Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 5-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PWX | |
Entity Registrant Name | PROVIDENCE & WORCESTER RAILROAD CO/RI/ | |
Entity Central Index Key | 831968 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,860,861 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $6,687 | $6,414 |
Accounts receivable, net of allowance for doubtful accounts of $160 in 2015 and 2014, respectively | 4,761 | 5,007 |
Materials and supplies | 1,057 | 1,067 |
Prepaid expenses and other current assets | 294 | 634 |
Deferred income taxes | 399 | 399 |
Total Current Assets | 13,198 | 13,521 |
Property and Equipment, net | 85,530 | 85,955 |
Land Held for Development | 12,457 | 12,457 |
Total Assets | 111,185 | 111,933 |
Current Liabilities: | ||
Accounts payable | 4,062 | 3,872 |
Current portion of deferred grant and other revenue | 424 | 230 |
Accrued expenses | 2,165 | 1,810 |
Total Current Liabilities | 6,651 | 5,912 |
Deferred Income Taxes | 13,176 | 13,623 |
Deferred Grant and Other Income | 12,877 | 12,986 |
Shareholders' Equity: | ||
Preferred stock, 10% noncumulative, $50 par value; authorized, issued and outstanding 640 shares in 2015 and 2014 | 32 | 32 |
Common stock, $.50 par value; authorized 15,000,000 shares; issued and outstanding 4,860,635 shares in 2015 and 4,859,871 shares in 2014 | 2,430 | 2,430 |
Additional paid-in capital | 38,001 | 37,891 |
Retained earnings | 38,018 | 39,059 |
Total Shareholders' Equity | 78,481 | 79,412 |
Total Liabilities and Shareholders' Equity | $111,185 | $111,933 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $160 | $160 |
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 | 4,860,635 | 4,859,871 |
Common stock, shares outstanding | 4,860,635 | 4,859,871 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Operating Revenue | $7,261 | $6,514 |
Operating Expenses: | ||
Maintenance of way and structures | 1,533 | 1,352 |
Maintenance of equipment | 762 | 912 |
Transportation | 2,792 | 2,471 |
General and administrative | 1,382 | 1,238 |
Depreciation | 876 | 900 |
Taxes, other than income taxes | 733 | 657 |
Car hire, net | 383 | 226 |
Employee retirement plans | 57 | 57 |
Track usage fees | 40 | 29 |
Total Operating Expenses | 8,558 | 7,842 |
Loss from Operations | -1,297 | -1,328 |
Other income | 7 | 10 |
Loss from operations prior to income taxes | -1,290 | -1,318 |
Provision from Income Tax (Benefit) | -447 | -641 |
Net Loss | -843 | -677 |
Preferred Stock Dividends | 3 | 3 |
Net Loss Available to Common Shareholders | ($846) | ($680) |
Basic and Diluted Loss Per Common Share | ($0.17) | ($0.14) |
Weighted-Average Common Shares Outstanding | ||
For basic | 4,859,879 | 4,850,938 |
For diluted | 4,859,879 | 4,850,938 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net loss | ($843) | ($677) |
Adjustments to reconcile net loss to net cash flows provided by operating activities: | ||
Depreciation | 876 | 900 |
Amortization of deferred grant income | -235 | -140 |
Deferred grant and other income | 288 | 195 |
Deferred income taxes benefit | -447 | -641 |
Share-based compensation | 98 | 114 |
Increase (decrease) in cash from: | ||
Accounts receivable | 278 | 1,325 |
Materials and supplies | 10 | 39 |
Prepaid expenses and other | 340 | 249 |
Accounts payable and accrued expenses | 444 | -689 |
Net cash flows provided by operating activities | 809 | 675 |
Cash flows from Investing Activities: | ||
Purchase of property and equipment | -350 | -275 |
Net cash flows used in investing activities | -350 | -275 |
Cash Flows from Financing Activities: | ||
Dividends paid | -198 | -197 |
Issuance of common shares for stock options exercised and employee stock purchases | 12 | 31 |
Net cash flows used in financing activities | -186 | -166 |
Increase in Cash and Cash Equivalents | 273 | 234 |
Cash and Cash Equivalents, Beginning of Period | 6,414 | 2,614 |
Cash and Cash Equivalents, End of Period | 6,687 | 2,848 |
Supplemental Disclosures: | ||
Property and equipment included in accounts payable | 217 | 61 |
Cash paid for income taxes | $385 | $55 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 1 | In the opinion of management, the accompanying interim condensed financial statements of the Providence and Worcester Railroad Company (the “Company”) contain all adjustments (consisting solely of normal and recurring adjustments) necessary to present fairly the financial position as of March 31, 2015 and the results of operations and cash flows for the three months ended March 31, 2015 and 2014 in accordance with accounting principles generally accepted in the United States. The accompanying condensed balance sheet as of December 31, 2014, 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, 2014 filed with the Securities and Exchange Commission. Results for interim periods may not be necessarily indicative of the results to be expected for the full year. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 2 | Recent Accounting Pronouncements: |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes previous revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. ASU 2014-09 anticipates companies using more judgment and estimates than under the current guidance. ASU 2014-09 permits the use of retrospective application to period presented or a cumulative effect transition adjustment. The Company is currently evaluating the impact of adopting this new guidance on its financial statements and related disclosures. |
Changes_in_Shareholders_Equity
Changes in Shareholders' Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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, 2014 | $ | 32 | $ | 2,430 | $ | 37,891 | $ | 39,059 | $ | 79,412 | |||||||||||
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 14 | 14 | |||||||||||||||||||
Share-based compensation, options granted | 96 | 96 | |||||||||||||||||||
Dividends | |||||||||||||||||||||
Preferred stock, $5.00 per share | (3 | ) | (3 | ) | |||||||||||||||||
Common stock, $.04 per share | (195 | ) | (195 | ) | |||||||||||||||||
Net loss for the period | (843 | ) | (843 | ) | |||||||||||||||||
Balance March 31, 2015 | $ | 32 | $ | 2,430 | $ | 38,001 | $ | 38,018 | $ | 78,481 | |||||||||||
Debt
Debt | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
Debt | 4 | Debt |
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 March 31, 2015 and December 31, 2014, no amounts were outstanding. |
Loss_per_Common_Share
Loss per Common Share | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||
Loss per Common Share | 5 | Loss per Common Share: | |||||||||||||||||||||||
Loss per common share is computed using the weighted average number of common shares outstanding during each quarter. Diluted income (loss) per common share reflects the effect of the Company’s outstanding convertible preferred stock (using the if-converted method) and options (using the treasury stock method), except where such items would be anti-dilutive. | |||||||||||||||||||||||||
A reconciliation of weighted average shares used for the basic computation and that used for the diluted computation is as follows: | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share | Net Loss | Shares | Per Share | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Basic Earnings per Share | |||||||||||||||||||||||||
Net Loss available to Common Shareholders | $ | (846 | ) | $ | (680 | ) | |||||||||||||||||||
Basic loss per share | $ | (846 | ) | 4,860 | $ | (.17 | ) | $ | (680 | ) | 4,851 | $ | (.14 | ) | |||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||||
Net Loss available to Common Shareholders | $ | (846 | ) | $ | (680 | ) | |||||||||||||||||||
Effect of Dilutive Securities | — | — | |||||||||||||||||||||||
Diluted loss per Share | $ | (846 | ) | 4,860 | $ | (.17 | ) | $ | (680 | ) | 4,851 | $ | (.14 | ) | |||||||||||
Options to purchase 67,289 and 67,695 shares of common stock were outstanding at March 31, 2015 and 2014, respectively. No outstanding options were included in the computation of diluted loss per common share for 2015 and 2014 as the effect would be antidilutive. Shares of preferred stock convertible into 64,000 shares of common stock were outstanding at March 31, 2015 and 2014. These shares were not included in the computation of diluted (loss) earnings per common share for 2015 and 2014 because of the anti-dilutive effect. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | |
Mar. 31, 2015 | ||
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 condensed 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 demanded payment of past costs (identified in the letter as $762 thousand) 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 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. 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 has not yet been completed. 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 (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 its interest 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, on December 28, 2002 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. 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 the Site, or that its activities caused contamination at the Site, the Company paid $45 thousand to settle this suit in March 2006. |
Amtrak_Agreement
Amtrak Agreement | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Amtrak Agreement | 7 | 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 certain Company trackage subject to the requirement of providing replacement facilities. | |||||||||
Pursuant to the Agreement, the Company received a credit for mileage traveled along the Northeast Corridor. The Company recognizes 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. The Company has recorded the following offsets to Track Usage expense and has the following track mileage credit remaining: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Mileage credit available, beginning | $ | 418 | $ | 1,219 | |||||
Operating rights offset | 130 | 104 | |||||||
Mileage credit remaining, ending | $ | 288 | $ | 1,115 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 8 | Subsequent Events: |
On April 29, 2015, the Company declared a dividend of $.04 per share on its outstanding Common Stock payable May 27, 2015 to shareholders of record on May 13, 2015. | ||
During May 2015, the Company entered into a loan agreement with its commercial bank for $5 million. The loan requires payment of interest only for twelve months whereupon it converts to a ten year term loan with payments based upon a twenty year amortization. The loan will bear interest at 4.11% per annum for the life of the loan. The loan will be unsecured but will subject the Company to certain financial and non-financial covenants, including the maintenance of certain tangible net worth levels. The Company and its commercial bank extended the revolving credit line through June 2017. Borrowings under this line of credit are unsecured, due on demand and bear interest at one and one half percent over the thirty, sixty or ninety day London Interbank Offered Rate (“LIBOR”). The Company pays no commitment fee on this line and has no compensating balance requirements. |
Changes_in_Shareholders_Equity1
Changes in Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Changes in Shareholders' Equity | |||||||||||||||||||||
Preferred | Common | Additional | Retained | Total | |||||||||||||||||
Stock | Stock | Paid-in | Earnings | Shareholders’ | |||||||||||||||||
Capital | Equity | ||||||||||||||||||||
Balance December 31, 2014 | $ | 32 | $ | 2,430 | $ | 37,891 | $ | 39,059 | $ | 79,412 | |||||||||||
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 14 | 14 | |||||||||||||||||||
Share-based compensation, options granted | 96 | 96 | |||||||||||||||||||
Dividends | |||||||||||||||||||||
Preferred stock, $5.00 per share | (3 | ) | (3 | ) | |||||||||||||||||
Common stock, $.04 per share | (195 | ) | (195 | ) | |||||||||||||||||
Net loss for the period | (843 | ) | (843 | ) | |||||||||||||||||
Balance March 31, 2015 | $ | 32 | $ | 2,430 | $ | 38,001 | $ | 38,018 | $ | 78,481 |
Loss_per_Common_Share_Tables
Loss per Common Share (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Net Loss | Shares | Per Share | Net Loss | Shares | Per Share | ||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Basic Earnings per Share | |||||||||||||||||||||||||
Net Loss available to Common Shareholders | $ | (846 | ) | $ | (680 | ) | |||||||||||||||||||
Basic loss per share | $ | (846 | ) | 4,860 | $ | (.17 | ) | $ | (680 | ) | 4,851 | $ | (.14 | ) | |||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||||
Net Loss available to Common Shareholders | $ | (846 | ) | $ | (680 | ) | |||||||||||||||||||
Effect of Dilutive Securities | — | — | |||||||||||||||||||||||
Diluted loss per Share | $ | (846 | ) | 4,860 | $ | (.17 | ) | $ | (680 | ) | 4,851 | $ | (.14 | ) | |||||||||||
Amtrak_Agreement_Tables
Amtrak Agreement (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Mileage credit available, beginning | $ | 418 | $ | 1,219 | |||||
Operating rights offset | 130 | 104 | |||||||
Mileage credit remaining, ending | $ | 288 | $ | 1,115 | |||||
Changes_in_Shareholders_Equity2
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Beginning Balance | $79,412 | |
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 14 | |
Share-based compensation, options granted | 96 | |
Dividends | ||
Preferred stock, $5.00 per share | -3 | |
Common stock, $.04 per share | -195 | |
Net loss for the period | -843 | -677 |
Ending Balance | 78,481 | |
Preferred Stock [Member] | ||
Beginning Balance | 32 | |
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 0 | |
Share-based compensation, options granted | 0 | |
Dividends | ||
Preferred stock, $5.00 per share | 0 | |
Common stock, $.04 per share | 0 | |
Net loss for the period | 0 | |
Ending Balance | 32 | |
Common Stock [Member] | ||
Beginning Balance | 2,430 | |
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 0 | |
Share-based compensation, options granted | 0 | |
Dividends | ||
Preferred stock, $5.00 per share | 0 | |
Common stock, $.04 per share | 0 | |
Net loss for the period | 0 | |
Ending Balance | 2,430 | |
Additional Paid-in Capital [Member] | ||
Beginning Balance | 37,891 | |
Issuance of 764 common shares for employee stock purchases, stock options exercised and employee stock awards | 14 | |
Share-based compensation, options granted | 96 | |
Dividends | ||
Ending Balance | 38,001 | |
Retained Earnings [Member] | ||
Beginning Balance | 39,059 | |
Dividends | ||
Preferred stock, $5.00 per share | -3 | |
Common stock, $.04 per share | -195 | |
Net loss for the period | -843 | |
Ending Balance | $38,018 |
Changes_in_Shareholders_Equity3
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Issuance of common shares for stock options exercised | 764 |
Preferred stock dividends per share | $5 |
Common stock dividends per share | $0.04 |
Common Stock [Member] | |
Issuance of common shares for stock options exercised | 764 |
Additional Paid-in Capital [Member] | |
Issuance of common shares for stock options exercised | 764 |
Retained Earnings [Member] | |
Preferred stock dividends per share | $5 |
Common stock dividends per share | $0.04 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Compensating balance amount | $0 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Extended revolving line of credit facility | 5,000,000 | |
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 |
Loss_per_Common_Share_Reconcil
Loss per Common Share - Reconciliation of Weighted Average Shares Used for the Basic Computation and that Used for the Diluted Computation (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic Earnings per Share | ||
Net Loss available to Common Shareholders | ($846) | ($680) |
Number of basic shares | 4,859,879 | 4,850,938 |
Basic Loss per share | ($0.17) | ($0.14) |
Diluted Earnings per Share | ||
Net Loss available to Common Shareholders | -846 | -680 |
Effect of Dilutive Securities | 0 | 0 |
Number of diluted shares | 4,859,879 | 4,850,938 |
Diluted Loss per Share | ($0.17) | ($0.14) |
Net Loss available to Common Shareholders | ($846) | ($680) |
Loss_per_Common_Share_Addition
Loss per Common Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Options outstanding for the purchase of common stock | 67,289 | 67,695 |
Outstanding options included in the computation of diluted loss per common share | 0 | 0 |
Preferred stock convertible into common stock at rate of shares of common stock | 64,000 | 64,000 |
Shares excluded from computation of diluted (loss) earnings per common share | 64,000 | 64,000 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2006 | Mar. 31, 2015 | |
Plaintiff | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Payment of past costs demand | $762,000 | |
Number of parties named by Plaintiff | 60 | |
Accrued liability from United States Environmental Protection Agency | 0 | |
Amount paid to settle suit | $45,000 |
Amtrak_Agreement_Schedule_of_R
Amtrak Agreement - Schedule of Remaining Track Mileage Credit (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Agreement With Related Party [Abstract] | ||
Mileage credit available, beginning | $418 | $1,219 |
Operating rights offset | 130 | 104 |
Mileage credit remaining, ending | $288 | $1,115 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended |
Apr. 29, 2015 | Mar. 31, 2015 | 13-May-15 | |
Subsequent Event [Line Items] | |||
Compensating balance amount | 0 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Dividend declared | $0.04 | ||
Dividend payable declared | 29-Apr-15 | ||
Outstanding common stock payable date | 27-May-15 | ||
Dividend payable date on record | 13-May-15 | ||
Commercial Loan [Member] | |||
Subsequent Event [Line Items] | |||
Variable rate interest | LIBOR | ||
Variable rate interest Option 2 | One and one half percent over the thirty, sixty or ninety day London Interbank Offered Rate ("LIBOR"). | ||
Commercial Loan [Member] | Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Commercial bank loan | 5,000,000 | ||
Debt instrument maturity term | 10 years | ||
Amortization period | 20 years | ||
Loan Interest rate | 4.11% | ||
Commitment fee amount | 0 | ||
Compensating balance amount | $0 |