Marten Transport (MRTN) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 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	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 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, PAR VALUE
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		55,108,605

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 75,323	$ 31,461
Receivables:
Trade, net	83,854	90,712
Other	12,639	11,055
Prepaid expenses and other	22,906	20,938
Total current assets	194,722	154,166
Property and equipment:
Revenue equipment, buildings and land, office equipment and other	920,608	904,237
Accumulated depreciation	(276,412)	(263,843)
Net property and equipment	644,196	640,394
Other noncurrent assets	1,916	2,026
Total assets	840,834	796,586
Current liabilities:
Accounts payable	26,176	22,917
Insurance and claims accruals	35,834	31,729
Accrued and other current liabilities	25,569	21,680
Total current liabilities	87,579	76,326
Deferred income taxes	123,285	122,022
Noncurrent operating lease liabilities	572	649
Total liabilities	211,436	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; 55,107,805 shares at June 30, 2020, and 54,703,466 shares at December 31, 2019, issued and outstanding	551	547
Additional paid-in capital	83,816	79,465
Retained earnings	545,031	517,577
Total stockholders’ equity	629,398	597,589
Total liabilities and stockholders’ equity	$ 840,834	$ 796,586

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 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)	55,107,805	54,703,466
Common stock, shares outstanding (in shares)	55,107,805	54,703,466

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating revenue	$ 212,384	$ 212,090	$ 431,030	$ 411,113
Operating expenses (income):
Salaries, wages and benefits	73,476	68,613	146,237	132,137
Purchased transportation	36,165	38,668	76,610	76,917
Fuel and fuel taxes	20,868	30,952	49,165	58,629
Supplies and maintenance	11,833	11,502	24,061	22,623
Depreciation	25,972	23,462	51,399	46,005
Operating taxes and licenses	2,615	2,438	5,254	4,771
Insurance and claims	11,633	9,862	23,917	19,737
Communications and utilities	1,977	1,950	3,962	3,900
Gain on disposition of revenue equipment	(2,216)	(1,230)	(3,771)	(2,778)
Other	4,805	5,929	10,908	11,495
Total operating expenses	187,128	192,146	387,742	373,436
Operating income	25,256	19,944	43,288	37,677
Other	(13)	(395)	(110)	(673)
Income before income taxes	25,269	20,339	43,398	38,350
Income taxes expense	7,135	5,149	11,546	9,614
Net income	$ 18,134	$ 15,190	$ 31,852	$ 28,736
Basic earnings per common share (in dollars per share)	$ 0.33	$ 0.28	$ 0.58	$ 0.53
Diluted earnings per common share (in dollars per share)	0.33	0.28	0.58	0.52
Dividends declared per common share (in dollars per share)	$ 0.04	$ 0.03	$ 0.08	$ 0.06
Pro Forma [Member]
Operating expenses (income):
Net income	$ 18,134	$ 15,190	$ 31,852	$ 28,736
Basic earnings per common share (in dollars per share)	$ 0.22	$ 0.19	$ 0.39	$ 0.35
Diluted earnings per common share (in dollars per share)	0.22	0.18	0.38	0.35
Dividends declared per common share (in dollars per share)	$ 0.027	$ 0.02	$ 0.053	$ 0.04

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
Net income				28,736,000
Balance (in shares) at Jun. 30, 2019	54,633,000
Balance at Jun. 30, 2019	$ 546,000	77,789,000	524,055,000	602,390,000
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			15,190,000	$ 15,190,000
Repurchase and retirement of common stock (in shares)				0
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	61,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards		466,000		$ 466,000
Share-based payment arrangement compensation expense		636,000		636,000
Dividends on common stock			(1,639,000)	(1,639,000)
Balance (in shares) at Jun. 30, 2019	54,633,000
Balance at Jun. 30, 2019	$ 546,000	77,789,000	524,055,000	602,390,000
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
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)
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)
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
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				31,852,000
Balance (in shares) at Jun. 30, 2020	55,108,000
Balance at Jun. 30, 2020	$ 551,000	83,816,000	545,031,000	629,398,000
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
Net income			18,134,000	$ 18,134,000
Repurchase and retirement of common stock (in shares)				0
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	267,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards		3,360,000		$ 3,363,000
Share-based payment arrangement compensation expense		726,000		726,000
Dividends on common stock			(2,205,000)	(2,205,000)
Balance (in shares) at Jun. 30, 2020	55,108,000
Balance at Jun. 30, 2020	$ 551,000	$ 83,816,000	$ 545,031,000	$ 629,398,000

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows provided by operating activities:
Net income	$ 31,852	$ 28,736
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	51,399	46,005
Tires in service amortization	3,328	3,346
Gain on disposition of revenue equipment	(3,771)	(2,778)
Deferred income taxes	1,263	2,601
Share-based payment arrangement compensation expense	972	1,002
Equity in loss from affiliate	0	68
Changes in other current operating items:
Receivables	14,764	(2,798)
Prepaid expenses and other	(3,798)	(1,767)
Accounts payable	951	87
Insurance and claims accruals	4,105	2,804
Accrued and other current liabilities	3,002	(2,205)
Net cash provided by operating activities	104,067	75,101
Cash flows used for investing activities:
Other	(39)	(25)
Net cash used for investing activities	(59,190)	(45,770)
Cash flows used for financing activities:
Dividends on common stock	(4,398)	(3,276)
Repurchase and retirement of common stock	(597)	0
Issuance of common stock from share-based payment arrangement exercises	4,417	758
Employee taxes paid in exchange for shares withheld	(437)	(784)
Net cash used for financing activities	(1,015)	(3,302)
Net change in cash and cash equivalents	43,862	26,029
Cash and cash equivalents:
Beginning of period	31,461	56,763
End of period	75,323	82,792
Supplemental non-cash disclosure:
Change in property and equipment not yet paid	(5,985)	11,418
Operating lease assets and liabilities acquired	88	1,217
Supplemental disclosure of cash flow information:
Income taxes	987	4,143
Interest	0	23
Revenue Equipment [Member]
Cash flows used for investing activities:
Revenue equipment additions	(75,463)	(60,784)
Proceeds from equipment dispositions	19,788	17,287
Buildings And Land Office Equipment And Other [Member]
Cash flows used for investing activities:
Revenue equipment additions	$ (3,476)	$ (2,248)

Note 1 - Consolidated Condensed

Note 1 - Consolidated Condensed Financial Statements	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	( 2 Basic and diluted earnings per common share were computed as follows: Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Basic earnings per common share - weighted-average shares 55,018 54,616 54,914 54,585 Effect of dilutive stock options 404 465 431 470 Diluted earnings per common share - weighted-average shares and assumed conversions 55,422 55,081 55,345 55,055 Basic earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.53 Diluted earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.52 Pro forma basic and diluted earnings per common share to show the effect of the three-for-two stock split payable on August 13, 2020 ( 16 Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Pro forma basic earnings per common share - weighted-average shares 82,527 81,924 82,371 81,877 Pro forma effect of dilutive stock options 606 697 647 705 Pro forma diluted earnings per common share - weighted-average shares and assumed conversions 83,133 82,621 83,018 82,582 Pro forma basic earnings per common share $ 0.22 $ 0.19 $ 0.39 $ 0.35 Pro forma diluted earnings per common share $ 0.22 $ 0.18 $ 0.38 $ 0.35 Options totaling 187,300 and 200,900 equivalent shares for the three six June 30, 2020, three six June 30, 2019, not Unvested performance unit awards totaling 66,658 equivalent shares for each of the three six June 30, 2020, three six June 30, 2019, not

Note 3 - Long-term Debt

Note 3 - Long-term Debt	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	( 3 In August 2018, August 2023. June 30, 2020, December 31, 2019, June 30, 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. June 30, 2020 December 31, 2019.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	6 Months Ended
	Jun. 30, 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 six 2020 first six 2019 first six 2020 first six 2019 We provided transportation services to MW Logistics, LLC, or MWL, a 45% owned affiliate through October 31, 2019, 9.

Note 5 - Share Repurchase Progr

Note 5 - Share Repurchase Program	6 Months Ended
	Jun. 30, 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 $597,000 in the first 2020. not second 2020 2019. June 30, 2020,

Note 6 - Dividends

Note 6 - Dividends	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Dividends [Text Block]	( 6 In 2010, first two 2020 first two 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	6 Months Ended
	Jun. 30, 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 six 2020, no first six 2020 2019

Note 8 - Termination of Deferre

Note 8 - Termination of Deferred Compensation Plan	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	( 8 On May 5, 2020, May 5, 2021.

Note 9 - Equity Investment

Note 9 - Equity Investment	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	( 9 We owned a 45% equity interest in MWL, a third October 31, 2019, first six 2019.

Note 10 - Fair Value of Financi

Note 10 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 10 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 11 We are committed to new revenue equipment purchases of $69.0 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 12 - Revenue and Business

Note 12 - Revenue and Business Segments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 12 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 June 30, 2020 December 31, 2019, first six 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 Six Months Ended June 30, Ended June 30, (In thousands) 2020 2019 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,966 $ 83,215 $ 169,823 $ 163,382 Truckload fuel surcharge revenue 8,234 12,807 19,509 24,362 Total Truckload revenue 94,200 96,022 189,332 187,744 Dedicated revenue, net of fuel surcharge revenue 67,076 56,160 131,235 105,084 Dedicated fuel surcharge revenue 8,351 10,850 19,229 19,651 Total Dedicated revenue 75,427 67,010 150,464 124,735 Intermodal revenue, net of fuel surcharge revenue 18,542 17,527 39,136 37,282 Intermodal fuel surcharge revenue 1,759 3,076 4,845 6,292 Total Intermodal revenue 20,301 20,603 43,981 43,574 Brokerage revenue 22,456 28,455 47,253 55,060 Total operating revenue $ 212,384 $ 212,090 $ 431,030 $ 411,113 Operating income: Truckload $ 11,036 $ 8,045 $ 17,821 $ 15,600 Dedicated 11,452 7,700 19,985 13,215 Intermodal 954 1,536 2,260 3,930 Brokerage 1,814 2,663 3,222 4,932 Total operating income $ 25,256 $ 19,944 $ 43,288 $ 37,677 Truckload segment depreciation expense was $14.0 million and $13.4 million, Dedicated segment depreciation expense was $10.3 million and $8.6 million, Intermodal segment depreciation expense was $1.3 million and $1.2 million, and Brokerage segment depreciation expense was $306,000 and $376,000 in the three June 30, 2020 2019, Truckload segment depreciation expense was $27.8 million and $26.5 million, Dedicated segment depreciation expense was $20.2 million and $16.3 million, Intermodal segment depreciation expense was $2.7 million and $2.4 million, and Brokerage segment depreciation expense was $667,000 and $740,000 in the six June 30, 2020 2019,

Note 13 - Measurement of Credit

Note 13 - Measurement of Credit Losses on Financial Instruments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Credit Loss, Financial Instrument [Text Block]	( 13 We adopted FASB Accounting Standards Update, or ASU, No. 2016 13, Measurement of Credit Losses on Financial Instruments January 1, 2020. not

Note 14 - Consolidated Condense

Note 14 - Consolidated Condensed Statements of Cash Flows Reclassifications	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Reclassifications [Text Block]	( 14 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 a $1.6 million reclassification from investing to operating activities for the six June 30, 2019.

Note 15 - Use of Estimates

Note 15 - Use of Estimates	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 15 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 16 - Stock split Subsequen

Note 16 - Stock split Subsequent Event	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	( 16 On July 16, 2020, $.01 August 13, 2020 July 30, 2020. one July 30, 2020. To show the effect of the stock split, pro forma basic and diluted earnings per common share and dividends declared per common share amounts are disclosed in the consolidated condensed statements of operations, and basic and diluted weighted average shares outstanding are disclosed in Note 2.

Note 2 - Earnings Per Common _2

Note 2 - Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Basic earnings per common share - weighted-average shares 55,018 54,616 54,914 54,585 Effect of dilutive stock options 404 465 431 470 Diluted earnings per common share - weighted-average shares and assumed conversions 55,422 55,081 55,345 55,055 Basic earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.53 Diluted earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.52 Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Pro forma basic earnings per common share - weighted-average shares 82,527 81,924 82,371 81,877 Pro forma effect of dilutive stock options 606 697 647 705 Pro forma diluted earnings per common share - weighted-average shares and assumed conversions 83,133 82,621 83,018 82,582 Pro forma basic earnings per common share $ 0.22 $ 0.19 $ 0.39 $ 0.35 Pro forma diluted earnings per common share $ 0.22 $ 0.18 $ 0.38 $ 0.35

Note 12 - Revenue and Busines_2

Note 12 - Revenue and Business Segments (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2020 2019 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,966 $ 83,215 $ 169,823 $ 163,382 Truckload fuel surcharge revenue 8,234 12,807 19,509 24,362 Total Truckload revenue 94,200 96,022 189,332 187,744 Dedicated revenue, net of fuel surcharge revenue 67,076 56,160 131,235 105,084 Dedicated fuel surcharge revenue 8,351 10,850 19,229 19,651 Total Dedicated revenue 75,427 67,010 150,464 124,735 Intermodal revenue, net of fuel surcharge revenue 18,542 17,527 39,136 37,282 Intermodal fuel surcharge revenue 1,759 3,076 4,845 6,292 Total Intermodal revenue 20,301 20,603 43,981 43,574 Brokerage revenue 22,456 28,455 47,253 55,060 Total operating revenue $ 212,384 $ 212,090 $ 431,030 $ 411,113 Operating income: Truckload $ 11,036 $ 8,045 $ 17,821 $ 15,600 Dedicated 11,452 7,700 19,985 13,215 Intermodal 954 1,536 2,260 3,930 Brokerage 1,814 2,663 3,222 4,932 Total operating income $ 25,256 $ 19,944 $ 43,288 $ 37,677

Note 2 - Earnings Per Common _3

Note 2 - Earnings Per Common Share (Details Textual)	Aug. 13, 2020	Jul. 07, 2017	Jun. 30, 2020shares	Jun. 30, 2019shares	Jun. 30, 2020shares	Jun. 30, 2019shares
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			187,300	317,800	200,900	317,800
Unvested Performance Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			66,658	72,796	66,658	72,796
Stock Split from [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		5
Stock Split from [Member] | Forecast [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3
Stock Split To [Member] | Forecast [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2

Note 2 - Earnings Per Common _4

Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 18,134	$ 13,718	$ 15,190	$ 13,546	$ 31,852	$ 28,736
Denominator:
Basic earnings per common share - weighted-average shares (in shares)	55,018,000		54,616,000		54,914,000	54,585,000
Effect of dilutive stock options (in shares)	404,000		465,000		431,000	470,000
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	55,422,000		55,081,000		55,345,000	55,055,000
Basic earnings per common share (in dollars per share)	$ 0.33		$ 0.28		$ 0.58	$ 0.53
Diluted earnings per common share (in dollars per share)	$ 0.33		$ 0.28		$ 0.58	$ 0.52
Basic earnings per common share - weighted-average shares (in shares)	55,018,000		54,616,000		54,914,000	54,585,000
Pro Forma [Member]
Numerator:
Net income	$ 18,134		$ 15,190		$ 31,852	$ 28,736
Denominator:
Basic earnings per common share - weighted-average shares (in shares)	82,527		81,924		82,371	81,877
Effect of dilutive stock options (in shares)	606		697		647	705
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	83,133		82,621		83,018	82,582
Basic earnings per common share (in dollars per share)	$ 0.22		$ 0.19		$ 0.39	$ 0.35
Diluted earnings per common share (in dollars per share)	$ 0.22		$ 0.18		$ 0.38	$ 0.35
Basic earnings per common share - weighted-average shares (in shares)	82,527		81,924		82,371	81,877

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Jun. 30, 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	0.80%

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 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	$ 124,000	$ 201,000
Tire Purchases [Member]
Related Party Transaction, Amounts of Transaction	$ 1,200,000	$ 571,000

Note 5 - Share Repurchase Pro_2

Note 5 - Share Repurchase Program (Details Textual)	Jul. 07, 2017	Jun. 30, 2020USD ($)shares	Mar. 31, 2020USD ($)shares	Jun. 30, 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		0	35,376	0
Stock Repurchased and Retired During Period, Value | $			$ 597,000
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				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Aug. 31, 2019
Payments of Ordinary Dividends, Common Stock					$ 4,398	$ 3,276
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	$ 0.04	$ 0.03	$ 0.03

Note 7 - Accounting for Share_2

Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock or Unit Option Plan Expense	$ 972,000	$ 1,000,000

Note 9 - Equity Investment (Det

Note 9 - Equity Investment (Details Textual) - M W L [Member] - USD ($) $ in Millions	Oct. 31, 2019	Jun. 30, 2019
Equity Method Investment, Ownership Percentage	45.00%
Equity Method Investment, Amount Sold	$ 1.3
Equity Method Investment, Ownership Percentage by Non-related Party	55.00%
Revenue from Related Parties		$ 1.2

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 30, 2020USD ($)
Operating Leases, Future Minimum Payments Due, Total	$ 1.1
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	$ 69

Note 12 - Revenue and Busines_3

Note 12 - Revenue and Business Segments (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Number of Operating Segments			5
Number of Reportable Segments			4
Customer Contract Term (Year)			1 year
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 2,100,000		$ 2,100,000
Capitalized Contract Cost, Impairment Loss			0	$ 0
Prepaid Expenses and Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Total					$ 1,700,000
Dedicated [Member]
Depreciation, Depletion and Amortization, Total	10,300,000	$ 8,600,000	$ 20,200,000	16,300,000
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	14,000,000	13,400,000	$ 27,800,000	26,500,000
Intermodal [Member]
Depreciation, Depletion and Amortization, Total	1,300,000	1,200,000	2,700,000	2,400,000
Brokerage [Member]
Depreciation, Depletion and Amortization, Total	$ 306,000	$ 376,000	$ 667,000	$ 740,000

Note 12 - Revenue and Busines_4

Note 12 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating revenue	$ 212,384	$ 212,090	$ 431,030	$ 411,113
Operating Income	25,256	19,944	43,288	37,677
Truckload [Member]
Operating revenue	94,200	96,022	189,332	187,744
Operating Income	11,036	8,045	17,821	15,600
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	85,966	83,215	169,823	163,382
Truckload [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	8,234	12,807	19,509	24,362
Dedicated [Member]
Operating revenue	75,427	67,010	150,464	124,735
Operating Income	11,452	7,700	19,985	13,215
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	67,076	56,160	131,235	105,084
Dedicated [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	8,351	10,850	19,229	19,651
Intermodal [Member]
Operating revenue	20,301	20,603	43,981	43,574
Operating Income	954	1,536	2,260	3,930
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	18,542	17,527	39,136	37,282
Intermodal [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	1,759	3,076	4,845	6,292
Brokerage [Member]
Operating revenue	22,456	28,455	47,253	55,060
Operating Income	$ 1,814	$ 2,663	$ 3,222	$ 4,932

Note 14 - Consolidated Conden_2

Note 14 - Consolidated Condensed Statements of Cash Flows Reclassifications (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net Cash Provided by (Used in) Operating Activities, Total	$ 104,067	$ 75,101
Net Cash Provided by (Used in) Investing Activities, Total	$ (59,190)	(45,770)
Reclassification Of Tires In Service Amortization And Operating Leases [Member]
Net Cash Provided by (Used in) Operating Activities, Total		1,600
Net Cash Provided by (Used in) Investing Activities, Total		$ (1,600)

Note 16 - Stock split Subsequ_2

Note 16 - Stock split Subsequent Event (Details Textual)	Aug. 13, 2020$ / sharesshares	Jul. 07, 2017	Aug. 12, 2020shares	Jun. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.01	$ 0.01
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares				55,107,805	54,703,466
Stock Split from [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		5
Stock Split from [Member] | Forecast [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		3
Stock Split To [Member] | Forecast [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Stock Split [Member] | Forecast [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares	$ 0.01
Stockholders' Equity Note, Stock Split, Dividend Settlement, Percent	50.00%
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares	82,700,000		55,100,000