Marten Transport (MRTN) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 27, 2020
Document Information [Line Items]
Entity Central Index Key	0000799167
Entity Registrant Name	MARTEN TRANSPORT LTD
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2020
Entity File Number	0-15010
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1140809
Entity Address, Address Line One	129 Marten Street
Entity Address, City or Town	Mondovi
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54755
City Area Code	715
Local Phone Number	926-4216
Title of 12(b) Security	COMMON STOCK
Trading Symbol	MRTN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,860,197

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 36,136	$ 31,461
Receivables:
Trade, net	94,276	90,712
Other	10,077	11,055
Prepaid expenses and other	19,058	20,938
Total current assets	159,547	154,166
Property and equipment:
Revenue equipment, buildings and land, office equipment and other	937,389	904,237
Accumulated depreciation	(274,047)	(263,843)
Net property and equipment	663,342	640,394
Other noncurrent assets	2,029	2,026
Total assets	824,918	796,586
Current liabilities:
Accounts payable	34,821	22,917
Insurance and claims accruals	34,424	31,729
Accrued and other current liabilities	21,881	21,680
Total current liabilities	91,126	76,326
Deferred income taxes	123,790	122,022
Noncurrent operating lease liabilities	622	649
Total liabilities	215,538	198,997
Stockholders’ equity:
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $.01 par value per share; 192,000,000 shares authorized; 54,840,652 shares at March 31, 2020, and 54,703,466 shares at December 31, 2019, issued and outstanding	548	547
Additional paid-in capital	79,730	79,465
Retained earnings	529,102	517,577
Total stockholders’ equity	609,380	597,589
Total liabilities and stockholders’ equity	$ 824,918	$ 796,586

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	192,000,000	192,000,000
Common stock, shares issued (in shares)	54,840,652	54,703,466
Common stock, shares outstanding (in shares)	54,840,652	54,703,466

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating revenue	$ 218,646	$ 199,023
Operating expenses (income):
Salaries, wages and benefits	72,761	63,524
Purchased transportation	40,445	38,249
Fuel and fuel taxes	28,297	27,677
Supplies and maintenance	12,228	11,121
Depreciation	25,427	22,543
Operating taxes and licenses	2,639	2,333
Insurance and claims	12,284	9,875
Communications and utilities	1,985	1,950
Gain on disposition of revenue equipment	(1,555)	(1,548)
Other	6,103	5,566
Total operating expenses	200,614	181,290
Operating income	18,032	17,733
Other	(97)	(278)
Income before income taxes	18,129	18,011
Income taxes expense	4,411	4,465
Net income	$ 13,718	$ 13,546
Basic earnings per common share (in dollars per share)	$ 0.25	$ 0.25
Diluted earnings per common share (in dollars per share)	0.25	0.25
Dividends declared per common share (in dollars per share)	$ 0.04	$ 0.03

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	54,467,000
Balance at Dec. 31, 2018	$ 545,000	$ 76,814,000	$ 498,595,000	$ 575,954,000
Net income			13,546,000	13,546,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	105,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1,000	291,000		292,000
Employee taxes paid in exchange for shares withheld		(784,000)		(784,000)
Share-based payment arrangement compensation expense		366,000		366,000
Dividends on common stock			(1,637,000)	(1,637,000)
Balance (in shares) at Mar. 31, 2019	54,572,000
Balance at Mar. 31, 2019	$ 546,000	76,687,000	510,504,000	587,737,000
Balance (in shares) at Dec. 31, 2018	54,467,000
Balance at Dec. 31, 2018	$ 545,000	76,814,000	498,595,000	$ 575,954,000
Repurchase and retirement of common stock (in shares)				0
Balance (in shares) at Dec. 31, 2019	54,703,000
Balance at Dec. 31, 2019	$ 547,000	79,465,000	517,577,000	$ 597,589,000
Balance (in shares) at Mar. 31, 2019	54,572,000
Balance at Mar. 31, 2019	$ 546,000	76,687,000	510,504,000	587,737,000
Net income			47,525,000	47,525,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	131,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards		1,327,000		1,328,000
Share-based payment arrangement compensation expense		1,451,000		1,451,000
Dividends on common stock			(40,452,000)	(40,452,000)
Balance (in shares) at Dec. 31, 2019	54,703,000
Balance at Dec. 31, 2019	$ 547,000	79,465,000	517,577,000	597,589,000
Net income			13,718,000	13,718,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	173,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 2,000	1,052,000		1,054,000
Employee taxes paid in exchange for shares withheld		(437,000)		(437,000)
Share-based payment arrangement compensation expense		246,000		246,000
Dividends on common stock			(2,193,000)	$ (2,193,000)
Repurchase and retirement of common stock (in shares)	(35,000)			(35,376)
Repurchase and retirement of common stock	$ (1,000)	(596,000)	0	$ (597,000)
Balance (in shares) at Mar. 31, 2020	54,841,000
Balance at Mar. 31, 2020	$ 548,000	$ 79,730,000	$ 529,102,000	$ 609,380,000

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows provided by operating activities:
Net income	$ 13,718	$ 13,546
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,427	22,543
Tires in service amortization	1,706	1,660
Gain on disposition of revenue equipment	(1,555)	(1,548)
Deferred income taxes	1,768	819
Share-based payment arrangement compensation expense	246	366
Equity in loss from affiliate	0	51
Changes in other current operating items:
Receivables	(782)	(315)
Prepaid expenses and other	930	918
Accounts payable	617	2,098
Insurance and claims accruals	2,695	1,278
Accrued and other current liabilities	(1,290)	(3,788)
Net cash provided by operating activities	43,480	37,628
Cash flows used for investing activities:
Other	(39)	(25)
Net cash used for investing activities	(36,632)	(6,736)
Cash flows used for financing activities:
Dividends on common stock	(2,193)	(1,637)
Repurchase and retirement of common stock	(597)	0
Issuance of common stock from share-based payment arrangement exercises	1,054	292
Employee taxes paid in exchange for shares withheld	(437)	(784)
Net cash used for financing activities	(2,173)	(2,129)
Net change in cash and cash equivalents	4,675	28,763
Cash and cash equivalents:
Beginning of period	31,461	56,763
End of period	36,136	85,526
Supplemental non-cash disclosure:
Change in property and equipment not yet paid	11,107	5,030
Operating lease assets and liabilities acquired	88	1,135
Supplemental disclosure of cash flow information:
Income taxes	0	1,382
Interest	0	11
Revenue Equipment [Member]
Cash flows used for investing activities:
Revenue equipment additions	(44,086)	(13,159)
Proceeds from equipment dispositions	9,459	7,704
Buildings And Land Office Equipment And Other [Member]
Cash flows used for investing activities:
Revenue equipment additions	$ (1,966)	$ (1,256)

Note 1 - Consolidated Condensed

Note 1 - Consolidated Condensed Financial Statements	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	( 1 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 not 2019 10

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	( 2 Basic and diluted earnings per common share were computed as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2020 2019 Numerator: Net income $ 13,718 $ 13,546 Denominator: Basic earnings per common share - weighted-average shares 54,809 54,553 Effect of dilutive stock options 434 493 Diluted earnings per common share - weighted-average shares and assumed conversions 55,243 55,046 Basic earnings per common share $ 0.25 $ 0.25 Diluted earnings per common share $ 0.25 $ 0.25 Options totaling 196,300 and 274,200 equivalent shares for the three March 31, 2020 2019, not Unvested performance unit awards totaling 51,377 and 2,520 equivalent shares for the three March 31, 2020 2019, not

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	( 3 In August 2018, August 2023. March 31, 2020, December 31, 2019, March 31, 2020. 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 allowing stock redemptions and dividends in excess of the 25% 2019 August 2019. March 31, 2020 December 31, 2019.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	( 4 We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, the chairman of the board, chief executive officer and the principal stockholder of BBI, is one first three 2020 first three 2019 first three 2020 first three 2019 We provided transportation services to MW Logistics, LLC, or MWL, a 45% owned affiliate through October 31, 2019, 8.

Note 5 - Share Repurchase Progr

Note 5 - Share Repurchase Program	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Treasury Stock [Text Block]	( 5 In 2007, one million 10b 18 2015, two million August 2017 July 7, 2017. August 2019, not We repurchased and retired 35,376 shares of common stock for $596,000 in the first 2020. not 2019. March 31, 2020,

Note 6 - Dividends

Note 6 - Dividends	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Dividends [Text Block]	( 6 In 2010, first 2020 first 2019 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 allowing stock redemptions and dividends in excess of the 25% 2019 August 2019.

Note 7 - Accounting for Share-b

Note 7 - Accounting for Share-based Payment Arrangement Compensation	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 7 We account for share-based payment arrangements in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 718, Compensation – Stock Compensation first three 2020, no first three 2020 2019

Note 8 - Equity Investment

Note 8 - Equity Investment	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	( 8 We owned a 45% equity interest in MWL, a third October 31, 2019, first three 2019.

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 9 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 10 We are committed to new revenue equipment purchases of $82.1 million through the remainder of 2020. 2025 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 - Revenue and Business

Note 11 - Revenue and Business Segments	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 11 We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers January 1, 2018 five four 606. We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across our five 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 agreements with customers are typically for one 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 agreements with customers range from three five Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other accessorial services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue. Our Intermodal segment transports our customers’ freight within the United States utilizing our temperature-controlled trailers and, beginning in September 2019, Our Brokerage segment develops contractual relationships with and arranges for third 2007 Operating results of our MRTN de Mexico business which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers is reported within our Truckload and Brokerage segments. Our customer agreements are typically for one three five 606, four four no four one March 31, 2020 December 31, 2019, first 2020 2019. 30 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 principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. 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 within our consolidated condensed statements of operations. The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not not Three Months Ended March 31, (In thousands) 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 83,857 $ 80,167 Truckload fuel surcharge revenue 11,275 11,555 Total Truckload revenue 95,132 91,722 Dedicated revenue, net of fuel surcharge revenue 64,159 48,924 Dedicated fuel surcharge revenue 10,878 8,801 Total Dedicated revenue 75,037 57,725 Intermodal revenue, net of fuel surcharge revenue 20,594 19,755 Intermodal fuel surcharge revenue 3,086 3,216 Total Intermodal revenue 23,680 22,971 Brokerage revenue 24,797 26,605 Total operating revenue $ 218,646 $ 199,023 Operating income: Truckload $ 6,785 $ 7,555 Dedicated 8,533 5,515 Intermodal 1,306 2,394 Brokerage 1,408 2,269 Total operating income $ 18,032 $ 17,733 Truckload segment depreciation expense was $13.8 million and $13.1 million, Dedicated segment depreciation expense was $9.9 million and $7.8 million, Intermodal segment depreciation expense was $1.4 million and $1.3 million, and Brokerage segment depreciation expense was $362,000 and $364,000 in the three March 31, 2020 2019,

Note 12 - Measurement of Credit

Note 12 - Measurement of Credit Losses on Financial Instruments	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Credit Loss, Financial Instrument [Text Block]	( 12 We adopted FASB Accounting Standards Update, or ASU, No. 2016 13, Measurement of Credit Losses on Financial Instruments January 1, 2020. not

Note 13 - Consolidated Condense

Note 13 - Consolidated Condensed Statements of Cash Flows Reclassifications	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Reclassifications [Text Block]	( 13 Tires in service amortization and operating leases in our consolidated condensed statements of cash flows have been reclassified to be consistent with the current presentation, resulting in an $825,000 reclassification from investing to operating activities for the three March 31, 2019.

Note 14 - Use of Estimates

Note 14 - Use of Estimates	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 14 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 2 - Earnings Per Common _2

Note 2 - Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, (In thousands, except per share amounts) 2020 2019 Numerator: Net income $ 13,718 $ 13,546 Denominator: Basic earnings per common share - weighted-average shares 54,809 54,553 Effect of dilutive stock options 434 493 Diluted earnings per common share - weighted-average shares and assumed conversions 55,243 55,046 Basic earnings per common share $ 0.25 $ 0.25 Diluted earnings per common share $ 0.25 $ 0.25

Note 11 - Revenue and Busines_2

Note 11 - Revenue and Business Segments (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, (In thousands) 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 83,857 $ 80,167 Truckload fuel surcharge revenue 11,275 11,555 Total Truckload revenue 95,132 91,722 Dedicated revenue, net of fuel surcharge revenue 64,159 48,924 Dedicated fuel surcharge revenue 10,878 8,801 Total Dedicated revenue 75,037 57,725 Intermodal revenue, net of fuel surcharge revenue 20,594 19,755 Intermodal fuel surcharge revenue 3,086 3,216 Total Intermodal revenue 23,680 22,971 Brokerage revenue 24,797 26,605 Total operating revenue $ 218,646 $ 199,023 Operating income: Truckload $ 6,785 $ 7,555 Dedicated 8,533 5,515 Intermodal 1,306 2,394 Brokerage 1,408 2,269 Total operating income $ 18,032 $ 17,733

Note 2 - Earnings Per Common _3

Note 2 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	196,300	274,200
Unvested Performance Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	51,377	2,520

Note 2 - Earnings Per Common _4

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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Numerator:
Net income	$ 13,718	$ 13,546	$ 47,525
Denominator:
Basic earnings per common share - weighted-average shares (in shares)	54,809	54,553
Effect of dilutive stock options (in shares)	434	493
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	55,243	55,046
Basic earnings per common share (in dollars per share)	$ 0.25	$ 0.25
Diluted earnings per common share (in dollars per share)	$ 0.25	$ 0.25

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Aug. 31, 2019	Aug. 31, 2018	Jul. 31, 2018
Line of Credit Facility, Maximum Borrowing Capacity				$ 30,000	$ 40,000
Long-term Line of Credit, Total	$ 0	$ 0
Letters of Credit Outstanding, Amount	16,300	$ 15,700
Line of Credit Facility, Remaining Borrowing Capacity	$ 13,700
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit			25.00%
Line of Credit Facility, Waiver to Pay Dividends, Maximum			$ 65,000
Credit Facility [Member]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	1.65%

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Oct. 31, 2019
M W L [Member]
Equity Method Investment, Ownership Percentage			45.00%
Purchase of Fuel, Tires and Related Services [Member]
Related Party Transaction, Amounts of Transaction	$ 90,000	$ 100,000
Tire Purchases [Member]
Related Party Transaction, Amounts of Transaction	$ 917,000	$ 155,000

Note 5 - Share Repurchase Pro_2

Note 5 - Share Repurchase Program (Details Textual)	Jul. 07, 2017	Mar. 31, 2020USD ($)shares	Dec. 31, 2019shares	Aug. 31, 2019USD ($)shares	Aug. 15, 2017shares	Nov. 04, 2015USD ($)shares	Dec. 31, 2007shares
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares		1,800,000		1,800,000	3,300,000	2,000,000	1,000,000
Stock Repurchase Program, Authorized Amount		$ 33,400,000		$ 34,000,000		$ 40,000,000
Stock Repurchased and Retired During Period, Shares (in shares) | shares		35,376	0
Stock Repurchased and Retired During Period, Value		$ 597,000
Additional Paid-in Capital [Member]
Stock Repurchased and Retired During Period, Value		$ 596,000
Stock Split from [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	5
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3

Note 6 - Dividends (Details Tex

Note 6 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Aug. 31, 2019
Payments of Ordinary Dividends, Common Stock	$ 2,193	$ 1,637
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit			25.00%
Line of Credit Facility, Waiver to Pay Dividends, Maximum			$ 65,000
Paid Quarterly [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.04	$ 0.03

Note 7 - Accounting for Share_2

Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock or Unit Option Plan Expense	$ 246,000	$ 366,000

Note 8 - Equity Investment (Det

Note 8 - Equity Investment (Details Textual) - M W L [Member] - USD ($)	Oct. 31, 2019	Mar. 31, 2019
Equity Method Investment, Ownership Percentage	45.00%
Equity Method Investment, Amount Sold	$ 1,300,000
Equity Method Investment, Ownership Percentage by Non-related Party	55.00%
Revenue from Related Parties		$ 585,000

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) $ in Millions	Mar. 31, 2020USD ($)
Operating Leases, Future Minimum Payments Due, Total	$ 1.2
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	$ 82.1

Note 11 - Revenue and Busines_3

Note 11 - Revenue and Business Segments (Details Textual)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Number of Reportable Segments	4
Customer Contract Term (Year)	1 year
Capitalized Contract Cost, Impairment Loss	$ 0	$ 0
Number of Operating Segments	5
Prepaid Expenses and Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 2,200,000		$ 1,700,000
Dedicated [Member]
Depreciation, Depletion and Amortization, Total	$ 9,900,000	7,800,000
Dedicated [Member] | Minimum [Member]
Customer Contract Term (Year)	3 years
Dedicated [Member] | Maximum [Member]
Customer Contract Term (Year)	5 years
Truckload [Member]
Depreciation, Depletion and Amortization, Total	$ 13,800,000	13,100,000
Intermodal [Member]
Depreciation, Depletion and Amortization, Total	1,400,000	1,300,000
Brokerage [Member]
Depreciation, Depletion and Amortization, Total	$ 362,000	$ 364,000

Note 11 - Revenue and Busines_4

Note 11 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating revenue	$ 218,646	$ 199,023
Operating Income	18,032	17,733
Truckload [Member]
Operating revenue	95,132	91,722
Operating Income	6,785	7,555
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	83,857	80,167
Truckload [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	11,275	11,555
Dedicated [Member]
Operating revenue	75,037	57,725
Operating Income	8,533	5,515
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	64,159	48,924
Dedicated [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	10,878	8,801
Intermodal [Member]
Operating revenue	23,680	22,971
Operating Income	1,306	2,394
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	20,594	19,755
Intermodal [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	3,086	3,216
Brokerage [Member]
Operating revenue	24,797	26,605
Operating Income	$ 1,408	$ 2,269

Note 13 - Consolidated Conden_2

Note 13 - Consolidated Condensed Statements of Cash Flows Reclassifications (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Tires in Service Amortization	$ 43,480,000	$ 37,628,000
Net Cash Provided by (Used in) Investing Activities, Total	$ (36,632,000)	(6,736,000)
Reclassification Of Tires In Service Amortization And Operating Leases [Member]
Tires in Service Amortization		825,000
Net Cash Provided by (Used in) Investing Activities, Total		$ (825,000)