Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MARTEN TRANSPORT LTD | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 33,398,329 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000799167 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $956 | $13,650 |
Receivables: | ' | ' |
Trade, net | 75,176 | 70,869 |
Other | 6,459 | 4,142 |
Prepaid expenses and other | 13,949 | 15,274 |
Deferred income taxes | 3,545 | 3,415 |
Total current assets | 100,085 | 107,350 |
Property and equipment: | ' | ' |
Accumulated depreciation | -174,627 | -164,916 |
Net property and equipment | 458,066 | 415,009 |
Other assets | 3,991 | 3,443 |
TOTAL ASSETS | 562,142 | 525,802 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 42,063 | 38,624 |
Insurance and claims accruals | 15,012 | 14,404 |
Total current liabilities | 57,075 | 53,028 |
Long-term debt | 16,757 | ' |
Deferred income taxes | 115,918 | 113,637 |
Total liabilities | 189,750 | 166,665 |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value per share; 48,000,000 shares authorized; 33,398,329 shares at June 30, 2014, and 33,301,048 shares at December 31, 2013, issued and outstanding | 334 | 333 |
Additional paid-in capital | 86,787 | 85,077 |
Retained earnings | 285,271 | 273,727 |
Total stockholders’ equity | 372,392 | 359,137 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 562,142 | 525,802 |
Office Equipment And Other [Member] | ' | ' |
Property and equipment: | ' | ' |
Revenue equipment, buildings and land, office equipment and other | $632,693 | $579,925 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 48,000,000 | 48,000,000 |
Common stock, shares issued | 33,398,329 | 33,301,048 |
Common stock, shares outstanding | 33,398,329 | 33,301,048 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING REVENUE | $168,423 | $161,413 | $327,832 | $325,887 |
OPERATING EXPENSES (INCOME): | ' | ' | ' | ' |
Salaries, wages and benefits | 44,667 | 42,345 | 88,399 | 84,470 |
Purchased transportation | 30,739 | 28,129 | 58,869 | 62,313 |
Fuel and fuel taxes | 40,494 | 40,596 | 80,320 | 80,919 |
Supplies and maintenance | 10,351 | 9,998 | 20,786 | 19,531 |
Depreciation | 16,865 | 16,219 | 33,236 | 31,907 |
Operating taxes and licenses | 1,728 | 1,825 | 3,441 | 3,595 |
Insurance and claims | 6,663 | 5,808 | 12,788 | 11,619 |
Communications and utilities | 1,311 | 1,262 | 2,744 | 2,545 |
Gain on disposition of revenue equipment | -1,278 | -1,237 | -1,941 | -3,652 |
Other | 3,951 | 3,347 | 7,618 | 6,981 |
Total operating expenses | 155,491 | 148,292 | 306,260 | 300,228 |
OPERATING INCOME | 12,932 | 13,121 | 21,572 | 25,659 |
OTHER | -612 | -153 | -710 | -168 |
INCOME BEFORE INCOME TAXES | 13,544 | 13,274 | 22,282 | 25,827 |
Less: Income before income taxes attributable to noncontrolling interest | ' | ' | ' | 84 |
INCOME BEFORE INCOME TAXES ATTRIBUTABLE TO MARTEN TRANSPORT, LTD. | 13,544 | 13,274 | 22,282 | 25,743 |
PROVISION FOR INCOME TAXES | 5,618 | 5,607 | 9,069 | 10,874 |
NET INCOME | $7,926 | $7,667 | $13,213 | $14,869 |
BASIC EARNINGS PER COMMON SHARE (in Dollars per share) | $0.24 | $0.23 | $0.40 | $0.45 |
DILUTED EARNINGS PER COMMON SHARE (in Dollars per share) | $0.24 | $0.23 | $0.39 | $0.45 |
DIVIDENDS DECLARED PER COMMON SHARE (in Dollars per share) | $0.03 | $0.02 | $0.05 | $0.03 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2012 | $332 | $82,679 | $246,349 | $2,563 | $331,923 |
Balance (in Shares) at Dec. 31, 2012 | 33,164 | ' | ' | ' | ' |
Net income | ' | ' | 14,869 | ' | 14,869 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | ' | 179 | ' | ' | 179 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in Shares) | 57 | ' | ' | ' | ' |
Tax benefits from share-based payment arrangement exercises | ' | 143 | ' | ' | 143 |
Share-based payment arrangement compensation expense | ' | 651 | ' | ' | 651 |
Dividends on common stock | ' | ' | -1,107 | ' | -1,107 |
Income before income taxes attributable to noncontrolling interest | ' | ' | ' | 84 | 84 |
Noncontrolling interest distributions | ' | ' | ' | -84 | -84 |
Change to equity method of accounting | ' | ' | ' | -2,563 | -2,563 |
Balance at Jun. 30, 2013 | 332 | 83,652 | 260,111 | ' | 344,095 |
Balance (in Shares) at Jun. 30, 2013 | 33,221 | ' | ' | ' | ' |
Net income | ' | ' | 15,278 | ' | 15,278 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 1 | 946 | ' | ' | 947 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in Shares) | 80 | ' | ' | ' | ' |
Tax benefits from share-based payment arrangement exercises | ' | 46 | ' | ' | 46 |
Share-based payment arrangement compensation expense | ' | 433 | ' | ' | 433 |
Dividends on common stock | ' | ' | -1,662 | ' | -1,662 |
Balance at Dec. 31, 2013 | 333 | 85,077 | 273,727 | ' | 359,137 |
Balance (in Shares) at Dec. 31, 2013 | 33,301 | ' | ' | ' | ' |
Net income | ' | ' | 13,213 | ' | 13,213 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 1 | 965 | ' | ' | 966 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in Shares) | 97 | ' | ' | ' | ' |
Tax benefits from share-based payment arrangement exercises | ' | 134 | ' | ' | 134 |
Share-based payment arrangement compensation expense | ' | 611 | ' | ' | 611 |
Dividends on common stock | ' | ' | -1,669 | ' | -1,669 |
Balance at Jun. 30, 2014 | $334 | $86,787 | $285,271 | ' | $372,392 |
Balance (in Shares) at Jun. 30, 2014 | 33,398 | ' | ' | ' | ' |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operations: | ' | ' |
Net income | $13,213 | $14,869 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 33,236 | 31,907 |
Gain on disposition of revenue equipment | -1,941 | -3,652 |
Deferred income taxes | 2,151 | 3,130 |
Tax benefits from share-based payment arrangement exercises | 134 | 143 |
Excess tax benefits from share-based payment arrangement exercises | -90 | -119 |
Share-based payment arrangement compensation expense | 611 | 651 |
Income before income taxes attributable to noncontrolling interest | ' | 84 |
Equity in earnings from affiliate | -530 | -44 |
Changes in other current operating items: | ' | ' |
Receivables | -7,205 | -3,274 |
Prepaid expenses and other | 1,325 | 1,413 |
Accounts payable and accrued liabilities | -817 | 2,511 |
Insurance and claims accruals | 608 | 191 |
Net cash provided by operating activities | 40,695 | 47,810 |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ' | ' |
Decrease in cash and cash equivalents resulting from change to equity method of accounting | ' | -1,924 |
Other | -18 | -18 |
Net cash used for investing activities | -69,533 | -54,416 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: | ' | ' |
Borrowings under credit facility and long-term debt | 26,875 | 36,946 |
Repayment of borrowings under credit facility and long-term debt | -10,118 | -32,285 |
Dividends on common stock | -1,669 | -1,107 |
Issuance of common stock from share-based payment arrangement exercises | 966 | 179 |
Excess tax benefits from share-based payment arrangement exercises | 90 | 119 |
Noncontrolling interest distributions | ' | -84 |
Net cash provided by financing activities | 16,144 | 3,768 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -12,694 | -2,838 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of period | 13,650 | 3,473 |
End of period | 956 | 635 |
SUPPLEMENTAL NON-CASH DISCLOSURE: | ' | ' |
Change in property and equipment not yet paid for | 4,837 | 9,560 |
Cash paid for: | ' | ' |
Interest | 47 | 30 |
Income taxes | 11,765 | 7,754 |
Revenue Equipment [Member] | ' | ' |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ' | ' |
Proceeds from disposition of property, plant, and equipment | 21,439 | 25,631 |
Buildings And Land, Office Equipment And Other [Member] | ' | ' |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ' | ' |
Proceeds from disposition of property, plant, and equipment | ' | 2 |
Revenue Equipment [Member] | ' | ' |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant, and equipment | -66,115 | -68,461 |
Buildings And Land, Office Equipment And Other [Member] | ' | ' |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ' | ' |
Additions to property, plant, and equipment | ($24,839) | ($9,646) |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
(1) Basis of Presentation | |
The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements, and therefore do not include all information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, such statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our consolidated financial condition, results of operations and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2013 Annual Report on Form 10-K. | |
The accompanying unaudited consolidated condensed financial statements include the accounts of Marten Transport, Ltd., its subsidiaries and, through March 27, 2013, its 45% owned affiliate, MW Logistics, LLC (MWL). As of March 28, 2013, Marten Transport deconsolidated MWL (See Note 8). |
Note_2_Earnings_Per_Common_Sha
Note 2 - Earnings Per Common Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
(2) Earnings per Common Share | |||||||||||||||||
Basic and diluted earnings per common share were computed as follows: | |||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 7,926 | $ | 7,667 | $ | 13,213 | $ | 14,869 | |||||||||
Denominator: | |||||||||||||||||
Basic earnings per common share - weighted-average shares | 33,369 | 33,210 | 33,355 | 33,196 | |||||||||||||
Effect of dilutive stock options | 327 | 168 | 307 | 148 | |||||||||||||
Diluted earnings per common share - weighted-average shares and assumed conversions | 33,696 | 33,378 | 33,662 | 33,344 | |||||||||||||
Basic earnings per common share | $ | 0.24 | $ | 0.23 | $ | 0.4 | $ | 0.45 | |||||||||
Diluted earnings per common share | $ | 0.24 | $ | 0.23 | $ | 0.39 | $ | 0.45 | |||||||||
Options totaling 153,500 and 168,500 equivalent shares for the three-month and six-month periods ended June 30, 2014, respectively, and 463,200 and 571,100 equivalent shares for the three-month and six-month periods ended June 30, 2013, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares or due to inclusion of average unrecognized compensation expense in the calculation. | |||||||||||||||||
Unvested performance unit awards totaling 46,805 equivalent shares for each of the three-month and six-month periods ended June 30, 2014, and 54,819 and 73,607 equivalent shares for the three-month and six-month periods ended June 30, 2013, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive. |
Note_3_Stock_Split
Note 3 - Stock Split | 6 Months Ended | |
Jun. 30, 2014 | ||
Stockholders' Equity Note [Abstract] | ' | |
Stockholders' Equity Note Disclosure [Text Block] | ' | |
-3 | Stock Split | |
On June 14, 2013, we effected a three-for-two stock split of our common stock, $.01 par value, in the form of a 50% stock dividend. Our consolidated condensed financial statements, related notes, and other financial data contained in this report have been adjusted to give retroactive effect to the stock split for all periods presented. |
Note_4_LongTerm_Debt
Note 4 - Long-Term Debt | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Debt Disclosure [Text Block] | ' | |
-4 | Long-Term Debt | |
We maintain a credit agreement that provides for an unsecured committed credit facility which matures in May 2016. The aggregate principal amount of the credit facility of $50 million may be increased at our option, subject to completion of signed amendments with the lender, up to a maximum aggregate principal amount of $75 million. At June 30, 2014, there was an outstanding principal balance of $16.8 million on the credit facility. As of that date, we had outstanding standby letters of credit of $9.2 million and remaining borrowing availability of $24.1 million. This facility bears interest at a variable rate based on the London Interbank Offered Rate or the lender’s Prime Rate, in each case plus/minus applicable margins. The weighted average interest rate for the facility was 0.99% at June 30, 2014. |
Note_5_Related_Party_Transacti
Note 5 - Related Party Transactions | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
-5 | Related Party Transactions | |
We purchase fuel and obtain tires and related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, one of our directors, is the chairman of the board and chief executive officer and the principal stockholder of BBI. We paid BBI $289,000 in the first six months of 2014 and $308,000 in the first six months of 2013 for fuel and tire services. In addition, we paid $706,000 in the first six months of 2014 and $746,000 in the first six months of 2013 to tire manufacturers for tires that we purchased from the tire manufacturers but were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases. | ||
We provide transportation services to MWL as described in Note 8. |
Note_6_Dividends
Note 6 - Dividends | 6 Months Ended | |
Jun. 30, 2014 | ||
Dividends [Abstract] | ' | |
Dividends [Text Block] | ' | |
-6 | Dividends | |
In 2010, we announced that our Board of Directors approved a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.025 per share of common stock were declared in each of the first two quarters of 2014, and of $0.017 per share of common stock were declared in each of the first two quarters of 2013. |
Note_7_Accounting_for_Sharebas
Note 7 - Accounting for Share-based Payment Arrangement Compensation | 6 Months Ended | |
Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |
-7 | Accounting for Share-based Payment Arrangement Compensation | |
We account for share-based payment arrangements in accordance with Financial Accounting Standards Board Accounting Standards Codification, or FASB ASC, 718, Compensation – Stock Compensation. During the first six months of 2014, there were no significant changes to the structure of our stock-based award plans. Pre-tax compensation expense related to stock options and performance unit awards recorded in the first six months of 2014 and 2013 was $611,000 and $651,000, respectively. See Note 11 to our consolidated financial statements in our 2013 Annual Report on Form 10-K for a detailed description of stock-based awards under our 2005 Stock Incentive Plan. |
Note_8_Equity_Investment
Note 8 - Equity Investment | 6 Months Ended | |
Jun. 30, 2014 | ||
Business Combinations [Abstract] | ' | |
Business Combination Disclosure [Text Block] | ' | |
-8 | Equity Investment | |
We own a 45% equity interest in MWL, a third-party provider of logistics services to the transportation industry. A non-related party owns the other 55% equity interest in MWL. Pursuant to the guidance in the Variable Interest Entities (VIE) Subsections of FASB ASC 810, Consolidation, we included the accounts of MWL in our consolidated financial statements from April 1, 2004 to March 27, 2013, as we were deemed to be the entity’s primary beneficiary. On March 28, 2013, the other member of MWL made a capital contribution to MWL which triggered a VIE reconsideration event, and it was no longer required to be consolidated as of that date. Accordingly, we deconsolidated MWL and have accounted for our ownership interest in MWL under the equity method of accounting, effective as of March 28, 2013. | ||
Under the deconsolidation accounting guidelines, the investor’s opening investment is recorded at fair value as of the date of deconsolidation. The difference between this initial fair value of the investment and the net carrying value is recognized as a gain or loss in earnings. We completed a valuation analysis and have determined that the net carrying value of our equity interest in MWL as of March 28, 2013 of $2.6 million was equal to its fair value and, as such, no gain or loss was recognized upon deconsolidation of MWL. In determining the fair value, we utilized a combination of the income and market approaches, and equally weighed the business enterprise value of MWL provided by each approach. The income approach included the following inputs and assumptions: (a) an expectation regarding the growth of MWL’s revenue at a compounded average growth rate; (b) a perpetual long-term growth rate; and (c) a discount rate that was based on MWL’s estimated weighted average cost of capital. The market approach included a range of multiples of selected comparable companies applied to MWL’s financial metrics for the trailing twelve months in order to obtain an indication of MWL’s business enterprise value on a minority, marketable basis. | ||
Due to the significance of inputs used in determining the fair value of our equity interest in MWL that are unobservable, the investment is classified within Level 3 of the fair value hierarchy that prioritizes from Level 1 to Level 3 the inputs to fair value valuation techniques under the provisions of the accounting guidance for fair value measurements. Fair value measurements using Level 1 inputs provide the most reliable measure of fair value, while Level 3 inputs generally require significant management judgment. | ||
Following the deconsolidation, as an equity method investment, MWL is considered a related party. We received $3.6 million and $4.2 million of our revenue for loads transported by our tractors and arranged by MWL in the six-month periods ended June 30, 2014 and June 30, 2013, respectively. Prior to deconsolidation effective March 28, 2013, these inter-segment revenues were eliminated in consolidation. Inter-segment revenue eliminated in consolidation was $2.1 million for the three-month period ended March 31, 2013. As of June 30, 2014, we also had a trade receivable in the amount of $891,000 from MWL and an accrued liability of $1.7 million to MWL for the excess of payments by MWL’s customers into our lockbox account over the amounts drawn on the account by MWL. |
Note_9_Fair_Value_of_Financial
Note 9 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
(9) Fair Value of Financial Instruments | |
The carrying amounts of accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. The carrying amount of our long-term debt approximates fair value as its interest rate is based upon prevailing market rates. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(10) Commitments and Contingencies | |
We are committed to purchase $29.0 million of new revenue equipment in the remainder of 2014; building construction and acquisition expenditures of $180,000 in the remainder of 2014; and operating lease obligation expenditures totaling $803,000 through 2017. | |
We self-insure, in part, for losses relating to workers’ compensation, auto liability, general liability, cargo and property damage claims, along with employees’ health insurance with varying risk retention levels. We maintain insurance coverage for per-incident and total losses in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review, and reserve currently for the estimated cost of the uninsured portion of pending claims. | |
We are also involved in other legal actions that arise in the ordinary course of business. In the opinion of management, based upon present knowledge of the facts, it is remote that the ultimate outcome of any such legal actions will have a material adverse effect upon our long-term financial position or results of operations. |
Note_11_Business_Segments
Note 11 - Business Segments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
(11) Business Segments | |||||||||||||||||
We have six current operating segments that have been aggregated into two reporting segments (Truckload and Logistics) for financial reporting purposes. The primary source of our operating revenue is truckload revenue, which we generate by transporting freight for our customers and report within our Truckload segment. Generally, we are paid by the mile for our services. We also derive truckload revenue from fuel surcharges, loading and unloading activities, equipment detention and other ancillary services. | |||||||||||||||||
Our operating revenue also includes revenue reported within our Logistics segment, which consists of revenue from our internal brokerage and intermodal operations, and through our 45% interest in MWL, a third-party provider of logistics services to the transportation industry, until we deconsolidated MWL effective March 28, 2013. Brokerage services involve arranging for another company to transport freight for our customers while we retain the billing, collection and customer management responsibilities. Intermodal services involve the transport of our temperature-controlled trailers and dry containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. | |||||||||||||||||
The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. | |||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenue: | |||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 102,161 | $ | 99,996 | $ | 199,691 | $ | 194,961 | |||||||||
Truckload fuel surcharge revenue | 26,944 | 26,856 | 53,478 | 53,625 | |||||||||||||
Total Truckload revenue | 129,105 | 126,852 | 253,169 | 248,586 | |||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue(1) | 33,518 | 29,721 | 63,527 | 67,481 | |||||||||||||
Intermodal fuel surcharge revenue | 5,800 | 4,840 | 11,136 | 9,820 | |||||||||||||
Total Logistics revenue | 39,318 | 34,561 | 74,663 | 77,301 | |||||||||||||
Total operating revenue | $ | 168,423 | $ | 161,413 | $ | 327,832 | $ | 325,887 | |||||||||
Operating income: | |||||||||||||||||
Truckload | $ | 11,843 | $ | 11,376 | $ | 19,343 | $ | 21,376 | |||||||||
Logistics | 1,089 | 1,745 | 2,229 | 4,283 | |||||||||||||
Total operating income | $ | 12,932 | $ | 13,121 | $ | 21,572 | $ | 25,659 | |||||||||
-1 | Logistics revenue is net of $2.1 million of inter-segment revenue in the three-month period ended March 31, 2013 for loads transported by our tractors and arranged by MWL prior to the deconsolidation of MWL effective March 28, 2013. Such revenue has been eliminated in consolidation. | ||||||||||||||||
Truckload segment depreciation expense was $15.1 million and $15.0 million, and Logistics segment depreciation expense was $1.8 million and $1.2 million, in the three-month periods ended June 30, 2014 and June 30, 2013, respectively. Truckload segment depreciation expense was $29.8 million and $29.5 million, and Logistics segment depreciation expense was $3.4 million and $2.4 million, in the first six months of 2014 and 2013, respectively. |
Note_12_Use_of_Estimates
Note 12 - Use of Estimates | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
(12) Use of Estimates | |
We must make estimates and assumptions to prepare the consolidated condensed financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. These estimates are primarily related to insurance and claims accruals and depreciation. Ultimate results could differ from these estimates. |
Note_13_Recent_Accounting_Pron
Note 13 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
(13) Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard, which is effective for the first quarter of 2017, will replace most existing revenue recognition guidance required by U.S. generally accepted accounting principles. Early application is not permitted. The adoption of this standard is not expected to have a significant impact on our financial condition, results of operations or cash flows. |
Note_2_Earnings_Per_Common_Sha1
Note 2 - Earnings Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
(In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 7,926 | $ | 7,667 | $ | 13,213 | $ | 14,869 | |||||||||
Denominator: | |||||||||||||||||
Basic earnings per common share - weighted-average shares | 33,369 | 33,210 | 33,355 | 33,196 | |||||||||||||
Effect of dilutive stock options | 327 | 168 | 307 | 148 | |||||||||||||
Diluted earnings per common share - weighted-average shares and assumed conversions | 33,696 | 33,378 | 33,662 | 33,344 | |||||||||||||
Basic earnings per common share | $ | 0.24 | $ | 0.23 | $ | 0.4 | $ | 0.45 | |||||||||
Diluted earnings per common share | $ | 0.24 | $ | 0.23 | $ | 0.39 | $ | 0.45 |
Note_11_Business_Segments_Tabl
Note 11 - Business Segments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months | Six Months | ||||||||||||||||
Ended June 30, | Ended June 30, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating revenue: | |||||||||||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 102,161 | $ | 99,996 | $ | 199,691 | $ | 194,961 | |||||||||
Truckload fuel surcharge revenue | 26,944 | 26,856 | 53,478 | 53,625 | |||||||||||||
Total Truckload revenue | 129,105 | 126,852 | 253,169 | 248,586 | |||||||||||||
Logistics revenue, net of intermodal fuel surcharge revenue(1) | 33,518 | 29,721 | 63,527 | 67,481 | |||||||||||||
Intermodal fuel surcharge revenue | 5,800 | 4,840 | 11,136 | 9,820 | |||||||||||||
Total Logistics revenue | 39,318 | 34,561 | 74,663 | 77,301 | |||||||||||||
Total operating revenue | $ | 168,423 | $ | 161,413 | $ | 327,832 | $ | 325,887 | |||||||||
Operating income: | |||||||||||||||||
Truckload | $ | 11,843 | $ | 11,376 | $ | 19,343 | $ | 21,376 | |||||||||
Logistics | 1,089 | 1,745 | 2,229 | 4,283 | |||||||||||||
Total operating income | $ | 12,932 | $ | 13,121 | $ | 21,572 | $ | 25,659 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (MWL [Member]) | 3 Months Ended |
Mar. 27, 2013 | |
MWL [Member] | ' |
Note 1 - Basis of Presentation (Details) [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 45.00% |
Note_2_Earnings_Per_Common_Sha2
Note 2 - Earnings Per Common Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity Option [Member] | ' | ' | ' | ' |
Note 2 - Earnings Per Common Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 153,500 | 463,200 | 168,500 | 571,100 |
Unvested Performance Unit Awards [Member] | ' | ' | ' | ' |
Note 2 - Earnings Per Common Share (Details) [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 46,805 | 54,819 | 46,805 | 73,607 |
Note_2_Earnings_Per_Common_Sha3
Note 2 - Earnings Per Common Share (Details) - Basic and Diluted Earnings Per Common Share (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' | ' |
Net income (in Dollars) | $7,926 | $7,667 | $13,213 | $15,278 | $14,869 |
Denominator: | ' | ' | ' | ' | ' |
Basic earnings per common share - weighted-average shares | 33,369 | 33,210 | 33,355 | ' | 33,196 |
Effect of dilutive stock options | 327 | 168 | 307 | ' | 148 |
Diluted earnings per common share - weighted-average shares and assumed conversions | 33,696 | 33,378 | 33,662 | ' | 33,344 |
Basic earnings per common share (in Dollars per share) | $0.24 | $0.23 | $0.40 | ' | $0.45 |
Diluted earnings per common share (in Dollars per share) | $0.24 | $0.23 | $0.39 | ' | $0.45 |
Note_3_Stock_Split_Details
Note 3 - Stock Split (Details) (USD $) | 0 Months Ended | ||
Jun. 14, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Note 3 - Stock Split (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity Note, Stock Split | 'On June 14, 2013, we effected a three-for-two stock split of our common stock, $.01 par value, in the form of a 50% stock dividend. | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | $0.01 | $0.01 |
Stockholders' Equity Note, StockSplit Stock Dividend Percentage | ' | 50.00% | ' |
Conversion Ratio Numerator [Member] | ' | ' | ' |
Note 3 - Stock Split (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | ' | ' |
Conversion Ratio Denominator [Member] | ' | ' | ' |
Note 3 - Stock Split (Details) [Line Items] | ' | ' | ' |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ' | ' |
Note_4_LongTerm_Debt_Details
Note 4 - Long-Term Debt (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Note 4 - Long-Term Debt (Details) [Line Items] | ' |
Long-term Line of Credit | $16.80 |
Letters of Credit Outstanding, Amount | 9.2 |
Line of Credit Facility, Remaining Borrowing Capacity | 24.1 |
Credit Facility [Member] | ' |
Note 4 - Long-Term Debt (Details) [Line Items] | ' |
Long-term Debt, Weighted Average Interest Rate | 0.99% |
Minimum [Member] | ' |
Note 4 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 50 |
Maximum [Member] | ' |
Note 4 - Long-Term Debt (Details) [Line Items] | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $75 |
Note_5_Related_Party_Transacti1
Note 5 - Related Party Transactions (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Purchase Of Fuel, Tires, and Related Services [Member] | ' | ' |
Note 5 - Related Party Transactions (Details) [Line Items] | ' | ' |
Related Party Transaction, Amounts of Transaction | $289,000 | $308,000 |
Tire Purchases [Member] | ' | ' |
Note 5 - Related Party Transactions (Details) [Line Items] | ' | ' |
Related Party Transaction, Amounts of Transaction | $706,000 | $746,000 |
Note_6_Dividends_Details
Note 6 - Dividends (Details) (Paid Quarterly [Member], USD $) | 3 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | |
Paid Quarterly [Member] | ' | ' | ' | ' |
Note 6 - Dividends (Details) [Line Items] | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.03 | $0.03 | $0.02 | $0.02 |
Note_7_Accounting_for_Sharebas1
Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Stock or Unit Option Plan Expense | $611,000 | $651,000 |
Note_8_Equity_Investment_Detai
Note 8 - Equity Investment (Details) (MWL [Member], USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 28, 2013 | |
Intersegment Eliminations [Member] | Percentage Owned By Non-Related Party [Member] | ||||
Note 8 - Equity Investment (Details) [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 55.00% | 45.00% | ' | ' |
Equity Method Investments | ' | ' | ' | ' | $2,600,000 |
Revenue from Related Parties | ' | ' | 3,600,000 | 4,200,000 | ' |
Revenue, Net | 2,100,000 | ' | ' | ' | ' |
Due from Affiliates | ' | ' | 891,000 | ' | ' |
Due to Affiliate | ' | ' | $1,700,000 | ' | ' |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' |
Operating Leases, Future Minimum Payments Due | $803,000 |
Revenue Equipment Expenditure [Member] | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 29,000,000 |
Building Construction and Acquisition Expenditures [Member] | ' |
Note 10 - Commitments and Contingencies (Details) [Line Items] | ' |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $180,000 |
Note_11_Business_Segments_Deta
Note 11 - Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Logistics [Member] | Logistics [Member] | Logistics [Member] | Logistics [Member] | Logistics [Member] | Truckload [Member] | Truckload [Member] | Truckload [Member] | Truckload [Member] | MWL [Member] | |||||
Intersegment Eliminations [Member] | ||||||||||||||
Note 11 - Business Segments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Operating Segments | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% |
Revenues | $168,423,000 | $161,413,000 | $327,832,000 | $325,887,000 | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | $1,800,000 | $1,200,000 | $3,400,000 | $2,400,000 | $15,100,000 | $15,000,000 | $29,800,000 | $29,500,000 | ' |
Note_11_Business_Segments_Deta1
Note 11 - Business Segments (Details) - Operating Revenue and Operating Income by Segment (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | $168,423 | $161,413 | $327,832 | $325,887 | ||||
Operating Income | 12,932 | 13,121 | 21,572 | 25,659 | ||||
Truckload Revenue, Net of Fuel Surcharge [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 102,161 | 99,996 | 199,691 | 194,961 | ||||
Truckload Fuel Surcharge Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 26,944 | 26,856 | 53,478 | 53,625 | ||||
Total Truckload Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 129,105 | 126,852 | 253,169 | 248,586 | ||||
Logistics Revenue, Net of Intermodal Fuel Surcharge [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 33,518 | [1] | 29,721 | [1] | 63,527 | [1] | 67,481 | [1] |
Intermodal Fuel Surcharge Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 5,800 | 4,840 | 11,136 | 9,820 | ||||
Total Logistics Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Revenue | 39,318 | 34,561 | 74,663 | 77,301 | ||||
Truckload [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Income | 11,843 | 11,376 | 19,343 | 21,376 | ||||
Logistics [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating Income | $1,089 | $1,745 | $2,229 | $4,283 | ||||
[1] | Logistics revenue is net of $2.1 million of inter-segment revenue in the three-month period ended March 31, 2013 for loads transported by our tractors and arranged by MWL prior to the deconsolidation of MWL effective March 28, 2013. Such revenue has been eliminated in consolidation. |