Providence & Worcester Railroad (PWX) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PWX
Entity Registrant Name	PROVIDENCE & WORCESTER RAILROAD CO/RI/
Entity Central Index Key	831,968
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,861,715

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 7,361	$ 6,414
Accounts receivable, net of allowance for doubtful accounts of $160 in 2015 and 2014, respectively	4,298	5,007
Materials and supplies	1,158	1,067
Prepaid expenses and other current assets	162	634
Deferred income taxes	399	399
Total Current Assets	13,378	13,521
Property and Equipment, net	85,780	85,955
Land Held for Development	12,457	12,457
Total Assets	111,615	111,933
Current Liabilities:
Accounts payable	3,677	3,872
Current portion of deferred grant and other revenue	411	230
Accrued expenses	2,059	1,810
Total Current Liabilities	6,147	5,912
Deferred Income Taxes	13,611	13,623
Deferred Grant and Other Income	12,779	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 4,861,715 shares in 2015 and 4,859,871 shares in 2014	2,431	2,430
Additional paid-in capital	38,018	37,891
Retained earnings	38,597	39,059
Total Shareholders' Equity	79,078	79,412
Total Liabilities and Shareholders' Equity	$ 111,615	$ 111,933

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
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	4,861,715	4,859,871
Common stock, shares outstanding	4,861,715	4,859,871

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Operating Revenues	$ 9,516	$ 9,511	$ 16,777	$ 16,025
Operating Expenses:
Maintenance of way and structures	1,229	1,325	2,762	2,677
Maintenance of equipment	945	1,049	1,707	1,961
Transportation	2,659	2,647	5,451	5,118
General and administrative	1,108	1,422	2,489	2,660
Depreciation	880	888	1,757	1,788
Taxes, other than income taxes	830	700	1,563	1,356
Car hire, net	525	226	908	453
Employee retirement plans	56	57	113	114
Track usage fees	179	87	219	116
Total Operating Expenses	8,411	8,401	16,969	16,243
Operating Income (Loss) before Interest and Income Taxes	1,105	1,110	(192)	(218)
Other income	103	117	110	127
Income (Loss) from operations before Income Taxes	1,208	1,227	(82)	(91)
Income Tax Provision (Benefit)	435	602	(12)	(39)
Net Income (Loss)	773	625	(70)	(52)
Preferred Stock Dividends			3	3
Net Income (Loss) Attributable to Common Shareholders	$ 773	$ 625	$ (73)	$ (55)
Income (Loss) Per Common Share:
Basic	$ 0.16	$ 0.13	$ (0.01)	$ (0.01)
Diluted	$ 0.16	$ 0.13	$ (0.01)	$ (0.01)
Weighted-Average Common Shares Outstanding:
For basic	4,860,863	4,853,088	4,860,374	4,852,469
For diluted	4,935,190	4,928,643	4,860,374	4,852,469

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net loss	$ (70)	$ (52)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation	1,757	1,788
Amortization of deferred grant income	(471)	(486)
Allowance for doubtful accounts		115
Proceeds from deferred grant and other revenue	445	445
Deferred income taxes benefit	(12)	(39)
Share-based compensation	96	114
Increase (decrease) in cash from:
Accounts receivable	709	(524)
Materials and supplies	(91)	91
Prepaid expenses and other current assets	472	360
Accounts payable and accrued expenses	(400)	(508)
Net cash flows from operating activities	2,435	1,304
Cash flows from Investing Activities:
Purchase of property and equipment	(1,128)	(2,494)
Proceeds from sale of property and equipment		250
Net cash flows used in investing activities	(1,128)	(2,244)
Cash Flows from Financing Activities:
Dividends paid	(392)	(392)
Issuance of common shares for stock options exercised and employee stock purchases	32	77
Net cash flows used in financing activities	(360)	(315)
Increase (decrease) in Cash and Cash Equivalents	947	(1,255)
Cash and Cash Equivalents, Beginning of Period	6,414	2,614
Cash and Cash Equivalents, End of Period	7,361	1,359
Supplemental Disclosures:
Cash paid for income taxes	448	97
Property and equipment included in accounts payable	$ 570	$ 119

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. In the opinion of management, the accompanying interim condensed 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 June 30, 2015, the results of operations for the three and six months ended June 30, 2015 and 2014 and cash flows for the six months ended June 30, 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 necessarily be indicative of the results to be expected for the full year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 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

Changes in Shareholders' Equity

Changes in Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Changes in Shareholders' Equity	3. Changes in Shareholders’ Equity: Preferred Common Additional Paid-in Retained Total Balance December 31, 2014 $ 32 $ 2,430 $ 37,891 $ 39,059 $ 79,412 Issuance of 1,844 common shares for employee stock purchases, stock options exercised and employee stock awards 1 31 32 Share-based compensation, options granted 96 96 Dividends: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.08 per share (389 ) (389 ) Net loss for the period (70 ) (70 ) Balance June 30, 2015 $ 32 $ 2,431 $ 38,018 $ 38,597 $ 79,078

Debt

Debt	6 Months Ended
	Jun. 30, 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, 2017. 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. The Company 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 June 30, 2015 and December 31, 2014, no amounts were outstanding. The Company entered into a loan agreement with its commercial bank for $5,000 for the rehabilitation of four and the replacement of one main line bridges. The loan requires 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 is unsecured and is subject to certain financial and non-financial covenants. The Company anticipates initial drawdowns during the third quarter of 2015.

Income (Loss) per Common Share

Income (Loss) per Common Share	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended 2015 2014 2015 2014 Weighted-average common shares for basic 4,860,863 4,853,088 4,859,990 4,852,469 Dilutive effect of convertible preferred stock and stock options 74,327 75,555 — — Weighted-average common shares for diluted 4,935,190 4,928,643 4,859,990 4,852,469 Options to purchase 67,063 and 65,191 shares of common stock were outstanding at June 30, 2015 and 2014, respectively. For the three month periods ended June 30, 2015 and 2014, 10,327 and 11,555 of outstanding options to purchase common shares were included in the computation of diluted earnings per share (EPS). For the six month period ended June 30, 2015 and 2014, no outstanding options were included as the effect would be antidilutive. Shares of preferred stock convertible into 64,000 shares of common stock were outstanding for the three and six-month periods ended June 30, 2015 and 2014. For the three month periods ended June 30, 2015 and 2014, the 64,000 shares were included in the calculation of diluted earnings per share. For the six month period ended June 30, 2015 and 2014, the 64,000 shares were not included in the calculation of diluted earnings per share as the effect would be antidilutive. At its annual shareholders meeting April 29, 2015 the shareholders approved the 2015 Equity Incentive Plan. Any future options grant will be made only pursuant to the 2015 Plan.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 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, 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)

Amtrak Agreement

Amtrak Agreement	6 Months Ended
	Jun. 30, 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 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: Three Months Ended Six Months Ended 2015 2014 2015 2014 Mileage credit available, beginning $ 288 $ 1,115 $ 418 $ 1,200 Utilized 288 210 418 295 Mileage credit available, ending $ — $ 905 $ — $ 905 No credits remained outstanding as of June 30, 2015.

Open-Top Hoppers

Open-Top Hoppers	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Open-Top Hoppers	8. Open-Top Hoppers In June, 2014, the Company acquired from GATX Corporation 75 open-top hoppers, which were previously under lease. The Company acquired these open-top hoppers for $1,500.

Subsequent event and dividend

Subsequent event and dividend	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent event and dividend	9. Subsequent event and dividend: On July 29, 2015, the Company declared a dividend of $.04 per share on its outstanding common stock payable August 26, 2015 to shareholders of record as of August 12, 2015. In July, 2015, the Company acquired two (2) SD70M-2 locomotives for $1,610.

Recent Accounting Pronounceme15

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers

Changes in Shareholders' Equi16

Changes in Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Changes in Shareholders' Equity	Preferred Common Additional Paid-in Retained Total Balance December 31, 2014 $ 32 $ 2,430 $ 37,891 $ 39,059 $ 79,412 Issuance of 1,844 common shares for employee stock purchases, stock options exercised and employee stock awards 1 31 32 Share-based compensation, options granted 96 96 Dividends: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.08 per share (389 ) (389 ) Net loss for the period (70 ) (70 ) Balance June 30, 2015 $ 32 $ 2,431 $ 38,018 $ 38,597 $ 79,078

Income (Loss) per Common Share

Income (Loss) per Common Share (Tables)	6 Months Ended
	Jun. 30, 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: Three Months Ended Six Months Ended 2015 2014 2015 2014 Weighted-average common shares for basic 4,860,863 4,853,088 4,859,990 4,852,469 Dilutive effect of convertible preferred stock and stock options 74,327 75,555 — — Weighted-average common shares for diluted 4,935,190 4,928,643 4,859,990 4,852,469

Amtrak Agreement (Tables)

Amtrak Agreement (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Schedule of Remaining Track Mileage Credit	The Company has recorded the following offsets to Track Usage expense: Three Months Ended Six Months Ended 2015 2014 2015 2014 Mileage credit available, beginning $ 288 $ 1,115 $ 418 $ 1,200 Utilized 288 210 418 295 Mileage credit available, ending $ — $ 905 $ — $ 905

Changes in Shareholders' Equi19

Changes in Shareholders' Equity - Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Beginning Balance			$ 79,412
Issuance of 1,844 common shares for employee stock purchases, stock options exercised and employee stock awards			32
Share-based compensation, options granted			96
Dividends
Preferred stock, $5.00 per share			(3)
Common stock, $.08 per share			(389)
Net Income (Loss)	$ 773	$ 625	(70)	$ (52)
Ending Balance	79,078		79,078
Preferred Stock [Member]
Beginning Balance			32
Dividends
Ending Balance	32		32
Common Stock [Member]
Beginning Balance			2,430
Issuance of 1,844 common shares for employee stock purchases, stock options exercised and employee stock awards			1
Dividends
Ending Balance	2,431		2,431
Additional Paid-in Capital [Member]
Beginning Balance			37,891
Issuance of 1,844 common shares for employee stock purchases, stock options exercised and employee stock awards			31
Share-based compensation, options granted			96
Dividends
Ending Balance	38,018		38,018
Retained Earnings [Member]
Beginning Balance			39,059
Dividends
Preferred stock, $5.00 per share			(3)
Common stock, $.08 per share			(389)
Net Income (Loss)			(70)
Ending Balance	$ 38,597		$ 38,597

Changes in Shareholders' Equi20

Changes in Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) - 6 months ended Jun. 30, 2015 - $ / shares shares in Thousands	Total
Issuance of common shares for stock options exercised	1,844
Preferred stock dividends per share	$ 5
Common stock dividends per share	$ 0.08
Common Stock [Member]
Issuance of common shares for stock options exercised	1,844
Additional Paid-in Capital [Member]
Issuance of common shares for stock options exercised	1,844
Retained Earnings [Member]
Preferred stock dividends per share	$ 5
Common stock dividends per share	$ 0.08

Debt - Additional Information (

Debt - Additional Information (Detail) - Unsecured Debt [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Compensating balance amount	$ 0
Commercial Loan [Member]
Debt Instrument [Line Items]
Commercial bank loan	$ 5,000,000
Debt instrument maturity term	10 years
Amortization period	20 years
Loan Interest rate	4.11%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Extended revolving line of credit facility	$ 5,000,000
Line of credit facility maturity date	Jun. 25, 2017
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 Shar22

Income (Loss) Per Common Share - Reconciliation of Weighted-Average Shares Used for the Basic Computation and that Used for the Diluted Computation (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted-average common shares for basic	4,860,863	4,853,088	4,860,374	4,852,469
Dilutive effect of convertible preferred stock and stock options	74,327	75,555
Weighted-average common shares for diluted	4,935,190	4,928,643	4,860,374	4,852,469

Income (Loss) Per Common Shar23

Income (Loss) Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding for the purchase of common stock	67,063	65,191	67,063	65,191
Shares included in computation of earnings per share	10,327	11,555
Preferred stock convertible into common stock at rate of shares of common stock	64,000	64,000	64,000	64,000
Shares attributable to conversion of preferred stock included in computation of earnings per share	64,000	64,000
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share			0	0
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted earnings per share			64,000	64,000

Commitments and Contingent Li24

Commitments and Contingent Liabilities - Additional Information (Detail)	1 Months Ended	6 Months Ended
	Mar. 31, 2006USD ($)	Jun. 30, 2015USD ($)Plaintiff
Commitments and Contingencies Disclosure [Abstract]
Payment of past costs demand		$ 762,000
Number of parties named by Plaintiff | Plaintiff		60
Accrued liability from United States Environmental Protection Agency		$ 0
Amount paid to settle suit	$ 45,000

Amtrak Agreement - Schedule of

Amtrak Agreement - Schedule of Remaining Track Mileage Credit (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Agreement With Related Party [Abstract]
Mileage credit available, beginning	$ 288,000	$ 1,115,000	$ 418,000	$ 1,200,000
Utilized	$ 288,000	210,000	418,000	295,000
Mileage credit available, ending		$ 905,000	$ 0	$ 905,000

Amtrak Agreement - Additional I

Amtrak Agreement - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Credit for mileage outstanding	$ 905,000	$ 0	$ 905,000

Open-Top Hoppers - Additional I

Open-Top Hoppers - Additional Information (Detail) - Jun. 30, 2014 - Rail Cars [Member] $ in Thousands	USD ($)Railcar
Long Lived Assets Held-for-sale [Line Items]
Acquisition of equipment | $	$ 1,500
Number of open-top hoppers acquired from GATX	75

Subsequent Event and Dividends

Subsequent Event and Dividends - Additional Information (Detail) - Subsequent Events [Member] $ / shares in Units, $ in Thousands	Jul. 29, 2015$ / shares	Jul. 31, 2015USD ($)Locomotives
Subsequent Event [Line Items]
Dividend declared | $ / shares	$ 0.04
Dividend payable declared	Jul. 29, 2015
Outstanding common stock payable date	Aug. 26, 2015
Dividend payable date on record	Aug. 12, 2015
Number of locomotives acquired		2
Locomotives [Member]
Subsequent Event [Line Items]
Acquisition of equipment | $		$ 1,610