Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 4,862,733 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 4,452 | $ 6,414 |
Accounts receivable, net of allowance for doubtful accounts of $160 in 2015 and 2014 | 5,164 | 5,007 |
Materials and supplies | 1,385 | 1,067 |
Prepaid expenses and other current assets | 938 | 634 |
Deferred income taxes | 399 | 399 |
Total Current Assets | 12,338 | 13,521 |
Property and Equipment, net | 88,080 | 85,955 |
Land Held for Development | 12,457 | 12,457 |
Total Assets | 112,875 | 111,933 |
Current Liabilities: | ||
Accounts payable | 4,952 | 3,872 |
Current portion of deferred grant and other income | 319 | 230 |
Accrued expenses | 1,755 | 1,810 |
Total Current Liabilities | 7,026 | 5,912 |
Deferred Income Taxes | 13,851 | 13,623 |
Deferred Grant and Other Revenue | 12,638 | 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 4,862,693 shares in 2015 and 4,859,871 shares in 2014 | 2,431 | 2,430 |
Additional paid-in capital | 38,034 | 37,891 |
Retained earnings | 38,863 | 39,059 |
Total Shareholders’ Equity | 79,360 | 79,412 |
Total Liabilities and Shareholders’ Equity | $ 112,875 | $ 111,933 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 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 | 4,862,693 | 4,859,871 |
Common stock, shares outstanding | 4,862,693 | 4,859,871 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Operating Revenues | $ 9,449 | $ 8,967 | $ 26,227 | $ 24,992 |
Operating Expenses: | ||||
Maintenance of way and structures | 1,243 | 1,597 | 4,004 | 4,274 |
Maintenance of equipment | 977 | 989 | 2,684 | 2,949 |
Transportation | 2,731 | 2,841 | 8,182 | 7,960 |
General and administrative | 1,190 | 1,038 | 3,680 | 3,700 |
Depreciation | 892 | 894 | 2,648 | 2,682 |
Taxes, other than income taxes | 787 | 668 | 2,351 | 2,024 |
Car hire, net | 440 | 290 | 1,348 | 743 |
Employee retirement plans | 56 | 57 | 170 | 171 |
Track usage fees | 442 | 79 | 661 | 194 |
Total Operating Expenses | 8,758 | 8,453 | 25,728 | 24,697 |
Operating Income before Interest and Income Taxes | 691 | 514 | 499 | 295 |
Other income | 23 | 441 | 133 | 568 |
Income from operations prior to income taxes | 714 | 955 | 632 | 863 |
Provision for Income Taxes | 252 | 502 | 241 | 462 |
Net Income | 462 | 453 | 391 | 401 |
Preferred Stock Dividends | 3 | 3 | ||
Net Income Attributable to Common Shareholders | $ 462 | $ 453 | $ 388 | $ 398 |
Net Income Per Common Share | ||||
Basic | $ 0.10 | $ 0.09 | $ 0.08 | $ 0.08 |
Diluted | $ 0.09 | $ 0.09 | $ 0.08 | $ 0.08 |
Weighted-Average Common Shares Outstanding: | ||||
For basic | 4,861,697 | 4,857,083 | 4,860,820 | 4,853,985 |
For diluted | 4,932,782 | 4,931,235 | 4,934,247 | 4,929,059 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 391 | $ 401 |
Adjustments to reconcile the net income to cash flows from operating activities: | ||
Depreciation | 2,648 | 2,682 |
Gain on sale of equipment | (538) | |
Amortization of deferred grant and other income | (612) | (724) |
Proceeds from deferred grant and other income | 353 | 701 |
Provision for deferred income taxes | 228 | 293 |
Share-based compensation | 96 | 114 |
Increase (decrease) in cash from: | ||
Accounts receivable | (157) | (1,106) |
Materials and supplies | (318) | 289 |
Prepaid expenses and other current assets | (304) | (347) |
Accounts payable and accrued expenses | 841 | 553 |
Net cash flows from operating activities | 3,166 | 2,318 |
Cash flows from Investing Activities: | ||
Purchase of property and equipment | (4,589) | (3,246) |
Proceeds from sale of property, equipment and easements | 952 | |
Net cash flows used in investing activities | (4,589) | (2,294) |
Cash Flows from Financing Activities: | ||
Dividends paid | (587) | (586) |
Issuance of common shares for stock options exercised and employee stock purchases | 48 | 110 |
Net cash flows used in financing activities | (539) | (476) |
Decrease in Cash and Cash Equivalents | (1,962) | (452) |
Cash and Cash Equivalents, Beginning of Period | 6,414 | 2,614 |
Cash and Cash Equivalents, End of Period | 4,452 | 2,162 |
Supplemental Disclosures: | ||
Cash paid for income taxes | 508 | 139 |
Property and equipment included in accounts payable | $ 184 | $ 304 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [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, 2014, the results of operations for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 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 | 9 Months Ended |
Sep. 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 (“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. On July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. The Company is currently evaluating the impact and method of implementing this new guidance on its financial statements and related disclosures. |
Changes in Shareholders' Equity
Changes in Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes in Shareholders' Equity | 3. Changes in Shareholders’ Equity: Additional Total Preferred Common Paid-in Retained Shareholders’ Stock Stock Capital Earnings Equity Balance December 31, 2014 $ 32 $ 2,430 $ 37,891 $ 39,059 $ 79,412 Issuance of 2,851 common shares for stock options exercised, employee stock purchases and employee stock awards 1 47 48 Share-based compensation, options granted 96 96 Dividends: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.12 per share (584 ) (584 ) Net income for the period 391 391 Balance September 30, 2015 $ 32 $ 2,431 $ 38,034 $ 38,863 $ 79,360 |
Debt
Debt | 9 Months Ended |
Sep. 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. 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, 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 (until May 2016), 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. In October 2015, the Company drew down $1,000. |
Income per Common Share
Income per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Income per Common Share | 5. Income per Common Share: Basic income per common share is computed using the weighted-average number of common shares outstanding during each period. Diluted income 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, 2015 2014 2015 2014 Weighted-average shares for basic 4,861,697 4,857,083 4,860,820 4,853,985 Dilutive effect of convertible preferred stock and stock options 71,085 74,152 73,427 75,074 Weighted-average shares for diluted 4,932,782 4,931,235 4,934,247 4,929,059 Options to purchase 66,330 and 60,838 shares of common stock were outstanding at September 30, 2015 and 2014, respectively. For the three month periods ended September 30, 2015 and 2014, 7,085 and 10,152 of outstanding options to purchase common shares were included, respectively, in the computation of diluted earnings per share (EPS). For the nine month period ended September 30, 2015 and 2014, 9,427 and 11,074 of outstanding options to purchase common stock were included in the computation of diluted earnings per share (EPS). Shares of preferred stock convertible into 64,000 shares of common stock were outstanding for the three and nine-month periods ended September 30, 2015 and 2014. For the three and nine-month periods ended September 30, 2015 and 2014, the 64,000 shares were included in the calculation of diluted earnings per share. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 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 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. 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) The Government has now selected a remedy for the Site and has indicated that it will negotiate with all of the PRPs at the site to take over and or pay for the cleanup. As it did before, the Company responded 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. |
Amtrak Agreement
Amtrak Agreement | 9 Months Ended |
Sep. 30, 2015 | |
Agreement With Related Party [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 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 recognized the expense offset relative to Track Usage Fees as the expenses were 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Mileage credit available $ - $ 905 $ 418 $ 1,200 Utilized - 199 418 494 Mileage credit remaining $ - $ 706 $ - $ 706 No credits remained outstanding as of September 30, 2015. |
Open-Top Hoppers
Open-Top Hoppers | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Open-Top Hoppers | 8. Open-Top Hoppers During 2014, the Company entered into an agreement with an unrelated third party for the disposal of 126 open-top hopper cars (the “cars”). The Agreement called for the cars to be disposed of over a period of time. The disposal was completed by September 30, 2014 and the Company received proceeds of approximately $952 for the disposal of the cars, resulting in a gain of $538, which is included in other income in the Statement of Operations for the nine months ended September 30, 2014. |
Subsequent event and dividends
Subsequent event and dividends | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent event and dividends | 9 . Subsequent event and dividends: On October 28, 2015, the Company declared a dividend of $.04 per share on its outstanding common stock payable November 25, 2015 to shareholders of record as of November 11, 2015. |
Recent Accounting Pronounceme15
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 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 (“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. On July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. The Company is currently evaluating the impact and method of implementing this new guidance on its financial statements and related disclosures. |
Changes in Shareholders' Equi16
Changes in Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes in Shareholders' Equity | Additional Total Preferred Common Paid-in Retained Shareholders’ Stock Stock Capital Earnings Equity Balance December 31, 2014 $ 32 $ 2,430 $ 37,891 $ 39,059 $ 79,412 Issuance of 2,851 common shares for stock options exercised, employee stock purchases and employee stock awards 1 47 48 Share-based compensation, options granted 96 96 Dividends: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.12 per share (584 ) (584 ) Net income for the period 391 391 Balance September 30, 2015 $ 32 $ 2,431 $ 38,034 $ 38,863 $ 79,360 |
Income per Common Share (Tables
Income per Common Share (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares for basic 4,861,697 4,857,083 4,860,820 4,853,985 Dilutive effect of convertible preferred stock and stock options 71,085 74,152 73,427 75,074 Weighted-average shares for diluted 4,932,782 4,931,235 4,934,247 4,929,059 |
Amtrak Agreement (Tables)
Amtrak Agreement (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Agreement With Related Party [Abstract] | |
Schedule of Remaining Track Mileage Credit | The Company has recorded the following offsets to Track Usage expense: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Mileage credit available $ - $ 905 $ 418 $ 1,200 Utilized - 199 418 494 Mileage credit remaining $ - $ 706 $ - $ 706 |
Changes in Shareholders' Equi19
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Issuance of common shares for stock options exercised | shares | 2,851 |
Preferred stock dividends per share | $ 5 |
Common stock dividends per share | $ 0.12 |
Common Stock [Member] | |
Issuance of common shares for stock options exercised | shares | 2,851 |
Additional Paid-in Capital [Member] | |
Issuance of common shares for stock options exercised | shares | 2,851 |
Retained Earnings [Member] | |
Preferred stock dividends per share | $ 5 |
Common stock dividends per share | $ 0.12 |
Changes in Shareholders' Equi20
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Beginning Balance | $ 79,412 | |||
Issuance of 2,851 common shares for stock options exercised, employee stock purchases and employee stock awards | 48 | |||
Share-based compensation, options granted | 96 | |||
Dividends: | ||||
Preferred stock, $5.00 per share | (3) | |||
Common stock, $.12 per share | (584) | |||
Net income for the period | $ 462 | $ 453 | 391 | $ 401 |
Ending Balance | 79,360 | 79,360 | ||
Preferred Stock [Member] | ||||
Beginning Balance | 32 | |||
Dividends: | ||||
Ending Balance | 32 | 32 | ||
Common Stock [Member] | ||||
Beginning Balance | 2,430 | |||
Issuance of 2,851 common shares for stock options exercised, employee stock purchases and employee stock awards | 1 | |||
Dividends: | ||||
Ending Balance | 2,431 | 2,431 | ||
Additional Paid-in Capital [Member] | ||||
Beginning Balance | 37,891 | |||
Issuance of 2,851 common shares for stock options exercised, employee stock purchases and employee stock awards | 47 | |||
Share-based compensation, options granted | 96 | |||
Dividends: | ||||
Ending Balance | 38,034 | 38,034 | ||
Retained Earnings [Member] | ||||
Beginning Balance | 39,059 | |||
Dividends: | ||||
Preferred stock, $5.00 per share | (3) | |||
Common stock, $.12 per share | (584) | |||
Net income for the period | 391 | |||
Ending Balance | $ 38,863 | $ 38,863 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Unsecured Debt [Member] - USD ($) | 1 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
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 | |
Compensating balance amount | 0 | ||
Commercial Loan [Member] | |||
Debt Instrument [Line Items] | |||
Commercial bank loan | $ 5,000,000 | ||
Interest only loan payment period | 12 months | ||
Debt instrument maturity term | 10 years | ||
Amortization period | 20 years | ||
Loan Interest rate | 4.11% | ||
Subsequent Events [Member] | Commercial Loan [Member] | |||
Debt Instrument [Line Items] | |||
Loan drawn amount | $ 1,000,000 |
Income Per Common Share - Recon
Income 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares for basic | 4,861,697 | 4,857,083 | 4,860,820 | 4,853,985 |
Dilutive effect of convertible preferred stock and stock options | 71,085 | 74,152 | 73,427 | 75,074 |
Weighted-average shares for diluted | 4,932,782 | 4,931,235 | 4,934,247 | 4,929,059 |
Income Per Common Share - Addit
Income Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Options outstanding for the purchase of common stock | 66,330 | 60,838 | 66,330 | 60,838 |
Shares included in computation of earnings per share | 7,085 | 10,152 | 9,427 | 11,074 |
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 | 64,000 | 64,000 |
Commitments and Contingent Li24
Commitments and Contingent Liabilities - Additional Information (Detail) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2006USD ($) | Sep. 30, 2015USD ($)Plaintiff | |
Commitments And Contingencies Disclosure [Abstract] | ||
Payment of past costs demand | $ 762,000 | |
Minimum period for clean-up of site | 2 years | |
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 | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Agreement With Related Party [Abstract] | |||
Mileage credit available | $ 905,000 | $ 418,000 | $ 1,200,000 |
Utilized | 199,000 | 418,000 | 494,000 |
Mileage credit remaining | $ 706,000 | $ 0 | $ 706,000 |
Amtrak Agreement - Additional I
Amtrak Agreement - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Credit for mileage outstanding | $ 706,000 | $ 0 | $ 706,000 |
Open-Top Hoppers - Additional I
Open-Top Hoppers - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014USD ($) | Dec. 31, 2014Railcar | |
Long Lived Assets Held-for-sale [Line Items] | ||
Number of cars held for disposal | Railcar | 126 | |
Rail Cars [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Anticipated proceeds from disposal of cars | $ 952 | |
Gain on disposal of cars | $ 538 |
Subsequent Event and Dividends
Subsequent Event and Dividends - Additional Information (Detail) - Subsequent Events [Member] | Oct. 28, 2015$ / shares |
Subsequent Event [Line Items] | |
Dividend declared | $ 0.04 |
Dividend payable declared | Oct. 28, 2015 |
Outstanding common stock payable date | Nov. 25, 2015 |
Dividend payable date on record | Nov. 11, 2015 |