Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 |
Basis of Presentation [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Basis of Presentation |
|
The accompanying consolidated financial statements include the parent company, Heartland Express, Inc., and its subsidiaries, all of which are wholly owned. All material intercompany items and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements of Heartland Express, Inc. and subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all normal, recurring adjustments considered necessary for a fair presentation have been included. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2012 included in the Annual Report on Form 10-K of the Company filed with the Securities and Exchange Commission on February 28, 2013. Interim results of operations are not necessarily indicative of the results to be expected for the full year or any other interim periods. There were no changes to the Company's significant accounting policies during the nine month period ended September 30, 2013 other than detailed in the Recently Adopted Accounting Pronouncements below. |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates |
|
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There were no significant changes in estimates and assumptions used by management related to our critical accounting policies during the three and nine months ended September 30, 2013 other than a change in estimate related to the depreciation of tractor revenue equipment. See Note 6. |
Segment Reporting, Policy [Policy Text Block] | ' |
Segment Information |
|
The Company has eleven regional operating divisions, in addition to operations at the Company's corporate headquarters; however, it has determined that it has one reportable segment. The operating divisions are operated out of our ten office locations including our corporate headquarters. All of the divisions are managed based on similar economic characteristics. Each of the regional operating divisions provides short-to-medium haul truckload carrier services of general commodities to a similar class of customers. In addition, each division exhibits similar financial performance, including average revenue per mile and operating ratio. As a result of the foregoing, the Company has determined that it is appropriate to aggregate its operating divisions into one reportable segment, consistent with the authoritative accounting guidance on disclosures about segments of an enterprise and related information. Accordingly, the Company has not presented separate segment financial information. |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash equivalents are short-term, highly liquid investments with insignificant interest rate risk and original maturities of three months or less at acquisition. |
Marketable Securities, Held-to-maturity Securities, Policy [Policy Text Block] | ' |
Municipal bonds of $1.4 million at September 30, 2013 and $1.3 million at December 31, 2012 are stated at amortized cost, are classified as held-to-maturity and are included in restricted cash in other non-current assets. Differences between amortized cost and fair value of municipal bonds are not considered material. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | ' |
All of the Company’s short-term and long-term investment balances at September 30, 2013, $11.4 million at par, were invested in tax free, auction rate student ("ARS") loan educational bonds that are classified as available-for-sale and, therefore, are carried at fair value on the financial statements |
Property, Plant and Equipment, Policy [Policy Text Block] | ' |
Property, Equipment, and Depreciation |
|
Property and equipment are reported at cost, net of accumulated depreciation. Maintenance and repairs are charged to operations as incurred. Tires are capitalized separately from revenue equipment and are reported separately as “Prepaid Tires” in the consolidated balance sheets and amortized over two years. Depreciation expense of $0.2 million for the three months ended September 30, 2013 and 2012 and $0.5 million for the nine months ended September 30, 2013 and 2012 has been included in communication and utilities in the consolidated statements of comprehensive income. Depreciation for financial statement purposes is computed by the straight-line method for all assets other than tractors. The Company recognizes depreciation expense on tractors at 125% declining balance. Tractors are depreciated to salvage values of $15,000 while trailers are depreciated to salvage values of $4,000. |
|
Effective July 1, 2013, the Company adjusted its depreciation estimate for tractors to the 125% declining balance method from the 150% declining balance method to better reflect the estimated trade value of the tractors at the estimated trade date as well as better match the expense of tractor ownership with a tractors declining value over the estimated useful life of the asset. Under the declining balance method, depreciation for each tractor is highest in the first year and declines in each year throughout the useful life. Changing to the 125% declining balance method from the 150% declining balance method increased operating income and decreased depreciation expense by approximately $2.1 million during the three and nine months ended September 30, 2013. |
Earnings Per Share, Policy [Policy Text Block] | ' |
Earnings per Share |
|
Basic earnings per share are based upon the weighted average common shares outstanding during each period. Diluted earnings per share is based on the basic weighted earnings per share with additional weighted common shares for common stock equivalents. During the three months and nine months ended September 30, 2013 and September 30, 2012 the Company had shares of restricted stock outstanding related to shares granted under the 2011 Restricted Stock Award Plan. A reconciliation of the numerator (net income) and denominator (weighted average number of shares outstanding of the basic and diluted earnings per share ("EPS")) for the three months and nine months ended September 30, 2013 and September 30, 2012 is as follows (in thousands, except per share data): |
|
|
| | | | | | | | | | |
| Three months ended September 30, 2013 |
| Net Income (numerator) | | Shares (denominator) | | Per Share Amount |
Basic EPS | $ | 15,868 | | | 84,837 | | | $ | 0.19 | |
|
Effect of restricted stock | — | | | 201 | | | |
|
Diluted EPS | $ | 15,868 | | | 85,038 | | | $ | 0.19 | |
|
|
|
| | | | | | | | | | |
| Three months ended September 30, 2012 |
| Net Income (numerator) | | Shares (denominator) | | Per Share Amount |
Basic EPS | $ | 12,434 | | | 85,646 | | | $ | 0.15 | |
|
Effect of restricted stock | — | | | 279 | | | |
|
Diluted EPS | $ | 12,434 | | | 85,925 | | | $ | 0.14 | |
|
|
|
| | | | | | | | | | |
| Nine months ended September 30, 2013 |
| Net Income (numerator) | | Shares (denominator) | | Per Share Amount |
Basic EPS | 54,740 | | | 84,799 | | | 0.65 | |
|
Effect of restricted stock | — | | | 242 | | | |
|
Diluted EPS | $ | 54,740 | | | 85,041 | | | $ | 0.64 | |
|
|
|
| | | | | | | | | | |
| Nine months ended September 30, 2012 |
| Net Income (numerator) | | Shares (denominator) | | Per Share Amount |
Basic EPS | $ | 47,249 | | | 86,189 | | | $ | 0.55 | |
|
Effect of restricted stock | — | | | 319 | | | |
|
Diluted EPS | $ | 47,249 | | | 86,508 | | | $ | 0.55 | |
|
Income Tax, Policy [Policy Text Block] | ' |
Deferred income taxes are determined based upon the differences between the financial reporting and tax basis of the Company’s assets and liabilities. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
Income Tax Uncertainties, Policy [Policy Text Block] | ' |
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events |
|
The Company has evaluated events occurring subsequent to September 30, 2013 through the filing date of this Quarterly Report on Form 10-Q for disclosure. |