Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 25, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Entity File Number | 0-15010 | |
Entity Registrant Name | MARTEN TRANSPORT, LTD | |
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 (in shares) | 81,308,968 | |
Entity Central Index Key | 0000799167 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 68,067 | $ 80,600 |
Trade, net | 117,820 | 120,702 |
Other | 11,695 | 7,218 |
Prepaid expenses and other | 27,004 | 27,320 |
Total current assets | 224,586 | 235,840 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 1,129,415 | 1,074,832 |
Accumulated depreciation | (358,414) | (346,665) |
Net property and equipment | 771,001 | 728,167 |
Other noncurrent assets | 1,617 | 1,672 |
Total assets | 997,204 | 965,679 |
Current liabilities: | ||
Accounts payable | 42,042 | 37,299 |
Insurance and claims accruals | 46,282 | 45,747 |
Accrued and other current liabilities | 33,320 | 41,264 |
Total current liabilities | 121,644 | 124,310 |
Deferred income taxes | 125,887 | 137,041 |
Noncurrent operating lease liabilities | 316 | 409 |
Total liabilities | 247,847 | 261,760 |
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; 81,308,968 shares at June 30, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding | 813 | 811 |
Additional paid-in capital | 49,280 | 47,188 |
Retained earnings | 699,264 | 655,920 |
Total stockholders’ equity | 749,357 | 703,919 |
Total liabilities and stockholders’ equity | $ 997,204 | $ 965,679 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred Stock, Par or Stated Value Per Share (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, Ending Balance (in shares) | 0 | 0 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized (in shares) | 192,000,000 | 192,000,000 |
Common Stock, Shares, Outstanding (in shares) | 81,308,968 | 81,115,132 |
Common Stock, Shares, Issued (in shares) | 81,308,968 | 81,115,132 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating revenue | $ 279,538 | $ 324,448 | $ 863,233 | $ 941,294 |
Operating expenses (income): | ||||
Salaries, wages and benefits | 92,620 | 99,773 | 287,468 | 285,582 |
Purchased transportation | 49,673 | 64,403 | 152,075 | 189,193 |
Fuel and fuel taxes | 48,695 | 57,299 | 137,706 | 163,004 |
Supplies and maintenance | 17,896 | 14,855 | 51,291 | 40,520 |
Depreciation | 29,017 | 28,381 | 87,974 | 81,389 |
Operating taxes and licenses | 2,821 | 2,748 | 8,345 | 8,051 |
Insurance and claims | 13,254 | 11,949 | 40,805 | 38,096 |
Communications and utilities | 2,584 | 2,135 | 7,625 | 6,639 |
Gain on disposition of revenue equipment | (3,014) | (1,070) | (11,810) | (10,422) |
Other | 8,762 | 10,209 | 27,301 | 28,681 |
Total operating expenses | 262,308 | 290,682 | 788,780 | 830,733 |
Operating income | (17,230) | (33,766) | (74,453) | (110,561) |
Other | 1,017 | 264 | 2,938 | 307 |
Income before income taxes | 18,247 | 34,030 | 77,391 | 110,868 |
Income taxes expense | 4,649 | 8,384 | 19,417 | 26,028 |
Net income | $ 13,598 | $ 25,646 | $ 57,974 | $ 84,840 |
Basic earnings per common share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.71 | $ 1.04 |
Diluted earnings per common share (in dollars per share) | 0.17 | 0.32 | 0.71 | 1.03 |
Dividends declared per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 83,034 | |||
Balance at Dec. 31, 2021 | $ 830 | $ 85,718 | $ 565,129 | $ 651,677 |
Net income | $ 0 | 0 | 27,533 | 27,533 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 220 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2 | 766 | 0 | 768 |
Employee taxes paid in exchange for shares withheld | $ 0 | (1,610) | 0 | (1,610) |
Share-based payment arrangement compensation expense | 369 | 0 | 369 | |
Dividends on common stock | 0 | (4,975) | (4,975) | |
Issuance of common stock from share-based payment arrangement exercises (in shares) | 220 | |||
Net income | $ 0 | 0 | 27,533 | 27,533 |
Balance (in shares) at Mar. 31, 2022 | 81,947 | |||
Balance at Mar. 31, 2022 | $ 819 | 60,256 | 587,687 | 648,762 |
Balance (in shares) at Dec. 31, 2021 | 83,034 | |||
Balance at Dec. 31, 2021 | $ 830 | 85,718 | 565,129 | 651,677 |
Net income | 84,840 | |||
Net income | 84,840 | |||
Balance (in shares) at Sep. 30, 2022 | 81,097 | |||
Balance at Sep. 30, 2022 | $ 811 | 46,366 | 635,260 | 682,437 |
Balance (in shares) at Mar. 31, 2022 | 81,947 | |||
Balance at Mar. 31, 2022 | $ 819 | 60,256 | 587,687 | 648,762 |
Net income | 0 | 31,661 | 31,661 | |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 31 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 150 | 0 | 151 |
Share-based payment arrangement compensation expense | 1,204 | 0 | 1,204 | |
Dividends on common stock | $ 0 | 0 | (4,868) | (4,868) |
Issuance of common stock from share-based payment arrangement exercises (in shares) | 31 | |||
Net income | 0 | 31,661 | 31,661 | |
Balance (in shares) at Jun. 30, 2022 | 81,015 | |||
Balance at Jun. 30, 2022 | $ 810 | 44,867 | 614,480 | 660,157 |
Net income | $ 0 | 0 | 25,646 | 25,646 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 82 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 844 | 0 | 845 |
Share-based payment arrangement compensation expense | 0 | 655 | 0 | 655 |
Dividends on common stock | $ 0 | 0 | (4,866) | (4,866) |
Issuance of common stock from share-based payment arrangement exercises (in shares) | 82 | |||
Net income | $ 0 | 0 | 25,646 | 25,646 |
Balance (in shares) at Sep. 30, 2022 | 81,097 | |||
Balance at Sep. 30, 2022 | $ 811 | 46,366 | 635,260 | 682,437 |
Balance (in shares) at Dec. 31, 2022 | 81,115 | |||
Balance at Dec. 31, 2022 | $ 811 | 47,188 | 655,920 | 703,919 |
Net income | $ 0 | 0 | 22,502 | 22,502 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 119 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 535 | 0 | 536 |
Employee taxes paid in exchange for shares withheld | 0 | (926) | 0 | (926) |
Share-based payment arrangement compensation expense | 354 | 0 | 354 | |
Dividends on common stock | $ 0 | 0 | (4,874) | (4,874) |
Issuance of common stock from share-based payment arrangement exercises (in shares) | 119 | |||
Net income | $ 0 | 0 | 22,502 | 22,502 |
Balance (in shares) at Mar. 31, 2023 | 81,234 | |||
Balance at Mar. 31, 2023 | $ 812 | 47,151 | 673,548 | 721,511 |
Balance (in shares) at Dec. 31, 2022 | 81,115 | |||
Balance at Dec. 31, 2022 | $ 811 | 47,188 | 655,920 | 703,919 |
Net income | 57,974 | |||
Net income | 57,974 | |||
Balance (in shares) at Sep. 30, 2023 | 81,309 | |||
Balance at Sep. 30, 2023 | $ 813 | 49,280 | 699,264 | 749,357 |
Balance (in shares) at Mar. 31, 2023 | 81,234 | |||
Balance at Mar. 31, 2023 | $ 812 | 47,151 | 673,548 | 721,511 |
Net income | $ 0 | 0 | 21,874 | 21,874 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 67 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 507 | 0 | 508 |
Share-based payment arrangement compensation expense | 1,005 | 0 | 1,005 | |
Dividends on common stock | $ 0 | 0 | (4,878) | (4,878) |
Issuance of common stock from share-based payment arrangement exercises (in shares) | 67 | |||
Net income | $ 0 | 0 | 21,874 | 21,874 |
Balance (in shares) at Jun. 30, 2023 | 81,301 | |||
Balance at Jun. 30, 2023 | $ 813 | 48,663 | 690,544 | 740,020 |
Net income | $ 0 | 0 | 13,598 | 13,598 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 8 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 0 | 116 | 0 | 116 |
Share-based payment arrangement compensation expense | 501 | 0 | 501 | |
Dividends on common stock | (4,878) | (4,878) | ||
Issuance of common stock from share-based payment arrangement exercises (in shares) | 8 | |||
Net income | $ 0 | 0 | 13,598 | 13,598 |
Balance (in shares) at Sep. 30, 2023 | 81,309 | |||
Balance at Sep. 30, 2023 | $ 813 | $ 49,280 | $ 699,264 | $ 749,357 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 83,034,000 | |||
Balance at Dec. 31, 2021 | $ 830 | $ 85,718 | $ 565,129 | $ 651,677 |
Net income | $ 0 | 0 | 27,533 | $ 27,533 |
Repurchase and retirement of common stock (in shares) | (1,307,000) | (1,300,000) | ||
Repurchase and retirement of common stock | $ (13) | (24,987) | 0 | $ (25,000) |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 220,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2 | 766 | 0 | 768 |
Employee taxes paid in exchange for shares withheld | $ 0 | (1,610) | 0 | (1,610) |
Share-based payment arrangement compensation expense | 369 | 0 | 369 | |
Dividends on common stock | 0 | (4,975) | (4,975) | |
Balance (in shares) at Mar. 31, 2022 | 81,947,000 | |||
Balance at Mar. 31, 2022 | $ 819 | 60,256 | 587,687 | 648,762 |
Net income | $ 0 | 0 | 27,533 | 27,533 |
Dividends on common stock | 0 | 4,975 | 4,975 | |
Balance (in shares) at Dec. 31, 2021 | 83,034,000 | |||
Balance at Dec. 31, 2021 | $ 830 | 85,718 | 565,129 | 651,677 |
Net income | 84,840 | |||
Balance (in shares) at Sep. 30, 2022 | 81,097,000 | |||
Balance at Sep. 30, 2022 | $ 811 | 46,366 | 635,260 | 682,437 |
Net income | 84,840 | |||
Balance (in shares) at Mar. 31, 2022 | 81,947,000 | |||
Balance at Mar. 31, 2022 | $ 819 | 60,256 | 587,687 | 648,762 |
Net income | 0 | 31,661 | $ 31,661 | |
Repurchase and retirement of common stock (in shares) | (963,000) | (963,000) | ||
Repurchase and retirement of common stock | $ (10) | (16,743) | 0 | $ (16,753) |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 31,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 150 | 0 | 151 |
Share-based payment arrangement compensation expense | 1,204 | 0 | 1,204 | |
Dividends on common stock | $ 0 | 0 | (4,868) | (4,868) |
Balance (in shares) at Jun. 30, 2022 | 81,015,000 | |||
Balance at Jun. 30, 2022 | $ 810 | 44,867 | 614,480 | 660,157 |
Net income | 0 | 31,661 | 31,661 | |
Dividends on common stock | 0 | 0 | 4,868 | 4,868 |
Net income | $ 0 | 0 | 25,646 | 25,646 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 82,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 844 | 0 | 845 |
Share-based payment arrangement compensation expense | 0 | 655 | 0 | 655 |
Dividends on common stock | $ 0 | 0 | (4,866) | (4,866) |
Balance (in shares) at Sep. 30, 2022 | 81,097,000 | |||
Balance at Sep. 30, 2022 | $ 811 | 46,366 | 635,260 | 682,437 |
Net income | 0 | 0 | 25,646 | 25,646 |
Dividends on common stock | $ 0 | 0 | 4,866 | $ 4,866 |
Repurchase and retirement of common stock (in shares) | 0 | |||
Balance (in shares) at Dec. 31, 2022 | 81,115,000 | |||
Balance at Dec. 31, 2022 | $ 811 | 47,188 | 655,920 | $ 703,919 |
Net income | $ 0 | 0 | 22,502 | 22,502 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 119,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 535 | 0 | 536 |
Employee taxes paid in exchange for shares withheld | 0 | (926) | 0 | (926) |
Share-based payment arrangement compensation expense | 354 | 0 | 354 | |
Dividends on common stock | $ 0 | 0 | (4,874) | (4,874) |
Balance (in shares) at Mar. 31, 2023 | 81,234,000 | |||
Balance at Mar. 31, 2023 | $ 812 | 47,151 | 673,548 | 721,511 |
Net income | 0 | 0 | 22,502 | 22,502 |
Dividends on common stock | $ 0 | 0 | 4,874 | 4,874 |
Balance (in shares) at Dec. 31, 2022 | 81,115,000 | |||
Balance at Dec. 31, 2022 | $ 811 | 47,188 | 655,920 | 703,919 |
Net income | $ 57,974 | |||
Repurchase and retirement of common stock (in shares) | 0 | |||
Balance (in shares) at Sep. 30, 2023 | 81,309,000 | |||
Balance at Sep. 30, 2023 | $ 813 | 49,280 | 699,264 | $ 749,357 |
Net income | 57,974 | |||
Balance (in shares) at Mar. 31, 2023 | 81,234,000 | |||
Balance at Mar. 31, 2023 | $ 812 | 47,151 | 673,548 | 721,511 |
Net income | $ 0 | 0 | 21,874 | 21,874 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 67,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 507 | 0 | 508 |
Share-based payment arrangement compensation expense | 1,005 | 0 | 1,005 | |
Dividends on common stock | $ 0 | 0 | (4,878) | (4,878) |
Balance (in shares) at Jun. 30, 2023 | 81,301,000 | |||
Balance at Jun. 30, 2023 | $ 813 | 48,663 | 690,544 | 740,020 |
Net income | 0 | 0 | 21,874 | 21,874 |
Dividends on common stock | 0 | 0 | 4,878 | 4,878 |
Net income | $ 0 | 0 | 13,598 | 13,598 |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 8,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 0 | 116 | 0 | 116 |
Share-based payment arrangement compensation expense | 501 | 0 | 501 | |
Dividends on common stock | (4,878) | (4,878) | ||
Balance (in shares) at Sep. 30, 2023 | 81,309,000 | |||
Balance at Sep. 30, 2023 | $ 813 | 49,280 | 699,264 | 749,357 |
Net income | $ 0 | $ 0 | 13,598 | 13,598 |
Dividends on common stock | $ 4,878 | $ 4,878 |
Consolidated condensed Statem_4
Consolidated condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows provided by operating activities: | ||
Net income | $ 57,974 | $ 84,840 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 87,974 | 81,389 |
Tires in service amortization | 5,415 | 4,861 |
Gain on disposition of revenue equipment | (11,810) | (10,422) |
Deferred income taxes | (11,154) | 5,431 |
Share-based payment arrangement compensation expense | 1,860 | 2,228 |
Changes in other current operating items: | ||
Receivables | 5,487 | (24,657) |
Prepaid expenses and other | (2,402) | (3,901) |
Accounts payable | 1,239 | 14,364 |
Insurance and claims accruals | 535 | 3,650 |
Accrued and other current liabilities | (8,785) | 5,438 |
Net cash provided by operating activities | 126,333 | 163,221 |
Cash flows used for investing activities: | ||
Other | (45) | (38) |
Net cash used for investing activities | (124,470) | (92,416) |
Cash flows used for financing activities: | ||
Dividends on common stock | (14,630) | (14,709) |
Repurchase and retirement of common stock | 0 | (41,753) |
Issuance of common stock from share-based payment arrangement exercises, deferred compensation plan distributions and vesting of performance unit awards | 1,160 | 1,764 |
Employee taxes paid in exchange for shares withheld | (926) | (1,610) |
Net cash used for financing activities | (14,396) | (56,308) |
Net change in cash and cash equivalents | (12,533) | 14,497 |
Cash and cash equivalents: | ||
Beginning of period | 80,600 | 56,995 |
End of period | 68,067 | 71,492 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | (2,542) | 10,132 |
Operating lease assets and liabilities acquired | 89 | 0 |
Cash paid for income taxes | 19,360 | 16,413 |
Interest | 10 | 52 |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of revenue equipment | (11,810) | (10,422) |
Cash flows used for investing activities: | ||
Revenue equipment | (167,985) | (110,535) |
Proceeds from revenue equipment dispositions | 51,125 | 28,527 |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment | (7,586) | (10,370) |
Proceeds from revenue equipment dispositions | $ 21 | $ 0 |
Note 1 - Consolidated Condensed
Note 1 - Consolidated Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) Consolidated Condensed Financial Statements The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements, and therefore do not include all information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, such statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our consolidated financial condition, results of operations and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2022 Annual Report on Form 10-K. |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (2) Earnings per Common Share Basic and diluted earnings per common share were computed as follows: Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net income $ 13,598 $ 25,646 $ 57,974 $ 84,840 Denominator: Basic earnings per common share - weighted-average shares 81,306 81,061 81,260 81,889 Effect of dilutive stock options 148 286 154 266 Diluted earnings per common share - weighted-average shares and assumed conversions 81,454 81,347 81,414 82,155 Basic earnings per common share $ 0.17 $ 0.32 $ 0.71 $ 1.04 Diluted earnings per common share $ 0.17 $ 0.32 $ 0.71 $ 1.03 Options totaling 157,000 equivalent shares for each of the three-month and nine-month periods ended September 30, 2023, and 512,500 and 535,600 equivalent shares for the three-month and nine-month periods ended September 30, 2022, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive. Unvested performance unit awards totaling 106,582 equivalent shares for each of the three-month and nine-month periods ended September 30, 2023, and 16,590 equivalent shares for each of the three-month and nine-month periods ended September 30, 2022, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive. |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (3) Long-Term Debt In August 2022, we entered into a credit agreement that provides for an unsecured committed credit facility with an aggregate principal amount of $30.0 million which matures in August 2027. The credit agreement amends, restates and continues in its entirety our previous credit agreement, as amended. At September 30, 2023, there was no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of $19.5 million and remaining borrowing availability of $10.5 million. At December 31, 2022, there was also no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of $16.1 million on the facility. This facility bears interest at a variable rate based on the Term SOFR Rate plus applicable margins. The interest rate for the facility that would apply to outstanding principal balances was 8.5% at September 30, 2023. Our credit agreement effective in August 2022 prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of $150 million. Our previous credit agreement prohibited us from making such payments 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% limitation in total amounts of up to $80 million in 2022 was obtained from the lender in March 2022. The current and previous credit agreements also contain restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at September 30, 2023 and December 31, 2022. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (4) Related Party Transactions We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, the chairman of the board and chief executive officer of BBI, is one of our directors. We paid BBI $194,000 in the first nine months of 2023 and $377,000 in the first nine months of 2022 for fuel, tires and related services. In addition, we paid $1.6 million in the first nine months of 2023 and $1.4 million in the first nine months of 2022 to tire manufacturers for tires that were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases. |
Note 5 - Share Repurchase Progr
Note 5 - Share Repurchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | (5) Share Repurchase Program In August 2019, our Board of Directors approved and we announced an increase from current availability in our existing share repurchase program providing for the repurchase of up to $34.0 million, or approximately 1.8 million shares, of our common stock, which was increased by our Board of Directors to 2.7 million shares in August 2020 to reflect the three two We repurchased and retired 1.3 million shares of common stock for $25.0 million in the first quarter of 2022, and 963,000 shares of common stock for $16.8 million in the second quarter of 2022. We did not |
Note 6 - Dividends
Note 6 - Dividends | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Dividends [Text Block] | (6) Dividends In 2010, we announced that our Board of Directors approved a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.06 per share of common stock were paid in each of the first three quarters of both 2023 and 2022, and totaled $14.6 million and $14.7 million in the first nine months of 2023 and 2022, respectively. |
Note 7 - Accounting for Share-b
Note 7 - Accounting for Share-based Payment Arrangement Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (7) Accounting for Share-based Payment Arrangement Compensation 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 |
Note 8 - Termination of Deferre
Note 8 - Termination of Deferred Compensation Plan | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | (8) Termination of Deferred Compensation Plan In May 2020, our Compensation Committee and Board of Directors approved the termination of our Deferred Compensation Plan. The plan was an unfunded, nonqualified deferred compensation plan designed to allow board elected officers and other select members of our management designated by our Compensation Committee to save for retirement on a tax-deferred basis. The termination was effective in May 2021. All shares of Company common stock within the plan were distributed by March 31, 2022. |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (9) Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (10) Commitments and Contingencies We are committed to new revenue equipment purchases of $63.2 million and building construction obligations of $292,000 for the remainder of 2023. Operating lease obligation expenditures through 2028 total $566,000. 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. A number of trucking companies, including us, have been subject to lawsuits alleging violations of various federal and state wage and hour laws. A number of these lawsuits have resulted in the payment of substantial settlements or damages by the defendants. The outcome of all litigation is difficult to assess or quantify, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. The cost to defend litigation may also be significant. Not all claims are covered by our insurance, and there can be no assurance that our coverage limits will be adequate to cover all amounts in dispute. To the extent we experience claims that are uninsured, exceed our coverage limits or cause increases in future premiums, the resulting expense could have a materially adverse effect on our business and operating results. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse effect on our consolidated condensed financial statements, however, any future liability claims or adverse developments in existing claims could impact this analysis. |
Note 11 - Revenue and Business
Note 11 - Revenue and Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (11) Revenue and Business Segments We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers five four 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 distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Our Truckload segment provides 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 year. 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 refrigerated containers and our temperature-controlled trailers, each on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. The main factors that affect our Intermodal revenue are the rate per mile and other charges we receive from our customers. Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 and operates pursuant to brokerage authority granted by the United States Department of Transportation, or DOT. We retain the billing, collection and customer management responsibilities. The main factors that affect our Brokerage revenue are the rate per mile and other charges that we receive from our customers. 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-year no 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 prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. Three Months Nine Months Ended September 30, Ended September 30, (In thousands) 2023 2022 2023 2022 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 96,516 $ 105,905 $ 300,104 $ 302,883 Truckload fuel surcharge revenue 17,711 23,471 51,887 66,255 Total Truckload revenue 114,227 129,376 351,991 369,138 Dedicated revenue, net of fuel surcharge revenue 82,963 86,178 257,231 248,988 Dedicated fuel surcharge revenue 18,834 24,039 56,000 68,344 Total Dedicated revenue 101,797 110,217 313,231 317,332 Intermodal revenue, net of fuel surcharge revenue 18,122 24,303 60,277 77,589 Intermodal fuel surcharge revenue 3,925 7,600 12,724 22,923 Total Intermodal revenue 22,047 31,903 73,001 100,512 Brokerage revenue 41,467 52,952 125,010 154,312 Total operating revenue $ 279,538 $ 324,448 $ 863,233 $ 941,294 Operating income/(loss): Truckload $ 2,738 $ 14,319 $ 22,348 $ 45,978 Dedicated 11,286 13,005 39,143 37,689 Intermodal (1,074 ) 778 (452 ) 9,911 Brokerage 4,280 5,664 13,414 16,983 Total operating income $ 17,230 $ 33,766 $ 74,453 $ 110,561 Truckload segment depreciation expense was $15.3 million and $14.5 million, Dedicated segment depreciation expense was $11.5 million and $11.5 million, Intermodal segment depreciation expense was $1.7 million and $2.0 million, and Brokerage segment depreciation expense was $462,000 and $383,000 in the three-month periods ended September 30, 2023 and 2022, respectively. Truckload segment depreciation expense was $45.9 million and $40.9 million, Dedicated segment depreciation expense was $35.2 million and $33.8 million, Intermodal segment depreciation expense was $5.5 million and $5.6 million, and Brokerage segment depreciation expense was $1.4 million and $1.1 million in the nine-month periods ended September 30, 2023 and 2022, respectively. |
Note 12 - Use of Estimates
Note 12 - Use of Estimates | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (12) Use of Estimates We must make estimates and assumptions to prepare the consolidated condensed financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. These estimates are primarily related to insurance and claims accruals and depreciation. Ultimate results could differ from these estimates. |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator: Net income $ 13,598 $ 25,646 $ 57,974 $ 84,840 Denominator: Basic earnings per common share - weighted-average shares 81,306 81,061 81,260 81,889 Effect of dilutive stock options 148 286 154 266 Diluted earnings per common share - weighted-average shares and assumed conversions 81,454 81,347 81,414 82,155 Basic earnings per common share $ 0.17 $ 0.32 $ 0.71 $ 1.04 Diluted earnings per common share $ 0.17 $ 0.32 $ 0.71 $ 1.03 |
Note 11 - Revenue and Busines_2
Note 11 - Revenue and Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, (In thousands) 2023 2022 2023 2022 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 96,516 $ 105,905 $ 300,104 $ 302,883 Truckload fuel surcharge revenue 17,711 23,471 51,887 66,255 Total Truckload revenue 114,227 129,376 351,991 369,138 Dedicated revenue, net of fuel surcharge revenue 82,963 86,178 257,231 248,988 Dedicated fuel surcharge revenue 18,834 24,039 56,000 68,344 Total Dedicated revenue 101,797 110,217 313,231 317,332 Intermodal revenue, net of fuel surcharge revenue 18,122 24,303 60,277 77,589 Intermodal fuel surcharge revenue 3,925 7,600 12,724 22,923 Total Intermodal revenue 22,047 31,903 73,001 100,512 Brokerage revenue 41,467 52,952 125,010 154,312 Total operating revenue $ 279,538 $ 324,448 $ 863,233 $ 941,294 Operating income/(loss): Truckload $ 2,738 $ 14,319 $ 22,348 $ 45,978 Dedicated 11,286 13,005 39,143 37,689 Intermodal (1,074 ) 778 (452 ) 9,911 Brokerage 4,280 5,664 13,414 16,983 Total operating income $ 17,230 $ 33,766 $ 74,453 $ 110,561 |
Note 2 - Earnings Per Common _3
Note 2 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 157,000 | 512,500 | 157,000 | 535,600 |
Unvested Performance Unit Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 106,582 | 16,590 | 106,582 | 16,590 |
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 | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 13,598 | $ 21,874 | $ 22,502 | $ 25,646 | $ 31,661 | $ 27,533 | $ 57,974 | $ 84,840 |
Basic earnings per common share - weighted-average shares (in shares) | 81,306 | 81,061 | 81,260 | 81,889 | ||||
Effect of dilutive stock options (in shares) | 148 | 286 | 154 | 266 | ||||
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 81,454 | 81,347 | 81,414 | 82,155 | ||||
Basic earnings per common share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.71 | $ 1.04 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.71 | $ 1.03 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 | |
Letters of Credit Outstanding, Amount | 19.5 | $ 16.1 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 10.5 | |
Line of Credit Facility, Dividends Payment, Maximum | $ 150 | |
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25% | |
Line of Credit Facility Dividend Restrictions Percentage of Net Income Limit1 | 25% | |
Line of Credit Facility, Waiver to Pay Dividends, Maximum | $ 80 | |
Credit Facility [Member] | ||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 8.50% |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Purchase of Fuel, Tires and Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 194,000 | $ 377,000 |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,600,000 | $ 1,400,000 |
Note 5 - Share Repurchase Pro_2
Note 5 - Share Repurchase Program (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Aug. 13, 2020 | Dec. 31, 2022 shares | Jun. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | May 03, 2022 USD ($) shares | Aug. 31, 2020 shares | Aug. 31, 2019 USD ($) shares | |
Stock Repurchase Program, Authorized Amount | $ | $ 50,000 | $ 34,000 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 3,100,000 | 2,700,000 | 1,800,000 | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 0 | 963,000 | 1,300,000 | 0 | ||||
Stock Repurchased and Retired During Period, Value | $ | $ 16,753 | $ 25,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 33,200 | |||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares | 2,200,000 | |||||||
Stock Split To [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |||||||
Stock Split from [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Note 6 - Dividends (Details Tex
Note 6 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Payments of Ordinary Dividends, Common Stock | $ 14,630 | $ 14,709 | ||
Paid Quarterly [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 | ||
Payments of Ordinary Dividends, Common Stock | $ 14,600 | $ 14,700 |
Note 7 - Accounting for Share_2
Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Stock or Unit Option Plan Expense | $ 1.9 | $ 2.2 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) | Sep. 30, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 566,000 |
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member] | |
Purchase Obligation, to be Paid, Remainder of Fiscal Year | 63,200,000 |
Capital Addition Purchase Commitments [Member] | Building Construction [Member] | |
Purchase Obligation, to be Paid, Remainder of Fiscal Year | $ 292,000 |
Note 11 - Revenue and Busines_3
Note 11 - Revenue and Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Operating Segments | 5 | ||||
Number of Reportable Segments | 4 | ||||
Customer Contract Term (Year) | 1 year | ||||
Capitalized Contract Cost, Impairment Loss | $ 0 | $ 0 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 2,700,000 | 2,700,000 | $ 2,700,000 | ||
Dedicated [Member] | |||||
Depreciation, Depletion and Amortization, Total | 11,500,000 | $ 11,500,000 | $ 35,200,000 | 33,800,000 | |
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 | 15,300,000 | 14,500,000 | $ 45,900,000 | 40,900,000 | |
Intermodal [Member] | |||||
Depreciation, Depletion and Amortization, Total | 1,700,000 | 2,000,000 | 5,500,000 | 5,600,000 | |
Brokerage [Member] | |||||
Depreciation, Depletion and Amortization, Total | $ 462,000 | $ 383,000 | $ 1,400,000 | $ 1,100,000 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating revenue | $ 279,538 | $ 324,448 | $ 863,233 | $ 941,294 |
Operating income | 17,230 | 33,766 | 74,453 | 110,561 |
Truckload [Member] | ||||
Operating revenue | 114,227 | 129,376 | 351,991 | 369,138 |
Operating income | 2,738 | 14,319 | 22,348 | 45,978 |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 96,516 | 105,905 | 300,104 | 302,883 |
Truckload [Member] | Truckload Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 17,711 | 23,471 | 51,887 | 66,255 |
Dedicated [Member] | ||||
Operating revenue | 101,797 | 110,217 | 313,231 | 317,332 |
Operating income | 11,286 | 13,005 | 39,143 | 37,689 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 82,963 | 86,178 | 257,231 | 248,988 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 18,834 | 24,039 | 56,000 | 68,344 |
Intermodal [Member] | ||||
Operating revenue | 22,047 | 31,903 | 73,001 | 100,512 |
Operating income | (1,074) | 778 | (452) | 9,911 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 18,122 | 24,303 | 60,277 | 77,589 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 3,925 | 7,600 | 12,724 | 22,923 |
Brokerage [Member] | ||||
Operating revenue | 41,467 | 52,952 | 125,010 | 154,312 |
Operating income | $ 4,280 | $ 5,664 | $ 13,414 | $ 16,983 |