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 |