Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Entity Registrant Name | MARTEN TRANSPORT LTD | |
Entity Central Index Key | 799167 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 33,569,599 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $21,700,000 | $123,000 |
Receivables: | ||
Trade, net | 68,686,000 | 72,263,000 |
Other | 3,475,000 | 17,740,000 |
Prepaid expenses and other | 15,168,000 | 16,860,000 |
Deferred income taxes | 3,145,000 | 3,199,000 |
Total current assets | 112,174,000 | 110,185,000 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 651,229,000 | 645,972,000 |
Accumulated depreciation | -186,371,000 | -180,223,000 |
Net property and equipment | 464,858,000 | 465,749,000 |
Other assets | 3,581,000 | 3,726,000 |
TOTAL ASSETS | 580,613,000 | 579,660,000 |
Current liabilities: | ||
Checks issued in excess of cash balances | 745,000 | |
Accounts payable and accrued liabilities | 41,985,000 | 29,775,000 |
Insurance and claims accruals | 14,832,000 | 13,998,000 |
Total current liabilities | 56,817,000 | 44,518,000 |
Long-term debt | 24,373,000 | |
Deferred income taxes | 125,095,000 | 122,843,000 |
Total liabilities | 181,912,000 | 191,734,000 |
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; 33,503,392 shares at March 31, 2015, and 33,418,829 shares at December 31, 2014, issued and outstanding | 335,000 | 334,000 |
Additional paid-in capital | 88,793,000 | 87,370,000 |
Retained earnings | 309,573,000 | 300,222,000 |
Total stockholders’ equity | 398,701,000 | 387,926,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $580,613,000 | $579,660,000 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 48,000,000 | 48,000,000 |
Common stock, shares issued (in shares) | 33,503,392 | 33,418,829 |
Common stock, shares outstanding (in shares) | 33,503,392 | 33,418,829 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING REVENUE | $161,287 | $159,409 |
OPERATING EXPENSES (INCOME): | ||
Salaries, wages and benefits | 48,808 | 43,732 |
Purchased transportation | 29,504 | 28,130 |
Fuel and fuel taxes | 26,476 | 39,826 |
Supplies and maintenance | 10,442 | 10,435 |
Depreciation | 17,827 | 16,371 |
Operating taxes and licenses | 1,876 | 1,713 |
Insurance and claims | 8,090 | 6,125 |
Communications and utilities | 1,528 | 1,433 |
Other | 4,298 | 3,667 |
Total operating expenses | 143,976 | 150,769 |
OPERATING INCOME | 17,311 | 8,640 |
OTHER | 15 | -98 |
INCOME BEFORE INCOME TAXES | 17,296 | 8,738 |
PROVISION FOR INCOME TAXES | 7,108 | 3,451 |
NET INCOME | 10,188 | 5,287 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $0.30 | $0.16 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $0.30 | $0.16 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.03 | $0.03 |
Revenue Equipment [Member] | ||
OPERATING EXPENSES (INCOME): | ||
Gain on disposition of revenue equipment | -1,161 | -663 |
Facility [Member] | ||
OPERATING EXPENSES (INCOME): | ||
Gain on disposition of revenue equipment | ($3,712) |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Share data in Thousands | ||||
Balance at Dec. 31, 2013 | $333,000 | $85,077,000 | $273,727,000 | $359,137,000 |
Balance (in shares) at Dec. 31, 2013 | 33,301 | |||
Net income | 5,287,000 | 5,287,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 48 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 370,000 | 370,000 | ||
Tax benefits from share-based payment arrangement exercises | 50,000 | 50,000 | ||
Share-based payment arrangement compensation expense | 211,000 | 211,000 | ||
Dividends on common stock | -834,000 | -834,000 | ||
Balance at Mar. 31, 2014 | 333,000 | 85,708,000 | 278,180,000 | 364,221,000 |
Balance (in shares) at Mar. 31, 2014 | 33,349 | |||
Net income | 24,547,000 | 24,547,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 70 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 1,000 | 843,000 | 844,000 | |
Tax benefits from share-based payment arrangement exercises | 109,000 | 109,000 | ||
Share-based payment arrangement compensation expense | 710,000 | 710,000 | ||
Dividends on common stock | -2,505,000 | -2,505,000 | ||
Balance at Dec. 31, 2014 | 334,000 | 87,370,000 | 300,222,000 | 387,926,000 |
Balance (in shares) at Dec. 31, 2014 | 33,419 | |||
Net income | 10,188,000 | 10,188,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 84 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 1,000 | 972,000 | 973,000 | |
Tax benefits from share-based payment arrangement exercises | 178,000 | 178,000 | ||
Share-based payment arrangement compensation expense | 273,000 | 273,000 | ||
Dividends on common stock | -837,000 | -837,000 | ||
Balance at Mar. 31, 2015 | $335,000 | $88,793,000 | $309,573,000 | $398,701,000 |
Balance (in shares) at Mar. 31, 2015 | 33,503 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | ||
Net income | $10,188 | $5,287 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 17,827 | 16,371 |
Deferred income taxes | 2,306 | 1,076 |
Tax benefits from share-based payment arrangement exercises | 178 | 50 |
Excess tax benefits from share-based payment arrangement exercises | -159 | -5 |
Share-based payment arrangement compensation expense | 273 | 211 |
Equity in earnings from affiliate | 159 | -37 |
Changes in other current operating items: | ||
Receivables | 18,703 | 1,795 |
Prepaid expenses and other | 1,692 | 1,908 |
Accounts payable and accrued liabilities | 6,034 | 1,072 |
Insurance and claims accruals | 834 | 443 |
Net cash provided by operating activities | 53,162 | 27,508 |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ||
Other | -14 | -9 |
Net cash used for investing activities | -6,762 | -21,384 |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | ||
Borrowings under credit facility and long-term debt | 13,444 | |
Repayment of borrowings under credit facility and long-term debt | -37,817 | |
Dividends on common stock | -837 | -834 |
Issuance of common stock from share-based payment arrangement exercises | 973 | 370 |
Excess tax benefits from share-based payment arrangement exercises | 159 | 5 |
Change in net checks issued in excess of cash balances | -745 | |
Net cash used for financing activities | -24,823 | -459 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 21,577 | 5,665 |
Beginning of period | 123 | 13,650 |
End of period | 21,700 | 19,315 |
SUPPLEMENTAL NON-CASH DISCLOSURE: | ||
Change in property and equipment not yet paid | 5,315 | 3,469 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Income taxes | -12,145 | 2,347 |
Interest | 28 | 24 |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | -1,161 | -663 |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ||
Additions to property, plant, and equipment | -20,360 | -27,543 |
Proceeds from disposition of property, plant, and equipment | 13,291 | 9,850 |
Facility [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | -3,712 | |
Buildings And Land Office Equipment And Other [Member] | ||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | ||
Additions to property, plant, and equipment | -4,295 | -3,682 |
Proceeds from disposition of property, plant, and equipment | $4,616 |
Note_1_Consolidated_Financial_
Note 1 - Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) Consolidated Financial Statements |
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 condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2014 Annual Report on Form 10-K. |
Note_2_Earnings_Per_Common_Sha
Note 2 - Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Earnings Per Share [Text Block] | (2) Earnings per Common Share | ||||||||
Basic and diluted earnings per common share were computed as follows: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
(In thousands, except per share amounts) | 2015 | 2014 | |||||||
Numerator: | |||||||||
Net income | $ | 10,188 | $ | 5,287 | |||||
Denominator: | |||||||||
Basic earnings per common share - weighted-average shares | 33,458 | 33,340 | |||||||
Effect of dilutive stock options | 303 | 291 | |||||||
Diluted earnings per common share - weighted-average shares and assumed conversions | 33,761 | 33,631 | |||||||
Basic earnings per common share | $ | 0.3 | $ | 0.16 | |||||
Diluted earnings per common share | $ | 0.3 | $ | 0.16 | |||||
Options totaling 160,800 and 108,500 equivalent shares for the three-month periods ended March 31, 2015 and March 31, 2014, 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 because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive. | |||||||||
Unvested performance unit awards totaling 48,861 and 35,964 equivalent shares for the three-month periods ended March 31, 2015 and March 31, 2014, 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_LongTerm_Debt
Note 3 - Long-Term Debt | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (3) Long-Term Debt |
We maintain a credit agreement that provides for an unsecured committed credit facility which matures in December 2019. The aggregate principal amount of the credit facility of $50.0 million may be increased at our option, subject to completion of signed amendments with the lender, up to a maximum aggregate principal amount of $75.0 million. At March 31, 2015, there was no outstanding principal balance on the credit facility. As of that date, we had outstanding standby letters of credit of $9.2 million and remaining borrowing availability of $40.8 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 0.84% at December 31, 2014, the last quarter-end date with an outstanding principal balance. |
Note_4_Related_Party_Transacti
Note 4 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (4) 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 $55,000 in the first three months of 2015 and $138,000 in the first three months of 2014 for fuel and tire services. In addition, we paid $219,000 in the first three months of 2015 and $238,000 in the first three months of 2014 to tire manufacturers for tires that were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases. | |
We provide transportation services to MW Logistics, LLC (MWL) as described in Note 7. |
Note_5_Dividends
Note 5 - Dividends | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Dividends [Text Block] | (5) 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 quarters of 2015 and 2014. |
Note_6_Accounting_for_Sharebas
Note 6 - Accounting for Share-based Payment Arrangement Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (6) 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 three months of 2015, 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 three months of 2015 and 2014 was $273,000 and $211,000, respectively | |
. See Note 11 to our consolidated financial statements in our 2014 Annual Report on Form 10-K for a detailed description of stock-based awards under our 2005 Stock Incentive Plan | |
. |
Note_7_Equity_Investment
Note 7 - Equity Investment | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | (7) 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. We received $2.0 million and $1.7 million of our revenue for loads transported by our tractors and arranged by MWL in the three-month periods ended March 31, 2015 and March 31, 2014, respectively. As of March 31, 2015, we also had a trade receivable in the amount of $880,000 from MWL and an accrued liability of $2.9 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_8_Fair_Value_of_Financial
Note 8 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (8) 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. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (9) Commitments and Contingencies |
We are committed to purchase $67.8 million of new revenue equipment in the remainder of 2015; building construction expenditures of $4.9 million in the remainder of 2015; and operating lease obligation expenditures totaling $759,000 through 2018 | |
. | |
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_10_Business_Segments
Note 10 - Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Segment Reporting Disclosure [Text Block] | (10) Business Segments | ||||||||
We have six current operating segments that have been aggregated into four reporting segments (Truckload, Dedicated, Intermodal and Brokerage) for financial reporting purposes. Information for the first quarter of 2014, which was previously aggregated into two reporting segments, has been shown in the same four segments for comparison purposes. | |||||||||
The primary source of our operating revenue is provided by our Truckload segment through a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment across the United States and into and out of Mexico and Canada. | |||||||||
Our Dedicated segment provides customized transportation solutions tailored to meet individual customers’ requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our customer contracts range from three to five years and are subject to annual rate reviews. | |||||||||
Our Intermodal segment transports our customers’ freight within the United States primarily utilizing our temperature-controlled trailers and also, through March 2015, our 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. | |||||||||
Our Brokerage segment arranges for smaller third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico while we retain the billing, collection and customer management responsibilities. | |||||||||
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 | |||||||||
Ended March 31, | |||||||||
( | 2015 | 2014 | |||||||
Dollars in thousands | |||||||||
) | |||||||||
Operating revenue: | |||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 86,811 | $ | 86,802 | |||||
Truckload fuel surcharge revenue | 14,590 | 23,712 | |||||||
Total Truckload revenue | 101,401 | 110,514 | |||||||
Dedicated revenue, net of fuel surcharge revenue | 19,863 | 10,728 | |||||||
Dedicated fuel surcharge revenue | 2,591 | 2,822 | |||||||
Total Dedicated revenue | 22,454 | 13,550 | |||||||
Intermodal revenue, net of fuel surcharge revenue | 17,019 | 18,354 | |||||||
Intermodal fuel surcharge revenue | 3,373 | 5,336 | |||||||
Total Intermodal revenue | 20,392 | 23,690 | |||||||
Brokerage revenue | 17,040 | 11,655 | |||||||
Total operating revenue | $ | 161,287 | $ | 159,409 | |||||
Operating income: | |||||||||
Truckload | $ | 9,602 | $ | 6,178 | |||||
Dedicated | 2,004 | 1,322 | |||||||
Intermodal | 1,251 | 483 | |||||||
Brokerage | 742 | 657 | |||||||
Total operating income before gain on | 13,599 | 8,640 | |||||||
disposition of facility | |||||||||
Gain on disposition of facility | 3,712 | - | |||||||
Total operating income | $ | 17,311 | $ | 8,640 | |||||
Truckload segment depreciation expense was $13.2 million and $13.3 million, Dedicated segment depreciation expense was $2.9 million and $1.5 million, Intermodal segment depreciation expense was $1.5 million and $1.4 million, and Brokerage segment depreciation expense was $270,000 and $224,000, in the three-month periods ended March 31, 2015 and March 31, 2014, respectively. |
Note_11_Use_of_Estimates
Note 11 - Use of Estimates | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (11) 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_12_Recent_Accounting_Pron
Note 12 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (12) 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 consolidated condensed balance sheets, statements of operations or statements of cash flows. |
Note_2_Earnings_Per_Common_Sha1
Note 2 - Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months | ||||||||
Ended March 31, | |||||||||
(In thousands, except per share amounts) | 2015 | 2014 | |||||||
Numerator: | |||||||||
Net income | $ | 10,188 | $ | 5,287 | |||||
Denominator: | |||||||||
Basic earnings per common share - weighted-average shares | 33,458 | 33,340 | |||||||
Effect of dilutive stock options | 303 | 291 | |||||||
Diluted earnings per common share - weighted-average shares and assumed conversions | 33,761 | 33,631 | |||||||
Basic earnings per common share | $ | 0.3 | $ | 0.16 | |||||
Diluted earnings per common share | $ | 0.3 | $ | 0.16 |
Note_10_Business_Segments_Tabl
Note 10 - Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months | ||||||||
Ended March 31, | |||||||||
( | 2015 | 2014 | |||||||
Dollars in thousands | |||||||||
) | |||||||||
Operating revenue: | |||||||||
Truckload revenue, net of fuel surcharge revenue | $ | 86,811 | $ | 86,802 | |||||
Truckload fuel surcharge revenue | 14,590 | 23,712 | |||||||
Total Truckload revenue | 101,401 | 110,514 | |||||||
Dedicated revenue, net of fuel surcharge revenue | 19,863 | 10,728 | |||||||
Dedicated fuel surcharge revenue | 2,591 | 2,822 | |||||||
Total Dedicated revenue | 22,454 | 13,550 | |||||||
Intermodal revenue, net of fuel surcharge revenue | 17,019 | 18,354 | |||||||
Intermodal fuel surcharge revenue | 3,373 | 5,336 | |||||||
Total Intermodal revenue | 20,392 | 23,690 | |||||||
Brokerage revenue | 17,040 | 11,655 | |||||||
Total operating revenue | $ | 161,287 | $ | 159,409 | |||||
Operating income: | |||||||||
Truckload | $ | 9,602 | $ | 6,178 | |||||
Dedicated | 2,004 | 1,322 | |||||||
Intermodal | 1,251 | 483 | |||||||
Brokerage | 742 | 657 | |||||||
Total operating income before gain on | 13,599 | 8,640 | |||||||
disposition of facility | |||||||||
Gain on disposition of facility | 3,712 | - | |||||||
Total operating income | $ | 17,311 | $ | 8,640 |
Note_2_Earnings_Per_Common_Sha2
Note 2 - Earnings Per Common Share (Details Textual) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 160,800 | 108,500 |
Unvested Performance Unit Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 48,861 | 35,964 |
Note_2_Earnings_Per_Common_Sha3
Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $10,188 | $5,287 |
Basic earnings per common share - weighted-average shares (in shares) | 33,458 | 33,340 |
Effect of dilutive stock options (in shares) | 303 | 291 |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 33,761 | 33,631 |
Basic earnings per common share (in dollars per share) | $0.30 | $0.16 |
Diluted earnings per common share (in dollars per share) | $0.30 | $0.16 |
Note_3_LongTerm_Debt_Details_T
Note 3 - Long-Term Debt (Details Textual) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Long-term Line of Credit | $0 | |
Letters of Credit Outstanding, Amount | 9,200,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 40,800,000 | |
Minimum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | |
Maximum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $75,000,000 | |
Credit Facility [Member] | ||
Long-term Debt, Weighted Average Interest Rate | 0.84% |
Note_4_Related_Party_Transacti1
Note 4 - Related Party Transactions (Details Textual) (BBI [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Purchase Of Fuel Tires And Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $55,000 | $138,000 |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $219,000 | $238,000 |
Note_5_Dividends_Details_Textu
Note 5 - Dividends (Details Textual) (Paid Quarterly [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Paid Quarterly [Member] | ||
Common Stock, Dividends, Per Share, Declared | $0.03 | $0.03 |
Note_6_Accounting_for_Sharebas1
Note 6 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock or Unit Option Plan Expense | $273,000 | $211,000 |
Note_7_Equity_Investment_Detai
Note 7 - Equity Investment (Details Textual) (M W L [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Method Investment, Ownership Percentage | 45.00% | |
Revenue from Related Parties | $2,000,000 | $1,700,000 |
Percentage Owned by Non-related Party [Member] | ||
Equity Method Investment, Ownership Percentage | 55.00% | |
Trade Accounts Receivable [Member] | ||
Due from Affiliates | 880,000 | |
Current Accounts Receivable [Member] | ||
Due to Affiliate | $2,900,000 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details Textual) (USD $) | Mar. 31, 2015 |
Operating Leases, Future Minimum Payments Due | $759,000 |
Revenue Equipment Expenditure [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 67,800,000 |
Building Construction and Acquisition Expenditures [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $4,900,000 |
Note_10_Business_Segments_Deta
Note 10 - Business Segments (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Number of Operating Segments | 6 | |
Number of Reportable Segments | 4 | 2 |
Truckload [Member] | ||
Depreciation, Depletion and Amortization | 13,200,000 | 13,300,000 |
Dedicated [Member] | ||
Depreciation, Depletion and Amortization | 2,900,000 | 1,500,000 |
Intermodal [Member] | ||
Depreciation, Depletion and Amortization | 1,500,000 | 1,400,000 |
Brokerage [Member] | ||
Depreciation, Depletion and Amortization | 270,000 | 224,000 |
Note_11_Business_Segments_Oper
Note 11 - Business Segments - Operating Revenue and Operating Income by Segment (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Revenue | $161,287 | $159,409 |
Operating Income | 17,311 | 8,640 |
Total operating income before gain on disposition of facility | 13,599 | 8,640 |
Revenue, Net of Fuel Surcharge [Member] | Truckload [Member] | ||
Operating Revenue | 86,811 | 86,802 |
Revenue, Net of Fuel Surcharge [Member] | Dedicated [Member] | ||
Operating Revenue | 19,863 | 10,728 |
Revenue, Net of Fuel Surcharge [Member] | Intermodal [Member] | ||
Operating Revenue | 17,019 | 18,354 |
Fuel Surcharge Revenue [Member] | Truckload [Member] | ||
Operating Revenue | 14,590 | 23,712 |
Fuel Surcharge Revenue [Member] | Dedicated [Member] | ||
Operating Revenue | 2,591 | 2,822 |
Fuel Surcharge Revenue [Member] | Intermodal [Member] | ||
Operating Revenue | 3,373 | 5,336 |
Truckload [Member] | ||
Operating Revenue | 101,401 | 110,514 |
Operating Income | 9,602 | 6,178 |
Dedicated [Member] | ||
Operating Revenue | 22,454 | 13,550 |
Operating Income | 2,004 | 1,322 |
Intermodal [Member] | ||
Operating Revenue | 20,392 | 23,690 |
Operating Income | 1,251 | 483 |
Brokerage [Member] | ||
Operating Revenue | 17,040 | 11,655 |
Operating Income | 742 | 657 |
Facility [Member] | ||
Gain on disposition of facility | $3,712 |