Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | MARTEN TRANSPORT LTD | |
Entity Central Index Key | 799,167 | |
Trading Symbol | mrtn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 32,571,400 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 175 | $ 434 |
Receivables: | ||
Trade, net | 69,874 | 70,597 |
Other | 3,939 | 10,885 |
Prepaid expenses and other | 16,715 | 18,134 |
Total current assets | 90,703 | 100,050 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 754,448 | 724,597 |
Accumulated depreciation | (202,092) | (196,588) |
Net property and equipment | 552,356 | 528,009 |
Other assets | 2,881 | 3,469 |
Total assets | 645,940 | 631,528 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 46,121 | 33,641 |
Insurance and claims accruals | 17,761 | 16,235 |
Checks issued in excess of cash balances | 199 | |
Total current liabilities | 64,081 | 49,876 |
Long-term debt | 8,549 | 37,867 |
Deferred income taxes | 144,610 | 134,364 |
Total liabilities | 217,240 | 222,107 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $.01 par value per share; 96,000,000 shares authorized; 32,571,400 shares at September 30, 2016, and 32,759,806 shares at December 31, 2015, issued and outstanding | 326 | 328 |
Additional paid-in capital | 73,024 | 76,468 |
Retained earnings | 355,350 | 332,625 |
Total stockholders’ equity | 428,700 | 409,421 |
Total liabilities and stockholders’ equity | $ 645,940 | $ 631,528 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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) | 96,000,000 | 96,000,000 |
Common stock, shares issued (in shares) | 32,571,400 | 32,759,806 |
Common stock, shares outstanding (in shares) | 32,571,400 | 32,759,806 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue Equipment [Member] | ||||
Operating expenses (income): | ||||
Gain on disposition of assets | $ (3,325) | $ (1,895) | $ (7,462) | $ (4,843) |
Facility [Member] | ||||
Operating expenses (income): | ||||
Gain on disposition of assets | (3,712) | |||
Operating revenue | 170,464 | 171,346 | 498,483 | 496,221 |
Salaries, wages and benefits | 57,090 | 55,129 | 168,116 | 154,901 |
Purchased transportation | 27,775 | 30,756 | 81,997 | 88,343 |
Fuel and fuel taxes | 24,845 | 26,556 | 68,405 | 81,313 |
Supplies and maintenance | 11,618 | 11,351 | 33,025 | 32,735 |
Depreciation | 20,790 | 19,331 | 61,205 | 55,469 |
Operating taxes and licenses | 2,297 | 2,295 | 6,732 | 6,185 |
Insurance and claims | 8,194 | 7,105 | 23,245 | 21,973 |
Communications and utilities | 1,584 | 1,431 | 4,701 | 4,347 |
Gain on disposition of assets | (3,712) | |||
Other | 4,727 | 4,933 | 14,749 | 13,684 |
Total operating expenses | 155,595 | 156,992 | 454,713 | 450,395 |
Operating income | 14,869 | 14,354 | 43,770 | 45,826 |
Other | 342 | 126 | 794 | 147 |
Income before income taxes | 14,527 | 14,228 | 42,976 | 45,679 |
Provision for income taxes | 6,090 | 5,818 | 17,815 | 18,724 |
Net income | $ 8,437 | $ 8,410 | $ 25,161 | $ 26,955 |
Basic earnings per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.80 |
Diluted earnings per common share (in dollars per share) | 0.26 | 0.25 | 0.77 | 0.80 |
Dividends declared per common share (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.075 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 33,419,000 | |||
Balance at Dec. 31, 2014 | $ 334 | $ 87,370 | $ 300,222 | $ 387,926 |
Net income | 26,955 | 26,955 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 204,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2 | 2,361 | 2,363 | |
Tax benefits from share-based payment arrangement exercises | 451 | 451 | ||
Share-based payment arrangement compensation expense | 1,189 | 1,189 | ||
Dividends on common stock | (2,518) | (2,518) | ||
Balance (in shares) at Sep. 30, 2015 | 33,623,000 | |||
Balance at Sep. 30, 2015 | $ 336 | 91,371 | 324,659 | 416,366 |
Net income | 8,790 | 8,790 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 78,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 1,126 | 1,127 | |
Share-based payment arrangement compensation expense | 215 | 215 | ||
Dividends on common stock | (824) | (824) | ||
Balance (in shares) at Dec. 31, 2015 | 32,760,000 | |||
Balance at Dec. 31, 2015 | $ 328 | 76,468 | 332,625 | $ 409,421 |
Repurchase and retirement of common stock (in shares) | (941,000) | (941,024) | ||
Repurchase and retirement of common stock | $ (9) | (16,166) | $ (16,175) | |
Tax deficiencies from share-based payment arrangement exercises | (78) | (78) | ||
Repurchase and retirement of common stock | $ (9) | (16,166) | (16,175) | |
Net income | 25,161 | 25,161 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 267,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 3 | 3,505 | 3,508 | |
Share-based payment arrangement compensation expense | 741 | 741 | ||
Dividends on common stock | (2,436) | (2,436) | ||
Balance (in shares) at Sep. 30, 2016 | 32,571,000 | |||
Balance at Sep. 30, 2016 | $ 326 | 73,024 | 355,350 | 428,700 |
Repurchase and retirement of common stock (in shares) | (456,000) | |||
Repurchase and retirement of common stock | $ (5) | (7,508) | (7,513) | |
Tax deficiencies from share-based payment arrangement exercises | (55) | (55) | ||
Repurchase and retirement of common stock | $ (5) | (7,508) | (7,513) | |
Employee taxes paid in exchange for shares withheld | $ (127) | $ (127) |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | $ (7,462) | $ (4,843) |
Cash flows used for investing activities: | ||
Revenue equipment additions | (111,503) | (139,788) |
Proceeds from revenue equipment dispositions | 48,097 | 43,451 |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment additions | (5,416) | (11,784) |
Proceeds from revenue equipment dispositions | 13 | 4,625 |
Net income | 25,161 | 26,955 |
Depreciation | 61,205 | 55,469 |
Gain on disposition of assets | (3,712) | |
Deferred income taxes | 10,246 | (383) |
Tax (deficiencies) benefits from share-based payment arrangement exercises | (55) | 451 |
Excess tax benefits from share-based payment arrangement exercises | (129) | (432) |
Share-based payment arrangement compensation expense | 741 | 1,189 |
Equity in loss from affiliate | 621 | 184 |
Receivables | 8,251 | 15,300 |
Prepaid expenses and other | 1,419 | 1,057 |
Accounts payable and accrued liabilities | 2,617 | 9,353 |
Insurance and claims accruals | 1,526 | 834 |
Net cash provided by operating activities | 104,141 | 101,422 |
Other | (33) | (30) |
Net cash used for investing activities | (68,842) | (103,526) |
Cash flows (used for) provided by financing activities: | ||
Borrowings under credit facility and long-term debt | 130,128 | 94,437 |
Repayment of borrowings under credit facility and long-term debt | (159,446) | (92,530) |
Repurchase and retirement of common stock | (7,513) | |
Dividends on common stock | (2,436) | (2,518) |
Issuance of common stock from share-based payment arrangement exercises | 3,508 | 2,363 |
Excess tax benefits from share-based payment arrangement exercises | 129 | 432 |
Employee taxes paid in exchange for shares withheld | (127) | |
Change in checks issued in excess of cash balances | 199 | (58) |
Net cash (used for) provided by financing activities | (35,558) | 2,126 |
Net change in cash and cash equivalents | (259) | 22 |
Cash and cash equivalents: | ||
Beginning of period | 434 | 123 |
End of period | 175 | 145 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | 9,281 | 10,237 |
Income taxes | (2,595) | (4,451) |
Interest | $ 174 | $ 136 |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
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 2015 Annual Report on Form 10-K. |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
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 Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net income $ 8,437 $ 8,410 $ 25,161 $ 26,955 Denominator: Basic earnings per common share - weighted-average shares 32,531 33,622 32,476 33,555 Effect of dilutive stock options 184 224 177 261 Diluted earnings per common share - weighted-average shares and assumed conversions 32,715 33,846 32,653 33,816 Basic earnings per common share $ 0.26 $ 0.25 $ 0.77 $ 0.80 Diluted earnings per common share $ 0.26 $ 0.25 $ 0.77 $ 0.80 Options totaling 248,000 and 344,000 equivalent shares for the three-month and nine-month periods ended September 30, 2016, and 324,600 and 311,200 equivalent shares for the three-month and nine-month periods ended September 30, 2015, 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 42,543 equivalent shares for each of the three-month and nine-month periods ended September 30, 2016, and 67,595 equivalent shares for each of the three-month and nine-month periods ended September 30, 2015, 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 - Long-term Debt
Note 3 - Long-term Debt | 9 Months Ended |
Sep. 30, 2016 | |
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. In November 2015, we entered into an amendment to the facility which increased the aggregate principal amount of the facility from $50.0 million to $75.0 million, and on April 25, 2016, we elected to reduce the aggregate principal amount of the facility to $30.0 million. At September 30, 2016, there was an outstanding principal balance of $8.5 million on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of $11.2 million and remaining borrowing availability of $10.2 million. At December 31, 2015, there was an outstanding principal balance of $37.9 million on the facility. 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 1.2% at September 30, 2016. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver of the 25% limitation for 2015 and 2016 was obtained from the lender. This facility also contains restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at September 30, 2016 and December 31, 2015. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (4) Related Party Transactions We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, one of our directors, is the chairman of the board, chief executive officer and the principal stockholder of BBI. We paid BBI $278,000 in the first nine months of 2016 and $274,000 in the first nine months of 2015 for fuel , tires and related services. In addition, we paid $1.5 million in the first nine months of 2016 and $1.1 million in the first nine months of 2015 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 8. |
Note 5 - Share Repurchase Progr
Note 5 - Share Repurchase Program | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | (5) Share Repurchase Program In December 2007, our Board of Directors approved and we announced a share repurchase program to repurchase up to one million shares of our common stock either through purchases on the open market or through private transactions and in accordance with Rule 10b-18 of the Exchange Act. On November 4, 2015, our Board of Directors approved and we announced an increase in the share repurchase program, providing for the repurchase of up to $40 million, or approximately 2 million shares, of our common stock. The timing and extent to which we repurchase shares depends on market conditions and other corporate considerations. The repurchase program does not have an expiration date. We repurchased and retired 455,581 shares of our common stock for $7.5 million in the first quarter of 2016 and did not repurchase any shares in the second or third quarters of 2016. In the fourth quarter of 2015 we repurchased and retired 941,024 shares of our common stock for $16.2 million. |
Note 6 - Dividends
Note 6 - Dividends | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 three quarters of 2016 and 2015. Our ability to pay cash dividends is currently limited by restrictions contained in our revolving credit facility, which prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver of the 25% limitation for 2015 and 2016 was obtained from the lender. |
Note 7 - Accounting for Share-b
Note 7 - Accounting for Share-based Payment Arrangement Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 . See Note 13 to our consolidated financial statements in our 2015 Annual Report on Form 10-K for a detailed description of stock-based awards . |
Note 8 - Equity Investment
Note 8 - Equity Investment | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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. We received $1.1 million and $4.5 million of our revenue for loads transported by our tractors and arranged by MWL in the nine-month periods ended September 30, 2016 and September 30, 2015, respectively. As of September 30, 2016, we also had a trade receivable in the amount of $46,000 from MWL and an accrued liability of $3.0 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 Financia
Note 9 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (9) Fair Value of Financial Instruments The carrying amounts of cash equivalents, 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 Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (10) Commitments and Contingencies We are committed to purchase $47.3 million of new revenue equipment in the remainder of 2016; building construction expenditures of $1.1 million in the remainder of 2016; and operating lease obligation expenditures totaling $191,000 through 2019 . 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 | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (11) Business Segments We have aggregated our five current operating segments into four reporting segments (Truckload, Dedicated, Intermodal and Brokerage) for financial reporting 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, along with dry freight, 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 Nine Months Ended September 30, Ended September 30, ( Dollars in thousands ) 2016 2015 2016 2015 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,469 $ 86,594 $ 253,514 $ 262,227 Truckload fuel surcharge revenue 9,726 11,777 25,771 40,296 Total Truckload revenue 95,195 98,371 279,285 302,523 Dedicated revenue, net of fuel surcharge revenue 37,669 31,477 109,833 73,941 Dedicated fuel surcharge revenue 2,967 2,937 7,175 8,331 Total Dedicated revenue 40,636 34,414 117,008 82,272 Intermodal revenue, net of fuel surcharge revenue 16,381 17,158 48,353 50,278 Intermodal fuel surcharge revenue 1,979 2,673 4,990 8,991 Total Intermodal revenue 18,360 19,831 53,343 59,269 Brokerage revenue 16,273 18,730 48,847 52,157 Total operating revenue $ 170,464 $ 171,346 $ 498,483 $ 496,221 Operating income: Truckload $ 6,509 $ 8,204 $ 20,400 $ 27,614 Dedicated 5,505 3,929 14,963 8,496 Intermodal 1,645 1,152 5,396 3,372 Brokerage 1,210 1,069 3,011 2,632 Total operating income before gain on disposition of facility 14,869 14,354 43,770 42,114 Gain on disposition of facility - - - 3,712 Total operating income $ 14,869 $ 14,354 $ 43,770 $ 45,826 Truckload segment depreciation expense was $14.1 million and $13.3 million, Dedicated segment depreciation expense was $5.2 million and $4.3 million, Intermodal segment depreciation expense was $995,000 and $1.4 million, and Brokerage segment depreciation expense was $400,000 and $295,000, in the three-month periods ended September 30, 2016 and September 30, 2015, respectively. Truckload segment depreciation expense was $41.7 million and $40.0 million, Dedicated segment depreciation expense was $15.3 million and $10.4 million, Intermodal segment depreciation expense was $2.9 million and $4.3 million, and Brokerage segment depreciation expense was $1.3 million and $854,000, in the nine-month periods ended September 30, 2016 and September 30, 2015, respectively. |
Note 12 - Use of Estimates
Note 12 - Use of Estimates | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
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 Pro
Note 13 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (13) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, 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 2018, will replace most existing revenue recognition guidance required by U.S. generally accepted accounting principles. 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases” which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance also requires additional disclosures related to leasing transactions. The standard is effective for the first quarter of 2019. 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. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting” which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for the first quarter of 2017. The adoption of this standard will result in an increase or decrease to our provision for income taxes each quarter based on the actual increase in our stock price compared with the grant-date fair value of the quarter’s exercised options and vested performance unit awards. The adoption of the other provisions 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board, or FASB, 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 2018, will replace most existing revenue recognition guidance required by U.S. generally accepted accounting principles. 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases” which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance also requires additional disclosures related to leasing transactions. The standard is effective for the first quarter of 2019. 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. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting” which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for the first quarter of 2017. The adoption of this standard will result in an increase or decrease to our provision for income taxes each quarter based on the actual increase in our stock price compared with the grant-date fair value of the quarter’s exercised options and vested performance unit awards. The adoption of the other provisions 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 21
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2016 2015 2016 2015 Numerator: Net income $ 8,437 $ 8,410 $ 25,161 $ 26,955 Denominator: Basic earnings per common share - weighted-average shares 32,531 33,622 32,476 33,555 Effect of dilutive stock options 184 224 177 261 Diluted earnings per common share - weighted-average shares and assumed conversions 32,715 33,846 32,653 33,816 Basic earnings per common share $ 0.26 $ 0.25 $ 0.77 $ 0.80 Diluted earnings per common share $ 0.26 $ 0.25 $ 0.77 $ 0.80 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, ( Dollars in thousands ) 2016 2015 2016 2015 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,469 $ 86,594 $ 253,514 $ 262,227 Truckload fuel surcharge revenue 9,726 11,777 25,771 40,296 Total Truckload revenue 95,195 98,371 279,285 302,523 Dedicated revenue, net of fuel surcharge revenue 37,669 31,477 109,833 73,941 Dedicated fuel surcharge revenue 2,967 2,937 7,175 8,331 Total Dedicated revenue 40,636 34,414 117,008 82,272 Intermodal revenue, net of fuel surcharge revenue 16,381 17,158 48,353 50,278 Intermodal fuel surcharge revenue 1,979 2,673 4,990 8,991 Total Intermodal revenue 18,360 19,831 53,343 59,269 Brokerage revenue 16,273 18,730 48,847 52,157 Total operating revenue $ 170,464 $ 171,346 $ 498,483 $ 496,221 Operating income: Truckload $ 6,509 $ 8,204 $ 20,400 $ 27,614 Dedicated 5,505 3,929 14,963 8,496 Intermodal 1,645 1,152 5,396 3,372 Brokerage 1,210 1,069 3,011 2,632 Total operating income before gain on disposition of facility 14,869 14,354 43,770 42,114 Gain on disposition of facility - - - 3,712 Total operating income $ 14,869 $ 14,354 $ 43,770 $ 45,826 |
Note 2 - Earnings Per Common 23
Note 2 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Unvested Performance Unit Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42,543 | 67,595 | ||
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 248,000 | 324,600 | 344,000 | 311,200 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42,543 | 67,595 |
Note 2 - Earnings Per Common 24
Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 8,437 | $ 8,790 | $ 8,410 | $ 25,161 | $ 26,955 |
Basic earnings per common share - weighted-average shares (in shares) | 32,531 | 33,622 | 32,476 | 33,555 | |
Effect of dilutive stock options (in shares) | 184 | 224 | 177 | 261 | |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 32,715 | 33,846 | 32,653 | 33,816 | |
Basic earnings per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.80 | |
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.80 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2016 | Apr. 25, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | |
Credit Facility [Member] | |||||
Long-term Debt, Weighted Average Interest Rate | 1.20% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | $ 75 | $ 50 | ||
Long-term Line of Credit | $ 8.5 | $ 37.9 | |||
Letters of Credit Outstanding, Amount | 11.2 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10.2 | ||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% |
Note 4 - Related Party Transa26
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Purchase Of Fuel Tires And Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 278,000 | $ 274,000 |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,500,000 | $ 1,100,000 |
Note 5 - Share Repurchase Pro27
Note 5 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Nov. 04, 2015 | Dec. 31, 2007 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | 1,000,000 | |||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | ||||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | 455,581 | 941,024 | |||
Stock Repurchased and Retired During Period, Value | $ 7,500 | $ 16,175 | $ 7,513 |
Note 6 - Dividends (Details Tex
Note 6 - Dividends (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | |
Paid Quarterly [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | |
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% |
Note 7 - Accounting for Share29
Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock or Unit Option Plan Expense | $ 741,000 | $ 1,200,000 |
Note 8 - Equity Investment (Det
Note 8 - Equity Investment (Details Textual) - M W L [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Percentage Owned by Non-related Party [Member] | ||
Equity Method Investment, Ownership Percentage | 55.00% | |
Trade Accounts Receivable [Member] | ||
Due from Affiliates | $ 46,000 | |
Equity Method Investment, Ownership Percentage | 45.00% | |
Revenue from Related Parties | $ 1,100,000 | $ 4,500,000 |
Due to Affiliate | $ 3,000,000 |
Note 10 - Commitments and Con31
Note 10 - Commitments and Contingencies (Details Textual) | Sep. 30, 2016USD ($) |
Revenue Equipment Expenditure [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $ 47,300,000 |
Building Construction and Acquisition Expenditures [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 1,100,000 |
Operating Leases, Future Minimum Payments Due | $ 191,000 |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Dedicated [Member] | Minimum [Member] | ||||
Customer Contract Term | 3 years | |||
Dedicated [Member] | Maximum [Member] | ||||
Customer Contract Term | 5 years | |||
Dedicated [Member] | ||||
Depreciation, Depletion and Amortization | $ 5,200,000 | $ 4,300,000 | $ 15,300,000 | $ 10,400,000 |
Truckload [Member] | ||||
Depreciation, Depletion and Amortization | 14,100,000 | 13,300,000 | 41,700,000 | 40,000,000 |
Intermodal [Member] | ||||
Depreciation, Depletion and Amortization | 995,000 | 1,400,000 | 2,900,000 | 4,300,000 |
Brokerage [Member] | ||||
Depreciation, Depletion and Amortization | $ 400,000 | $ 295,000 | $ 1,300,000 | $ 854,000 |
Number of Operating Segments | 5 | |||
Number of Reportable Segments | 4 |
Note 11 - Business Segments - O
Note 11 - Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | $ 85,469 | $ 86,594 | $ 253,514 | $ 262,227 |
Truckload [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 9,726 | 11,777 | 25,771 | 40,296 |
Truckload [Member] | ||||
Operating revenue | 95,195 | 98,371 | 279,285 | 302,523 |
Operating Income | 6,509 | 8,204 | 20,400 | 27,614 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 37,669 | 31,477 | 109,833 | 73,941 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 2,967 | 2,937 | 7,175 | 8,331 |
Dedicated [Member] | ||||
Operating revenue | 40,636 | 34,414 | 117,008 | 82,272 |
Operating Income | 5,505 | 3,929 | 14,963 | 8,496 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 16,381 | 17,158 | 48,353 | 50,278 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 1,979 | 2,673 | 4,990 | 8,991 |
Intermodal [Member] | ||||
Operating revenue | 18,360 | 19,831 | 53,343 | 59,269 |
Operating Income | 1,645 | 1,152 | 5,396 | 3,372 |
Brokerage [Member] | ||||
Operating revenue | 16,273 | 18,730 | 48,847 | 52,157 |
Operating Income | 1,210 | 1,069 | 3,011 | 2,632 |
Facility [Member] | ||||
Gain on disposition of facility | 3,712 | |||
Operating revenue | 170,464 | 171,346 | 498,483 | 496,221 |
Operating Income | 14,869 | 14,354 | 43,770 | 45,826 |
Total operating income before gain on disposition of facility | $ 14,869 | $ 14,354 | $ 43,770 | $ 42,114 |