Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 05, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 4,865,737 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,619 | $ 6,281 |
Accounts receivable, net of allowance for doubtful accounts of $160 in 2016 and 2015 | 4,167 | 4,977 |
Materials and supplies | 942 | 911 |
Prepaid expenses and other current assets | 303 | 621 |
Total Current Assets | 11,031 | 12,790 |
Property and Equipment, net | 88,508 | 88,910 |
Land Held for Development | 12,457 | 12,457 |
Total Assets | 111,996 | 114,157 |
Current Liabilities: | ||
Accounts payable | 3,495 | 4,251 |
Current portion of long-term debt | 20 | 20 |
Current portion of deferred grant and other income | 447 | 319 |
Accrued expenses | 1,839 | 1,653 |
Total Current Liabilities | 5,801 | 6,243 |
Long-Term Debt, net of current portion | 980 | 980 |
Deferred Income Taxes | 13,066 | 13,602 |
Deferred Grant and Other Income | 12,639 | 12,714 |
Shareholders’ Equity: | ||
Preferred stock, 10% noncumulative, $50 par value; authorized, issued and outstanding 640 shares in 2016 and 2015 | 32 | 32 |
Common stock, $.50 par value; authorized 15,000,000 shares; issued and outstanding 4,865,737 shares in 2016 and 4,862,693 shares in 2015 | 2,433 | 2,432 |
Additional paid-in capital | 38,140 | 38,050 |
Retained earnings | 38,905 | 40,104 |
Total Shareholders’ Equity | 79,510 | 80,618 |
Total Liabilities and Shareholders’ Equity | $ 111,996 | $ 114,157 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 4,865,737 | 4,862,693 |
Common stock, shares outstanding | 4,865,737 | 4,862,693 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Operating Revenues | $ 7,223 | $ 7,261 |
Operating Expenses: | ||
Maintenance of way and structures | 1,543 | 1,533 |
Maintenance of equipment | 1,097 | 762 |
Transportation | 2,291 | 2,792 |
General and administrative | 1,368 | 1,382 |
Depreciation | 959 | 876 |
Taxes, other than income taxes | 806 | 733 |
Car hire, net | 387 | 383 |
Employee retirement plans | 56 | 57 |
Track usage fees | 255 | 40 |
Total Operating Expenses | 8,762 | 8,558 |
Loss from operations | (1,539) | (1,297) |
Other income | 9 | 7 |
Interest expense | 5 | |
Loss from operations prior to income taxes | (1,535) | (1,290) |
Provision for income taxes | (536) | (447) |
Net Loss | (999) | (843) |
Preferred Stock Dividends | 3 | 3 |
Net Loss Attributable to Common Shareholders | $ (1,002) | $ (846) |
Net Loss Per Common Share | ||
Basic | $ (0.21) | $ (0.17) |
Diluted | $ (0.21) | $ (0.17) |
Weighted-Average Common Shares Outstanding: | ||
For basic | 4,865 | 4,860 |
For diluted | 4,865 | 4,860 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (999) | $ (843) |
Adjustments to reconcile the net loss to cash flows from operating activities: | ||
Depreciation | 959 | 876 |
Amortization of deferred grant and other income | (246) | (235) |
Deferred grant and other income | 316 | 288 |
Deferred income taxes | (536) | (447) |
Share-based compensation | 76 | 98 |
Increase (decrease) in cash from: | ||
Accounts receivable | 793 | 278 |
Materials and supplies | (31) | 10 |
Prepaid expenses and other current assets | 318 | 340 |
Accounts payable and accrued expenses | (305) | 444 |
Net cash flows provided by operating activities | 345 | 809 |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (822) | (350) |
Net cash flows used in investing activities | (822) | (350) |
Cash Flows from Financing Activities: | ||
Dividends paid | (200) | (198) |
Issuance of common shares for stock options exercised and employee stock purchases | 15 | 12 |
Net cash flows used in financing activities | (185) | (186) |
(Decrease) Increase in Cash and Cash Equivalents | (662) | 273 |
Cash and Cash Equivalents, Beginning of Period | 6,281 | 6,414 |
Cash and Cash Equivalents, End of Period | 5,619 | 6,687 |
Supplemental Disclosures: | ||
Cash paid for income taxes | 310 | 385 |
Deferred grant income in accounts receivable | 17 | |
Property and equipment included in accounts payable | $ 265 | $ 217 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 and recurring adjustments) necessary to present fairly the financial position as of March 31, 2016 and the results of operations and cash flows for the three months ended March 31, 2016 and 2015 in accordance with accounting principles generally accepted in the United States. The accompanying condensed balance sheet as of December 31, 2015, 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, 2015 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 Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
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. On July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. 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 and method of implementing this new guidance on its financial statements and related disclosures. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which, effective for annual and interim reporting periods beginning after December 15, 2016, simplifies the presentation of deferred income taxes, requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Since early application is permitted, the new standard has been applied in the Company’s financial statements as of December 31, 2015. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. |
Changes in Shareholders' Equity
Changes in Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 $ 32 $ 2,432 $ 38,050 $ 40,104 $ 80,618 Issuance of 1,049 common shares for stock options exercised, employee stock purchases, and other 1 14 15 Share based compensation – options granted 76 76 Dividends paid: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.04 per share (197 ) (197 ) Net loss (999 ) (999 ) Balance, March 31, 2016 $ 32 $ 2,433 $ 38,140 $ 38,905 $ 79,510 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt: Revolving Line of Credit The Company has a revolving line of credit facility in the amount of $5,000 from a commercial bank expiring on June 25, 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 March 31, 2016 and December 31, 2015, no amounts were outstanding. Long-term Debt The Company entered into a loan agreement with its commercial bank for $5 million in 2014, the majority of which was or will be utilized to rehabilitate four and replace one main line bridges. Once the rehabilitation and replacement are complete, the Company will have the ability to haul freight with a lading of 286,000 pounds on its main line from Worcester, MA to Davisville/Providence RI. As provided in the agreement, the loan requires payments 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 is unsecured and subjects the Company to certain financial and non-financial covenants, including the maintenance of certain tangible net worth levels. The Company drew down the remaining $4 million in April 2016. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 5. Net Loss 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: 2016 2015 Net Loss Shares Per Share Amount Net Loss Shares Per Share Amount Basic Loss per Share Net Loss Attributable to Common Shareholders $ (1,002 ) $ (846 ) Basic Loss per share $ (1,002 ) 4,865 $ (0.21 ) $ (846 ) 4,860 $ (0.17 ) Diluted Loss per Share Net Loss Attributable to Common Shareholders $ (1,002 ) $ (846 ) Effect of Dilutive Securities - - Diluted Loss per Share $ (1,002 ) 4,865 $ (0.21 ) $ (846 ) 4,860 $ (0.17 ) Options to purchase 114,312 and 67,289 shares of common stock were outstanding at March 31, 2016 and 2015, respectively. No outstanding options were included in the computation of diluted loss per common share for 2016 and 2015 as the effect would be antidilutive. Shares of preferred stock convertible into 64,000 shares of common stock were outstanding at March 31, 2016 and 2015. These shares were not included in the computation of diluted loss per common share for 2016 and 2015 because of the anti-dilutive effect. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 | 3 Months Ended |
Mar. 31, 2016 | |
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. 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. No credits remained outstanding as of March 31, 2016. Three Months Ended March 31, 2016 2015 Mileage credit available $ - $ 418 Utilized - 130 Mileage credit remaining $ - $ 288 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation: In April 2015, the Company’s shareholders approved the Providence and Worcester Railroad Company 2015 Equity Incentive Plan (“Plan”), which replaced the Company’s non-qualified stock option plan (“SOP”). In January 2016, 54,000 options and 70,500 restricted stock units (“RSU”) were awarded under the Plan. The option awards vest in accordance with the term of the option awards (mainly time vested over a 5 year period) and the RSU are performance based. Options issued but not exercised under the SOP totaling 114,312 remain outstanding until they are either exercised or expire. |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | 9 . Subsequent events: On April 27, 2016, the Company declared a dividend of $.04 per share on its outstanding common stock payable May 25, 2016 to shareholders of record as of May 11, 2016. In April 2016, the Company drew down $4,000 from an unsecured loan bearing interest at 4.11% per annum for the life of the loan. |
Recent Accounting Pronounceme15
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. On July 9, 2015, the FASB approved a one year deferral of the effective date of ASU 2014-09. 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 and method of implementing this new guidance on its financial statements and related disclosures. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, which, effective for annual and interim reporting periods beginning after December 15, 2016, simplifies the presentation of deferred income taxes, requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Since early application is permitted, the new standard has been applied in the Company’s financial statements as of December 31, 2015. Prior periods were not retrospectively adjusted. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. |
Changes in Shareholders' Equi16
Changes in Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Shareholders' Equity | Additional Total Preferred Common Paid-in Retained Shareholders’ Stock Stock Capital Earnings Equity Balance, December 31, 2015 $ 32 $ 2,432 $ 38,050 $ 40,104 $ 80,618 Issuance of 1,049 common shares for stock options exercised, employee stock purchases, and other 1 14 15 Share based compensation – options granted 76 76 Dividends paid: Preferred stock, $5.00 per share (3 ) (3 ) Common stock, $.04 per share (197 ) (197 ) Net loss (999 ) (999 ) Balance, March 31, 2016 $ 32 $ 2,433 $ 38,140 $ 38,905 $ 79,510 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: 2016 2015 Net Loss Shares Per Share Amount Net Loss Shares Per Share Amount Basic Loss per Share Net Loss Attributable to Common Shareholders $ (1,002 ) $ (846 ) Basic Loss per share $ (1,002 ) 4,865 $ (0.21 ) $ (846 ) 4,860 $ (0.17 ) Diluted Loss per Share Net Loss Attributable to Common Shareholders $ (1,002 ) $ (846 ) Effect of Dilutive Securities - - Diluted Loss per Share $ (1,002 ) 4,865 $ (0.21 ) $ (846 ) 4,860 $ (0.17 ) |
Amtrak Agreement (Tables)
Amtrak Agreement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Agreement With Related Party [Abstract] | |
Schedule Of Remaining Track Mileage Credit | The Company has recorded the following offsets to Track Usage expense. No credits remained outstanding as of March 31, 2016 Three Months Ended March 31, 2016 2015 Mileage credit available $ - $ 418 Utilized - 130 Mileage credit remaining $ - $ 288 |
Changes in Shareholders' Equi19
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Beginning Balance | $ 80,618 | |
Issuance of 1,049 common shares for stock options exercised, employee stock purchases, and other | 15 | |
Share based compensation – options granted | 76 | |
Dividends paid: | ||
Preferred stock, $5.00 per share | (3) | |
Common stock, $.04 per share | (197) | |
Net loss | (999) | $ (843) |
Ending Balance | 79,510 | |
Preferred Stock [Member] | ||
Beginning Balance | 32 | |
Dividends paid: | ||
Ending Balance | 32 | |
Common Stock [Member] | ||
Beginning Balance | 2,432 | |
Issuance of 1,049 common shares for stock options exercised, employee stock purchases, and other | 1 | |
Dividends paid: | ||
Ending Balance | 2,433 | |
Additional Paid-in Capital [Member] | ||
Beginning Balance | 38,050 | |
Issuance of 1,049 common shares for stock options exercised, employee stock purchases, and other | 14 | |
Share based compensation – options granted | 76 | |
Dividends paid: | ||
Ending Balance | 38,140 | |
Retained Earnings [Member] | ||
Beginning Balance | 40,104 | |
Dividends paid: | ||
Preferred stock, $5.00 per share | (3) | |
Common stock, $.04 per share | (197) | |
Net loss | (999) | |
Ending Balance | $ 38,905 |
Changes in Shareholders' Equi20
Changes in Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Issuance of common shares for stock options exercised | shares | 1,049 |
Preferred stock dividends per share | $ 5 |
Common stock dividends per share | $ 0.04 |
Common Stock [Member] | |
Issuance of common shares for stock options exercised | shares | 1,049 |
Additional Paid-in Capital [Member] | |
Issuance of common shares for stock options exercised | shares | 1,049 |
Retained Earnings [Member] | |
Preferred stock dividends per share | $ 5 |
Common stock dividends per share | $ 0.04 |
Debt - Additional Information (
Debt - Additional Information (Detail) - Unsecured Debt [Member] | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($)lb | Dec. 31, 2015USD ($) | |
Commercial Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Commercial bank loan | $ 5,000,000 | |||
Freight lading capacity | lb | 286,000 | |||
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 interest rate | 4.11% | |||
Loan drawn amount | $ 4,000,000 | |||
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 | |||
Compensating balance amount | 0 | |||
Outstanding line of credit | $ 0 | $ 0 |
Net Loss Per Common Share - Rec
Net Loss Per Common Share - Reconciliation of Weighted-Average Shares Used for the Basic Computation and that Used for the Diluted Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic Loss per Share | ||
Net Loss Attributable to Common Shareholders | $ (1,002) | $ (846) |
Number of basic shares | 4,865 | 4,860 |
Basic Loss per share | $ (0.21) | $ (0.17) |
Diluted Loss per Share | ||
Net Loss Attributable to Common Shareholders | $ (1,002) | $ (846) |
Number of diluted shares | 4,865 | 4,860 |
Diluted Loss per Share | $ (0.21) | $ (0.17) |
Net Income available to Common Shareholders | $ (999) | $ (843) |
Net Loss Per Common Share - Add
Net Loss Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Options outstanding for the purchase of common stock | 114,312 | 67,289 |
Number of shares relating to options included in the calculation of diluted earnings per share | 0 | 0 |
Preferred stock convertible into common stock at rate of shares of common stock | 64,000 | 64,000 |
Shares attributable to conversion of preferred stock included in computation of earnings per share | 0 | 0 |
Commitments and Contingent Li24
Commitments and Contingent Liabilities - Additional Information (Detail) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2006USD ($) | Mar. 31, 2016USD ($)Plaintiff | |
Commitments And Contingencies Disclosure [Abstract] | ||
Payment of past costs demand | $ 762,000 | |
Number of parties named by Plaintiff | Plaintiff | 60 | |
Amount paid to settle suit | $ 45,000 | |
Accrued liability from United States Environmental Protection Agency | $ 0 |
Amtrak Agreement - Additional I
Amtrak Agreement - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Dispute Settlement Gross Amount Remaining | $ 0 | $ 288,000 |
Amtrak Agreement - Schedule of
Amtrak Agreement - Schedule of Remaining Track Mileage Credit (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Agreement With Related Party [Abstract] | ||
Mileage credit available | $ 418,000 | |
Utilized | 130,000 | |
Mileage credit remaining | $ 0 | $ 288,000 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - shares | 1 Months Ended | ||
Jan. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Options outstanding for the purchase of common stock | 114,312 | 67,289 | |
2015 Equity Incentive Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Number of options awarded by company | 54,000 | ||
2015 Equity Incentive Plan [Member] | Restricted Stock Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Number of shares awarded by company | 70,500 | ||
2015 Equity Incentive Plan [Member] | Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Option awards vesting period | 5 years | ||
Non-qualified Stock Option Plan [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Options outstanding for the purchase of common stock | 114,312 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Apr. 27, 2016 | Apr. 30, 2016 | Dec. 31, 2014 |
Commercial Loan [Member] | Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Loan interest rate | 4.11% | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Dividend declared | $ 0.04 | ||
Dividend payable declared | Apr. 27, 2016 | ||
Outstanding common stock payable date | May 25, 2016 | ||
Dividend payable date on record | May 11, 2016 | ||
Subsequent Events [Member] | Commercial Loan [Member] | Unsecured Debt [Member] | |||
Subsequent Event [Line Items] | |||
Loan drawn amount | $ 4 | ||
Loan interest rate | 4.11% |