 1.25%, (1.75% at December 31, 2021) 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 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, excluding gains/losses on equity securities and extraordinary items) ratio of less than 4.00:1. The Company was in compliance with all provisions under this agreement throughout 2021. At December 31, 2021, outstanding advances on the line were approximately $0.4 million, including letters of credit totaling $0.3 million, with availability to borrow $59.6 million. At December 31, 2020, outstanding advances on the line were approximately $18.6 million, including letters of credit totaling $0.3 million.[2]Equipment financings consist of installment obligations for revenue equipment purchases, payable in various monthly installments with various maturity dates through March 2028, at a weighted average interest rate of 2.81% as of December 31, 2021 and collateralized by revenue equipment.[3]Real estate financing consisting of an installment obligation for the purchase of real estate in Laredo, TX, payable in 120 installments at an interest rate of 3.02% and maturing in August 2030. This obligation is collateralized by the underlying real estate and any rental income generated by the underlying real estate. |
Note 7 - Long-term Debt - Annua
Note 7 - Long-term Debt - Annual Maturities on Long-term Debt Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 58,815 | |
2024 | 62,490 | |
2025 | 53,038 | |
2026 | 34,801 | |
2027 | 32,491 | |
Thereafter | 22,646 | |
Total | $ 264,281 | $ 222,277 |
Note 8 - Noncash Investing an_2
Note 8 - Noncash Investing and Financing Activities (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 22.2 | $ 36.1 |
Note 9 - Capital Stock (Details
Note 9 - Capital Stock (Details Textual) | 12 Months Ended | |||||||
Aug. 26, 2021 USD ($) $ / shares shares | Aug. 16, 2021 | Jul. 27, 2021 $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | Nov. 30, 2021 shares | Jul. 31, 2021 shares | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Common Stock, Shares, Issued (in shares) | 22,293,687 | 34,574,807 | ||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 22,166,450 | 22,348,022 | ||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 200,000 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 7,000,000 | $ 10,828,000 | $ 2,281,000 | |||||
Treasury Stock, Shares, Total (in shares) | 127,237 | 12,226,785 | ||||||
Treasury Stock, Value, Total | $ | $ 4,000,000 | $ 169,946,000 | ||||||
The 2019 Tender Offer [Member] | ||||||||
Treasury Stock, Shares, Acquired (in shares) | 272,405 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 37 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 10,100,000 | |||||||
The 2019 Tender Offer [Member] | Minimum [Member] | ||||||||
Stock Repurchase Program Additional Shares Authroized To Be Repurchased Percent Of Outstanding Shares Percent | 2% | |||||||
Treasury Stock Acquired Cost Per Share (in dollars per share) | $ / shares | $ 32 | |||||||
The 2019 Tender Offer [Member] | Maximum [Member] | ||||||||
Treasury Stock Acquired Cost Per Share (in dollars per share) | $ / shares | $ 37 | |||||||
September 2011 Reauthorization [Member] | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | |||||||
Treasury Stock, Shares, Acquired (in shares) | 168,847 | 18,732 | ||||||
Stock Split To [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sales [Member] | Five Largest Customers [Member] | |||
Concentration Risk, Percentage | 39% | 33% | 35% |
Sales [Member] | General Motors Company [Member] | |||
Concentration Risk, Percentage | 13% | 11% | 15% |
Revenue Provided to the Automobile Manufacturing Industry [Member] | Other Manufacturers [Member] | |||
Concentration Risk, Percentage | 31% | 27% | 30% |
Accounts Receivable [Member] | |||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 36,622,000 | $ 31,049,000 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating revenues | $ 946,862 | $ 707,120 | $ 486,825 |
Motor Carrier [Member] | |||
Operating revenues | $ 946,862 | $ 698,497 | $ 479,110 |
Motor Carrier [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Operating Revenues, percentage | 100% | 100% | 100% |
Motor Carrier [Member] | UNITED STATES | |||
Operating revenues | $ 629,921 | $ 474,291 | $ 316,542 |
Motor Carrier [Member] | UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Operating Revenues, percentage | 66.50% | 67.90% | 66.10% |
Motor Carrier [Member] | MEXICO | |||
Operating revenues | $ 313,885 | $ 223,315 | $ 161,412 |
Motor Carrier [Member] | MEXICO | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Operating Revenues, percentage | 33.20% | 32% | 33.70% |
Motor Carrier [Member] | CANADA | |||
Operating revenues | $ 3,056 | $ 891 | $ 1,156 |
Motor Carrier [Member] | CANADA | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||
Operating Revenues, percentage | 0.30% | 0.10% | 0.20% |
Note 12 - Federal and State I_3
Note 12 - Federal and State Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 |
Statute of Limitations (Year) | 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, 2022 | Dec. 31, 2021 |
Deferred tax liabilities: | ||
Property and equipment | $ 102,169 | $ 84,081 |
Unrealized gains on securities | 2,894 | 2,580 |
Prepaid expenses and other | 3,836 | 2,783 |
Total deferred tax liabilities | 108,899 | 89,444 |
Deferred tax assets: | ||
Current expected credit losses | 1,385 | 1,165 |
Compensated absences | 215 | 185 |
Self-insurance allowances | 5,746 | 1,207 |
Other | 108 | 172 |
Total deferred tax assets | 7,454 | 2,729 |
Net deferred tax liability | $ 101,445 | $ 86,715 |
Note 12 - Federal and State I_5
Note 12 - Federal and State Income Taxes - Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal income tax at statutory rate, amount | $ 24,991 | $ 21,526 | $ 4,916 |
Federal income tax at statutory rate, percent | 21% | 21% | 21% |
Nondeductible per diem and meals, amount | $ 0 | $ 0 | $ 321 |
Nondeductible per diem and meals, percent | 0% | 0% | 1.40% |
State income taxes/other, net, amount | $ 3,344 | $ 4,463 | $ 345 |
State income taxes/other, net, percent | 2.80% | 4.40% | 1.50% |
Total federal & state income tax expense | $ 28,335 | $ 25,989 | $ 5,582 |
Total income tax (benefit) expense, percent | 23.80% | 25.40% | 23.90% |
Note 12 - Federal and State I_6
Note 12 - Federal and State Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 10,673 | $ 6,314 | $ (62) |
State | 3,121 | 1,843 | 282 |
Total current income tax provision | 13,794 | 8,157 | 220 |
Deferred: | |||
Federal | 12,920 | 13,720 | 4,860 |
State | 1,621 | 4,112 | 502 |
Total deferred income tax provision | 14,541 | 17,832 | 5,362 |
Total income tax provision expense | $ 28,335 | $ 25,989 | $ 5,582 |
Note 13 - Stock-based Compens_3
Note 13 - Stock-based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Aug. 16, 2021 | May 29, 2014 | Jun. 30, 2022 $ / shares shares | May 31, 2022 $ / shares shares | Feb. 28, 2022 $ / shares shares | Apr. 30, 2021 USD ($) $ / shares | Mar. 31, 2021 $ / shares shares | Aug. 31, 2020 USD ($) $ / shares shares | Apr. 30, 2020 $ / shares shares | Mar. 31, 2020 $ / shares shares | Jan. 31, 2020 $ / shares shares | Mar. 31, 2022 shares | Jun. 30, 2020 shares | Mar. 31, 2020 shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ | $ 392,000 | $ 203,000 | $ 759,000 | ||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | 715,000 | 441,000 | 461,000 | ||||||||||||||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ | $ 170,000 | $ 110,000 | $ 100,000 | ||||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted (in dollars per share) | $ / shares | $ 0.03 | $ 0.03 | $ 0.06 | ||||||||||||||||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic (in dollars per share) | $ / shares | $ 0.02 | $ 0.02 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 2,414,000 | ||||||||||||||||||
Director [Member] | Salaries, Wages and Benefits [Member] | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ | $ 55,000 | $ 80,000 | $ 90,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in shares) | 968 | 1,304 | 1,855 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 34,475 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 37.18 | ||||||||||||||||||
Stock Award [Member] | Director [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 968 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 10.35 | ||||||||||||||||||
Stock Award [Member] | Chief Executive Officer [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 160,000 | ||||||||||||||||||
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 (in shares) | 652 | ||||||||||||||||||
Stock Split To [Member] | |||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 | |||||||||||||||||
The 2014 Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 716,000 | ||||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 29,120 | 53,328 | 28,000 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 38.80 | $ 15.09 | $ 7.56 | $ 14.11 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | 4 years | ||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||||||
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 (in shares) | 1,855 | 5,216 | 10,432 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 29.60 | $ 15.43 | $ 7.69 | ||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | A Key Employee [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 3,500 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 27.68 | ||||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | A Key Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [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 (in dollars per share) | $ / shares | $ 8.84 | ||||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Chief Executive Officer [Member] | The 2024 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Number of Shares | $ | $ 10,000 | $ 20,000 | |||||||||||||||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Chief Executive Officer [Member] | The 2025 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Number of Shares | $ | $ 40,000 | ||||||||||||||||||
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% |
Note 13 - Stock-based Compens_4
Note 13 - Stock-based Compensation - Share based Compensation (Details) - Restricted Stock [Member] | Dec. 31, 2022 USD ($) |
2021 | $ 649,000 |
2022 | 641,000 |
2023 | 670,000 |
2024 | 343,000 |
2025 | $ 111,000 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Non-vested (in shares) | shares | 239,212 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.25 |
Granted (in shares) | shares | 34,475 |
Granted - weighted average grant date fair value (in dollars per share) | $ / shares | $ 37.18 |
Canceled/forfeited/expired (in shares) | shares | 0 |
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (37,855) |
Vested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 10.36 |
Non-vested (in shares) | shares | 235,832 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.15 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) | 12 Months Ended | |
Aug. 16, 2021 | Dec. 31, 2022 | |
Stock Split To [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | 2 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ 90,672 | $ 76,516 | $ 17,827 |
Basic weighted average common shares outstanding(1) (in shares) | 22,246 | 22,715 | 23,008 |
Dilutive effect of common stock equivalents (in shares) | 190 | 149 | 64 |
Diluted weighted average common shares outstanding(1) (in shares) | 22,436 | 22,864 | 23,072 |
Basic earnings per share (in dollars per share) | $ 4.08 | $ 3.37 | $ 0.77 |
Diluted earnings per share (in dollars per share) | $ 4.04 | $ 3.35 | $ 0.77 |
Note 15 - Benefit Plan (Details
Note 15 - Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3% | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | ||
Defined Contribution, Fully Vested Period (Year) | 5 years | ||
Defined Contribution Plan, Cost | $ 212,000 | $ 190,000 | $ 190,000 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 01, 2020 | Sep. 01, 2019 | |
Self Insurance Auto Liability Claims Threshold Amount | $ 2,000,000 | $ 1,000,000 | ||
Self Insurance Auto Liability Claims Threshold Amount | $ 2,000,000 | $ 1,000,000 | ||
Minimum [Member] | ||||
Self Insurance Liability Claims, Exceeding Amount Reserve Threshold | $ 2,000,000 | |||
Settlement Of Collective And Class Action Lawsuit [Member] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 4,750,000 |
Note 17 - Leases (Details Textu
Note 17 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | ||
Operating Lease, Payments | 500,000 | $ 600,000 | |
Property, Plant and Equipment, Gross, Ending Balance | 705,919,000 | 585,303,000 | |
Property, Plant and Equipment, Net, Total | 463,595,000 | 384,179,000 | |
Lessor, Operating Lease, Payments to be Received, Total | 11,581,000 | ||
Depreciation, Total | 62,806,000 | 55,012,000 | $ 56,168,000 |
Majority Shareholder [Member] | |||
Lessor, Operating Lease, Payments to be Received, Total | 32,100 | ||
Trucks under Operating Lease [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | 58,227,000 | 55,986,000 | |
Property, Plant and Equipment, Net, Total | 22,960,000 | 28,951,000 | |
Lessor, Operating Lease, Payments to be Received, Total | 11,549,000 | $ 15,907,000 | |
Depreciation, Total | 7,000,000 | ||
Shop and Office Space [Member] | Majority Shareholder [Member] | |||
Operating Lease, Payments | 1,780,813 | ||
Property, Plant and Equipment, Gross, Ending Balance | 13,738,000 | ||
Property, Plant and Equipment, Net, Total | 11,674,000 | ||
Lessor, Operating Lease, Payments to be Received, Total | 32,100 | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, before Accumulated Depreciation | 13,738,000 | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation, Total | 11,674,000 | ||
Shop and Office Space [Member] | |||
Operating Lease, Liability, Total | 232,000 | ||
Trucks under Operating Lease [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | Trucks [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 60 years | ||
Maximum [Member] | Shop and Office Leases with Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | Leases without Early Cancellation Options [Member] | |||
Operating Lease, Right-of-Use Asset | $ 400,000 |
Note 17 - Leases - Operating Le
Note 17 - Leases - Operating Lease (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 340 |
2024 | 114 |
2025 | 0 |
2026 | 0 |
2027 and Thereafter | 0 |
Total undiscounted operating lease payments | 454 |
Less: Imputed interest | $ (10) |
Weighted-average remaining lease term for operating leases (in years) (Year) | 1 year 3 months 29 days |
Weighted-average discount rate for operating leases | 3.74% |
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |
Present value of operating lease liabilities | $ 444 |
Right-of-use assets (recorded in other non-current assets) | 444 |
Total operating lease liabilities | 444 |
Other Current Liabilities [Member] | |
Current lease liabilities (recorded in other current liabilities) | 340 |
Other Noncurrent Liabilities [Member] | |
Long-term lease liabilities (recorded in other long-term liabilities) | $ 104 |
Note 17 - Leases - Lease Cost (
Note 17 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-Use leases | $ 515 | $ 583 |
Short-term leases (1) | 2,393 | 2,173 |
Total | $ 2,908 | $ 2,756 |
Note 17 - Leases - Lease Revenu
Note 17 - Leases - Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease revenue | $ 9,230 | $ 8,482 |
Trucks under Operating Lease [Member] | ||
Lease revenue | 8,705 | 7,747 |
Dock Space under Operating Lease [Member] | ||
Lease revenue | $ 525 | $ 735 |
Note 17 - Leases - Lease Receiv
Note 17 - Leases - Lease Receivables (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 7,637 |
2024 | 3,683 |
2025 | 221 |
2026 | 40 |
2027 | 0 |
Thereafter | 0 |
Total future minimum lease payments receivable | $ 11,581 |
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, 2022 | Dec. 31, 2021 |
Marketable equity securities | $ 41,728 | $ 39,424 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | $ 41,728 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities | $ 39,424 |
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, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 264,281 | $ 222,277 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 253,762 | $ 224,191 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Details Textual) - Majority Shareholder [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Related Parties | $ 1,363,000 | $ 8,085,000 | $ 9,897,000 |
Related Party Transaction, Expenses from Transactions with Related Party | 21,438,000 | 11,103,000 | 6,791,000 |
Due from Related Parties, Total | 723,000 | 636,000 | |
Due to Related Parties, Total | 1,290,000 | 1,276,000 | |
Freight Transportation [Member] | |||
Accounts Receivable, Related Parties | 382,000 | 448,000 | |
Maintenance Performed and Charges Paid to Third Parties on Behalf of Their Affiliate and Charged Back [Member] | |||
Accounts Receivable, Related Parties | 341,000 | 188,000 | |
Auto Liability Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 11,437,000 | 9,851,000 | 8,516,000 |
Workers Compensation Coverage [Member] | |||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 338,000 | $ 300,000 | $ 299,000 |
Note 20 - Acquisition of Asse_3
Note 20 - Acquisition of Assets from Metropolitan Trucking Inc. (Details Textual) - Metropolitan Trucking Inc and Related Entities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 14, 2022 | Dec. 31, 2022 | |
Business Combination, Consideration Transferred, Total | $ 79,900 | |
Payments to Acquire Businesses, Gross | 64,317 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 12,627 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ 2,915 | |
Acquired Business As a Percent of Total Assets | 14.10% | |
Acquired Business As a Percent of Operating Revenue | 5.70% | |
Business Combination, Acquisition Related Costs | $ 400 |
Note 20 - Acquisition of Asse_4
Note 20 - Acquisition of Assets from Metropolitan Trucking Inc. - Assets Acquired and Liabilities Assumed (Details) - Metropolitan Trucking Inc and Related Entities [Member] $ in Thousands | Jun. 14, 2022 USD ($) |
Trade and other accounts receivable | $ 10,821 |
Other current assets | 316 |
Property and equipment | 68,722 |
Total assets | 79,859 |
Accounts payable | (2,915) |
Long-term debt | (12,627) |
Payments to Acquire Businesses, Gross | $ 64,317 |