Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 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) | 32,649,665 | ||
Entity Public Float | $ 495,512 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 488 | $ 434 |
Receivables: | ||
Trade, less allowances of $275 and $305, respectively | 69,199 | 70,597 |
Other | 4,436 | 10,885 |
Prepaid expenses and other | 19,307 | 18,134 |
Total current assets | 93,430 | 100,050 |
Property and equipment: | ||
Less accumulated depreciation | (201,728) | (196,588) |
Net property and equipment | 557,825 | 528,009 |
Other assets | 2,493 | 3,469 |
653,748 | 631,528 | |
Current liabilities: | ||
Accounts payable | 14,391 | 12,007 |
Insurance and claims accruals | 19,440 | 16,235 |
Accrued liabilities | 26,839 | 21,634 |
Total current liabilities | 60,670 | 49,876 |
Long-term debt | 7,886 | 37,867 |
Deferred income taxes | 147,854 | 134,364 |
Total liabilities | 216,410 | 222,107 |
Commitments and contingencies (Note 14) | ||
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; 32,634,915 shares at December 31, 2016, and 32,759,806 shares at December 31, 2015, issued and outstanding | 326 | 328 |
Additional paid-in capital | 74,175 | 76,468 |
Retained earnings | 362,837 | 332,625 |
Total stockholders’ equity | 437,338 | 409,421 |
653,748 | 631,528 | |
Revenue Equipment [Member] | ||
Property and equipment: | ||
Property and equipment | 634,831 | 606,144 |
Land and Building [Member] | ||
Property and equipment: | ||
Property and equipment | 75,566 | 73,159 |
Buildings And Land Office Equipment And Other [Member] | ||
Property and equipment: | ||
Property and equipment | $ 49,156 | $ 45,294 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Trade, allowances | $ 275 | $ 305 |
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) | 32,634,915 | 32,759,806 |
Common stock, shares outstanding (in shares) | 32,634,915 | 32,759,806 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 671,144 | $ 664,994 | $ 672,929 |
Operating expenses (income): | |||
Salaries, wages and benefits | 224,827 | 209,455 | 183,464 |
Purchased transportation | 110,719 | 118,030 | 123,017 |
Fuel and fuel taxes | 94,075 | 104,582 | 153,931 |
Supplies and maintenance | 43,912 | 43,319 | 41,490 |
Depreciation | 82,445 | 75,323 | 68,243 |
Operating taxes and licenses | 9,099 | 8,914 | 7,140 |
Insurance and claims | 32,223 | 29,252 | 27,240 |
Communications and utilities | 6,287 | 5,886 | 5,798 |
Other | 19,756 | 18,858 | 15,987 |
612,841 | 603,931 | 621,923 | |
Operating income | 58,303 | 61,063 | 51,006 |
Other | 1,237 | 372 | (667) |
Income before income taxes | 57,066 | 60,691 | 51,673 |
Provision for income taxes | 23,602 | 24,946 | 21,839 |
Net income | $ 33,464 | $ 35,745 | $ 29,834 |
Basic earnings per common share (in dollars per share) | $ 1.03 | $ 1.07 | $ 0.89 |
Diluted earnings per common share (in dollars per share) | 1.02 | 1.06 | 0.89 |
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Revenue Equipment [Member] | |||
Operating expenses (income): | |||
Gain on disposition of assets | $ (10,502) | $ (5,584) | $ (4,387) |
Facility [Member] | |||
Operating expenses (income): | |||
Gain on disposition of assets | $ (4,104) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 33,301 | |||
Balance at Dec. 31, 2013 | $ 333 | $ 85,077 | $ 273,727 | $ 359,137 |
Net income | 29,834 | 29,834 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 118 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 1,213 | 1,214 | |
Tax benefits from share-based payment arrangement exercises | 159 | 159 | ||
Share-based payment arrangement compensation expense | 921 | 921 | ||
Dividends on common stock | (3,339) | (3,339) | ||
Balance (in shares) at Dec. 31, 2014 | 33,419 | |||
Balance at Dec. 31, 2014 | $ 334 | 87,370 | 300,222 | 387,926 |
Tax benefits from share-based payment arrangement exercises | 159 | 159 | ||
Net income | 35,745 | 35,745 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 282 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 3 | 3,487 | 3,490 | |
Tax benefits from share-based payment arrangement exercises | 373 | 373 | ||
Share-based payment arrangement compensation expense | 1,404 | 1,404 | ||
Dividends on common stock | (3,342) | (3,342) | ||
Balance (in shares) at Dec. 31, 2015 | 32,760 | |||
Balance at Dec. 31, 2015 | $ 328 | 76,468 | 332,625 | 409,421 |
Repurchase and retirement of common stock (in shares) | (941) | |||
Repurchase and retirement of common stock | $ (9) | (16,166) | (16,175) | |
Tax benefits from share-based payment arrangement exercises | 373 | 373 | ||
Net income | 33,464 | 33,464 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 331 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 3 | 4,413 | 4,416 | |
Tax benefits from share-based payment arrangement exercises | 46 | 46 | ||
Share-based payment arrangement compensation expense | 883 | 883 | ||
Dividends on common stock | (3,252) | (3,252) | ||
Balance (in shares) at Dec. 31, 2016 | 32,635 | |||
Balance at Dec. 31, 2016 | $ 326 | 74,175 | $ 362,837 | 437,338 |
Repurchase and retirement of common stock (in shares) | (456) | |||
Repurchase and retirement of common stock | $ (5) | (7,508) | (7,513) | |
Tax benefits from share-based payment arrangement exercises | 46 | 46 | ||
Employee taxes paid in exchange for shares withheld | $ (127) | $ (127) |
Consolidate Statements of Cash
Consolidate Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | |||
Net income | $ 33,464,000 | $ 35,745,000 | $ 29,834,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 82,445,000 | 75,323,000 | 68,243,000 |
Deferred income taxes | 13,490,000 | 14,720,000 | 9,422,000 |
Tax benefits from share-based payment arrangement exercises | 46,000 | 373,000 | 159,000 |
Excess tax benefits from share-based payment arrangement exercises | (235,000) | (432,000) | (115,000) |
Allocated Share-based Compensation Expense | 883,000 | 1,404,000 | 921,000 |
Equity in loss (earnings) from affiliate | 1,018,000 | 296,000 | (246,000) |
Changes in other current operating items: | |||
Receivables | 8,518,000 | 7,968,000 | (14,913,000) |
Prepaid expenses and other | (1,173,000) | (1,274,000) | (1,586,000) |
Accounts payable | 594,000 | (4,853,000) | (723,000) |
Insurance and claims accruals | 3,205,000 | 2,237,000 | (406,000) |
Accrued liabilities | 1,813,000 | 6,419,000 | (4,232,000) |
Net cash provided by operating activities | 133,566,000 | 128,238,000 | 81,971,000 |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Other | (42,000) | (39,000) | (37,000) |
Net cash used for investing activities | (97,290,000) | (125,081,000) | (118,606,000) |
CASH FLOWS (USED FOR) PROVIDED BY FINANCING ACTIVITIES: | |||
Borrowings under credit facility and long-term debt | 179,687,000 | 141,908,000 | 168,444,000 |
Repayment of borrowings under credit facility and long-term debt | (209,668,000) | (128,414,000) | (144,071,000) |
Repurchase and retirement of common stock | (7,513,000) | (16,175,000) | |
Dividends on common stock | (3,252,000) | (3,342,000) | (3,339,000) |
Issuance of common stock from share-based payment arrangement exercises | 4,416,000 | 3,490,000 | 1,214,000 |
Change in checks issued in excess of cash balances | (745,000) | 745,000 | |
Excess tax benefits from share-based payment arrangement exercises | 235,000 | 432,000 | 115,000 |
Employee taxes paid in exchange for shares withheld | (127,000) | ||
Net cash (used for) provided by financing activities | (36,222,000) | (2,846,000) | 23,108,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 54,000 | 311,000 | (13,527,000) |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 434,000 | 123,000 | 13,650,000 |
End of year | 488,000 | 434,000 | 123,000 |
SUPPLEMENTAL NON-CASH DISCLOSURE: | |||
Change in property and equipment not yet paid | 4,511,000 | 2,853,000 | (3,973,000) |
Income taxes | 31,000 | 2,121,000 | 26,766,000 |
Interest | 214,000 | 252,000 | 179,000 |
Revenue Equipment [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of assets | (10,502,000) | (5,584,000) | (4,387,000) |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (154,984,000) | (174,165,000) | (131,645,000) |
Proceeds from revenue equipment dispositions | 65,082,000 | 56,011,000 | 43,933,000 |
Facility [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of assets | (4,104,000) | ||
Buildings And Land Office Equipment And Other [Member] | |||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (7,369,000) | (13,482,000) | (30,885,000) |
Proceeds from revenue equipment dispositions | $ 23,000 | $ 6,594,000 | $ 28,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of business: one Principles of consolidation: Cash and cash equivalents: three Trade accounts receivable: may may 30 Property and equipment: Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 2016, 4.2 5.3 five seven 25% 35% five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may Tires in service: 24 $6.9 2016, $6.3 2015 $5.7 2014. Income taxes: In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% no Insurance and claims: first $1.0 first $750,000 $11.2 Revenue recognition: 17% 2016 17% December 31, 2016, 13% 2015 12% December 31, 2015. 9% 2014. 2016, 2015 2014, 99% We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the primary obligor in the arrangements, we have the ability to establish prices, we have the risk of loss in the event of cargo claims and we bear credit risk with customer payments. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense. Share-based payment arrangement compensation: may 718, Compensation-Stock Compensation Earnings per common share: Segment reporting: 280, Segment Reporting five four 15 Use of estimates: Recent accounting pronouncements: May 2014, 2014 09, first 2018, In February 2016, 2016 02, first 2019. In March 2016, 2016 09, first 2017. |
Note 2 - Details of Consolidate
Note 2 - Details of Consolidated Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 2. Prepaid expenses and other: December 31, (In thousands) 20 16 2015 Tires in service $ 5,351 $ 5,064 License fees 5,042 4,921 Parts and tires inventory 4,350 4,011 Insurance premiums 1,658 1,730 Other 2,906 2,408 $ 19,307 $ 18,134 Accrued liabilities: December 31, (In thousands) 201 6 2015 Accrued expenses $ 12,903 $ 7,940 Vacation 5,353 4,782 Accrued liability to MWL 3,026 4,284 Salaries and wages 1,839 2,644 Other 3,718 1,984 $ 26,839 $ 21,634 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. We maintain a credit agreement that provides for an unsecured committed credit facility which matures in December 2019. November 2015, $50.0 $75.0 April 2016, $30.0 December 2016, $40.0 December 31, 2016, $7.9 $11.2 $20.9 December 31, 2015, $37.9 1.46% December 31, 2016. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% 25% 2015 2016 December 31, 2016 2015. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. The following related party transactions occurred during the three December 31, 2016; (a) We purchase fuel and tires and obtain related services from a company in which one $361,000 2016, $335,000 2015 $562,000 2014 $2.0 2016, $1.5 2015 $1.4 2014 not December 31, 2016 2015. (b) We provide transportation services to MWL as described in Note 10. |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. The components of the provision for income taxes consisted of the following: (In thousands) 201 6 2015 2014 Current: Federal $ 8,987 $ 9,280 $ 10,402 State 1,125 946 2,015 10,112 10,226 12,417 Deferred: Federal 12,427 13,042 8,648 State 1,063 1,678 774 13,490 14,720 9,422 Total provision $ 23,602 $ 24,946 $ 21,839 The statutory federal income tax rate is reconciled to the effective income tax rate as follows: 201 6 2015 2014 Statutory federal income tax rate 35 % 35 % 35 % Per diem and other non-deductible expenses 4 3 4 Increase in taxes arising from state income taxes, net of federal income tax benefit 2 3 3 Effective tax rate 41 % 41 % 42 % As of December 31, (In thousands) 201 6 2015 Deferred tax assets: Reserves and accrued liabilities $ 8,490 $ 7,219 Other 2,757 2,721 11,247 9,940 Deferred tax liabilities: Depreciation 155,936 141,255 Prepaid expenses 3,165 3,049 159,101 144,304 Net deferred tax liability $ 147,854 $ 134,364 We have not provided a valuation allowance against deferred tax assets at December 31, 2016 2015. Our reserves for unrecognized tax benefits were $536,000 December 31, 2016 $683,000 December 31, 2015. $147,000 2016 2011 December 31, 2015 2011 2015 $349,000 December 31, 2016 $59,000 $91,000 December 31, 2016 2015, twelve 2013 |
Note 6 - Earnings Per Common Sh
Note 6 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. er Common Share Basic and diluted earnings per common share were computed as follows: (In thousands, except per share amounts) 20 16 2015 2014 Numerator: Net income $ 33,464 $ 35,745 $ 29,834 Denominator: Basic earnings per common share - weighted-average shares 32,506 33,477 33,381 Effect of dilutive stock options 171 238 297 Diluted earnings per common share - weighted-average shares and assumed conversions 32,677 33,715 33,678 Basic earnings per common share $ 1.03 $ 1.07 $ 0.89 Diluted earnings per common share $ 1.02 $ 1.06 $ 0.89 Options totaling 338,900, 325,400 176,500 2016, 2015 2014, Unvested performance unit awards (see Note 11) 38,497, 69,655 39,885 2016, 2015 2014, |
Note 7 - Share Repurchase Progr
Note 7 - Share Repurchase Program | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 7 . Share Repurchase Program In December 2007, one 10b 18 November 2015, $40 2 We repurchased and retired 455,581 $7.5 first 2016 three 2016. fourth 2015 941,024 $16.2 |
Note 8 - Dividends
Note 8 - Dividends | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Dividends [Text Block] | 8. In 2010, $ 0.025 2016, 2015 2014, $3.3 three 25% 25% 2015 2016 |
Note 9 - Amendment to Amended a
Note 9 - Amendment to Amended and Restated Certificate of Incorporation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9 . Amendment to Amended and Restated Certificate of Incorporation In May 2015, $.01 48,000,000 96,000,000 |
Note 10 - Equity Investment
Note 10 - Equity Investment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 10. We own a 45% third 55% $1.2 $5.0 $8.5 2016, 2015 2014, December 31, 2016, $55,000 $3.0 |
Note 11 - Employee Benefits
Note 11 - Employee Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 11 . Employee Benefits Equity Incentive Plans May 2015, 2015 “2015 2015 March 2015. 2015 may 304,251 December 31, 2016. 7 10 one 20% five 2015 800,000 December 31, 2016, 192,000 94,671 2015 2015 2005 “2005 May 2015. Under the 2005 2015 December 31, 2016, 361,750 84,889 2005 2005 We use the Black-Scholes option pricing model to calculate the grant-date fair value of option awards. The fair value of service-based option awards granted was estimated as of the date of grant using the following weighted average assumptions: 20 16 2015 2014 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 25 % 25 % 27 % Risk-free interest rate percentage (3) 1.4 % 1.8 % 1.9 % Expected dividend yield (4) 0.50 % 0.44 % 0.46 % Fair value as of the date of grant $ 5.28 $ 5.96 $ 6.25 (1) Expected option life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. (2) Expected stock price volatility – We use our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past. (3) Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. (4) Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. Compensation costs associated with service-based option awards with graded vesting are recognized, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period, which is the period between the grant date and the award’s stated vesting term. Service-based option awards become immediately exercisable in full in the event of death or disability and upon a change in control with respect to all options that have been outstanding for at least six In August 2010, 95,100 2005 first December 31, 2010 December 31 st December 31, 2014, five five fifteen five five five five fifteen fifteen five 62. In August 2011, 62,400 2010, December 31, 2011 2015. In May 2012, 59,250 December 31, 2012 2016. In May 2013, 62,550 December 31, 2013 2017. In May 2014, 36,400 11,000 2014 December 31, 2014 2018. In May 2015, 35,000 2015 19,500 2015 December 31, 2015 2019. In May 2016, 34,600 2015 13,000 May 2016 1,000 August 2016 2016 December 31, 2016 2020. The fair value of each performance unit is based on the closing market price on the date of grant. We recognize compensation expense for these awards based on the estimated number of units probable of achieving the vesting requirements of the awards, net of an estimated forfeiture rate. The amount of share-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on an analysis of our historical forfeitures and known forfeitures on existing awards, that approximately 1.25% Total share-based compensation expense recorded in 2016 $883,000 ($547,000 $0.02 2015 $1.4 ($870,000 $0.03 2014 $921,000 ($571,000 $0.02 The benefits of tax deductions in excess of recognized compensation costs (excess tax benefits) are recorded as a financing cash inflow rather than a deduction of taxes paid in operating cash flows. In 2016, 2015 2014, $235,000, $432,000 $115,000, As of December 31, 2016, $1.3 3.0 $2.6 2020. Option activity in 2016 Shares Weighted Average Exercise Price Outstanding at December 31, 2015 850,184 $ 16.67 Granted 43,000 20.44 Exercised (307,984 ) 14.35 Forfeited (31,450 ) 17.68 Outstanding at December 31, 2016 553,750 $ 18.24 Exercisable at December 31, 2016 287,100 $ 16.03 The 553,750 December 31, 2016 4.1 December 31, 2016 $2.8 287,100 3.4 $2.1 The fair value of options granted in 2016, 2015 2014 $227,000, $918,000 $475,000, 2016, 2015 2014 $1.9 $2.4 $761,000, 2016, 2015 2014 $4.4 $3.5 $1.2 `Nonvested service-based option awards as of December 31, 2016 2016 Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in Years) Nonvested at December 31, 2015 337,550 $ 5.77 5.4 Granted 43,000 5.28 6.6 Vested (94,650 ) 5.64 4.0 Forfeited (19,250 ) 5.38 3.9 Nonvested at December 31, 2016 266,650 $ 5.76 5.0 The total fair value of options which vested during 2016, 2015 2014 $534,000, $502,000 $541,000, The following table summarizes our nonvested performance unit award activity in 2016: Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 141,445 $ 18.76 Granted 48,600 18.73 Vested (13,656 ) (1) 18.11 Forfeited (24,578 ) 14.83 Nonvested at December 31, 2016 151,811 $ 19.44 (1) This number of performance unit award shares vested based on our financial performance in 2016 March 2017. 2016 2015 2016 2015. 2016 $247,000. Retirement Savings Plan 401(k) three 2016 $18,000 50 $24,000 50 35% 6% 20% first fifth may No 2016, 2015 2014. $2.1 2016, $1.9 2015 $1.5 2014. Stock Purchase Plans |
Note 12 - Deferred Compensation
Note 12 - Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 1 2 . Deferred Compensation Plan In August 2010, Under the terms of the plan, each participant is eligible to defer portions of their base pay, annual bonus, or receipt of common stock otherwise payable under a vested performance unit award. Each participant can elect a fixed distribution date for the participant’s deferral account other than certain required performance unit award deferrals credited to the discretionary account, which will be distributed after the later of the date of the participant’s termination of employment or the date the participant attains age 62. may may 2005 2015 December 31, 2016, 96,310 |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. 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 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 4 . Commitments and Contingencies We are committed to purchase $50.7 2017, $95,000 2017 $430,000 2020. 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 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 5. Business Segments We aggregate our five four 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 five Our Intermodal segment transports our customers’ freight within the United States primarily utilizing our temperature-controlled trailers and also, through March 2015, Our Brokerage segment develops contractual relationships with and arranges for third 2007 The following table sets forth for the years 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. ( Dollars in thousands ) 201 6 2015 2014 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 339,967 $ 348,101 $ 358,458 Truckload fuel surcharge revenue 35,884 50,260 89,815 Total Truckload revenue 375,851 398,361 448,273 Dedicated revenue, net of fuel surcharge revenue 147,007 107,264 56,609 Dedicated fuel surcharge revenue 10,363 11,008 13,743 Total Dedicated revenue 157,370 118,272 70,352 Intermodal revenue, net of fuel surcharge revenue 64,508 65,877 75,447 Intermodal fuel surcharge revenue 6,982 11,081 21,645 Total Intermodal revenue 71,490 76,958 97,092 Brokerage revenue 66,433 71,403 57,212 Total operating revenue $ 671,144 $ 664,994 $ 672,929 Operating income: Truckload $ 27,438 $ 35,517 $ 39,483 Dedicated 19,550 12,818 7,136 Intermodal 7,131 4,832 1,735 Brokerage 4,184 3,792 2,652 Total operating income before gain on disposition of facilities 58,303 56,959 51,006 Gain on disposition of facilities - 4,104 - Total operating income $ 58,303 $ 61,063 $ 51,006 Truckload segment depreciation expense was $56.2 $53.7 $53.0 $20.6 $15.0 $8.2 $3.9 $5.4 $6.0 $1.7 $1.3 $993,000, 2016, 2015 2014, |
Note 16 - Quarterly Financial D
Note 16 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 16 . Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for 2016 2015: 20 16 Quarters (In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,929 $ 166,090 $ 170,464 $ 172,661 Operating income 14,125 14,776 14,869 14,533 Net income 8,193 8,531 8,437 8,303 Basic earnings per common share 0.25 0.26 0.26 0.25 Diluted earnings per common share 0.25 0.26 0.26 0.25 2015 Quarters ( In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,287 $ 163,588 $ 171,346 $ 168,773 Operating income 17,311 14,161 14,354 15,237 Net income 10,188 8,357 8,410 8,790 Basic earnings per common share 0.30 0.25 0.25 0.26 Diluted earnings per common share 0.30 0.25 0.25 0.26 The sum of the basic earnings per common share for the 2015 2016 2015 2016 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: three |
Receivables, Policy [Policy Text Block] | Trade accounts receivable: may may 30 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 2016, 4.2 5.3 five seven 25% 35% five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may |
Tires In Service [Policy Text Block] | Tires in service: 24 $6.9 2016, $6.3 2015 $5.7 2014. |
Income Tax, Policy [Policy Text Block] | Income taxes: In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% no |
Internal Replacements of Insurance Contracts, Policy [Policy Text Block] | Insurance and claims: first $1.0 first $750,000 $11.2 |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: 17% 2016 17% December 31, 2016, 13% 2015 12% December 31, 2015. 9% 2014. 2016, 2015 2014, 99% We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the primary obligor in the arrangements, we have the ability to establish prices, we have the risk of loss in the event of cargo claims and we bear credit risk with customer payments. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based payment arrangement compensation: may 718, Compensation-Stock Compensation |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share: |
Segment Reporting, Policy [Policy Text Block] | Segment reporting: 280, Segment Reporting five four 15 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements: May 2014, 2014 09, first 2018, In February 2016, 2016 02, first 2019. In March 2016, 2016 09, first 2017. |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 |
Note 2 - Details of Consolida25
Note 2 - Details of Consolidated Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (In thousands) 20 16 2015 Tires in service $ 5,351 $ 5,064 License fees 5,042 4,921 Parts and tires inventory 4,350 4,011 Insurance premiums 1,658 1,730 Other 2,906 2,408 $ 19,307 $ 18,134 |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 201 6 2015 Accrued expenses $ 12,903 $ 7,940 Vacation 5,353 4,782 Accrued liability to MWL 3,026 4,284 Salaries and wages 1,839 2,644 Other 3,718 1,984 $ 26,839 $ 21,634 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 201 6 2015 2014 Current: Federal $ 8,987 $ 9,280 $ 10,402 State 1,125 946 2,015 10,112 10,226 12,417 Deferred: Federal 12,427 13,042 8,648 State 1,063 1,678 774 13,490 14,720 9,422 Total provision $ 23,602 $ 24,946 $ 21,839 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 6 2015 2014 Statutory federal income tax rate 35 % 35 % 35 % Per diem and other non-deductible expenses 4 3 4 Increase in taxes arising from state income taxes, net of federal income tax benefit 2 3 3 Effective tax rate 41 % 41 % 42 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 201 6 2015 Deferred tax assets: Reserves and accrued liabilities $ 8,490 $ 7,219 Other 2,757 2,721 11,247 9,940 Deferred tax liabilities: Depreciation 155,936 141,255 Prepaid expenses 3,165 3,049 159,101 144,304 Net deferred tax liability $ 147,854 $ 134,364 |
Note 6 - Earnings Per Common 27
Note 6 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share amounts) 20 16 2015 2014 Numerator: Net income $ 33,464 $ 35,745 $ 29,834 Denominator: Basic earnings per common share - weighted-average shares 32,506 33,477 33,381 Effect of dilutive stock options 171 238 297 Diluted earnings per common share - weighted-average shares and assumed conversions 32,677 33,715 33,678 Basic earnings per common share $ 1.03 $ 1.07 $ 0.89 Diluted earnings per common share $ 1.02 $ 1.06 $ 0.89 |
Note 11 - Employee Benefits (Ta
Note 11 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 20 16 2015 2014 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 25 % 25 % 27 % Risk-free interest rate percentage (3) 1.4 % 1.8 % 1.9 % Expected dividend yield (4) 0.50 % 0.44 % 0.46 % Fair value as of the date of grant $ 5.28 $ 5.96 $ 6.25 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Average Exercise Price Outstanding at December 31, 2015 850,184 $ 16.67 Granted 43,000 20.44 Exercised (307,984 ) 14.35 Forfeited (31,450 ) 17.68 Outstanding at December 31, 2016 553,750 $ 18.24 Exercisable at December 31, 2016 287,100 $ 16.03 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in Years) Nonvested at December 31, 2015 337,550 $ 5.77 5.4 Granted 43,000 5.28 6.6 Vested (94,650 ) 5.64 4.0 Forfeited (19,250 ) 5.38 3.9 Nonvested at December 31, 2016 266,650 $ 5.76 5.0 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2015 141,445 $ 18.76 Granted 48,600 18.73 Vested (13,656 ) (1) 18.11 Forfeited (24,578 ) 14.83 Nonvested at December 31, 2016 151,811 $ 19.44 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ( Dollars in thousands ) 201 6 2015 2014 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 339,967 $ 348,101 $ 358,458 Truckload fuel surcharge revenue 35,884 50,260 89,815 Total Truckload revenue 375,851 398,361 448,273 Dedicated revenue, net of fuel surcharge revenue 147,007 107,264 56,609 Dedicated fuel surcharge revenue 10,363 11,008 13,743 Total Dedicated revenue 157,370 118,272 70,352 Intermodal revenue, net of fuel surcharge revenue 64,508 65,877 75,447 Intermodal fuel surcharge revenue 6,982 11,081 21,645 Total Intermodal revenue 71,490 76,958 97,092 Brokerage revenue 66,433 71,403 57,212 Total operating revenue $ 671,144 $ 664,994 $ 672,929 Operating income: Truckload $ 27,438 $ 35,517 $ 39,483 Dedicated 19,550 12,818 7,136 Intermodal 7,131 4,832 1,735 Brokerage 4,184 3,792 2,652 Total operating income before gain on disposition of facilities 58,303 56,959 51,006 Gain on disposition of facilities - 4,104 - Total operating income $ 58,303 $ 61,063 $ 51,006 |
Note 16 - Quarterly Financial30
Note 16 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 20 16 Quarters (In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,929 $ 166,090 $ 170,464 $ 172,661 Operating income 14,125 14,776 14,869 14,533 Net income 8,193 8,531 8,437 8,303 Basic earnings per common share 0.25 0.26 0.26 0.25 Diluted earnings per common share 0.25 0.26 0.26 0.25 2015 Quarters ( In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,287 $ 163,588 $ 171,346 $ 168,773 Operating income 17,311 14,161 14,354 15,237 Net income 10,188 8,357 8,410 8,790 Basic earnings per common share 0.30 0.25 0.25 0.26 Diluted earnings per common share 0.30 0.25 0.25 0.26 |
Note 1 - Summary of Significa31
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Letters of Credit Outstanding, Amount | $ 11,200,000 | ||
Number of Operating Segments | 5 | ||
Number of Reportable Segments | 4 | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Walmart [Member] | |||
Concentration Risk, Percentage | 17.00% | 13.00% | 9.00% |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 99.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Walmart [Member] | |||
Concentration Risk, Percentage | 17.00% | 12.00% | |
Uninsured Risk [Member] | Auto Liability Claim [Member] | |||
Loss Contingency Range Possible Loss Per Claim | $ 1,000,000 | ||
Uninsured Risk [Member] | Workers Compensation Liability Claim [Member] | |||
Loss Contingency Range Possible Loss Per Claim | 750,000 | ||
Insurance Claims [Member] | |||
Letters of Credit Outstanding, Amount | 11,200,000 | ||
Supplies and Maintenance Costs [Member] | |||
Amortization | $ 6,900,000 | $ 6,300,000 | $ 5,700,000 |
Tractor [Member] | |||
Replacement Of Equipment Period After Purchase | 4 years 73 days | ||
Property, Plant and Equipment, Useful Life | 5 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% | ||
Trailer [Member] | |||
Replacement Of Equipment Period After Purchase | 5 years 109 days | ||
Property, Plant and Equipment, Useful Life | 7 years | ||
Property, Plant and Equipment, Salvage Value, Percentage | 35.00% | ||
Tires In Service [Member] | |||
Property, Plant and Equipment, Useful Life | 2 years |
Note 1 - Estimated Useful Lives
Note 1 - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Tractor [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Trailer [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Service And Other Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Service And Other Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Note 2 - Prepaid Expenses and O
Note 2 - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Insurance premiums | $ 1,658 | $ 1,730 |
Other | 2,906 | 2,408 |
19,307 | 18,134 | |
Tires In Service [Member] | ||
Prepaid expenses | 5,351 | 5,064 |
License Fees Member [Member] | ||
Prepaid expenses | 5,042 | 4,921 |
Parts And Tires Inventory [Member] | ||
Prepaid expenses | $ 4,350 | $ 4,011 |
Note 2 - Accrued Liabilities (D
Note 2 - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued expenses | $ 12,903 | $ 7,940 |
Vacation | 5,353 | 4,782 |
Accrued liability to MWL | 3,026 | 4,284 |
Salaries and wages | 1,839 | 2,644 |
Other | 3,718 | 1,984 |
$ 26,839 | $ 21,634 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Apr. 30, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40 | $ 30 | $ 75 | $ 50 | |
Long-term Line of Credit | 7.9 | $ 37.9 | |||
Letters of Credit Outstanding, Amount | 11.2 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 20.9 | ||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% | ||||
Credit Facility [Member] | |||||
Long-term Debt, Weighted Average Interest Rate | 1.46% |
Note 4 - Related Party Transa36
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Payable, Related Parties | $ 0 | $ 0 | |
Purchase Of Fuel Tires And Related Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 361,000 | 335,000 | $ 562,000 |
Tire Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 2,000,000 | $ 1,500,000 | $ 1,400,000 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unrecognized Tax Benefits | $ 536,000 | $ 683,000 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 147,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 349,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 59,000 | $ 91,000 |
Note 5 - Components of Provisio
Note 5 - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 8,987 | $ 9,280 | $ 10,402 |
State | 1,125 | 946 | 2,015 |
10,112 | 10,226 | 12,417 | |
Deferred: | |||
Federal | 12,427 | 13,042 | 8,648 |
State | 1,063 | 1,678 | 774 |
13,490 | 14,720 | 9,422 | |
Total provision | $ 23,602 | $ 24,946 | $ 21,839 |
Note 5 - Federal Income Tax Rec
Note 5 - Federal Income Tax Reconciled to the Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Per diem and other non-deductible expenses | 4.00% | 3.00% | 4.00% |
Increase in taxes arising from state income taxes, net of federal income tax benefit | 2.00% | 3.00% | 3.00% |
Effective tax rate | 41.00% | 41.00% | 42.00% |
Note 5 - Net Deferred Tax Liabi
Note 5 - Net Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Reserves and accrued liabilities | $ 8,490 | $ 7,219 |
Other | 2,757 | 2,721 |
11,247 | 9,940 | |
Deferred tax liabilities: | ||
Depreciation | 155,936 | 141,255 |
Prepaid expenses | 3,165 | 3,049 |
159,101 | 144,304 | |
Net deferred tax liability | $ 147,854 | $ 134,364 |
Note 6 - Earnings Per Common 41
Note 6 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 338,900 | 325,400 | 176,500 |
Unvested Performance Unit Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 38,497 | 69,655 | 39,885 |
Note 6 - Basic and Diluted Earn
Note 6 - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 8,303 | $ 8,437 | $ 8,531 | $ 8,193 | $ 8,790 | $ 8,410 | $ 8,357 | $ 10,188 | $ 33,464 | $ 35,745 | $ 29,834 |
Basic earnings per common share - weighted-average shares (in shares) | 32,506 | 33,477 | 33,381 | ||||||||
Effect of dilutive stock options (in shares) | 171 | 238 | 297 | ||||||||
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 32,677 | 33,715 | 33,678 | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.26 | $ 0.25 | $ 0.25 | $ 0.30 | $ 1.03 | $ 1.07 | $ 0.89 |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.26 | $ 0.25 | $ 0.25 | $ 0.30 | $ 1.02 | $ 1.06 | $ 0.89 |
Note 7 - Share Repurchase Pro43
Note 7 - Share Repurchase Program (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 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 | 455,581 | 941,024 | ||||
Stock Repurchased and Retired During Period, Value | $ 7,500 | $ 16,200 | $ 7,513 | $ 16,175 |
Note 8 - Dividends (Details Tex
Note 8 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Payments of Dividends | $ 3.3 | $ 3.3 | $ 3.3 | ||||||||||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% | ||||||||||||||
Paid Quarterly [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 |
Note 9 - Amendment to Amended45
Note 9 - Amendment to Amended and Restated Certificate of Incorporation (Details Textual) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2015 | Apr. 30, 2015 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 96,000,000 | 96,000,000 | 96,000,000 | 48,000,000 |
Note 10 - Equity Investment (De
Note 10 - Equity Investment (Details Textual) - M W L [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Method Investment, Ownership Percentage | 45.00% | ||
Revenue from Related Parties | $ 1,200,000 | $ 5,000,000 | $ 8,500,000 |
Trade Accounts Receivable [Member] | |||
Due from Affiliates | 55,000 | ||
Due to Affiliate | $ 3,000,000 | ||
Percentage Owned by Non-related Party [Member] | |||
Equity Method Investment, Ownership Percentage | 55.00% |
Note 11 - Employee Benefits (De
Note 11 - Employee Benefits (Details Textual) - USD ($) | Dec. 31, 2016 | Aug. 31, 2016 | May 31, 2016 | May 31, 2015 | May 31, 2014 | May 31, 2013 | May 31, 2012 | Aug. 31, 2011 | Aug. 31, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 304,251 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 | 800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 553,750 | 553,750 | 850,184 | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate Of Unvested Outstanding Awards | 1.25% | |||||||||||
Allocated Share-based Compensation Expense | $ 883,000 | $ 1,404,000 | $ 921,000 | |||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 547,000 | $ 870,000 | $ 571,000 | |||||||||
Allocated Share Based Compensation Expense Net Of Tax Amount Per Basic And Diluted Share | $ 0.02 | $ 0.03 | $ 0.02 | |||||||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 235,000 | $ 432,000 | $ 115,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 36 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,800,000 | $ 2,800,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 287,100 | 287,100 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 146 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 2,100,000 | $ 2,100,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,900,000 | 2,400,000 | 761,000 | |||||||||
Proceeds from Stock Options Exercised | 4,400,000 | 3,500,000 | 1,200,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 534,000 | 502,000 | 541,000 | |||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35.00% | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||||||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||||||||||
Defined Contribution Plan, Cost Recognized | $ 2,100,000 | 1,900,000 | 1,500,000 | |||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 0 | 0 | 0 | |||||||||
Participants Less Than50 Years Old [Member] | ||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 18,000 | |||||||||||
Participants Over50 Years Old [Member] | ||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 24,000 | |||||||||||
Employee Stock Option [Member] | Awards Paid to Employees Upon Vesting [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 1,000 | 13,000 | 19,500 | 11,000 | ||||||||
Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 95,100 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||||||||
Sharebased Compensation Arrangement By Share Based Payment Awards Annual Service Vesting Percentage | 5.00% | |||||||||||
Average Annual Earnings Percentage Increase Goal Of Share Based Compensation Awards | 15.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 247,000 | |||||||||||
Performance Shares [Member] | One Half of Awards Paid Immediately Upon Vesting and One Half Credited to Employees' Accounts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 34,600 | 35,000 | 36,400 | 62,550 | 59,250 | 62,400 | ||||||
Unvested Service Based Option Awards [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,300,000 | $ 1,300,000 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||||||
Unvested Performance Unit Awards [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,600,000 | $ 2,600,000 | ||||||||||
Service Based Options [Member] | ||||||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 227,000 | $ 918,000 | $ 475,000 | |||||||||
Two Thousand and Fifteen Plan [Member] | Employee Stock Option [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Annual Percentage Of Award Which Vests | 20.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 192,000 | 192,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 553,750 | 553,750 | ||||||||||
Two Thousand and Fifteen Plan [Member] | Performance Shares [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 94,671 | 94,671 | ||||||||||
Two Thousand And Five Plan [Member] | Performance Shares [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 84,889 | 84,889 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 361,750 | 361,750 | ||||||||||
Minimum [Member] | Two Thousand and Fifteen Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||
Maximum [Member] | Two Thousand and Fifteen Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 11 - Stock Options Valuati
Note 11 - Stock Options Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Expected option life in years(1) (Year) | [1] | 6 years | 6 years | 6 years |
Expected stock price volatility percentage(2) | [2] | 25.00% | 25.00% | 27.00% |
Risk-free interest rate percentage(3) | [3] | 1.40% | 1.80% | 1.90% |
Expected dividend yield(4) | [4] | 0.50% | 0.44% | 0.46% |
Fair value as of the date of grant (in dollars per share) | $ 5.28 | $ 5.96 | $ 6.25 | |
[1] | We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. | |||
[2] | We use our stock's historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past. | |||
[3] | The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. | |||
[4] | The calculation is based on the total expected annual dividend payout divided by the average stock price. |
Note 11 - Option Activity (Deta
Note 11 - Option Activity (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Balance (in shares) | shares | 850,184 |
Balance (in dollars per share) | $ / shares | $ 16.67 |
Granted (in shares) | shares | 43,000 |
Granted (in dollars per share) | $ / shares | $ 20.44 |
Exercised (in shares) | shares | (307,984) |
Exercised (in dollars per share) | $ / shares | $ 14.35 |
Forfeited (in shares) | shares | (31,450) |
Forfeited (in dollars per share) | $ / shares | $ 17.68 |
Balance (in shares) | shares | 553,750 |
Balance (in dollars per share) | $ / shares | $ 18.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 287,100 |
Exercisable at December 31, 2016 (in dollars per share) | $ / shares | $ 16.03 |
Note 11 - Non-vested Option Awa
Note 11 - Non-vested Option Awards Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Granted (in shares) | 43,000 | ||
Granted (in dollars per share) | $ 5.28 | $ 5.96 | $ 6.25 |
Forfeited (in shares) | (31,450) | ||
Service Based Options [Member] | |||
Balance at beginning of period, nonvested (in shares) | 337,550 | ||
Weighted average grant date fair value, beginning of period, nonvested (in dollars per share) | $ 5.77 | ||
Nonvested Contractual Life (Year) | 5 years | 5 years 146 days | |
Granted (in shares) | 43,000 | ||
Granted (in dollars per share) | $ 5.28 | ||
Granted (Year) | 6 years 219 days | ||
Vested (in shares) | (94,650) | ||
Vested (in dollars per share) | $ 5.64 | ||
Vested (Year) | 4 years | ||
Forfeited (in shares) | (19,250) | ||
Forfeited (in dollars per share) | $ 5.38 | ||
Forfeited (Year) | 3 years 328 days | ||
Balance at end of period, nonvested (in shares) | 266,650 | 337,550 | |
Weighted average grant date fair value, end of period, nonvested (in dollars per share) | $ 5.76 | $ 5.77 |
Note 11 - Non-vested Performanc
Note 11 - Non-vested Performance Unit Award Activity (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | ||
Nonvested at December 31, 2015 (in shares) | shares | 141,445 | |
Nonvested at December 31, 2015 (in dollars per share) | $ / shares | $ 18.76 | |
Granted (in shares) | shares | 48,600 | |
Granted (in dollars per share) | $ / shares | $ 18.73 | |
Vested (in shares) | shares | (13,656) | [1] |
Vested (in dollars per share) | $ / shares | $ 18.11 | |
Forfeited (in shares) | shares | (24,578) | |
Forfeited (in dollars per share) | $ / shares | $ 14.83 | |
Nonvested at December 31, 2016 (in shares) | shares | 151,811 | |
Nonvested at December 31, 2016 (in dollars per share) | $ / shares | $ 19.44 | |
[1] | This number of performance unit award shares vested based on our financial performance in 2016 and was distributed or credited to the Marten Transport, Ltd. Deferred Compensation Plan in March 2017. As permitted in the performance unit award agreements, the Compensation Committee of our Board of Directors adjusted the calculation of the performance vesting component for 2016 to be based on our increase in net income instead of our increase in diluted net income per share. Additionally, the after-tax value of the gain on disposition of facilities in 2015 was excluded from the calculation of the increase in net income in 2016 from 2015. The fair value of unit award shares that vested in 2016 was $247,000. |
Note 12 - Deferred Compensati52
Note 12 - Deferred Compensation Plan (Details Textual) | Dec. 31, 2016shares |
Deferred Compensation Plan Number Of Common Shares Credited To Account Balances | 96,310 |
Note 14 - Commitments and Con53
Note 14 - Commitments and Contingencies (Details Textual) | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due | $ 430,000 |
Revenue Equipment Expenditure [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 50,700,000 |
Building Construction and Acquisition Expenditures [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $ 95,000 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of Operating Segments | 5 | ||
Number of Reportable Segments | 4 | ||
Dedicated [Member] | |||
Depreciation, Depletion and Amortization | $ 20,600,000 | $ 15,000,000 | $ 8,200,000 |
Dedicated [Member] | Minimum [Member] | |||
Customer Contracts, Term | 3 years | ||
Dedicated [Member] | Maximum [Member] | |||
Customer Contracts, Term | 5 years | ||
Truckload [Member] | |||
Depreciation, Depletion and Amortization | $ 56,200,000 | 53,700,000 | 53,000,000 |
Intermodal [Member] | |||
Depreciation, Depletion and Amortization | 3,900,000 | 5,400,000 | 6,000,000 |
Brokerage [Member] | |||
Depreciation, Depletion and Amortization | $ 1,700,000 | $ 1,300,000 | $ 993,000 |
Note 15 - Operating Revenue and
Note 15 - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 172,661 | $ 170,464 | $ 166,090 | $ 161,929 | $ 168,773 | $ 171,346 | $ 163,588 | $ 161,287 | $ 671,144 | $ 664,994 | $ 672,929 |
Operating Income | $ 14,533 | $ 14,869 | $ 14,776 | $ 14,125 | $ 15,237 | $ 14,354 | $ 14,161 | $ 17,311 | 58,303 | 61,063 | 51,006 |
Facility [Member] | |||||||||||
Total operating income before gain on disposition of facilities | 58,303 | 56,959 | 51,006 | ||||||||
Gain on disposition of facilities | 4,104 | ||||||||||
Truckload [Member] | |||||||||||
Operating revenue | 375,851 | 398,361 | 448,273 | ||||||||
Operating Income | 27,438 | 35,517 | 39,483 | ||||||||
Dedicated [Member] | |||||||||||
Operating revenue | 157,370 | 118,272 | 70,352 | ||||||||
Operating Income | 19,550 | 12,818 | 7,136 | ||||||||
Intermodal [Member] | |||||||||||
Operating revenue | 71,490 | 76,958 | 97,092 | ||||||||
Operating Income | 7,131 | 4,832 | 1,735 | ||||||||
Brokerage [Member] | |||||||||||
Operating revenue | 66,433 | 71,403 | 57,212 | ||||||||
Operating Income | 4,184 | 3,792 | 2,652 | ||||||||
Revenue, Net of Fuel Surcharge [Member] | Truckload [Member] | |||||||||||
Operating revenue | 339,967 | 348,101 | 358,458 | ||||||||
Revenue, Net of Fuel Surcharge [Member] | Dedicated [Member] | |||||||||||
Operating revenue | 147,007 | 107,264 | 56,609 | ||||||||
Revenue, Net of Fuel Surcharge [Member] | Intermodal [Member] | |||||||||||
Operating revenue | 64,508 | 65,877 | 75,447 | ||||||||
Fuel Surcharge Revenue [Member] | Truckload [Member] | |||||||||||
Operating revenue | 35,884 | 50,260 | 89,815 | ||||||||
Fuel Surcharge Revenue [Member] | Dedicated [Member] | |||||||||||
Operating revenue | 10,363 | 11,008 | 13,743 | ||||||||
Fuel Surcharge Revenue [Member] | Intermodal [Member] | |||||||||||
Operating revenue | $ 6,982 | $ 11,081 | $ 21,645 |
Note 16 - Quarterly Results of
Note 16 - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 172,661 | $ 170,464 | $ 166,090 | $ 161,929 | $ 168,773 | $ 171,346 | $ 163,588 | $ 161,287 | $ 671,144 | $ 664,994 | $ 672,929 |
Operating income | 14,533 | 14,869 | 14,776 | 14,125 | 15,237 | 14,354 | 14,161 | 17,311 | 58,303 | 61,063 | 51,006 |
Net income | $ 8,303 | $ 8,437 | $ 8,531 | $ 8,193 | $ 8,790 | $ 8,410 | $ 8,357 | $ 10,188 | $ 33,464 | $ 35,745 | $ 29,834 |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.26 | $ 0.25 | $ 0.25 | $ 0.30 | $ 1.03 | $ 1.07 | $ 0.89 |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.26 | $ 0.25 | $ 0.25 | $ 0.30 | $ 1.02 | $ 1.06 | $ 0.89 |