Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'PROVIDENCE & WORCESTER RAILROAD CO/RI/ | ' |
Entity Central Index Key | '0000831968 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 4,847,549 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $1,191 | $951 |
Accounts receivable, net of allowance for doubtful accounts of $115 in 2013 and 2012 | 3,323 | 4,461 |
Materials and supplies | 1,311 | 979 |
Prepaid expenses and other current assets | 698 | 445 |
Deferred income taxes | 294 | 294 |
Total Current Assets | 6,817 | 7,130 |
Property and Equipment, net | 86,032 | 86,071 |
Land Held for Development | 12,457 | 12,457 |
Total Assets | 105,306 | 105,658 |
Current Liabilities: | ' | ' |
Accounts payable | 3,356 | 4,333 |
Current portion of deferred grant and other income | 256 | 111 |
Accrued expenses | 1,941 | 1,625 |
Total Current Liabilities | 5,553 | 6,069 |
Deferred Income Taxes | 13,114 | 13,360 |
Deferred Grant Income and Other Revenue | 11,170 | 10,305 |
Shareholders' Equity: | ' | ' |
Preferred stock, 10% noncumulative, $50 par value; authorized, issued and outstanding 640 shares in 2013 and 2012 | 32 | 32 |
Common stock, $.50 par value; authorized 15,000,000 shares; issued and outstanding 4,846,849 shares in 2013 and 4,841,955 shares in 2012 | 2,423 | 2,421 |
Additional paid-in capital | 37,593 | 37,444 |
Retained earnings | 35,421 | 36,027 |
Total Shareholders' Equity | 75,469 | 75,924 |
Total Liabilities and Shareholders' Equity | $105,306 | $105,658 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $115 | $115 |
Percentage of noncumulative preferred stock | 10.00% | 10.00% |
Preferred stock, par value | $50 | $50 |
Preferred stock, shares authorized | 640 | 640 |
Preferred stock, shares issued | 640 | 640 |
Preferred stock, shares outstanding | 640 | 640 |
Common stock, par value | $0.50 | $0.50 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 4,846,849 | 4,841,955 |
Common stock, shares outstanding | 4,846,849 | 4,841,955 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Operating Revenues | $8,809 | $7,951 | $24,578 | $23,084 |
Operating Expenses: | ' | ' | ' | ' |
Maintenance of way and structures | 1,324 | 1,524 | 4,162 | 1,723 |
Maintenance of equipment | 1,023 | 940 | 3,041 | 2,781 |
Transportation | 2,818 | 2,699 | 7,942 | 7,805 |
General and administrative | 1,235 | 1,137 | 3,615 | 3,499 |
Depreciation | 870 | 834 | 2,587 | 2,496 |
Taxes, other than income taxes | 635 | 721 | 2,320 | 2,235 |
Car hire, net | 276 | 262 | 735 | 754 |
Employee retirement plans | 56 | 60 | 167 | 168 |
Track usage fees | 30 | 69 | 152 | 183 |
Total Operating Expenses | 8,267 | 8,246 | 24,721 | 21,644 |
Income (loss) from Operations | 542 | -295 | -143 | 1,440 |
Other income, net | 125 | 198 | 144 | 224 |
Interest expense | ' | -53 | ' | -159 |
Income (loss) from operations prior to income taxes | 667 | -150 | 1 | 1,505 |
Provision for Income Taxes (Benefit) | 74 | 231 | 21 | -314 |
Net Income (Loss) | 593 | -381 | -20 | 1,819 |
Preferred Stock Dividends | ' | ' | 3 | 3 |
Net Income (Loss) Available to Common Shareholders | $593 | ($381) | ($23) | $1,816 |
Basic and Diluted Income (Loss) Per Common Share | $0.12 | ($0.08) | ' | $0.37 |
Weighted-Average Common Shares Outstanding: | ' | ' | ' | ' |
For basic | 4,845,524 | 4,837,987 | 4,843,828 | 4,834,486 |
For diluted | 4,923,897 | 4,837,987 | 4,843,828 | 4,903,430 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | ($20) | $1,819 |
Adjustments to reconcile the net income (loss) to cash flows from operating activities: | ' | ' |
Depreciation | 2,587 | 2,496 |
Non-cash component of Amtrak Agreement | ' | -1,108 |
Amortization of deferred grant and other income | -614 | -431 |
Proceeds from deferred grant and other income | 1,285 | 177 |
(Gains) from sale and disposal of property, equipment and easements | ' | -181 |
Deferred income tax benefit | -246 | -336 |
Share-based compensation | 78 | 65 |
Increase (decrease) in cash from: | ' | ' |
Accounts receivable | 1,138 | 874 |
Materials and supplies | -332 | 85 |
Prepaid expenses and other current assets | -253 | -232 |
Accounts payable and accrued expenses | -211 | -67 |
Net cash flows from operating activities | 3,412 | 3,161 |
Cash flows from Investing Activities: | ' | ' |
Purchase of property and equipment | -2,998 | -3,166 |
Proceeds from sale of property, equipment and easements | ' | 208 |
Net cash flows used in investing activities | -2,998 | -2,958 |
Cash Flows from Financing Activities: | ' | ' |
Repayments of long term debt | ' | -88 |
Dividends paid | -586 | -584 |
Proceeds from deferred grant and other income | 339 | 245 |
Issuance of common shares for stock options exercised and employee stock purchases | 73 | 86 |
Net cash flows from financing activities | -174 | -341 |
Increase (decrease) in Cash and Cash Equivalents | 240 | -138 |
Cash and Cash Equivalents, Beginning of Period | 951 | 3,943 |
Cash and Cash Equivalents, End of Period | 1,191 | 3,805 |
Supplemental Disclosures: | ' | ' |
Cash paid for interest | ' | 142 |
Cash paid for income taxes | 420 | 70 |
Property and equipment included in accounts payable and accrued expenses | $450 | $635 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1 | |
In the opinion of management, the accompanying interim financial statements of Providence and Worcester Railroad Company (the “Company”) contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2013, the results of operations for the three and nine months ended September 30, 2013 and 2012 and cash flows for the nine months ended September 30, 2013 and 2012 in accordance with accounting principles generally accepted in the United States. The accompanying condensed balance sheet as of December 31, 2012 has been derived from audited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. These interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission. Results for interim periods may not necessarily be indicative of the results to be expected for the full year. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Changes And Error Corrections [Abstract] | ' | |
Recent Accounting Pronouncements | ' | |
2 | Recent Accounting Pronouncements: | |
The Company reviews new accounting standards as issued. Although some of these accounting standards may be applicable to the Company, the Company has not identified any standards that it believes merit further discussion. The Company expects none of the recent accounting pronouncements will have a significant impact on its financial statements. |
Changes_in_Shareholders_Equity
Changes in Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Shareholders' Equity | ' | ||||||||||||||||||||
3 | Changes in Shareholders’ Equity: | ||||||||||||||||||||
Preferred | Common | Additional | Retained | Total | |||||||||||||||||
Stock | Stock | Paid-in | Earnings | Shareholders’ | |||||||||||||||||
Capital | Equity | ||||||||||||||||||||
Balance December 31, 2012 | $ | 32 | $ | 2,421 | $ | 37,444 | $ | 36,027 | $ | 75,924 | |||||||||||
Issuance of 1,641 common shares for stock options exercised, employee stock purchases and employee stock awards | 1 | 71 | 72 | ||||||||||||||||||
Share-based compensation, options granted | 78 | 78 | |||||||||||||||||||
Dividends: | |||||||||||||||||||||
Preferred stock, $5.00 per share | (3 | ) | (3 | ) | |||||||||||||||||
Common stock, $.12 per share | (579 | ) | (579 | ) | |||||||||||||||||
Net income for the period | 51 | 51 | |||||||||||||||||||
Balance September 30, 2013 | $ | 32 | $ | 2,422 | $ | 37,593 | $ | 35,496 | $ | 75,543 | |||||||||||
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt Disclosure [Abstract] | ' | |
Debt | ' | |
4 | Debt: | |
Revolving Line of Credit | ||
The Company has a revolving line of credit facility in the amount of $5,000 from a commercial bank expiring on June 25, 2015. Borrowings under this line of credit are unsecured, due on demand and bear interest at either the bank’s prime rate or one and three-quarters percent over the thirty, sixty or ninety day London Interbank Offered Rate (“LIBOR”) with a LIBOR floor of one and one-quarter percent. The Company pays no commitment fee on this line of credit and has no compensating balance requirements. It is subject to financial and non-financial covenants including maintenance of a minimum net worth and restrictions as to the incurrence of additional indebtedness, as well as the sale or encumbrance of its assets. At September 30, 2013 and December 31,2012, no amounts were outstanding. |
Income_Loss_Per_Common_Share
Income (Loss) Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income (Loss) Per Common Share | ' | ||||||||||||||||
5 | Income (Loss) per Common Share: | ||||||||||||||||
Basic income (loss) per common share is computed using the weighted-average number of common shares outstanding during each period. Diluted income (loss) per common share reflects the effect of the Company’s outstanding convertible preferred stock and stock options except where such items would be antidilutive. | |||||||||||||||||
A reconciliation of weighted-average shares used for the basic computation and that used for the diluted computation is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average shares for basic | 4,845,524 | 4,837,987 | 4,843,828 | 4,834,486 | |||||||||||||
Dilutive effect of convertible preferred stock and stock options | 78,373 | — | — | 68,944 | |||||||||||||
Weighted-average shares for diluted | 4,923,897 | 4,837,987 | 4,843,828 | 4,903,430 | |||||||||||||
Options to purchase 68,974 shares of common stock were outstanding at September 30, 2013. Options to purchase 65,508 shares of common stock were outstanding at September 30, 2012. For the nine month period ended September 30, 2013 and the three month period ended September 30, 2012, 10,746 and 4,085, respectively, of outstanding options to purchase common stock were not included in the diluted earnings per share (EPS) as the effect would antidilutive. For the three month period ended September 30, 2013, 14,373 of outstanding options to purchase common shares were included in the computation of diluted earnings per share (EPS), and for the nine month period ended September 30, 2012, 4,944 of outstanding options to purchase common shares were included in the computation of diluted earnings per share (EPS). The remaining outstanding options to purchase common stock were not included in the computation of diluted EPS because the options exercise price was greater than the average market prices of the Company’s common stock. | |||||||||||||||||
Preferred Stock, convertible into 64,000 shares of common stock at the rate of 100 shares of common stock for each one share of Preferred Stock, was outstanding for the three and nine-month periods ended September 30, 2013 and 2012. For the three month period ended September 30, 2013 and for the nine month period ended September 30, 2012, 64,000 shares of the Company’s common stock were included in the diluted EPS. For the nine period ended September 30, 2013 and the three month period ended September 30, 2012, the 64,000 shares of the Company’s common stock were not included as the effect would be antidilutive. | |||||||||||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingent Liabilities | ' | |
6 | Commitments and Contingent Liabilities: | |
The Company is a defendant in certain lawsuits relating to casualty losses, many of which are covered by insurance subject to a deductible. The Company believes that adequate provision has been made in the financial statements for any expected liabilities which may result from disposition of such lawsuits. | ||
On January 29, 2002, the Company received a “Notice of Potential Liability” from the United States Environmental Protection Agency (“EPA”) regarding an existing Superfund Site (“the Site”) that includes the J.M. Mills Landfill in Cumberland, Rhode Island. EPA sends these “Notice” letters to potentially responsible parties (“PRPs”) under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”). EPA identified the Company as a PRP based on its status as an owner and/or operator because its railroad property traverses the Site. Via these Notice letters, EPA makes a demand for payment of past costs (identified in the letter as $762) and future costs associated with the response actions taken to address the contamination at the Site, and requests PRPs to indicate their willingness to participate and resolve their potential liability at the Site. The Company has responded to EPA by stating that it does not believe it has any liability for this Site, but that it is interested in cooperating with EPA to address issues concerning liability at the Site. At this point, two other parties have already committed via a consent order with EPA to pay for the Remedial Investigation/Feasibility Study (“RI/FS”) phase of the clean-up at the Site, which will take approximately two or more years to complete. After that, EPA will likely seek to negotiate the cost of the Remedial Design and implementation of the remedy at the Site with the PRPs it has identified via these Notice Letters (which presently includes over sixty parties, and is likely to increase after EPA completes its investigation of the identity of PRPs). On December 15, 2003, the EPA issued a second “Notice of Potential Liability” letter to the Company regarding the Site. EPA again identified the Company as a PRP, this time because EPA “believes that [the Company] accepted hazardous substance for transport to disposal or treatment facilities and selected the site for disposal.” The Company responded again to EPA stating that it is interested in cooperating with EPA but that it does not believe it has engaged in any activities that caused contamination at the Site. The Company believes that none of its activities caused contamination at the Site, and will contest this claim by EPA and therefore no liability has been accrued for this matter. | ||
In connection with the EPA claim described above, the two parties who have committed to conduct the RI/FS at the Site filed a complaint in the U.S. District Court of Rhode Island against the Company, in an action entitled CCL Custom Manufacturing, Inc. v. Arkwright Incorporated, et al (consolidated with Unilever Bestfoods v. American Steel & Aluminum Corp. et al), C.A. No. 01-496/L, on December 18, 2002. The Company was one of about sixty parties named by Plaintiffs, in this suit, to recover response costs incurred in investigating and responding to the releases of hazardous substances at the Site. Plaintiffs alleged that the Company is liable under 42 U.S.C. § 961(a)(3) of CERCLA as an “arranger” or “generator” of waste that ended up at the Site. The Company entered into a Generator Cooperation Agreement with other defendants to allocate costs in responding to this suit, and to share technical costs and information in evaluating the Plaintiffs’ claims. Although the Company does not believe it generated any waste that ended up at this Site, or that its activities caused contamination at the Site, the Company paid $45 thousand to settle this suit in March 2006. |
Deferred_Grant_Income_and_Othe
Deferred Grant Income and Other Income | 9 Months Ended | |
Sep. 30, 2013 | ||
Other Income And Expenses [Abstract] | ' | |
Deferred Grant Income and Other Income | ' | |
7 | Deferred Grant Income and Other Income | |
In January 2013, the Company entered into a license for the use of the Company’s right of way to an unrelated party for a twenty-five (25) year period, commencing March 11, 2013. The Company received the rental payments of $927 in advance. The Company will amortize $37 per annum into rental income during the 25 year term which expires in April 2038. |
Amtrak_Agreement
Amtrak Agreement | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Amtrak Agreement | ' | ||||||||||||||||
8 | Amtrak Agreement | ||||||||||||||||
On April 4, 2012, the Company and National Railroad Passenger Corporation (“Amtrak”) entered into the 2012 Settlement and Amendment Agreement (the “2012 Agreement”) which settles certain disputes between the parties and amends, in part, both an Agreement dated January 3, 1978 (the “1978 Agreement”) and an Agreement dated July 9, 1979 by and between Amtrak and the Company. Under the 1978 Agreement, Amtrak obtained the right to remove the Company certain trackage subject to the requirement of providing replacement facilities. | |||||||||||||||||
Pursuant to the Agreement, the Company received a credit for mileage travelled along the Northeast Corridor. The Company will recognize the expense offset relative to Track Usage Fees as the expenses are incurred. As such, the Company did not record any related assets or liabilities relative to the mileage credit at the date of the settlement. The Company has recorded the following offsets to Track Usage expense and has the following track mileage credit remaining: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Mileage credit available | $ | 1,689 | $ | 2,424 | $ | 1,994 | $ | 2,571 | |||||||||
Utilized | 282 | 173 | 587 | 320 | |||||||||||||
Mileage credit remaining | $ | 1,407 | $ | 2,251 | $ | 1,407 | $ | 2,251 | |||||||||
Related_Party_Transaction
Related Party Transaction | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transaction | ' | |
9 | Related Party Transaction: | |
Robert Eder, who owns a majority of the Company’s Preferred Shares, with his wife, also controls Capital Properties, Inc. (“CPI”) and its subsidiaries. Pursuant to an agreement between the Company and Getty Oil Company (Eastern Operations), Inc. dated August 6, 1975, the Company has the right to relocate any portion of two pipelines located within the Company’s right of way, in East Providence, Rhode Island. The Company and CPI have supported an extension of Waterfront Drive, so-called, in East Providence, which road is being constructed on the Company’s right of way. The State of Rhode Island’s plans for Waterfront Drive’s extension required a relocation of a portion of the pipelines which the Company has the right to relocate. The Rhode Island Department of Transportation (“RIDOT”) entered into an agreement with the Company to reimburse the Company for expenses incurred by it in relocating the pipelines up to a maximum of $159. In May 2011, CPI’s subsidiary, Capital Terminal Company (“CTC”), entered into an agreement with the Company to act as the Company’s agent to select, direct and supervise all subcontractors subject to the Company’s approval. All invoices from contractors to CTC are submitted to the Company for approval along with a check from CTC in the amount of the invoice. The Company pays the invoice out of the funds provided by CTC. The Company is then obligated to submit the invoices to RIDOT for reimbursement under its agreement with RIDOT. When the Company receives reimbursement from RIDOT, it is obligated to pay that amount to CTC. Any shortfall in RIDOT’s reimbursement is borne by CTC. The Company has received invoices to date of $219, which have been paid by the Company to the subcontractors out of funds received from CTC. CTC, through subcontractors, completed the pipeline relocation during 2011. At September 30, 2013 and December 31, 2012, respectively, the remaining receivable in the amount of $22 from RIDOT, and the corresponding accounts payable to CTC have been reflected in the Company’s Condensed Balance Sheets. | ||
In May 2012 the Company and CPI entered into a License Agreement licensing to CPI track facilities which may be installed in connection with a railcar-loading/unloading facility up the Company’s right-of-way in East Providence, Rhode Island. The License Agreement continues through December 31, 2015, and may be extended for additional three-year periods unless cancelled by CPI upon 30-days written notice prior to termination. |
Subsequent_Event_and_Dividends
Subsequent Event and Dividends | 9 Months Ended | |
Sep. 30, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event and Dividends | ' | |
10 | Subsequent event and dividends: | |
On October 30, 2013, the Company declared a dividend of $.04 per share on its outstanding Common Stock payable November 27, 2013 to shareholders of record on November 13, 2013. |
Changes_in_Shareholders_Equity1
Changes in Shareholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Shareholders' Equity | ' | ||||||||||||||||||||
Preferred | Common | Additional | Retained | Total | |||||||||||||||||
Stock | Stock | Paid-in | Earnings | Shareholders’ | |||||||||||||||||
Capital | Equity | ||||||||||||||||||||
Balance December 31, 2012 | $ | 32 | $ | 2,421 | $ | 37,444 | $ | 36,027 | $ | 75,924 | |||||||||||
Issuance of 4,894 common shares for stock options exercised, employee stock purchases and employee stock awards | 2 | 71 | 73 | ||||||||||||||||||
Share-based compensation, options granted | 78 | 78 | |||||||||||||||||||
Dividends: | |||||||||||||||||||||
Preferred stock, $5.00 per share | (3 | ) | (3 | ) | |||||||||||||||||
Common stock, $.12 per share | (583 | ) | (583 | ) | |||||||||||||||||
Net loss for the period | (20 | ) | (20 | ) | |||||||||||||||||
Balance September 30, 2013 | $ | 32 | $ | 2,423 | $ | 37,593 | $ | 35,421 | $ | 75,469 |
Income_Loss_Per_Common_Share_T
Income (Loss) Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Weighted Average Shares Used for the Basic Computation and that Used for the Diluted Computation | ' | ||||||||||||||||
A reconciliation of weighted-average shares used for the basic computation and that used for the diluted computation is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average shares for basic | 4,845,524 | 4,837,987 | 4,843,828 | 4,834,486 | |||||||||||||
Dilutive effect of convertible preferred stock and stock options | 78,373 | — | — | 68,944 | |||||||||||||
Weighted-average shares for diluted | 4,923,897 | 4,837,987 | 4,843,828 | 4,903,430 |
Amtrak_Agreement_Tables
Amtrak Agreement (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Schedule of Remaining Track Mileage Credit | ' | ||||||||||||||||
The Company has recorded the following offsets to Track Usage expense and has the following track mileage credit remaining: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Mileage credit available | $ | 1,689 | $ | 2,424 | $ | 1,994 | $ | 2,571 | |||||||||
Utilized | 282 | 173 | 587 | 320 | |||||||||||||
Mileage credit remaining | $ | 1,407 | $ | 2,251 | $ | 1,407 | $ | 2,251 | |||||||||
Changes_in_Shareholders_Equity2
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | |||||
Stockholders Equity Beginning Balance | ' | ' | $75,924 | ' | $32 | $32 | $2,421 | $37,444 | $36,027 |
Issuance of 4,894 common shares for stock options exercised, employee stock purchases and employee stock awards | ' | ' | 73 | ' | ' | ' | 2 | 71 | ' |
Share-based compensation, options granted | ' | ' | 78 | ' | ' | ' | ' | 78 | ' |
Dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, $5.00 per share | ' | ' | -3 | ' | ' | ' | ' | ' | -3 |
Common stock, $.12 per share | ' | ' | -583 | ' | ' | ' | ' | ' | -583 |
Net loss for the period | 593 | -381 | -20 | 1,819 | ' | ' | ' | ' | -20 |
Stockholders Equity Ending Balance | $75,469 | ' | $75,469 | ' | $32 | $32 | $2,423 | $37,593 | $35,421 |
Changes_in_Shareholders_Equity3
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Issuance of common shares for stock options exercised | 4,894 |
Preferred stock dividends per share | $5 |
Common stock dividends per share | $0.12 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Compensating balance amount | $0 | ' |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Extended revolving line of credit facility | 5,000 | ' |
Line of credit facility maturity date | 25-Jun-15 | ' |
Variable rate interest | 'LIBOR | ' |
Variable rate interest Option 2 | 'one and three-quarters percent over the thirty, sixty or ninety day London Interbank Offered Rate ("LIBOR") with a LIBOR floor of one and one-quarter percent | ' |
Commitment fee amount | 0 | ' |
Outstanding line of credit | $0 | $0 |
Income_Loss_Per_Common_Share_R
Income (Loss) Per Common Share - Reconciliation of Weighted Average Shares Used for the Basic Computation and that Used for the Diluted Computation (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average shares for basic | 4,845,524 | 4,837,987 | 4,843,828 | 4,834,486 |
Dilutive effect of convertible preferred stock and stock options | 78,373 | ' | ' | 68,944 |
Weighted-average shares for diluted | 4,923,897 | 4,837,987 | 4,843,828 | 4,903,430 |
Income_Loss_Per_Common_Share_A
Income (Loss) Per Common Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Preferred stock convertible into common stock at rate of shares of common stock | 100 | 100 | 100 | 100 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock, shares outstanding | 68,974 | 65,508 | 68,974 | 65,508 |
Shares included to computation of earnings per share | 14,373 | ' | ' | 4,944 |
Shares excluded from computation of diluted earnings per share | ' | 4,085 | 10,746 | ' |
Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares included to computation of earnings per share | 64,000 | ' | ' | 64,000 |
Shares excluded from computation of diluted earnings per share | ' | 64,000 | 64,000 | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Plaintiff | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Payment of past costs demand | $762 |
Minimum period for clean-up of site | '2 years |
Number of parties named by Plaintiff | 60 |
Amount paid to settle suit | $45 |
Deferred_Grant_Income_and_Othe1
Deferred Grant Income and Other Income - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 |
Other Income And Expenses [Abstract] | ' | ' |
License period for the use of the Company's right of way to an unrelated party | '25 years | ' |
Rentals Payment | ' | $927 |
Rentals | $37 | ' |
Expiration period for license | '2038-04 | ' |
Amtrak_Agreement_Schedule_of_R
Amtrak Agreement - Schedule of Remaining Track Mileage Credit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Agreement With Related Party [Abstract] | ' | ' | ' | ' |
Mileage credit available | $1,689 | $2,424 | $1,994 | $2,571 |
Utilized | 282 | 173 | 587 | 320 |
Mileage credit remaining | $1,407 | $2,251 | $1,407 | $2,251 |
Related_Party_Transaction_Addi
Related Party Transaction - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Pipeline | ||
Related Party Transaction [Line Items] | ' | ' |
Number of pipelines | 2 | ' |
Received invoice, amount | $219 | ' |
Total amount of receivables paid | 22 | 22 |
Additional extension period for license agreement | '3 years | ' |
Agreement termination period | '30 days | ' |
Maximum [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Maximum reimbursement | $159 | ' |
Subsequent_Event_and_Dividends1
Subsequent Event and Dividends - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
Oct. 30, 2013 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividend declared | $0.04 |
Dividend payable declared | 30-Oct-13 |
Outstanding common stock payable date | 27-Nov-13 |
Dividend payable date on record | 13-Nov-13 |