Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 14, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'USA Truck Inc | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,518,049 | ' |
Entity Public Float | ' | ' | $65,432,029 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000883945 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $14 | $1,742 |
Accounts receivable: | ' | ' |
Trade, less allowance for doubtful accounts of $610 in 2013 and $423 in 2012 | 64,682 | 64,491 |
Other | 3,463 | 2,089 |
Inventories | 1,425 | 1,790 |
Deferred income taxes | 2,787 | -1,304 |
Prepaid expenses and other current assets | 16,064 | 15,415 |
Total current assets | 88,435 | 85,527 |
Property and equipment: | ' | ' |
Land and structures | 31,502 | 31,478 |
Revenue equipment | 353,587 | 362,007 |
Service, office and other equipment | 15,613 | 14,770 |
Property and equipment, at cost | 400,702 | 408,255 |
Accumulated depreciation and amortization | -176,506 | -164,641 |
Property and equipment, net0 | 224,196 | 243,614 |
Note receivable | 1,953 | 1,979 |
Other assets | 362 | 374 |
Total assets | 314,946 | 331,494 |
Current liabilities: | ' | ' |
Bank drafts payable | 3,345 | 5,150 |
Trade accounts payable | 17,674 | 22,484 |
Current portion of insurance and claims accruals | 9,444 | 6,915 |
Accrued expenses | 8,732 | 7,710 |
Note payable | 1,023 | 1,352 |
Deferred income taxes | ' | 1,304 |
Current maturities of long-term debt and capital leases | 19,025 | 14,403 |
Total current liabilities | 59,243 | 59,318 |
Deferred gain | 627 | 646 |
Long-term debt and capital leases, less current maturities | 108,843 | 122,530 |
Deferred income taxes | 35,039 | 35,953 |
Insurance and claims accruals, less current portion | 10,656 | 3,617 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock | 0 | 0 |
Common Stock, $0.01 par value; authorized 30,000,000 shares; issued and outstanding 11,881,232 shares in 2013 and 11,770,265 shares in 2012 | 119 | 118 |
Additional paid-in capital | 65,527 | 65,259 |
Retained earnings | 56,657 | 65,767 |
Less treasury stock, at cost (1,356,400 shares in 2013 and 1,337,568 shares in 2012) | -21,765 | -21,714 |
Total stockholders’ equity | 100,538 | 109,430 |
Total liabilities and stockholders’ equity | 314,946 | 331,494 |
Rights [Member] | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts (in Dollars) | $610 | $423 |
Par value (in Dollars per share) | $0.01 | $0.01 |
Shares authorized | 1,000,000 | 1,000,000 |
Shares issued | 0 | 0 |
Common Stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 11,881,232 | 11,770,265 |
Treasury stock | 1,356,400 | 1,337,568 |
Rights [Member] | ' | ' |
Par value (in Dollars per share) | $0.01 | $0.01 |
Shares authorized | 150,000 | 150,000 |
Shares issued | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | ' | ' |
Trucking revenue | $326,275 | $297,624 |
Strategic Capacity Solutions revenue | 117,580 | 111,095 |
Base revenue | 443,855 | 408,719 |
Fuel surcharge revenue | 111,150 | 103,709 |
Total revenue | 555,005 | 512,428 |
Operating expenses and costs: | ' | ' |
Salaries, wages and employee benefits | 143,762 | 142,263 |
Purchased transportation | 139,091 | 127,949 |
Fuel and fuel taxes | 135,548 | 131,162 |
Operations and maintenance | 49,494 | 43,559 |
Depreciation and amortization | 44,947 | 45,058 |
Insurance and claims | 27,253 | 20,556 |
Operating taxes and licenses | 5,406 | 5,504 |
Communications and utilities | 4,117 | 4,124 |
Gain on disposal of assets | -1,648 | -2,151 |
Other | 15,702 | 17,676 |
Total operating expenses and costs | 563,672 | 535,700 |
Operating loss | -8,667 | -23,272 |
Other expenses (income): | ' | ' |
Interest expense, net | 3,662 | 4,052 |
Other, net | 769 | -64 |
Total other expenses, net | 4,431 | 3,988 |
Loss before income taxes | -13,098 | -27,260 |
Income tax benefit: | ' | ' |
Current | 786 | 0 |
Deferred | -4,774 | -9,589 |
Total income tax benefit | -3,988 | -9,589 |
Net loss and Comprehensive loss | ($9,110) | ($17,671) |
Net loss per share: | ' | ' |
Average shares outstanding (Basic) (in Shares) | 10,323 | 10,310 |
Basic loss per share (in Dollars per share) | ($0.88) | ($1.71) |
Average shares outstanding (Diluted) (in Shares) | 10,323 | 10,310 |
Diluted loss per share (in Dollars per share) | ($0.88) | ($1.71) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2011 | $118 | $65,284 | $83,438 | ($21,868) | $126,972 |
Balance (in Shares) at Dec. 31, 2011 | 11,792 | ' | ' | ' | ' |
Transfer of stock into (out of) Treasury Stock | ' | -154 | ' | 154 | ' |
Stock-based compensation | ' | 131 | ' | ' | 131 |
Restricted stock award grant (in Shares) | 26 | ' | ' | ' | ' |
Forfeited restricted stock (in Shares) | -48 | ' | ' | ' | ' |
Net share settlement related to Restricted Stock vesting | ' | -2 | ' | ' | -2 |
Net loss | ' | ' | -17,671 | ' | -17,671 |
Balance at Dec. 31, 2012 | 118 | 65,259 | 65,767 | -21,714 | 109,430 |
Balance (in Shares) at Dec. 31, 2012 | 11,770 | ' | ' | ' | ' |
Exercise of stock options | ' | 6 | ' | ' | 6 |
Transfer of stock into (out of) Treasury Stock | ' | 51 | ' | -51 | ' |
Stock-based compensation | ' | 216 | ' | ' | 216 |
Restricted stock award grant (in Shares) | 156 | ' | ' | ' | ' |
Restricted stock award grant | 1 | -2 | ' | ' | -1 |
Forfeited restricted stock (in Shares) | -45 | ' | ' | ' | ' |
Net share settlement related to Restricted Stock vesting | ' | -3 | ' | ' | -3 |
Net loss | ' | ' | -9,110 | ' | -9,110 |
Balance at Dec. 31, 2013 | $119 | $65,527 | $56,657 | ($21,765) | $100,538 |
Balance (in Shares) at Dec. 31, 2013 | 11,881 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | ' | ' |
Net loss | ($9,110) | ($17,671) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 44,947 | 45,058 |
Provision for doubtful accounts | 187 | 153 |
Deferred income taxes | -4,774 | -9,589 |
Stock based compensation | 216 | 131 |
Gain on disposal of assets | -1,648 | -2,151 |
Other | -250 | 161 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,752 | -9,792 |
Inventories, prepaid expenses and other current assets | 1,103 | 1,098 |
Trade accounts payable and accrued expenses | -3,783 | 4,416 |
Insurance and claims accruals | 10,757 | 3,722 |
Net cash provided by operating activities | 35,893 | 15,536 |
Investing activities | ' | ' |
Purchases of property and equipment | -12,924 | -22,014 |
Proceeds from sale of property and equipment | 15,757 | 17,651 |
Change in other assets | 38 | 15 |
Net cash provided by (used in) investing activities | 2,871 | -4,348 |
Financing activities | ' | ' |
Borrowings under long-term debt | 78,478 | 276,556 |
Principal payments on long-term debt | -98,222 | -263,811 |
Principal payments on capitalized lease obligations | -17,230 | -23,136 |
Principal payments on note payable | -1,715 | -1,820 |
Net increase in bank drafts payable | -1,805 | 106 |
Proceeds from exercise of stock options | 2 | ' |
Net cash used in financing activities | -40,492 | -12,105 |
Decrease in cash and cash equivalents | -1,728 | -917 |
Cash and cash equivalents: | ' | ' |
Beginning of year | 1,742 | 2,659 |
End of year | 14 | 1,742 |
Cash paid during the period for: | ' | ' |
Interest | 3,802 | 4,274 |
Income taxes | 477 | 165 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Liability incurred for capitalized leases on revenue equipment | 27,603 | 27,757 |
Liability incurred for notes payable | 1,387 | 1,801 |
Accounts Payable [Member] | ' | ' |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Capital Expenditures Incurred but Not yet Paid | 5 | ' |
Long-term Debt [Member] | ' | ' |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Capital Expenditures Incurred but Not yet Paid | ' | $355 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||
1. Summary of Significant Accounting Policies | |||||||||
Description of Business | |||||||||
USA Truck (the “Company”) is a truckload carrier providing transportation of general commodities throughout the continental United States, into and out of Mexico and into and out of portions of Canada. Generally, the Company transports full dry van trailer loads of freight from origin to destination without intermediate stops or handling. To complement the Company’s Truckload operations, it provides dedicated, brokerage and rail intermodal services. For shipments into Mexico, the Company transfers its trailers to tractors operated by Mexican carriers at a facility in Laredo, Texas, which is operated by the Company’s wholly-owned subsidiary. Through the Company’s asset based and non-asset based capabilities, it transports many types of freight for a diverse customer base in a variety of industries. | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and significant intercompany transactions have been eliminated in consolidation. The Company has no investments in or contractual obligations with variable interest entities. | |||||||||
Cash Equivalents | |||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. On occasion, the Company will accumulate balances in a money market account in an amount that exceeds the depository bank’s federally insured limit. Because these balances are accumulated on a short-term basis, the Company does not believe its exposure to loss to be a significant risk. | |||||||||
Accounts Receivable and Concentration of Credit Risk | |||||||||
The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit evaluations and generally does not require collateral. Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability. The Company maintains reserves for potential credit losses based upon its loss history and specific receivables aging analysis. Receivable balances are written off when collection is deemed unlikely. Such losses have been within management’s expectations. | |||||||||
Accounts receivable are comprised of a diversified customer base that results in a lack of concentration of credit risk. During 2013 and 2012, the Company’s top ten customers generated 27.0% and 29.0% of total revenue, respectively. During the two year period ended December 31, 2013, no single customer represented more than 10.0% of total revenue. Other accounts receivable consists primarily of proceeds from the sale of revenue equipment. The carrying amount reported in the balance sheet for accounts receivable approximates fair value as receivables collection averaged approximately 40 days from the billing date. | |||||||||
The following table provides a summary of the activity in the allowance for doubtful accounts for 2013 and 2012: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 423 | $ | 420 | |||||
Amounts charged to expense | 187 | 153 | |||||||
Uncollectible accounts written off, net of recovery | -- | (150 | ) | ||||||
Balance at end of year | $ | 610 | $ | 423 | |||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some of the significant estimates made by management include, but are not limited to, allowances for doubtful accounts, useful lives for depreciation and amortization, estimates related to our share-based compensation plan, deferred taxes and reserves for claims liabilities. Actual results could differ from those estimates. | |||||||||
Inventories | |||||||||
Inventories consist of tires, fuel, supplies and Company store merchandise and are stated at the lower of cost (first-in, first-out basis) or market. | |||||||||
Income Taxes | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets include temporary differences relating to depreciation, capitalized leases and certain revenues and expenses. The Company has analyzed filing positions in its federal and applicable state tax returns as well as in all open tax years. The only periods subject to examination for its federal returns are the 2010, 2011, 2012 and 2013 tax years, and in February 2013, the Company received notice that its 2011 federal tax return is being examined. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that its income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. | |||||||||
Property and Equipment | |||||||||
Property and equipment is recorded at cost. For financial reporting purposes, the cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 to 39.5 years; revenue equipment – 4 to 14 years; and service, office and other equipment – 3 to 20 years. Asset sales are made for cash and gains and losses on those sales are reflected in the year of disposal. Revenue equipment acquired under capital lease is amortized over the lease term. Trade-in allowances in excess of book value of revenue equipment are accounted for by adjusting the cost of assets acquired. Tires purchased with revenue equipment are capitalized as a part of the cost of such equipment, with replacement tires being inventoried and amortized under the Company’s prepaid tire policy. | |||||||||
We review our long-lived assets for impairment in accordance with Topic ASC 360, Property, Plant and Equipment. This authoritative guidance provides that whenever there are certain significant events or changes in circumstances the value of long-lived assets or groups of assets must be tested to determine if their value can be recovered from their future cash flows. In the event that undiscounted cash flows expected to be generated by the asset are less than the carrying amount, the asset or group of assets must be evaluated to determine if an impairment of value exists. Impairment exists if the carrying value of the asset exceeds its fair value. | |||||||||
In light of the sustained general economic downturn in the United States and world economies, the decline in our market capitalization and our net operating losses in recent years, triggering events and changes in circumstances have occurred, which required us to test our long-lived assets for recoverability at December 31, 2013. | |||||||||
We test for the recoverability of all of our long-lived assets as a single group at the entity level and examine the forecasted future cash flows generated by our revenue equipment, including its eventual disposition, to determine if those cash flows exceed the carrying value of our long-lived assets. At December 31, 2013 and 2012, we determined that no impairment of value existed. | |||||||||
Claims Liabilities | |||||||||
The Company is self-insured up to certain limits for bodily injury, property damage, workers’ compensation, cargo loss and damage claims and medical benefits. Provisions are made for both the estimated liabilities for known claims as incurred and estimates for those incurred but not reported. | |||||||||
The Company’s self-insurance retention levels are $0.5 million for workers’ compensation claims per occurrence, $0.05 million for cargo loss and damage claims per occurrence and $1.0 million for bodily injury and property damage claims per occurrence. For medical benefits, the Company self-insures up to $0.25 million per plan participant per year with an aggregate claim exposure limit determined by the Company’s year-to-date claims experience and its number of covered lives. The Company is completely self-insured for physical damage to its own tractors and trailers, except that the Company carries catastrophic physical damage coverage to protect against natural disasters. The Company maintains insurance above the amounts for which it self-insures, to certain limits, with licensed insurance carriers. The Company has excess general, auto and employer’s liability coverage in amounts substantially exceeding minimum legal requirements. | |||||||||
The Company records claims accruals at the estimated ultimate payment amounts based on information such as individual case estimates or historical claims experience. The current portion reflects the amounts of claims expected to be paid in the next twelve months. In making the estimates of ultimate payment amounts and the determinations of the current portion of each claim, the Company relies on past experience with similar claims, negative or positive developments in the case and similar factors. During 2013, management conducted an in-depth operational review of long-term claims liability reserves. After extensive analysis and consultation with advisors, management determined that an enhancement in the estimation process, whereby a third-party actuary was engaged, would provide a better estimate of the claims reserve. As a result, the long-term claims liability on the Company’s balance sheet was adjusted upward by approximately $6.0 million at December 31, 2013, resulting in a non-cash charge of $0.35 per diluted share to fourth-quarter earnings. | |||||||||
Interest | |||||||||
The Company capitalizes interest on major projects during construction and development. Interest is capitalized based on the average interest rate on related debt. | |||||||||
The following table shows capitalized interest and interest expense for the years indicated: | |||||||||
(in thousands) | |||||||||
Capitalized Interest | Interest Expense | ||||||||
31-Dec-13 | $ | 2 | $ | 3,774 | |||||
31-Dec-12 | -- | 4,052 | |||||||
Loss Per Share | |||||||||
Basic loss per share is computed based on the weighted average number of shares of common stock outstanding during the year. Diluted loss per share is computed by adjusting the weighted average shares outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. | |||||||||
Change in Accounting Estimate | |||||||||
During 2013, management conducted an in-depth operational review of long-term claims liability reserves. After extensive analysis and consultation with advisors, management determined that an enhancement in the estimation process, whereby a third-party actuary was engaged, would provide a better estimate of the claims reserve. As a result, the long-term claims liability on the Company’s balance sheet was adjusted upward by approximately $6.0 million at December 31, 2013, resulting in a non-cash charge of $0.35 per diluted share to fourth-quarter earnings. Of this adjustment, which is accounted for as a change in estimate, approximately $2.0 million is included in the salaries, wages, and employee benefits expense and approximately $4.0 million is included in insurance and claims expense in the consolidated statements of operations. | |||||||||
Revenue Recognition | |||||||||
Revenue generated by the Company’s Trucking operating segment is recognized in full upon completion of delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | |||||||||
Revenue generated by the Company’s SCS and Intermodal operating segments is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, because the Company acts as a principal with substantial risks as primary obligor. | |||||||||
Management believes these policies most accurately reflect revenue as earned and direct expenses, including third party purchased transportation costs, as incurred. | |||||||||
New Accounting Pronouncements | |||||||||
Currently, there are no new accounting pronouncements that were issued to be effective in 2013 or subsequent thereto that would have a material impact on the Company’s financial reporting. |
Note_2_Segment_Reporting
Note 2 - Segment Reporting | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||
2. Segment Reporting | ||||||||||
The service offerings provided by the Company relate to the transportation of truckload quantities of freight for customers in a variety of industries. The services generate revenue, and to a great extent incur expenses, primarily on a per mile basis. The Company classifies its business into three operating and two reportable segments: our Trucking operating segment, consisting of our Truckload and Dedicated Freight service offerings; our SCS operating segment consisting of our freight brokerage service offering; and our Intermodal operating segment consisting of our rail intermodal service offering. SCS and Intermodal operating segments are intended to provide services that complement the Company’s Trucking services, primarily to existing customers of its Trucking operating segment. | ||||||||||
We previously reported each operating segment separately; however, during the second quarter of 2013, due to the relatively small size of Intermodal and the interrelationship of SCS and Intermodal operations, we aggregated Intermodal with the SCS operating segment, which we refer to as “SCS.” | ||||||||||
Those complementary services consist of services such as freight brokerage, transportation scheduling, routing and mode selection. A majority of the customers using our SCS and Intermodal services are also customers of our Trucking operating segment. | ||||||||||
Percent of Base Revenue | ||||||||||
Trucking | SCS | |||||||||
31-Dec-13 | 73.5 | % | 26.5 | % | ||||||
31-Dec-12 | 72.8 | % | 27.2 | % | ||||||
Key operating statistics for all three segments include, for example, revenue per mile and miles per tractor per week. While the operations of our SCS operating segment typically do not involve the use of our equipment and drivers, we nevertheless provide truckload freight services to our customers through arrangements with third party carriers who are subject to the same general regulatory environment and cost sensitivities imposed upon our Trucking operations. Our Intermodal business does involve the use of our equipment as we utilize our trailers and leased containers to provide this service. Accordingly, the operations of this segment are subject to the same general regulatory environment and cost sensitivities imposed upon our Trucking operations. | ||||||||||
Assets are not allocated to our SCS operating segment as the significant majority of our SCS operations provide truckload freight services to our customers through arrangements with third party carriers who utilize their own equipment. To the extent our Intermodal operations require the use of Company-owned trailers, they are obtained from our Trucking segment on an as-needed basis. Accordingly, we allocate all of our assets to our Trucking segment. However, depreciation and amortization expense is allocated to our SCS operating segment based on the various assets specifically utilized to generate revenue. All intercompany transactions between segments are consummated at rates similar to those negotiated with independent third parties. All other expenses are allocated to our SCS segment based on headcount and specifically identifiable direct costs, as appropriate. | ||||||||||
A summary of base revenue and fuel surcharge revenue by reportable segments is as follows: | ||||||||||
(in thousands) | ||||||||||
Revenue | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Base revenue | ||||||||||
Trucking | $ | 326,734 | $ | 297,624 | ||||||
SCS | 125,053 | 131,327 | ||||||||
Eliminations | (7,932 | ) | (20,232 | ) | ||||||
Total base revenue | $ | 443,855 | $ | 408,719 | ||||||
Fuel surcharge revenue | ||||||||||
Trucking | $ | 91,867 | $ | 83,920 | ||||||
SCS | 21,439 | 25,023 | ||||||||
Eliminations | (2,156 | ) | (5,234 | ) | ||||||
Total fuel surcharge revenue | 111,150 | 103,709 | ||||||||
Total revenue | $ | 555,005 | $ | 512,428 | ||||||
A summary of operating income (loss) by reportable segments is as follows: | ||||||||||
(in thousands) | ||||||||||
Operating income (loss) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Operating income (loss) | ||||||||||
Trucking | $ | (17,667 | ) | $ | (29,848 | ) | ||||
SCS | 9,000 | 6,576 | ||||||||
Operating loss | $ | (8,667 | ) | $ | (23,272 | ) | ||||
A summary of assets by reportable segments is as follows: | ||||||||||
(in thousands) | ||||||||||
Total Assets | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Total Assets | ||||||||||
Trucking | $ | 200,168 | $ | 218,145 | ||||||
Corporate and Other | 114,778 | 113,349 | ||||||||
Total Assets | $ | 314,946 | $ | 331,494 | ||||||
A summary of amortization and depreciation by reportable segments is as follows: | ||||||||||
(in thousands) | ||||||||||
Depreciation and Amortization | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Depreciation and Amortization | ||||||||||
Trucking | $ | 42,366 | $ | 42,165 | ||||||
SCS | 130 | 346 | ||||||||
Corporate and Other | 2,451 | 2,547 | ||||||||
Total Depreciation and Amortization | $ | 44,947 | $ | 45,058 | ||||||
Note_3_Leases_Receivable
Note 3 - Leases Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Leases, Operating [Abstract] | ' |
Operating Leases of Lessor Disclosure [Text Block] | ' |
3. Leases Receivable | |
During the fourth quarter of 2012, the Company began entering into lease-purchase agreements with certain of its drivers to allow them the opportunity to purchase a Company-owned tractor while concurrently becoming an independent contractor. At December 31, 2013, the Company had entered into 25 such agreements and had approximately $1.0 million included in Other Accounts Receivable in the accompanying Consolidated Balance Sheets. The Company believes these receivables are adequately collateralized; however, it has recorded an allowance for uncollectability in the approximate amount of $0.1 million dollars to cover any expenses it would incur in the event of a default. |
Note_4_Prepaid_Expenses_and_Ot
Note 4 - Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Current Assets [Text Block] | ' | ||||||||
4. Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid tires | $ | 10,607 | $ | 9,174 | |||||
Prepaid licenses, permits and tolls | 1,915 | 1,951 | |||||||
Prepaid insurance | 1,414 | 1,649 | |||||||
Other | 2,128 | 2,641 | |||||||
Total prepaid expenses and other current assets | $ | 16,064 | $ | 15,415 | |||||
Note_5_Note_Receivable
Note 5 - Note Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
5. Note Receivable | |
During November 2010, the Company sold its terminal facility in Shreveport, Louisiana. In connection with this sale, the buyer gave the Company cash in the amount of $0.2 million and a note receivable in the amount of $2.1 million. The note receivable bears interest at an annual rate of 7.0%, matures in five years and has scheduled principal and interest payments based on a 30-year amortization schedule. A balloon payment in the approximate amount of $1.9 million is payable to the Company when the note matures in 2015. Accordingly, the Company deferred the approximate $0.7 million gain on the sale of this facility, and records this gain into earnings as payments on the note receivable are received. During the years ended December 31, 2013 and 2012, respectively, the Company recognized approximately $7,300 and approximately $6,800, respectively, of this gain. The Company believes that the note receivable balance at December 31, 2013, in the approximate amount of $2.0 million, is fully collectible and accordingly has not recorded any valuation allowance against the note receivable. |
Note_6_Accrued_Expenses
Note 6 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
6. Accrued Expenses | |||||||||
Accrued expenses consist of the following: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Salaries, wages and employee benefits | $ | 4,747 | $ | 3,779 | |||||
Other (1) | 3,985 | 3,931 | |||||||
Total accrued expenses | $ | 8,732 | $ | 7,710 | |||||
(1) As of December 31, 2013 and 2012, no single item included within other accrued expenses exceeded 5.0% of the Company’s total current liabilities. |
Note_7_Note_Payable
Note 7 - Note Payable | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Short-term Debt [Text Block] | ' |
7. Note Payable | |
On October 11, 2012, the Company entered into an unsecured note payable of $1.8 million. The note, which was payable in monthly installments of principal and interest of approximately $0.2 million and bearing interest at 1.8%, matured on September 1, 2013. The note was used to finance a portion of the Company’s annual insurance premiums and was paid to a third party other than the insurance company. | |
On October 1, 2013, the Company entered into an unsecured note payable of $1.4 million. The note, which is payable in monthly installments of principal and interest of approximately $0.1 million and bears interest at 2.1%, is scheduled to mature on September 30, 2014. The balance of the note payable at December 31, 2013 was $1.0 million. The note was payable to a third party other than the insurance company and was being used to finance a portion of the Company’s annual insurance premiums. |
Note_8_Longterm_Debt
Note 8 - Long-term Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Long-term Debt [Text Block] | ' | ||||||||||||
8. Long-term Debt | |||||||||||||
Long-term debt consists of the following: | |||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Revolving credit agreement (1) | $ | 64,000 | $ | 83,513 | |||||||||
Capitalized lease obligations and other long-term debt (2) | 63,868 | 53,420 | |||||||||||
127,868 | 136,933 | ||||||||||||
Less current maturities | (19,025 | ) | (14,403 | ) | |||||||||
Long-term debt, less current maturities | $ | 108,843 | $ | 122,530 | |||||||||
-1 | In 2012, we entered into a $125.0 million Revolver with Wells Fargo Capital Finance, LLC, as Administrative Agent, and PNC Bank. The Revolver, which expires in 2017, is secured by substantially all of our assets, and includes letters of credit not to exceed $15.0 million. In addition, the $125.0 million Revolver has an accordion feature whereby we may elect to increase the size of the Revolver by up to $50.0 million, subject to customary conditions and lender participation. The Revolver is governed by a borrowing base with advances against eligible billed and unbilled accounts receivable and eligible revenue equipment, and has a first priority perfected security interest in all of the business assets (excluding tractors and trailers financed through capital leases and real estate) of the Company. Proceeds are used to finance working capital, to fund capital expenditures and for general corporate purposes. | ||||||||||||
The Revolver contains a minimum excess availability requirement equal to 15.0% of the maximum revolver amount (currently $18.75 million) and an annual capital expenditure limit ($71.0 million in 2013, increasing to $73.5 million in 2014, and with further increases thereafter). Under the Revolver’s terms, we are required to maintain a minimum collateral cushion above the maximum facility size, referred to as “suppressed availability.” During 2014 (after giving effect to an amendment to the Revolver signed on March 14, 2014, and effective as of December 31, 2013), if the Company does not maintain the minimum suppressed availability threshold of $30.0 million our borrowing availability will reduce by the amount of the shortfall below $30.0 million. After 2014, if the Company does not maintain the minimum suppressed availability threshold the advance rate on eligible revenue equipment will reduce and, if at least $20.0 million is not maintained, a permanent amortization of the revenue equipment portion of our borrowing base at the rate of 1/72nd, or approximately $1.5 million, per month would result based on the December 31, 2013, revenue equipment collateral. At December 31, 2013, our suppressed availability was $24.0 million, which reduced our borrowing availability by $6.0 million, to $33.4 million. Future fluctuations in the amount and value of equipment serving as collateral under the Revolver will impact our borrowing availability. If our suppressed availability falls below $20.0 million, there will be additional restrictions on which items of revenue equipment may be included in our eligible revenue equipment. The Revolver does not contain any financial maintenance covenants. | |||||||||||||
The Revolver bears interest at rates typically based on the Wells Fargo prime rate or LIBOR, in each case plus an applicable margin. The Base Rate is equal to the greatest of (a) the prime lending rate as publicly announced from time to time by Wells Fargo Bank N.A., (b) the Federal Funds Rate plus 1.0%, and (c) the three month LIBOR Rate plus 1.0%. The Base Rate at December 31, 2013 was 1.25%. The LIBOR Rate is the rate at which dollar deposits are offered to major banks in the London interbank market two business days prior to the commencement of the requested interest period. Most borrowings are expected to be based on the LIBOR rate option. The applicable margin ranges from 2.25% to 2.75% based on average excess availability and at December 31, 2013, it was 2.25%. | |||||||||||||
The Revolver includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Revolver may be accelerated, and the lenders’ commitments may be terminated. Although there are no negative covenants relating to financial ratios or minimum balance sheet requirements, the Revolver contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions outside of the ordinary course of business and affiliate transactions. | |||||||||||||
Applicable Margin means, as of any date of determination, the following margin based upon the most recent average excess availability calculation; provided, however, that for the period from the closing date through the testing period ended December 31, 2013, the Applicable Margin was at Level I and at any time that an Event of Default exists, the Applicable Margin shall be at Level III. | |||||||||||||
Level | Average Excess Availability | Applicable Margin in respect of Base Rate Loans under the Revolver | Applicable Margin in respect of LIBOR Rate Loans under the Revolver | ||||||||||
I | ≥ | $50,000,000 | 1.25 | % | 2.25 | % | |||||||
II | < | $50,000,000 | but ≥ | $30,000,000 | 1.5 | % | 2.5 | % | |||||
III | < | $30,000,000 | 1.75 | % | 2.75 | % | |||||||
We are required to pay a fee on the unused amount of the Revolver as set forth in the table below, which is due and payable monthly in arrears. For the period from the closing date through December 31, 2013, the unused fee was at Level II. | |||||||||||||
Level | Average Used Portion of the Revolver plus Outstanding Letters of Credit | Applicable Unused Revolver Fee Margin | |||||||||||
I | > | $60,000,000 | 0.375 | % | |||||||||
II | < | $60,000,000 | 0.5 | % | |||||||||
There were no overnight borrowings under the Revolver at December 31, 2013. The interest rate on our overnight borrowings under the Revolver at December 31, 2013 was 4.5%. The interest rate including all borrowings made under the Revolver at December 31, 2013 was 2.4%. The weighted average interest rate on our borrowings under the Revolver for the year ended December 31, 2013 was 3.1%. A quarterly commitment fee is payable on the unused portion of the credit line and at December 31, 2013, the rate was 0.5% per annum. The Revolver is collateralized by all non-leased revenue equipment having a net book value of approximately $136.6 million at December 31, 2013, and all billed and unbilled accounts receivable. As we reprice our debt on a monthly basis, the borrowings under the Revolver approximate its fair value. At December 31, 2013, we had outstanding $2.8 million in letters of credit and had approximately $39.4 million available under the Revolver (net of the minimum availability we are required to maintain of approximately $18.75 million). After the suppressed availability adjustment on December 31, 2013, availability under the Revolver was $33.4 million. | |||||||||||||
-2 | Capitalized lease obligations in the amount of $63.6 million have various termination dates extending through August 2018 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from 1.6% to 4.4% at December 31, 2013. The lease agreements require us to pay property taxes, maintenance and operating expenses. | ||||||||||||
In May 2012, the Company entered into a long-term financing agreement in the amount of approximately $360,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on May 31, 2014, is payable in annual installments of principal and interest of approximately $122,000, due on May 31, 2013 and 2014, and bears imputed interest at 3.16%. The balance of the agreement at December 31, 2013 was approximately $120,800. | |||||||||||||
In January 2013, the Company entered into a long-term financing agreement in the amount of approximately $295,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on January 31, 2017, is payable in annual installments of principal and interest of approximately $63,000, due on January 31st of each year, and bears imputed interest at 3.05%. The balance of the agreement at December 31, 2013 was approximately $176,400. | |||||||||||||
In April 2013, the Company entered into a long-term financing agreement in the amount of approximately $300,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on March 31, 2018, is payable in monthly installments of principal and interest of approximately $5,600 and bears interest at 4.492%. The initial monthly payment of this financing agreement was due on May 1, 2013. The balance of the agreement on December 30, 2013 was approximately $257,800. | |||||||||||||
The current maturities of the above financing agreements amount to approximately $234,000. |
Note_9_Leases_and_Commitments
Note 9 - Leases and Commitments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | ' | ||||||||||||||||||||||||
9. Leases and Commitments | |||||||||||||||||||||||||
The Company leases certain revenue equipment under capital leases with terms of 15 to 60 months. Balances related to these capitalized leases are included in property and equipment in the accompanying consolidated balance sheets and are set forth in the table below as of December 31 for the years indicated. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Capitalized Costs | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||
31-Dec-13 | $ | 84,410 | $ | 20,942 | $ | 63,468 | |||||||||||||||||||
31-Dec-12 | 67,788 | 16,366 | 51,422 | ||||||||||||||||||||||
Amortization of leased assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Rent expense relating to operating leases for facilities and certain revenue equipment is included in operations and maintenance expense and rent expense relating to operating leases for office equipment is included in other operating expenses and costs. The total rent expense incurred is included in the accompanying consolidated statements of operations. Amortization of leased assets and rent expense under operating leases are reflected in the table below for the years indicated. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amortization of leased assets | $ | 12,667 | $ | 10,745 | |||||||||||||||||||||
Rent expense under operating leases | 2,778 | 3,148 | |||||||||||||||||||||||
We have entered into leases with lenders who participate in the Revolver. Those leases contain cross-default provisions with the Revolver. We have also entered into leases with other lenders who do not participate in our Revolver. Multiple leases with lenders who do not participate in our Revolver generally contain cross-default provisions. | |||||||||||||||||||||||||
At December 31, 2013, the future minimum payments under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Future minimum payments | $ | 20,133 | $ | 23,090 | $ | 14,557 | $ | 6,264 | $ | 2,118 | $ | -- | |||||||||||||
Future rentals under operating leases | 1,195 | 408 | 297 | 281 | 135 | 168 | |||||||||||||||||||
In the fourth quarter of 2013, we entered into two fair market value leases to finance the acquisition of revenue equipment. These leases are deemed to be operating leases and accordingly this equipment is not recorded on the balance sheet. | |||||||||||||||||||||||||
As of December 31, 2013, the remaining minimum capital lease payments were $63.6 million, which excludes amounts representing interest of $2.9 million. The current portion of net minimum lease payments, including interest, is $20.1 million. | |||||||||||||||||||||||||
We routinely monitor our equipment acquisition needs and adjust our purchase schedule from time to time based on our analysis of factors such as new equipment prices, the condition of the used equipment market, demand for our freight services, prevailing interest rates, technological improvements, fuel efficiency, equipment durability, equipment specifications, our operating performance and the availability of qualified drivers. | |||||||||||||||||||||||||
During 2013, our Board of Directors authorized the use of up to $45.0 million in new capital leases under existing facilities through 2013, of which $27.6 million was utilized. In February 2014, the Board of Directors authorized the use of up to $20.0 million in new capital leases under existing facilities through 2014. | |||||||||||||||||||||||||
As of December 31, 2013, we had commitments for purchases of revenue equipment in the approximate amount of $8.6 million. |
Note_10_Federal_and_State_Inco
Note 10 - Federal and State Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||
10. Federal and State Income Taxes | ||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Current deferred tax assets: | ||||||||||
Accrued expenses not deductible until paid | $ | 7,648 | $ | 3,885 | ||||||
Equity Incentive Plan | 282 | 266 | ||||||||
Revenue recognition | 330 | 277 | ||||||||
Allowance for doubtful accounts | 234 | 162 | ||||||||
Other | 452 | 16 | ||||||||
Total current deferred tax assets | 8,946 | 4,606 | ||||||||
Current deferred tax liabilities: | ||||||||||
Prepaid expenses deductible when paid | (6,159 | ) | (5,910 | ) | ||||||
Total current deferred tax liabilities | (6,159 | ) | (5,910 | ) | ||||||
Net current deferred tax assets (liabilities) | $ | 2,787 | $ | (1,304 | ) | |||||
Noncurrent deferred tax assets: | ||||||||||
Non-compete agreement | 18 | 41 | ||||||||
Net operating loss carry forwards | 6,052 | 16,452 | ||||||||
Total noncurrent deferred tax assets | 6,070 | 16,493 | ||||||||
Noncurrent deferred tax liabilities: | ||||||||||
Tax over book depreciation | (41,041 | ) | (52,237 | ) | ||||||
Capitalized leases | (71 | ) | (215 | ) | ||||||
Other | 3 | 6 | ||||||||
Total noncurrent deferred tax liabilities | (41,109 | ) | (52,446 | ) | ||||||
Net noncurrent deferred tax liabilities | $ | (35,039 | ) | $ | (35,953 | ) | ||||
The Company's federal and state net operating loss carry forwards are currently available to offset future federal taxable income, if any, and will expire during the period 2024 through 2032. The Company expects to fully utilize these net operating loss carry forwards in future years before they expire. | ||||||||||
Significant components of the provision (benefits) for income taxes are as follows: | ||||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Current: | ||||||||||
Federal | $ | 786 | $ | -- | ||||||
State | -- | -- | ||||||||
Total current | 786 | -- | ||||||||
Deferred: | ||||||||||
Federal | (4,093 | ) | (7,943 | ) | ||||||
State | (681 | ) | (1,646 | ) | ||||||
Total deferred | (4,774 | ) | (9,589 | ) | ||||||
Total income tax (benefit) expense | $ | (3,988 | ) | $ | (9,589 | ) | ||||
A reconciliation between the effective income tax rate and the statutory federal income tax rate is as follows: | ||||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Income tax (benefit) expense at statutory federal rate | $ | (4,453 | ) | $ | (9,268 | ) | ||||
Federal income tax effects of: | ||||||||||
State income tax expense | 231 | 558 | ||||||||
Per diem and other nondeductible meals and entertainment | 875 | 748 | ||||||||
Other | 40 | 19 | ||||||||
Federal income tax benefit | (3,307 | ) | (7,943 | ) | ||||||
State income tax benefit | (681 | ) | (1,646 | ) | ||||||
Total income tax benefit | $ | (3,988 | ) | $ | (9,589 | ) | ||||
Effective tax rate | 30.4 | % | 35.2 | % | ||||||
The effective rates varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses including a per diem pay structure for drivers. Due to the partially nondeductible effect of per diem pay, the Company’s tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to receive this pay structure. |
Note_11_Employee_Benefit_Plans
Note 11 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
11. Employee Benefit Plans | |
The Company sponsors the USA Truck, Inc. Employees’ Investment Plan, a tax deferred savings plan under section 401(k) of the Internal Revenue Code that covers substantially all team members. Team members can contribute up to 50.0% of their compensation, subject to statutory limits, with the Company matching 50.0% of the first 4.0% of compensation contributed by each team member. Team members’ rights to employer contributions vest after three years from their date of employment. Effective April 1, 2009, the Company suspended its contribution match. |
Note_12_Stock_Plans
Note 12 - Stock Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
12. Stock Plans | |||||||||||||||||
The current equity compensation plan that has been approved by the Company’s stockholders is its 2004 Equity Incentive Plan. The Company does not have any equity compensation plans under which equity awards are outstanding or may be granted that have not been approved by its stockholders. | |||||||||||||||||
The USA Truck, Inc. 2004 Equity Incentive Plan provides for the granting of incentive or nonqualified options or other equity-based awards covering up to 1,100,000 shares of common stock to directors, officers and other key team members. On the day of each annual meeting of stockholders of the Company for a period of nine years, which commenced with the annual meeting of stockholders in 2005 and will end with the annual meeting of stockholders in 2013, the maximum number of shares of common stock that is available for issuance under the Plan is automatically increased by that number of shares equal to the lesser of 25,000 shares or such lesser number of shares (which may be zero or any number less than 25,000) as determined by the Board. No options were granted under this plan for less than the fair market value of the common stock as defined in the plan at the date of the grant. Although the exercise period is determined when options are granted, no option may be exercised later than 10 years after it is granted. Options granted under this plan generally vest ratably over three to five years. The option price under this plan is the fair market value of the Company’s common stock at the date the options were granted. | |||||||||||||||||
At December 31, 2013, 584,211 shares were available for granting future options or other equity awards under this plan. The Company issues new shares upon the exercise of stock options. | |||||||||||||||||
Compensation cost recognized in 2013 and 2012 includes: (a) compensation cost for all share-based payments granted prior to, but not yet vested as of January 1, 2006 and (b) compensation cost for all share-based payments granted subsequent to January 1, 2006. The compensation cost is based on the grant-date fair value calculated using a Black-Scholes-Merton option-pricing formula and is recognized over the vesting period. | |||||||||||||||||
Compensation expense related to incentive and nonqualified stock options granted under the Company’s plans is included in salaries, wages and employee benefits in the accompanying consolidated statements of operations. The amount of compensation expense recognized, net of forfeiture recoveries, is reflected in the table below for the years indicated. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense | $ | 54 | $ | 67 | |||||||||||||
On January 28, 2009, the Executive Compensation Committee of the Board of Directors of the Company approved the USA Truck, Inc. Executive Team Incentive Plan. The Executive Team Incentive Plan consists of cash and equity incentive awards. The cash incentives will be awarded upon the achievement of predetermined results in designated performance measurements, which will be identified by the Committee on an annual basis. Executive Team Incentive Plan participants will be paid a cash percentage of their base salaries corresponding with the level of results achieved. As determined by the Committee on an annual basis, Executive Team Incentive Plan participants are also eligible for an annual Equity Incentive Award consisting of Company common stock, issued under the 2004 Equity Incentive Plan. The Equity Incentive Awards will consist of a combination of Restricted Stock Awards (“RSAs”) and Incentive Stock Options (“ISOs”). The value of the equity award to each participant will be granted fifty percent in the form of RSAs and fifty percent in the form of ISOs, as defined. To the extent options fail to qualify as “incentive stock options” under IRS regulations, they will be non-qualified stock options. Annual awards approved by the Committee will be granted quarterly and will vest one-third each year on August 1, beginning the year following the year in which the shares are awarded. On January 26, 2011 and February 6, 2012, the Committee approved the granting of the annual awards for 2011 and 2012, respectively, under this plan. There were no grants made under this plan during 2013. | |||||||||||||||||
The following grants were made in accordance with the terms of the Executive Team Incentive Plan for the years indicated. | |||||||||||||||||
Grant Date | Restricted Shares (1) | Number of Shares Under Options (1) | Grant Price (2) | ||||||||||||||
2013 | |||||||||||||||||
1-Feb | -- | -- | -- | ||||||||||||||
2-May | -- | -- | -- | ||||||||||||||
1-Aug | -- | -- | -- | ||||||||||||||
1-Nov | -- | -- | -- | ||||||||||||||
2012 | |||||||||||||||||
1-Feb | 240 | 481 | $ | 8.94 | |||||||||||||
2-May | 310 | 623 | 6.91 | ||||||||||||||
1-Aug | 512 | 1,240 | 4.18 | ||||||||||||||
1-Nov | 743 | 2,655 | 2.88 | ||||||||||||||
-1 | Net of forfeited shares. | ||||||||||||||||
-2 | The shares were valued at the closing price of the Company’s common stock on the dates of awards. | ||||||||||||||||
Information related to option activity for the year ended December 31, 2013 is as follows: | |||||||||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (1) | ||||||||||||||
Outstanding - beginning of year | 112,151 | $ | 12.54 | ||||||||||||||
Granted (2) | 42,910 | 4.83 | |||||||||||||||
Exercised | (1,398 | ) | 4.27 | $ | 9,780 | ||||||||||||
Cancelled/forfeited | (12,833 | ) | 6.46 | ||||||||||||||
Expired | (30,959 | ) | 15.55 | ||||||||||||||
Outstanding at December 31, 2013 | 109,871 | $ | 9.49 | 4.6 | $ | 491,723 | |||||||||||
Exercisable at December 31, 2013 | 53,186 | $ | 13.4 | 1.2 | $ | 63,414 | |||||||||||
-1 | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company’s common stock, as determined by the closing price on December 31, 2013 (the last trading day of the fiscal year), was $13.38. During the year ended December 31, 2013, the intrinsic value for options exercised was $9,780. No options were exercised in 2012. | ||||||||||||||||
-2 | The weighted-average grant date fair value of options granted during 2013 and 2012 was $1.75 and $2.43, respectively. | ||||||||||||||||
The exercise price, number, weighted-average remaining contractual life of options outstanding and the number of options exercisable as of December 31, 2013 are as follows: | |||||||||||||||||
Exercise | Number of Options Outstanding | Weighted-Average Remaining Contractual Life (in years) | Number of Options Exercisable | ||||||||||||||
Price | |||||||||||||||||
$ | 2.88 | 2,655 | 3.7 | ||||||||||||||
4.18 | 1,240 | 3.7 | |||||||||||||||
4.83 | 42,910 | 9.1 | |||||||||||||||
6.91 | 623 | 3.7 | |||||||||||||||
8.94 | 6,211 | 3.1 | |||||||||||||||
9.03 | 3,653 | 2.2 | |||||||||||||||
11.19 | 5,715 | 0.8 | |||||||||||||||
12.11 | 7,041 | 2.2 | |||||||||||||||
12.2 | 4,745 | 2.2 | |||||||||||||||
12.21 | 4,638 | 1.3 | |||||||||||||||
12.52 | 6,483 | 2.2 | |||||||||||||||
13.61 | 2,999 | 1.3 | |||||||||||||||
13.88 | 4,493 | 0.8 | |||||||||||||||
14.18 | 3,351 | 0.8 | |||||||||||||||
14.5 | 4,172 | 0.8 | |||||||||||||||
16.49 | 2,653 | 1.3 | |||||||||||||||
18.58 | 2,889 | 1.3 | |||||||||||||||
22.54 | 3,400 | 0.3 | |||||||||||||||
30.22 | -- | 0 | |||||||||||||||
109,871 | 4.6 | 53,186 | |||||||||||||||
The following assumptions were used to value the stock options granted during the years indicated: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 35.6 | % | 29.8 | – | 64 | % | |||||||||||
Risk-free interest rate | 1.2 | % | 0.5 | – | 0.7 | % | |||||||||||
Expected life (in years) | 6.25 | 3.75 | – | 4.25 | |||||||||||||
The expected volatility is a measure of the expected fluctuation in our share price based on the historical volatility of our stock. Expected life represents the length of time we anticipate the options to be outstanding before being exercised. The risk-free interest rate is based on an implied yield on United States zero-coupon treasury bonds with a remaining term equal to the expected life of the outstanding options. In addition to the above, we also include a factor for anticipated forfeitures, which represents the number of shares under options expected to be forfeited over the expected life of the options. | |||||||||||||||||
The fair value of stock options and restricted stock that vested during the year is as follows for the years indicated. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Stock options | $ | 60 | $ | 177 | |||||||||||||
Restricted stock | 144 | 57 | |||||||||||||||
The compensation expense recognized is based on the market value of the Company’s common stock on the date the restricted stock award is granted and is not adjusted in subsequent periods. The amount recognized is amortized over the vesting period. Compensation expense is included in salaries, wages and employee benefits in the accompanying consolidated statements of operations, and the amount recognized, net of forfeiture recoveries, is reflected in the table below for the years indicated. | |||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense | $ | 161 | $ | 65 | |||||||||||||
On July 16, 2008, the Executive Compensation Committee of the Board of Directors of the Company, pursuant to the 2004 Equity Incentive Plan, granted thereunder awards totaling 200,000 restricted shares of the Company’s common stock to certain officers of the Company. The grants were made effective as of July 18, 2008 and were valued at $12.13 per share, which was the closing price of the Company’s common stock on the NASDAQ Stock Market on that date. Each officer’s restricted shares of common stock will vest in varying amounts over the ten year period beginning April 1, 2011, subject to the Company’s attainment of defined retained earnings growth. Management must attain an average five-year trailing retained earnings annual growth rate of 10.0% (before dividends) in order for the shares to qualify for full vesting (pro rata vesting will apply down to 50.0% at a 5.0% annual growth rate). Any shares that fail to vest as a result of the Company’s failure to attain a performance goal will forfeit and result in the recovery of the previously recorded expense. These forfeited shares will revert to the 2004 Equity Incentive Plan where they will remain available for grants under the terms of that Plan until that Plan expires in 2014. During the second quarter of 2011, management determined that the performance criteria would not be met for the shares that were scheduled to vest on April 1, 2012 and April 1, 2013. At that time, these shares were deemed forfeited and recorded as Treasury Stock. During the first quarter of 2013, management determined that it is probable that the performance criteria would not be met for the shares that were scheduled to vest on April 1, 2014, April 1, 2015 and April 1, 2016. During the fourth quarter of 2013, management determined that it is probable that the performance criteria would not be met for the shares that were scheduled to vest on April 1, 2017. Accordingly, the shares remain outstanding until their scheduled vesting dates, at which time their forfeitures become effective and the shares revert to the 2004 Equity Incentive Plan. | |||||||||||||||||
The table below sets forth the information relating to the forfeitures of these shares. | |||||||||||||||||
July 16, 2008 Restricted Stock Award Forfeitures | |||||||||||||||||
Scheduled Vest Date | Date Deemed Forfeited and Recorded as Treasury Stock | Shares Forfeited | Expense Recovered | Date Shares Returned to Plan | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
1-Apr-11 | 30-Sep-10 | 9 | $ | 70 | 1-Apr-11 | ||||||||||||
1-Apr-12 | 30-Sep-11 | 8 | -1 | 66 | 1-Apr-12 | ||||||||||||
1-Apr-13 | 30-Sep-11 | 15 | (1)(2) | 101 | 1-Apr-13 | ||||||||||||
1-Apr-14 | 28-Feb-13 | 9 | -3 | 78 | 1-Apr-14 | ||||||||||||
1-Apr-15 | 28-Feb-13 | 9 | -3 | 65 | 1-Apr-15 | ||||||||||||
1-Apr-16 | 28-Feb-13 | 9 | -3 | 56 | 1-Apr-16 | ||||||||||||
1-Apr-17 | 31-Dec-13 | 7 | 44 | 1-Apr-17 | |||||||||||||
-1 | In October 2011, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2012 and 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2011. In addition, in connection with the termination of a recipient's employment, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2012 and 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective in January 2012. Accordingly, these shares were removed from Treasury Stock at January 31, 2012. | ||||||||||||||||
-2 | In December 2012, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2012. | ||||||||||||||||
-3 | In December 2013, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 6,291 shares scheduled to vest on April 1, 2014, 2015 and 2016, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2013. | ||||||||||||||||
Information related to the restricted stock awarded under the 2004 Equity Incentive Plan for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value (1) | ||||||||||||||||
Nonvested shares – December 31, 2012 | 113,458 | $ | 10.35 | ||||||||||||||
Granted | 156,176 | 5.21 | |||||||||||||||
Forfeited | (45,965 | ) | 9.12 | ||||||||||||||
Vested | (24,050 | ) | 5.41 | ||||||||||||||
Nonvested shares – December 31, 2013 | 199,619 | $ | 7.2 | ||||||||||||||
(1) The shares were valued at the closing price of the Company’s common stock on the dates of the awards. | |||||||||||||||||
Information set forth in the following table is related to stock options and restricted stock as of December 31, 2013. | |||||||||||||||||
(in thousands, except weighted average data) | |||||||||||||||||
Stock Options | Restricted Stock | ||||||||||||||||
Unrecognized compensation expense | $ | 44 | $ | 597 | |||||||||||||
Weighted average period over which unrecognized compensation expense is to be recognized (in years) | 2.2 | 3.1 | |||||||||||||||
On January 30, 2013, the Executive Compensation Committee of the Company’s Board of Directors approved grants of Restricted Stock Awards (“RSAs”) to certain officers and employees of the Company in an amount equal to a percentage of the recipient’s annual salary. The value of the RSAs was based on the closing price of the Company’s common stock on the NASDAQ Stock Market on the date of grant, February 1, 2013 ($4.98), and a total of 36,961 restricted shares were issued. The shares were issued from the Company’s 2004 Equity Incentive Plan. The RSAs will vest one-fourth each year beginning February 1, 2014, conditioned on continued employment and certain other forfeiture provisions. In addition, the Executive Compensation Committee approved the USA Truck, Inc. 2013 Management Bonus Plan. Plan participants, consisting of executive and other key management personnel, will be paid a cash percentage and an equity percentage of their base salaries (payable in restricted stock), corresponding with the achievement of certain levels of consolidated 2013 pretax income. No bonus payments were made or accrued under this plan. | |||||||||||||||||
On February 15, 2013, in connection with his appointment as President and Chief Executive Officer, Mr. John M. Simone was awarded 75,000 shares of restricted stock, with a grant date of February 18, 2013, to vest in equal 25% installments over four years, beginning February 18, 2014. He was also awarded 42,910 non-qualified stock options with an exercise price of $4.83, which was the closing price of the Company’s common stock on the NASDAQ Stock Market on February 19, 2013, the first trading day following the date of grant, to vest in equal 25% installments over four years, beginning February 18, 2014. Both awards are conditioned on continued employment and certain other forfeiture provisions. | |||||||||||||||||
On May 8, 2013, the Executive Compensation Committee of the Company’s Board of Directors granted RSAs to each non-employee member of the Company’s Board of Directors. The awards were part of a change in such directors’ compensation plan, which included an elimination of directors’ Board meeting fees. The value of the RSAs was based on the closing price of the Company’s common stock on the NASDAQ Stock Market on the date of the grant, May 8, 2013 ($6.00), and a total of 30,830 restricted shares were awarded. The shares were granted from the Company’s 2004 Equity Incentive Plan. The RSAs will vest upon the date of the 2014 Annual Shareholders’ Meeting. | |||||||||||||||||
During 2013, the Executive Compensation Committee of the Company’s Board of Directors approved grants of RSAs to certain newly hired officers and employees of the Company in an amount equal to a percentage of the respective recipient’s annual salary. The value of the RSAs was based on the closing price of the Company’s common stock on the NASDAQ Stock Market on the dates of grant for each recipient. For the year ended December 31, 2013, a total of 13,385 restricted shares were issued from the Company’s 2004 Equity Incentive Plan pursuant to such grants. The RSAs will vest in one-fourth increments on the anniversary date of the date of grant each year, conditioned on continued employment and certain other forfeiture provisions. | |||||||||||||||||
On October 30, 2013, the Executive Compensation Committee of the Board of Directors (the “Compensation Committee”) of USA Truck, Inc. (the “Company”) approved a retention bonus plan (the “Retention Bonus Plan”) and a change in control/severance plan (the “Management Severance Plan”) for certain of the Company’s officers and members of its management team. The Compensation Committee has determined that it is appropriate to adopt the Retention Bonus Plan and the Management Severance Plan as a means of assuring the continued focus of the new and expanded management team that is critical to the successful execution of the Company’s turnaround strategy, and mitigating any uncertainty regarding future employment resulting from Knight Transportation, Inc.’s unsolicited proposal to acquire the Company and its ongoing efforts to disrupt the Company’s turnaround. | |||||||||||||||||
Each participant in the Retention Bonus Plan, with the exception of Mr. Simone, is eligible to receive a one-time, cash bonus that is equal to a percentage of the participant’s annualized base salary determined as of the date of adoption of the Retention Bonus Plan. The percentages range from 6.25% to 25% of annualized base salary. Mr. Simone is eligible to receive a retention bonus equal to 25% of his annualized base salary plus an additional $150,000, of which $50,000 was paid to him in December 2013. All other payments under the Retention Bonus Plan will be paid on or about April 11, 2014 (the “Payment Date”) to those plan participants employed as of October 30, 2013, that remain employed with the Company through and as of the Payment Date. If a participant in the Retention Bonus Plan voluntarily terminates his employment at any time after receipt of a payment under the Retention Bonus Plan and before the one-year anniversary of the adoption of the Retention Bonus Plan, or October 30, 2014, the plan participant will be required to repay his or her retention bonus award to the Company. | |||||||||||||||||
The Management Severance Plan provides that the plan participants will enter into substantially identical Change in Control/Severance Agreements (each, a “Severance Agreement”) and will be entitled to certain severance benefits thereunder if (i) following adoption of the Management Severance Plan, a participant is terminated by the Company without “cause” (as defined in the Severance Agreement) other than in connection with or following a “change in control” (as defined in the Severance Agreement) (the “Severance Benefit”) or (ii) in the event of and for the twelve-month period following a “change in control,” the Company or its successor terminates a participant’s employment without “cause” or the participant is subject to a “constructive termination” (as defined in the Severance Agreement) (the “Change-in-Control Benefit”). The Management Severance Plan provides that the Severance Benefit and the Change-in-Control Benefit are mutually exclusive and a plan participant would not be entitled to both benefits. | |||||||||||||||||
With respect to the Severance Benefit, plan participants will be entitled to receive a monthly severance payment equal to the participant’s base monthly salary at the time of termination without “cause” for a fixed period of time ranging from six months to twelve months. | |||||||||||||||||
On February 25, 2014, the Executive Compensation Committee approved the USA Truck, Inc. 2014 Management Bonus Plan. Plan participants, consisting of executive and other key management personnel, will be paid a cash percentage and an equity percentage of their base salaries (payable in restricted stock), corresponding with the achievement of certain levels of consolidated 2014 pretax income. | |||||||||||||||||
On February 25, 2014, the Company’s Board of Directors adopted the USA Truck, Inc. 2014 Omnibus Incentive Plan (the “Incentive Plan”) and recommended that it be submitted to the Company’s stockholders for their approval at the Annual Meeting of Stockholders (the “Annual Meeting”), scheduled for May 23, 2014. If approved by the stockholders, the Incentive Plan will be effective as of the date of the Annual Meeting. The Incentive Plan is intended to replace the 2004 Equity Incentive Plan, which expires on May 5, 2014. If the Incentive Plan is approved by the stockholders, no further awards would be made after such date under the 2004 Equity Incentive Plan. |
Note_13_Loss_Per_Share
Note 13 - Loss Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
13. Loss per Share | |||||||||
The following table sets forth the computation of basic and diluted loss per share: | |||||||||
(in thousands, except per share) amounts) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Net loss | $ | (9,110 | ) | $ | (17,671 | ) | |||
Denominator: | |||||||||
Denominator for basic loss per share – weighted average shares | 10,323 | 10,310 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options and restricted stock | -- | -- | |||||||
-- | -- | ||||||||
Denominator for diluted loss per share – adjusted weighted-average shares and assumed conversions | $ | 10,323 | $ | 10,310 | |||||
Basic loss per share | $ | (0.88 | ) | $ | (1.71 | ) | |||
Diluted loss per share | $ | (0.88 | ) | $ | (1.71 | ) | |||
Weighted average anti-dilutive employee stock options and restricted stock | 103 | 200 | |||||||
Note_14_Common_Stock_Transacti
Note 14 - Common Stock Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
14. Common Stock Transactions | |
During the years ended December 31, 2013 and 2012, we did not repurchase any shares of our common stock. Currently, we do not have an approved repurchase authorization. |
Note_15_Fair_Value_of_Financia
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Fair Value, Measurement Inputs, Disclosure [Text Block] | ' |
15. Fair Value of Financial Instruments | |
At December 31, 2013 and 2012, the amounts reported in the Company’s consolidated balance sheets for its Revolver and capital leases approximate their fair value. |
Note_16_Litigation
Note 16 - Litigation | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Legal Matters and Contingencies [Text Block] | ' |
16. Litigation | |
We are party to routine litigation incidental to our business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. We maintain insurance to cover liabilities in excess of certain self-insured retention levels. Though management believes these claims to be routine and immaterial to our long-term financial position, adverse results of one or more of these claims could have a material adverse effect on our financial position or results of operations in any given reporting period. | |
On July 28, 2008, a former commission sales agent, Mr. William Blankenship (“Blankenship”), filed an action in the United States District Court, Western District of Arkansas entitled William Blankenship, Jr. v. USA Truck, Inc., asking the court to set aside a previously consummated settlement agreement between the parties. The matter was dismissed by the District Court based upon our Motion to Dismiss, but was later reinstated by the 8th Circuit Court of Appeals and set for trial in the United States District Court in Fort Smith, Arkansas. In October 2011, the trial was held in the United States District Court and the jury returned a favorable verdict for the Company on all counts and determined that the Company had no additional liability in this matter. On December 13, 2011, the Court entered an order awarding the Company its costs and attorney’s fees incurred in defending the case totaling approximately $0.2 million. Blankenship appealed the jury verdict and Court order. On June 27, 2013, the 8th Circuit Court of Appeals entered an order affirming the jury verdict and attorneys’ fee award in favor of USA Truck. By order dated July 30, 2013, the 8th Circuit Court of Appeals denied all of Blankenship’s requests for further appellate review, effectively ending the litigation. Blankenship filed bankruptcy in 2013, thus extinguishing our rights to collect the court ordered award of attorney’s fees. | |
On September 26, 2013 Knight Transportation, Inc. (“Knight”) filed a Schedule 13D with the Securities and Exchange Commission stating it had acquired 829,946 shares of our common stock (approximately 7.9%) for the purpose of pursuing a merger with us. Knight also disclosed in this filing that it had made an offer to our Board of Directors on August 28, 2013 proposing an all cash offer of $9.00 per share for all of our outstanding shares of common stock. Subsequent to this filing, Knight reported that it had increased its holdings in our stock to 1,287,782 shares (approximately 12.2%). On September 26, 2013, the Company issued a press release regarding Knight’s unsolicited proposal, indicating that our Board of Directors had previously reviewed Knight’s unsolicited proposal with the Company’s management team and independent financial and legal advisors, that the Board unanimously concluded that the proposal substantially undervalued the Company in light of the initiatives undertaken by the new management team, and the proposal was not in the best interests of the Company and its stockholders. The Company also indicated in the release that it had offered to meet with Knight to discuss the reasons why the Knight offer was inadequate. On October 10, 2013, we filed a breach of contract complaint in the Circuit Court of Crawford County, Van Buren, Arkansas, styled USA Truck, Inc. v. Knight Transportation, Inc., Docket No. 17CV-13-302-II (which was subsequently removed to the United States District Court for the Western District of Arkansas and captioned USA Truck, Inc. v. Knight Transportation, Inc., No. 2:13 cv 02238 PKH), alleging, among other things, that Knight misused confidential information in violation of a confidentiality agreement between Knight and the Company, by disclosing prior confidential discussions between Knight and the Company, and by using confidential information in connection with the above mentioned stock acquisitions. The lawsuit seeks to require Knight to divest the shares it acquired in violation of the confidentiality agreement. | |
On February 4, 2014, the Company entered into a settlement agreement (the "Settlement Agreement") with Knight for the purpose of resolving the litigation described above. Pursuant to the Settlement Agreement, and without either the Company or Knight admitting or conceding liability or wrongdoing, we have withdrawn the lawsuit, the Company and Knight exchanged mutual releases of liability and the Company and Knight entered into a voting agreement and a standstill agreement. |
Note_17_Stockholder_Rights_Pla
Note 17 - Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
17. Stockholder Rights Plan | |
On November 7, 2012, the Company's Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company's common stock, which dividend was paid on November 21, 2012 to stockholders of record at the close of business on such date. The Board of Directors also adopted the Rights Agreement by and between the Company and Registrar and Transfer Company, as Rights Agent (the “Rights Agreement”). Until certain events described in the Rights Agreement and noted in the following paragraph, the Rights are not exercisable and do not trade separately from our common stock. | |
The Rights will become exercisable (subject to customary exceptions) only if a person or group acquires 15% or more of the Company's common stock. At a designated time after a person or group becomes an acquiring person, upon payment of the exercise price of $12.00 per Right, a holder (other than an acquiring person) will be entitled to purchase $24.00 worth of shares of the Company's common stock (or under certain circumstances, the common stock of an entity that completes a business combination with the Company) at a 50% discount. | |
The Rights Agreement is set to expire on November 21, 2014; however, the Rights Agreement will continue after the Company's 2014 Annual Meeting of Stockholders, scheduled for May 23, 2014, only upon stockholder approval at such meeting. The Company may redeem the Rights for nominal consideration before the Rights become exercisable. |
Note_18_Quarterly_Results_of_O
Note 18 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
18. Quarterly Results of Operations (Unaudited) | |||||||||||||||||
The tables below present quarterly financial information for 2013 and 2012: | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenues | $ | 132,027 | $ | 139,738 | $ | 141,822 | $ | 141,417 | |||||||||
Operating expenses and costs | 134,854 | 140,683 | 142,026 | 146,109 | |||||||||||||
Operating loss | (2,827 | ) | (945 | ) | (204 | ) | (4,692 | ) | |||||||||
Other expenses, net | 783 | 901 | 356 | 2,390 | |||||||||||||
Loss before income taxes | (3,610 | ) | (1,846 | ) | (560 | ) | (7,082 | ) | |||||||||
Income tax (benefit) expense | (1,136 | ) | (448 | ) | 42 | (2,446 | ) | ||||||||||
Net loss | $ | (2,474 | ) | $ | (1,398 | ) | $ | (602 | ) | $ | (4,636 | ) | |||||
Average shares outstanding (Basic) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Basic loss per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
Average shares outstanding (Diluted) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Diluted loss per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
Note - The above amounts have been previously reported in the Company’s quarterly reports on Form 10-Q. Certain line items in those quarterly reports may not total the corresponding amount reported in this Annual Report on Form 10-K due to rounding. | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
2012 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenues | $ | 123,673 | $ | 129,569 | $ | 124,416 | $ | 134,771 | |||||||||
Operating expenses and costs | 130,309 | 133,898 | 132,941 | 138,552 | |||||||||||||
Operating loss | (6,636 | ) | (4,329 | ) | (8,525 | ) | (3,781 | ) | |||||||||
Other expenses, net | 911 | 975 | 1,002 | 1,100 | |||||||||||||
Loss before income taxes | (7,547 | ) | (5,304 | ) | (9,527 | ) | (4,881 | ) | |||||||||
Income tax benefit | (2,674 | ) | (1,818 | ) | (3,455 | ) | (1,641 | ) | |||||||||
Net loss | $ | (4,873 | ) | $ | (3,486 | ) | $ | (6,072 | ) | $ | (3,240 | ) | |||||
Average shares outstanding (Basic) | 10,300 | 10,304 | 10,312 | 10,313 | |||||||||||||
Basic loss per share | $ | (0.47 | ) | $ | (0.34 | ) | $ | (0.59 | ) | $ | (0.31 | ) | |||||
Average shares outstanding (Diluted) | 10,300 | 10,304 | 10,312 | 10,313 | |||||||||||||
Diluted loss per share | $ | (0.47 | ) | $ | (0.34 | ) | $ | (0.59 | ) | $ | (0.31 | ) | |||||
Note - The above amounts have been previously reported in the Company’s quarterly reports on Form 10-Q. Certain line items in those quarterly reports may not total the corresponding amount reported in this Annual Report on Form 10-K due to rounding. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||
Description of Business | |||||||||
USA Truck (the “Company”) is a truckload carrier providing transportation of general commodities throughout the continental United States, into and out of Mexico and into and out of portions of Canada. Generally, the Company transports full dry van trailer loads of freight from origin to destination without intermediate stops or handling. To complement the Company’s Truckload operations, it provides dedicated, brokerage and rail intermodal services. For shipments into Mexico, the Company transfers its trailers to tractors operated by Mexican carriers at a facility in Laredo, Texas, which is operated by the Company’s wholly-owned subsidiary. Through the Company’s asset based and non-asset based capabilities, it transports many types of freight for a diverse customer base in a variety of industries. | |||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and significant intercompany transactions have been eliminated in consolidation. The Company has no investments in or contractual obligations with variable interest entities. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash Equivalents | |||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. On occasion, the Company will accumulate balances in a money market account in an amount that exceeds the depository bank’s federally insured limit. Because these balances are accumulated on a short-term basis, the Company does not believe its exposure to loss to be a significant risk. | |||||||||
Receivables, Policy [Policy Text Block] | ' | ||||||||
Accounts Receivable and Concentration of Credit Risk | |||||||||
The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit evaluations and generally does not require collateral. Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability. The Company maintains reserves for potential credit losses based upon its loss history and specific receivables aging analysis. Receivable balances are written off when collection is deemed unlikely. Such losses have been within management’s expectations. | |||||||||
Accounts receivable are comprised of a diversified customer base that results in a lack of concentration of credit risk. During 2013 and 2012, the Company’s top ten customers generated 27.0% and 29.0% of total revenue, respectively. During the two year period ended December 31, 2013, no single customer represented more than 10.0% of total revenue. Other accounts receivable consists primarily of proceeds from the sale of revenue equipment. The carrying amount reported in the balance sheet for accounts receivable approximates fair value as receivables collection averaged approximately 40 days from the billing date. | |||||||||
The following table provides a summary of the activity in the allowance for doubtful accounts for 2013 and 2012: | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 423 | $ | 420 | |||||
Amounts charged to expense | 187 | 153 | |||||||
Uncollectible accounts written off, net of recovery | -- | (150 | ) | ||||||
Balance at end of year | $ | 610 | $ | 423 | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some of the significant estimates made by management include, but are not limited to, allowances for doubtful accounts, useful lives for depreciation and amortization, estimates related to our share-based compensation plan, deferred taxes and reserves for claims liabilities. Actual results could differ from those estimates. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventories consist of tires, fuel, supplies and Company store merchandise and are stated at the lower of cost (first-in, first-out basis) or market. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income Taxes | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets include temporary differences relating to depreciation, capitalized leases and certain revenues and expenses. The Company has analyzed filing positions in its federal and applicable state tax returns as well as in all open tax years. The only periods subject to examination for its federal returns are the 2010, 2011, 2012 and 2013 tax years, and in February 2013, the Company received notice that its 2011 federal tax return is being examined. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that its income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions have been recorded. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment is recorded at cost. For financial reporting purposes, the cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 to 39.5 years; revenue equipment – 4 to 14 years; and service, office and other equipment – 3 to 20 years. Asset sales are made for cash and gains and losses on those sales are reflected in the year of disposal. Revenue equipment acquired under capital lease is amortized over the lease term. Trade-in allowances in excess of book value of revenue equipment are accounted for by adjusting the cost of assets acquired. Tires purchased with revenue equipment are capitalized as a part of the cost of such equipment, with replacement tires being inventoried and amortized under the Company’s prepaid tire policy. | |||||||||
We review our long-lived assets for impairment in accordance with Topic ASC 360, Property, Plant and Equipment. This authoritative guidance provides that whenever there are certain significant events or changes in circumstances the value of long-lived assets or groups of assets must be tested to determine if their value can be recovered from their future cash flows. In the event that undiscounted cash flows expected to be generated by the asset are less than the carrying amount, the asset or group of assets must be evaluated to determine if an impairment of value exists. Impairment exists if the carrying value of the asset exceeds its fair value. | |||||||||
In light of the sustained general economic downturn in the United States and world economies, the decline in our market capitalization and our net operating losses in recent years, triggering events and changes in circumstances have occurred, which required us to test our long-lived assets for recoverability at December 31, 2013. | |||||||||
We test for the recoverability of all of our long-lived assets as a single group at the entity level and examine the forecasted future cash flows generated by our revenue equipment, including its eventual disposition, to determine if those cash flows exceed the carrying value of our long-lived assets. At December 31, 2013 and 2012, we determined that no impairment of value existed. | |||||||||
Self Insurance Reserve [Policy Text Block] | ' | ||||||||
Claims Liabilities | |||||||||
The Company is self-insured up to certain limits for bodily injury, property damage, workers’ compensation, cargo loss and damage claims and medical benefits. Provisions are made for both the estimated liabilities for known claims as incurred and estimates for those incurred but not reported. | |||||||||
The Company’s self-insurance retention levels are $0.5 million for workers’ compensation claims per occurrence, $0.05 million for cargo loss and damage claims per occurrence and $1.0 million for bodily injury and property damage claims per occurrence. For medical benefits, the Company self-insures up to $0.25 million per plan participant per year with an aggregate claim exposure limit determined by the Company’s year-to-date claims experience and its number of covered lives. The Company is completely self-insured for physical damage to its own tractors and trailers, except that the Company carries catastrophic physical damage coverage to protect against natural disasters. The Company maintains insurance above the amounts for which it self-insures, to certain limits, with licensed insurance carriers. The Company has excess general, auto and employer’s liability coverage in amounts substantially exceeding minimum legal requirements. | |||||||||
The Company records claims accruals at the estimated ultimate payment amounts based on information such as individual case estimates or historical claims experience. The current portion reflects the amounts of claims expected to be paid in the next twelve months. In making the estimates of ultimate payment amounts and the determinations of the current portion of each claim, the Company relies on past experience with similar claims, negative or positive developments in the case and similar factors. During 2013, management conducted an in-depth operational review of long-term claims liability reserves. After extensive analysis and consultation with advisors, management determined that an enhancement in the estimation process, whereby a third-party actuary was engaged, would provide a better estimate of the claims reserve. As a result, the long-term claims liability on the Company’s balance sheet was adjusted upward by approximately $6.0 million at December 31, 2013, resulting in a non-cash charge of $0.35 per diluted share to fourth-quarter earnings. | |||||||||
Interest Capitalization, Policy [Policy Text Block] | ' | ||||||||
Interest | |||||||||
The Company capitalizes interest on major projects during construction and development. Interest is capitalized based on the average interest rate on related debt. | |||||||||
The following table shows capitalized interest and interest expense for the years indicated: | |||||||||
(in thousands) | |||||||||
Capitalized Interest | Interest Expense | ||||||||
31-Dec-13 | $ | 2 | $ | 3,774 | |||||
31-Dec-12 | -- | 4,052 | |||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Loss Per Share | |||||||||
Basic loss per share is computed based on the weighted average number of shares of common stock outstanding during the year. Diluted loss per share is computed by adjusting the weighted average shares outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. | |||||||||
Liability Reserve Estimate, Policy [Policy Text Block] | ' | ||||||||
Change in Accounting Estimate | |||||||||
During 2013, management conducted an in-depth operational review of long-term claims liability reserves. After extensive analysis and consultation with advisors, management determined that an enhancement in the estimation process, whereby a third-party actuary was engaged, would provide a better estimate of the claims reserve. As a result, the long-term claims liability on the Company’s balance sheet was adjusted upward by approximately $6.0 million at December 31, 2013, resulting in a non-cash charge of $0.35 per diluted share to fourth-quarter earnings. Of this adjustment, which is accounted for as a change in estimate, approximately $2.0 million is included in the salaries, wages, and employee benefits expense and approximately $4.0 million is included in insurance and claims expense in the consolidated statements of operations. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition | |||||||||
Revenue generated by the Company’s Trucking operating segment is recognized in full upon completion of delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | |||||||||
Revenue generated by the Company’s SCS and Intermodal operating segments is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, because the Company acts as a principal with substantial risks as primary obligor. | |||||||||
Management believes these policies most accurately reflect revenue as earned and direct expenses, including third party purchased transportation costs, as incurred. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
New Accounting Pronouncements | |||||||||
Currently, there are no new accounting pronouncements that were issued to be effective in 2013 or subsequent thereto that would have a material impact on the Company’s financial reporting. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 423 | $ | 420 | |||||
Amounts charged to expense | 187 | 153 | |||||||
Uncollectible accounts written off, net of recovery | -- | (150 | ) | ||||||
Balance at end of year | $ | 610 | $ | 423 | |||||
Capitalized Interest and Interest Expense [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Capitalized Interest | Interest Expense | ||||||||
31-Dec-13 | $ | 2 | $ | 3,774 | |||||
31-Dec-12 | -- | 4,052 |
Note_2_Segment_Reporting_Table
Note 2 - Segment Reporting (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | ' | |||||||||
Percent of Base Revenue | ||||||||||
Trucking | SCS | |||||||||
31-Dec-13 | 73.5 | % | 26.5 | % | ||||||
31-Dec-12 | 72.8 | % | 27.2 | % | ||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||
(in thousands) | ||||||||||
Revenue | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Base revenue | ||||||||||
Trucking | $ | 326,734 | $ | 297,624 | ||||||
SCS | 125,053 | 131,327 | ||||||||
Eliminations | (7,932 | ) | (20,232 | ) | ||||||
Total base revenue | $ | 443,855 | $ | 408,719 | ||||||
Fuel surcharge revenue | ||||||||||
Trucking | $ | 91,867 | $ | 83,920 | ||||||
SCS | 21,439 | 25,023 | ||||||||
Eliminations | (2,156 | ) | (5,234 | ) | ||||||
Total fuel surcharge revenue | 111,150 | 103,709 | ||||||||
Total revenue | $ | 555,005 | $ | 512,428 | ||||||
(in thousands) | ||||||||||
Operating income (loss) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Operating income (loss) | ||||||||||
Trucking | $ | (17,667 | ) | $ | (29,848 | ) | ||||
SCS | 9,000 | 6,576 | ||||||||
Operating loss | $ | (8,667 | ) | $ | (23,272 | ) | ||||
(in thousands) | ||||||||||
Total Assets | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Total Assets | ||||||||||
Trucking | $ | 200,168 | $ | 218,145 | ||||||
Corporate and Other | 114,778 | 113,349 | ||||||||
Total Assets | $ | 314,946 | $ | 331,494 | ||||||
(in thousands) | ||||||||||
Depreciation and Amortization | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Depreciation and Amortization | ||||||||||
Trucking | $ | 42,366 | $ | 42,165 | ||||||
SCS | 130 | 346 | ||||||||
Corporate and Other | 2,451 | 2,547 | ||||||||
Total Depreciation and Amortization | $ | 44,947 | $ | 45,058 |
Note_4_Prepaid_Expenses_and_Ot1
Note 4 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Current Assets [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Prepaid tires | $ | 10,607 | $ | 9,174 | |||||
Prepaid licenses, permits and tolls | 1,915 | 1,951 | |||||||
Prepaid insurance | 1,414 | 1,649 | |||||||
Other | 2,128 | 2,641 | |||||||
Total prepaid expenses and other current assets | $ | 16,064 | $ | 15,415 |
Note_6_Accrued_Expenses_Tables
Note 6 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Salaries, wages and employee benefits | $ | 4,747 | $ | 3,779 | |||||
Other (1) | 3,985 | 3,931 | |||||||
Total accrued expenses | $ | 8,732 | $ | 7,710 |
Note_8_Longterm_Debt_Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||
(in thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Revolving credit agreement (1) | $ | 64,000 | $ | 83,513 | |||||||||
Capitalized lease obligations and other long-term debt (2) | 63,868 | 53,420 | |||||||||||
127,868 | 136,933 | ||||||||||||
Less current maturities | (19,025 | ) | (14,403 | ) | |||||||||
Long-term debt, less current maturities | $ | 108,843 | $ | 122,530 | |||||||||
Schedule of Revolver Applicable Margin [Table Text Block] | ' | ||||||||||||
Level | Average Excess Availability | Applicable Margin in respect of Base Rate Loans under the Revolver | Applicable Margin in respect of LIBOR Rate Loans under the Revolver | ||||||||||
I | ≥ | $50,000,000 | 1.25 | % | 2.25 | % | |||||||
II | < | $50,000,000 | but ≥ | $30,000,000 | 1.5 | % | 2.5 | % | |||||
III | < | $30,000,000 | 1.75 | % | 2.75 | % | |||||||
Schedule of Line of Credit Facilities [Table Text Block] | ' | ||||||||||||
Level | Average Used Portion of the Revolver plus Outstanding Letters of Credit | Applicable Unused Revolver Fee Margin | |||||||||||
I | > | $60,000,000 | 0.375 | % | |||||||||
II | < | $60,000,000 | 0.5 | % |
Note_9_Leases_and_Commitments_
Note 9 - Leases and Commitments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Capital Leased Assets [Table Text Block] | ' | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Capitalized Costs | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||
31-Dec-13 | $ | 84,410 | $ | 20,942 | $ | 63,468 | |||||||||||||||||||
31-Dec-12 | 67,788 | 16,366 | 51,422 | ||||||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Amortization of leased assets | $ | 12,667 | $ | 10,745 | |||||||||||||||||||||
Rent expense under operating leases | 2,778 | 3,148 | |||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | ||||||||||||||||||||
Future minimum payments | $ | 20,133 | $ | 23,090 | $ | 14,557 | $ | 6,264 | $ | 2,118 | $ | -- | |||||||||||||
Future rentals under operating leases | 1,195 | 408 | 297 | 281 | 135 | 168 |
Note_10_Federal_and_State_Inco1
Note 10 - Federal and State Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Current deferred tax assets: | ||||||||||
Accrued expenses not deductible until paid | $ | 7,648 | $ | 3,885 | ||||||
Equity Incentive Plan | 282 | 266 | ||||||||
Revenue recognition | 330 | 277 | ||||||||
Allowance for doubtful accounts | 234 | 162 | ||||||||
Other | 452 | 16 | ||||||||
Total current deferred tax assets | 8,946 | 4,606 | ||||||||
Current deferred tax liabilities: | ||||||||||
Prepaid expenses deductible when paid | (6,159 | ) | (5,910 | ) | ||||||
Total current deferred tax liabilities | (6,159 | ) | (5,910 | ) | ||||||
Net current deferred tax assets (liabilities) | $ | 2,787 | $ | (1,304 | ) | |||||
Noncurrent deferred tax assets: | ||||||||||
Non-compete agreement | 18 | 41 | ||||||||
Net operating loss carry forwards | 6,052 | 16,452 | ||||||||
Total noncurrent deferred tax assets | 6,070 | 16,493 | ||||||||
Noncurrent deferred tax liabilities: | ||||||||||
Tax over book depreciation | (41,041 | ) | (52,237 | ) | ||||||
Capitalized leases | (71 | ) | (215 | ) | ||||||
Other | 3 | 6 | ||||||||
Total noncurrent deferred tax liabilities | (41,109 | ) | (52,446 | ) | ||||||
Net noncurrent deferred tax liabilities | $ | (35,039 | ) | $ | (35,953 | ) | ||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Current: | ||||||||||
Federal | $ | 786 | $ | -- | ||||||
State | -- | -- | ||||||||
Total current | 786 | -- | ||||||||
Deferred: | ||||||||||
Federal | (4,093 | ) | (7,943 | ) | ||||||
State | (681 | ) | (1,646 | ) | ||||||
Total deferred | (4,774 | ) | (9,589 | ) | ||||||
Total income tax (benefit) expense | $ | (3,988 | ) | $ | (9,589 | ) | ||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||
(in thousands) | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Income tax (benefit) expense at statutory federal rate | $ | (4,453 | ) | $ | (9,268 | ) | ||||
Federal income tax effects of: | ||||||||||
State income tax expense | 231 | 558 | ||||||||
Per diem and other nondeductible meals and entertainment | 875 | 748 | ||||||||
Other | 40 | 19 | ||||||||
Federal income tax benefit | (3,307 | ) | (7,943 | ) | ||||||
State income tax benefit | (681 | ) | (1,646 | ) | ||||||
Total income tax benefit | $ | (3,988 | ) | $ | (9,589 | ) | ||||
Effective tax rate | 30.4 | % | 35.2 | % |
Note_12_Stock_Plans_Tables
Note 12 - Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Note 12 - Stock Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense | $ | 54 | $ | 67 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (1) | ||||||||||||||
Outstanding - beginning of year | 112,151 | $ | 12.54 | ||||||||||||||
Granted (2) | 42,910 | 4.83 | |||||||||||||||
Exercised | (1,398 | ) | 4.27 | $ | 9,780 | ||||||||||||
Cancelled/forfeited | (12,833 | ) | 6.46 | ||||||||||||||
Expired | (30,959 | ) | 15.55 | ||||||||||||||
Outstanding at December 31, 2013 | 109,871 | $ | 9.49 | 4.6 | $ | 491,723 | |||||||||||
Exercisable at December 31, 2013 | 53,186 | $ | 13.4 | 1.2 | $ | 63,414 | |||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||
Exercise | Number of Options Outstanding | Weighted-Average Remaining Contractual Life (in years) | Number of Options Exercisable | ||||||||||||||
Price | |||||||||||||||||
$ | 2.88 | 2,655 | 3.7 | ||||||||||||||
4.18 | 1,240 | 3.7 | |||||||||||||||
4.83 | 42,910 | 9.1 | |||||||||||||||
6.91 | 623 | 3.7 | |||||||||||||||
8.94 | 6,211 | 3.1 | |||||||||||||||
9.03 | 3,653 | 2.2 | |||||||||||||||
11.19 | 5,715 | 0.8 | |||||||||||||||
12.11 | 7,041 | 2.2 | |||||||||||||||
12.2 | 4,745 | 2.2 | |||||||||||||||
12.21 | 4,638 | 1.3 | |||||||||||||||
12.52 | 6,483 | 2.2 | |||||||||||||||
13.61 | 2,999 | 1.3 | |||||||||||||||
13.88 | 4,493 | 0.8 | |||||||||||||||
14.18 | 3,351 | 0.8 | |||||||||||||||
14.5 | 4,172 | 0.8 | |||||||||||||||
16.49 | 2,653 | 1.3 | |||||||||||||||
18.58 | 2,889 | 1.3 | |||||||||||||||
22.54 | 3,400 | 0.3 | |||||||||||||||
30.22 | -- | 0 | |||||||||||||||
109,871 | 4.6 | 53,186 | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 35.6 | % | 29.8 | – | 64 | % | |||||||||||
Risk-free interest rate | 1.2 | % | 0.5 | – | 0.7 | % | |||||||||||
Expected life (in years) | 6.25 | 3.75 | – | 4.25 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Stock options | $ | 60 | $ | 177 | |||||||||||||
Restricted stock | 144 | 57 | |||||||||||||||
Restricted Stock Award Forfeitures [Table Text Block] | ' | ||||||||||||||||
July 16, 2008 Restricted Stock Award Forfeitures | |||||||||||||||||
Scheduled Vest Date | Date Deemed Forfeited and Recorded as Treasury Stock | Shares Forfeited | Expense Recovered | Date Shares Returned to Plan | |||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
1-Apr-11 | 30-Sep-10 | 9 | $ | 70 | 1-Apr-11 | ||||||||||||
1-Apr-12 | 30-Sep-11 | 8 | -1 | 66 | 1-Apr-12 | ||||||||||||
1-Apr-13 | 30-Sep-11 | 15 | (1)(2) | 101 | 1-Apr-13 | ||||||||||||
1-Apr-14 | 28-Feb-13 | 9 | -3 | 78 | 1-Apr-14 | ||||||||||||
1-Apr-15 | 28-Feb-13 | 9 | -3 | 65 | 1-Apr-15 | ||||||||||||
1-Apr-16 | 28-Feb-13 | 9 | -3 | 56 | 1-Apr-16 | ||||||||||||
1-Apr-17 | 31-Dec-13 | 7 | 44 | 1-Apr-17 | |||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | ||||||||||||||||
(in thousands, except weighted average data) | |||||||||||||||||
Stock Options | Restricted Stock | ||||||||||||||||
Unrecognized compensation expense | $ | 44 | $ | 597 | |||||||||||||
Weighted average period over which unrecognized compensation expense is to be recognized (in years) | 2.2 | 3.1 | |||||||||||||||
Executive Team Incentive Plan [Member] | ' | ||||||||||||||||
Note 12 - Stock Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Grant Date | Restricted Shares (1) | Number of Shares Under Options (1) | Grant Price (2) | ||||||||||||||
2013 | |||||||||||||||||
1-Feb | -- | -- | -- | ||||||||||||||
2-May | -- | -- | -- | ||||||||||||||
1-Aug | -- | -- | -- | ||||||||||||||
1-Nov | -- | -- | -- | ||||||||||||||
2012 | |||||||||||||||||
1-Feb | 240 | 481 | $ | 8.94 | |||||||||||||
2-May | 310 | 623 | 6.91 | ||||||||||||||
1-Aug | 512 | 1,240 | 4.18 | ||||||||||||||
1-Nov | 743 | 2,655 | 2.88 | ||||||||||||||
Restricted Stock [Member] | ' | ||||||||||||||||
Note 12 - Stock Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
(in thousands) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Compensation expense | $ | 161 | $ | 65 | |||||||||||||
Equity Incentive Plan [Member] | ' | ||||||||||||||||
Note 12 - Stock Plans (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value (1) | ||||||||||||||||
Nonvested shares – December 31, 2012 | 113,458 | $ | 10.35 | ||||||||||||||
Granted | 156,176 | 5.21 | |||||||||||||||
Forfeited | (45,965 | ) | 9.12 | ||||||||||||||
Vested | (24,050 | ) | 5.41 | ||||||||||||||
Nonvested shares – December 31, 2013 | 199,619 | $ | 7.2 |
Note_13_Loss_Per_Share_Tables
Note 13 - Loss Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
(in thousands, except per share) amounts) | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Net loss | $ | (9,110 | ) | $ | (17,671 | ) | |||
Denominator: | |||||||||
Denominator for basic loss per share – weighted average shares | 10,323 | 10,310 | |||||||
Effect of dilutive securities: | |||||||||
Employee stock options and restricted stock | -- | -- | |||||||
-- | -- | ||||||||
Denominator for diluted loss per share – adjusted weighted-average shares and assumed conversions | $ | 10,323 | $ | 10,310 | |||||
Basic loss per share | $ | (0.88 | ) | $ | (1.71 | ) | |||
Diluted loss per share | $ | (0.88 | ) | $ | (1.71 | ) | |||
Weighted average anti-dilutive employee stock options and restricted stock | 103 | 200 |
Note_18_Quarterly_Results_of_O1
Note 18 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenues | $ | 132,027 | $ | 139,738 | $ | 141,822 | $ | 141,417 | |||||||||
Operating expenses and costs | 134,854 | 140,683 | 142,026 | 146,109 | |||||||||||||
Operating loss | (2,827 | ) | (945 | ) | (204 | ) | (4,692 | ) | |||||||||
Other expenses, net | 783 | 901 | 356 | 2,390 | |||||||||||||
Loss before income taxes | (3,610 | ) | (1,846 | ) | (560 | ) | (7,082 | ) | |||||||||
Income tax (benefit) expense | (1,136 | ) | (448 | ) | 42 | (2,446 | ) | ||||||||||
Net loss | $ | (2,474 | ) | $ | (1,398 | ) | $ | (602 | ) | $ | (4,636 | ) | |||||
Average shares outstanding (Basic) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Basic loss per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
Average shares outstanding (Diluted) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Diluted loss per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
(in thousands, except per share amounts) | |||||||||||||||||
2012 | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenues | $ | 123,673 | $ | 129,569 | $ | 124,416 | $ | 134,771 | |||||||||
Operating expenses and costs | 130,309 | 133,898 | 132,941 | 138,552 | |||||||||||||
Operating loss | (6,636 | ) | (4,329 | ) | (8,525 | ) | (3,781 | ) | |||||||||
Other expenses, net | 911 | 975 | 1,002 | 1,100 | |||||||||||||
Loss before income taxes | (7,547 | ) | (5,304 | ) | (9,527 | ) | (4,881 | ) | |||||||||
Income tax benefit | (2,674 | ) | (1,818 | ) | (3,455 | ) | (1,641 | ) | |||||||||
Net loss | $ | (4,873 | ) | $ | (3,486 | ) | $ | (6,072 | ) | $ | (3,240 | ) | |||||
Average shares outstanding (Basic) | 10,300 | 10,304 | 10,312 | 10,313 | |||||||||||||
Basic loss per share | $ | (0.47 | ) | $ | (0.34 | ) | $ | (0.59 | ) | $ | (0.31 | ) | |||||
Average shares outstanding (Diluted) | 10,300 | 10,304 | 10,312 | 10,313 | |||||||||||||
Diluted loss per share | $ | (0.47 | ) | $ | (0.34 | ) | $ | (0.59 | ) | $ | (0.31 | ) |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self-insurance Retention Levels, Workers' Compensation Claims Per Occurrence | $0.50 | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' |
Self-insurance Retention Levels, Cargo Loss and Damage Claims Per Occurrence | 0.05 | ' | ' | ' | ' | ' | ' | ' | 0.05 | ' |
Self-insurance Retention Levels, Bodily Injury and Property Damage Claims Per Occurrence | 1 | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Self-insurance Retention Levels, Medical Benefits Per Plan Participant | 0.25 | ' | ' | ' | ' | ' | ' | ' | 0.25 | ' |
Liability for Claims and Claims Adjustment Expense | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Earnings Per Share, Diluted (in Dollars per share) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | ($0.31) | ($0.59) | ($0.34) | ($0.47) | ($0.88) | ($1.71) |
Top Ten Customers [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 27.00% | 29.00% |
Insurance Claims [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for Claims and Claims Adjustment Expense | 4 | ' | ' | ' | ' | ' | ' | ' | 4 | ' |
Building and Building Improvements [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' |
Building and Building Improvements [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '39 years 6 months | ' |
Transportation Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' |
Transportation Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '14 years | ' |
Other Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' |
Other Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' |
Long-term Claims Liability Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted (in Dollars per share) | ($0.35) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, Wages and Employee Benefits Expense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for Claims and Claims Adjustment Expense | $2 | ' | ' | ' | ' | ' | ' | ' | $2 | ' |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts Activities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Activities [Abstract] | ' | ' |
Balance at beginning of year | $423 | $420 |
Amounts charged to expense | 187 | 153 |
Uncollectible accounts written off, net of recovery | ' | -150 |
Balance at end of year | $610 | $423 |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies (Details) - Capitalized Interest and Interest Expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Capitalized Interest and Interest Expense [Abstract] | ' | ' |
Capitalized Interes | $2 | ' |
Interest Expense | $3,774 | $4,052 |
Note_2_Segment_Reporting_Detai
Note 2 - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note_2_Segment_Reporting_Detai1
Note 2 - Segment Reporting (Details) - Percentage of Base Revenue, by Segment (Product Concentration Risk [Member], Sales Revenue, Services, Net [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Trucking [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Percent of Base Revenue | 73.50% | 72.80% |
SCS [Member] | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' |
Percent of Base Revenue | 26.50% | 27.20% |
Note_2_Segment_Reporting_Detai2
Note 2 - Segment Reporting (Details) - Segment Reporting Information, by Segment (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | $443,855 | $408,719 |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | 111,150 | 103,709 |
Total revenue | 141,417 | 141,822 | 139,738 | 132,027 | 134,771 | 124,416 | 129,569 | 123,673 | 555,005 | 512,428 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | -4,692 | -204 | -945 | -2,827 | -3,781 | -8,525 | -4,329 | -6,636 | -8,667 | -23,272 |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 314,946 | ' | ' | ' | 331,494 | ' | ' | ' | 314,946 | 331,494 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 44,947 | 45,058 |
Operating Segments [Member] | Trucking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | 326,734 | 297,624 |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | 91,867 | 83,920 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | -17,667 | -29,848 |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 200,168 | ' | ' | ' | 218,145 | ' | ' | ' | 200,168 | 218,145 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 42,366 | 42,165 |
Operating Segments [Member] | SCS [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | 125,053 | 131,327 |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | 21,439 | 25,023 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | 9,000 | 6,576 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 130 | 346 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base revenue | ' | ' | ' | ' | ' | ' | ' | ' | -7,932 | -20,232 |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fuel surcharge revenue | ' | ' | ' | ' | ' | ' | ' | ' | -2,156 | -5,234 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 114,778 | ' | ' | ' | 113,349 | ' | ' | ' | 114,778 | 113,349 |
Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $2,451 | $2,547 |
Note_3_Leases_Receivable_Detai
Note 3 - Leases Receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Leases Receivable (Details) [Line Items] | ' | ' |
Other Receivables | $3,463,000 | $2,089,000 |
Lease Purchase Agreement [Member] | ' | ' |
Note 3 - Leases Receivable (Details) [Line Items] | ' | ' |
Other Receivables | 1,000,000 | ' |
Allowance for Loans and Leases Receivable [Member] | ' | ' |
Note 3 - Leases Receivable (Details) [Line Items] | ' | ' |
Valuation Allowances and Reserves, Balance | $100,000 | ' |
Note_4_Prepaid_Expenses_and_Ot2
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ' | ' |
Prepaid expenses and other current assets | $16,064 | $15,415 |
Prepaid Tires [Member] | ' | ' |
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ' | ' |
Prepaid expenses and other current assets | 10,607 | 9,174 |
Prepaid Licenses, Permits and Tolls [Member] | ' | ' |
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ' | ' |
Prepaid expenses and other current assets | 1,915 | 1,951 |
Prepaid Insurance [Member] | ' | ' |
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ' | ' |
Prepaid expenses and other current assets | 1,414 | 1,649 |
Other Current Assets [Member] | ' | ' |
Note 4 - Prepaid Expenses and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ' | ' |
Prepaid expenses and other current assets | $2,128 | $2,641 |
Note_5_Note_Receivable_Details
Note 5 - Note Receivable (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Receivables [Abstract] | ' | ' | ' | ' |
Proceeds from Sale of Real Estate | $200,000 | ' | ' | ' |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 2,100,000 | ' | ' | ' |
Note Receivable Interest Rate | 7.00% | ' | ' | ' |
Maturities of Note Receivable | 1,900,000 | ' | ' | ' |
Deferred Gain, Sale Of Property | ' | ' | ' | 700,000 |
Gain (Loss) on Disposition of Property Plant Equipment | ' | 7,300 | 6,800 | ' |
Notes, Loans and Financing Receivable, Net, Noncurrent | ' | $1,953,000 | $1,979,000 | ' |
Note_6_Accrued_Expenses_Detail
Note 6 - Accrued Expenses (Details) (Maximum [Member], Accrued Expense [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Maximum [Member] | Accrued Expense [Member] | ' |
Note 6 - Accrued Expenses (Details) [Line Items] | ' |
Concentration Risk, Percentage | 5.00% |
Note_6_Accrued_Expenses_Detail1
Note 6 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Accrued Expenses [Abstract] | ' | ' | ||
Salaries, wages and employee benefits | $4,747 | $3,779 | ||
Other (1) | 3,985 | [1] | 3,931 | [1] |
Total accrued expenses | $8,732 | $7,710 | ||
[1] | As of December 31, 2013 and 2012, no single item included within other accrued expenses exceeded 5.0% of the Company's total current liabilities. |
Note_7_Note_Payable_Details
Note 7 - Note Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Oct. 11, 2012 |
Unseured Note Payable [Member] | Unseured Note Payable [Member] | Unseured Note Payable [Member] | Unseured Note Payable [Member] | |||
Note 7 - Note Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $1,400,000 | $1,800,000 |
Debt Instrument, Periodic Payment | ' | ' | 100,000 | 200,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 2.10% | ' | ' | 1.80% |
Notes Payable, Current | $1,023,000 | $1,352,000 | ' | ' | ' | ' |
Note_8_Longterm_Debt_Details
Note 8 - Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 24, 2012 | Dec. 31, 2013 | Aug. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 24, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Scenario, Forecast [Member] | Scenario, Actual [Member] | Collateral Suppression [Member] | Collateral Suppression [Member] | Additional Restrictions [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | IT Related Hardware [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | Letter of Credit [Member] | Revolver [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Maximum [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | Maximum [Member] | Revolver [Member] | Revolver [Member] | Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolver [Member] | Revolver [Member] | Capital Lease Obligations [Member] | Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolver [Member] | Capital Lease Obligations [Member] | |||||||||||||||
Revolver [Member] | Revolver [Member] | Revolver [Member] | Revolver [Member] | |||||||||||||||||||||||||||
Note 8 - Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | $125,000,000 | ' | $33,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Additional Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,750,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | ' | 73,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,000,000 | ' | ' |
Book Value Of Excess Collateral | 136,600,000 | ' | 24,000,000 | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' |
Amortization of Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduced Borrowing Availability | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' |
Interest Rate on Overnight Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | 0.50% |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | 33,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,400,000 | ' | ' | ' | ' | 18,750,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | 63,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective Interest Rate on Capital Leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | 4.40% | ' |
Purchase Obligation | ' | ' | ' | ' | ' | ' | ' | 120,800 | 360,000 | 176,400 | 295,000 | 257,800 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | ' | ' | ' | ' | ' | ' | 122,000 | ' | 63,000 | ' | 5,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | 3.16% | 3.05% | ' | 3.05% | ' | 4.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual Obligation, Due in Next Twelve Months | $234,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Longterm_Debt_Details_L
Note 8 - Long-term Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Long-term Debt [Abstract] | ' | ' | ||
Revolving credit agreement (1) | $64,000 | [1] | $83,513 | [1] |
Capitalized lease obligations and other long-term debt (2) | 63,868 | [2] | 53,420 | [2] |
127,868 | 136,933 | |||
Less current maturities | -19,025 | -14,403 | ||
Long-term debt, less current maturities | $108,843 | $122,530 | ||
[1] | $60,000,0000.375%II< $60,000,0000.500%There were no overnight borrowings under the Revolver at December 31, 2013. The interest rate on our overnight borrowings under the Revolver at December 31, 2013 was 4.5%. The interest rate including all borrowings made under the Revolver at December 31, 2013 was 2.4%. The weighted average interest rate on our borrowings under the Revolver for the year ended December 31, 2013 was 3.1%. A quarterly commitment fee is payable on the unused portion of the credit line and at December 31, 2013, the rate was 0.5% per annum. The Revolver is collateralized by all non-leased revenue equipment having a net book value of approximately $136.6 million at December 31, 2013, and all billed and unbilled accounts receivable. As we reprice our debt on a monthly basis, the borrowings under the Revolver approximate its fair value. At December 31, 2013, we had outstanding $2.8 million in letters of credit and had approximately $39.4 million available under the Revolver (net of the minimum availability we are required to maintain of approximately $18.75 million). After the suppressed availability adjustment on December 31, 2013, availability under the Revolver was $33.4 million." id="sjs-B10">In 2012, we entered into a $125.0 million Revolver with Wells Fargo Capital Finance, LLC, as Administrative Agent, and PNC Bank. The Revolver, which expires in 2017, is secured by substantially all of our assets, and includes letters of credit not to exceed $15.0 million. In addition, the $125.0 million Revolver has an accordion feature whereby we may elect to increase the size of the Revolver by up to $50.0 million, subject to customary conditions and lender participation. The Revolver is governed by a borrowing base with advances against eligible billed and unbilled accounts receivable and eligible revenue equipment, and has a first priority perfected security interest in all of the business assets (excluding tractors and trailers financed through capital leases and real estate) of the Company. Proceeds are used to finance working capital, to fund capital expenditures and for general corporate purposes. The Revolver contains a minimum excess availability requirement equal to 15.0% of the maximum revolver amount (currently $18.75 million) and an annual capital expenditure limit ($71.0 million in 2013, increasing to $73.5 million in 2014, and with further increases thereafter). Under the Revolver's terms, we are required to maintain a minimum collateral cushion above the maximum facility size, referred to as "suppressed availability." During 2014 (after giving effect to an amendment to the Revolver signed on March xx, 2014, and effective as of December 31, 2013), if the Company does not maintain the minimum suppressed availability threshold of $30.0 million our borrowing availability will reduce by the amount of the shortfall below $30.0 million. After 2014, if the Company does not maintain the minimum suppressed availability threshold the advance rate on eligible revenue equipment will reduce and, if at least $20.0 million is not maintained, a permanent amortization of the revenue equipment portion of our borrowing base at the rate of 1/72nd, or approximately $1.5 million, per month would result based on the December 31, 2013, revenue equipment collateral. At December 31, 2013, our suppressed availability was $24.0 million, which reduced our borrowing availability by $6.0 million, to $33.4 million. Future fluctuations in the amount and value of equipment serving as collateral under the Revolver will impact our borrowing availability. If our suppressed availability falls below $20.0 million, there will be additional restrictions on which items of revenue equipment may be included in our eligible revenue equipment. The Revolver does not contain any financial maintenance covenants.The Revolver bears interest at rates typically based on the Wells Fargo prime rate or LIBOR, in each case plus an applicable margin. The Base Rate is equal to the greatest of (a) the prime lending rate as publicly announced from time to time by Wells Fargo Bank N.A., (b) the Federal Funds Rate plus 1.0%, and (c) the three month LIBOR Rate plus 1.0%. The Base Rate at December 31, 2013 was 1.25%. The LIBOR Rate is the rate at which dollar deposits are offered to major banks in the London interbank market two business days prior to the commencement of the requested interest period. Most borrowings are expected to be based on the LIBOR rate option. The applicable margin ranges from 2.25% to 2.75% based on average excess availability and at December 31, 2013, it was 2.25%.The Revolver includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Revolver may be accelerated, and the lenders' commitments may be terminated. Although there are no negative covenants relating to financial ratios or minimum balance sheet requirements, the Revolver contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions outside of the ordinary course of business and affiliate transactions. Applicable Margin means, as of any date of determination, the following margin based upon the most recent average excess availability calculation; provided, however, that for the period from the closing date through the testing period ended December 31, 2013, the Applicable Margin was at Level I and at any time that an Event of Default exists, the Applicable Margin shall be at Level III.LevelAverage Excess AvailabilityApplicable Margin in respect of Base Rate Loans under the RevolverApplicable Margin in respect of LIBOR Rate Loans under the RevolverI $50,000,0001.25%2.25%II< $50,000,000 but $30,000,0001.50%2.50%III< $30,000,0001.75%2.75%We are required to pay a fee on the unused amount of the Revolver as set forth in the table below, which is due and payable monthly in arrears. For the period from the closing date through December 31, 2013, the unused fee was at Level II.LevelAverage Used Portion of the Revolver plus Outstanding Letters of CreditApplicable Unused Revolver Fee MarginI> $60,000,0000.375%II< $60,000,0000.500%There were no overnight borrowings under the Revolver at December 31, 2013. The interest rate on our overnight borrowings under the Revolver at December 31, 2013 was 4.5%. The interest rate including all borrowings made under the Revolver at December 31, 2013 was 2.4%. The weighted average interest rate on our borrowings under the Revolver for the year ended December 31, 2013 was 3.1%. A quarterly commitment fee is payable on the unused portion of the credit line and at December 31, 2013, the rate was 0.5% per annum. The Revolver is collateralized by all non-leased revenue equipment having a net book value of approximately $136.6 million at December 31, 2013, and all billed and unbilled accounts receivable. As we reprice our debt on a monthly basis, the borrowings under the Revolver approximate its fair value. At December 31, 2013, we had outstanding $2.8 million in letters of credit and had approximately $39.4 million available under the Revolver (net of the minimum availability we are required to maintain of approximately $18.75 million). After the suppressed availability adjustment on December 31, 2013, availability under the Revolver was $33.4 million. | |||
[2] | Capitalized lease obligations in the amount of $63.6 million have various termination dates extending through August 2018 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from 1.6% to 4.4% at December 31, 2013. The lease agreements require us to pay property taxes, maintenance and operating expenses.In May 2012, the Company entered into a long-term financing agreement in the amount of approximately $360,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on May 31, 2014, is payable in annual installments of principal and interest of approximately $122,000, due on May 31, 2013 and 2014, and bears imputed interest at 3.16%. The balance of the agreement at December 31, 2013 was approximately $120,800.In January 2013, the Company entered into a long-term financing agreement in the amount of approximately $295,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on January 31, 2017, is payable in annual installments of principal and interest of approximately $63,000, due on January 31st of each year, and bears imputed interest at 3.05%. The balance of the agreement at December 31, 2013 was approximately $176,400.In April 2013, the Company entered into a long-term financing agreement in the amount of approximately $300,000 for the purchase of information technology related hardware. The agreement, which is scheduled to mature on March 31, 2018, is payable in monthly installments of principal and interest of approximately $5,600 and bears interest at 4.492%. The initial monthly payment of this financing agreement was due on May 1, 2013. The balance of the agreement on December 30, 2013 was approximately $257,800.The current maturities of the above financing agreements amount to approximately $234,000. |
Note_8_Longterm_Debt_Details_S
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Base Rate [Member] | Level I [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 1.25% |
Base Rate [Member] | Level II [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 1.50% |
Base Rate [Member] | Level III [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 1.75% |
London Interbank Offered Rate (LIBOR) [Member] | Level I [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 2.25% |
London Interbank Offered Rate (LIBOR) [Member] | Level II [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 2.50% |
London Interbank Offered Rate (LIBOR) [Member] | Level III [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Applicable Margin | 2.75% |
Maximum [Member] | Level II [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Average Excess Availability (in Dollars) | 50,000,000 |
Maximum [Member] | Level III [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Average Excess Availability (in Dollars) | 30,000,000 |
Minimum [Member] | Level I [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Average Excess Availability (in Dollars) | 50,000,000 |
Minimum [Member] | Level II [Member] | ' |
Note 8 - Long-term Debt (Details) - Summary of Applicable Margin [Line Items] | ' |
Average Excess Availability (in Dollars) | 30,000,000 |
Note_8_Longterm_Debt_Details_C
Note 8 - Long-term Debt (Details) - Credit Facility, Unused Fee Schedule (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Average Used Portion of the Revolver plus Outstanding Letters of Credit | $60,000,000 |
Applicable Unused Revolver Fee Margin | 0.38% |
Maximum [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Average Used Portion of the Revolver plus Outstanding Letters of Credit | $60,000,000 |
Applicable Unused Revolver Fee Margin | 0.50% |
Note_9_Leases_and_Commitments_1
Note 9 - Leases and Commitments (Details) (USD $) | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Subsequent Event [Member] | Revenue Equipment [Member] | Capital Lease Obligations [Member] | ||
Capital Lease Obligations [Member] | ||||
Note 9 - Leases and Commitments (Details) [Line Items] | ' | ' | ' | ' |
Capital Leases, Future Minimum Payments Due | $63,600,000 | ' | ' | ' |
Interest Payable | ' | ' | ' | 2,900,000 |
Capital Lease Obligations, Current | 20,100,000 | ' | ' | ' |
Maximum Authorized Amount of New Capital Leases | ' | 20,000,000 | ' | 45,000,000 |
Lease Borrowing Availability | ' | ' | ' | 27,600,000 |
Purchase Obligation | ' | ' | $8,600,000 | ' |
Note_9_Leases_and_Commitments_2
Note 9 - Leases and Commitments (Details) - Capitalized Leases Included In Property And Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capitalized Leases Included In Property And Equipment [Abstract] | ' | ' |
Capitalized Costs | $84,410 | $67,788 |
Accumulated Amortization | 20,942 | 16,366 |
Net Book Value | $63,468 | $51,422 |
Note_9_Leases_and_Commitments_3
Note 9 - Leases and Commitments (Details) - Amortization of Leased Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Amortization of Leased Assets [Abstract] | ' | ' |
Amortization of leased assets | $12,667 | $10,745 |
Rent expense under operating leases | $2,778 | $3,148 |
Note_9_Leases_and_Commitments_4
Note 9 - Leases and Commitments (Details) - Future Minimum Payments Under Capitalized Leases (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future Minimum Payments Under Capitalized Leases [Abstract] | ' |
Future minimum payments | $20,133 |
Future minimum payments | 23,090 |
Future minimum payments | 14,557 |
Future minimum payments | 6,264 |
Future minimum payments | 2,118 |
Future rentals under operating leases | 1,195 |
Future rentals under operating leases | 408 |
Future rentals under operating leases | 297 |
Future rentals under operating leases | 281 |
Future rentals under operating leases | 135 |
Future rentals under operating leases | $168 |
Note_10_Federal_and_State_Inco2
Note 10 - Federal and State Income Taxes (Details) - Significant Components Deferred Tax assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets: | ' | ' |
Accrued expenses not deductible until paid | $7,648 | $3,885 |
Equity Incentive Plan | 282 | 266 |
Revenue recognition | 330 | 277 |
Allowance for doubtful accounts | 234 | 162 |
Other | 452 | 16 |
Total current deferred tax assets | 8,946 | 4,606 |
Current deferred tax liabilities: | ' | ' |
Prepaid expenses deductible when paid | -6,159 | -5,910 |
Total current deferred tax liabilities | -6,159 | -5,910 |
Net current deferred tax assets (liabilities) | 2,787 | -1,304 |
Noncurrent deferred tax assets: | ' | ' |
Non-compete agreement | 18 | 41 |
Net operating loss carry forwards | 6,052 | 16,452 |
Total noncurrent deferred tax assets | 6,070 | 16,493 |
Noncurrent deferred tax liabilities: | ' | ' |
Tax over book depreciation | -41,041 | -52,237 |
Capitalized leases | -71 | -215 |
Other | 3 | 6 |
Total noncurrent deferred tax liabilities | -41,109 | -52,446 |
Net noncurrent deferred tax liabilities | ($35,039) | ($35,953) |
Note_10_Federal_and_State_Inco3
Note 10 - Federal and State Income Taxes (Details) - Significant Components of Provision (Benefits) for Income Taxes (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $786 | $0 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 786 | 0 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -4,093 | -7,943 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -681 | -1,646 |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -4,774 | -9,589 |
Total income tax (benefit) expense | ($2,446) | $42 | ($448) | ($1,136) | ($1,641) | ($3,455) | ($1,818) | ($2,674) | ($3,988) | ($9,589) |
Note_10_Federal_and_State_Inco4
Note 10 - Federal and State Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (benefit) expense at statutory federal rate | ' | ' | ' | ' | ' | ' | ' | ' | ($4,453) | ($9,268) |
Federal income tax effects of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 231 | 558 |
Per diem and other nondeductible meals and entertainment | ' | ' | ' | ' | ' | ' | ' | ' | 875 | 748 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 40 | 19 |
Federal income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -3,307 | -7,943 |
State income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -681 | -1,646 |
Total income tax benefit | ($2,446) | $42 | ($448) | ($1,136) | ($1,641) | ($3,455) | ($1,818) | ($2,674) | ($3,988) | ($9,589) |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 30.40% | 35.20% |
Note_11_Employee_Benefit_Plans1
Note 11 - Employee Benefit Plans (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 50.00% |
Employer Matching Portion [Member] | ' |
Note 11 - Employee Benefit Plans (Details) [Line Items] | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% |
Note_12_Stock_Plans_Details
Note 12 - Stock Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
Sep. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | 8-May-13 | Jan. 31, 2013 | Dec. 31, 2013 | Feb. 15, 2013 | 8-May-13 | Feb. 15, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Feb. 19, 2013 | Feb. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 30, 2011 | Oct. 30, 2011 | Jan. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | ||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Non-Qualified Stock Option [Member] | Non-Qualified Stock Option [Member] | Common Stock [Member] | Equity Incentive Plan [Member] | Equity Incentive Plan [Member] | Equity Incentive Plan [Member] | Employee A [Member] | Employee A [Member] | Employee B [Member] | Employee B [Member] | Employee C [Member] | Employee D [Member] | Mr. Simone [Member] | Mr. Simone [Member] | |||||||
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Minimum [Member] | Maximum [Member] | To Be Vested on April 1, 2012 [Member] | To Be Vested on April 1, 2013 [Member] | To Be Vested on April 1, 2012 [Member] | To Be Vested on April 1, 2013 [Member] | To Be Vested on April 1, 2013 [Member] | To Be Vested on April 1, 2014, 2015, 2016 [Member] | ||||||||||||||||
Note 12 - Stock Plans (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | '10 years | ' | '4 years | ' | '9 years | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | 0 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | '1 year 73 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584,211 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Price (in Dollars per share) | ' | ' | ' | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | ' | $9,780 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | 1,398 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | ' | $1.75 | $2.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted Common Stock, Shares, Grants in Period | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted Common Stock Grant Date Value (in Dollars per share) | $12.13 | ' | ' | ' | $4.98 | ' | ' | ' | ' | ' | ' | $4.83 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | 12,833 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 6,291 | ' | ' | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | ' | ' | ' | ' | ' | 13,385 | 75,000 | 30,830 | ' | 36,961 | ' | 42,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Retention Bonus Plan Additional Cash Payment (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($50,000) | $150,000 | |
[1] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company's common stock, as determined by the closing price on December 31, 2013 (the last trading day of the fiscal year), was $13.38. During the year ended December 31, 2013, the intrinsic value for options exercised was $9,780. No options were exercised in 2012. |
Note_12_Stock_Plans_Details_Re
Note 12 - Stock Plans (Details) - Recognized Compensation Expense, Net of Forfeitures (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recognized Compensation Expense, Net of Forfeitures [Abstract] | ' | ' |
Compensation expense | $54 | $67 |
Note_12_Stock_Plans_Details_Gr
Note 12 - Stock Plans (Details) - Grants Made in Accordance with the Terms of the Executive Team Incentive Plan (USD $) | Jan. 31, 2013 | Sep. 30, 2008 | Nov. 30, 2012 | Aug. 31, 2012 | 31-May-12 | Feb. 29, 2012 | Nov. 30, 2011 | Aug. 31, 2011 | 31-May-11 | Feb. 28, 2011 | ||||||||
Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | Executive Team Incentive Plan [Member] | |||||||||||
2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Restricted Shares | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | [1] | 743 | [1] | 512 | [1] | 310 | [1] | 240 | [1] |
Number of Shares Under Options | ' | ' | ' | [1] | ' | [1] | ' | [1] | ' | [1] | 2,655 | [1] | 1,240 | [1] | 623 | [1] | 481 | [1] |
Grant Price (in Dollars per share) | $4.98 | $12.13 | ' | [2] | ' | [2] | ' | [2] | ' | [2] | $2.88 | [2] | $4.18 | [2] | $6.91 | [2] | $8.94 | [2] |
[1] | Net of forfeited shares. | |||||||||||||||||
[2] | The shares were valued at the closing price of the Company's common stock on the dates of awards. |
Note_12_Stock_Plans_Details_Op
Note 12 - Stock Plans (Details) - Option Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Option Activity [Abstract] | ' | ' | |
Outstanding - beginning of year | 112,151 | ' | |
Outstanding - beginning of year | $12.54 | ' | |
Granted (2) | 42,910 | [1] | ' |
Granted (2) | $4.83 | [1] | ' |
Exercised | -1,398 | 0 | |
Exercised | $4.27 | ' | |
Exercised | $9,780 | [2] | ' |
Cancelled/forfeited | -12,833 | ' | |
Cancelled/forfeited | $6.46 | ' | |
Expired | -30,959 | ' | |
Expired | $15.55 | ' | |
Outstanding at December 31, 2013 | 109,871 | 112,151 | |
Outstanding at December 31, 2013 | $9.49 | $12.54 | |
Outstanding at December 31, 2013 | '4 years 219 days | ' | |
Outstanding at December 31, 2013 | 491,723,000 | [2] | ' |
Exercisable at December 31, 2013 | 53,186 | ' | |
Exercisable at December 31, 2013 | $13.40 | ' | |
Exercisable at December 31, 2013 | '1 year 73 days | ' | |
Exercisable at December 31, 2013 | $63,414,000 | [2] | ' |
[1] | The weighted-average grant date fair value of options granted during 2013 and 2012 was $1.75 and $2.43, respectively. | ||
[2] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company's common stock, as determined by the closing price on December 31, 2013 (the last trading day of the fiscal year), was $13.38. During the year ended December 31, 2013, the intrinsic value for options exercised was $9,780. No options were exercised in 2012. |
Note_12_Stock_Plans_Details_Sh
Note 12 - Stock Plans (Details) - Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Options Outstanding | 109,871 |
Weighted-Average Remaining Contractual Life (in years) | '4 years 219 days |
Number of Options Exercisable | 53,186 |
Exercise Price 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 2.88 |
Number of Options Outstanding | 2,655 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 255 days |
Exercise Price 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 4.18 |
Number of Options Outstanding | 1,240 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 255 days |
Exercise Price 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 4.83 |
Number of Options Outstanding | 42,910 |
Weighted-Average Remaining Contractual Life (in years) | '9 years 36 days |
Exercise Price 4 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 6.91 |
Number of Options Outstanding | 623 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 255 days |
Exercise Price 5 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 8.94 |
Number of Options Outstanding | 6,211 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 36 days |
Exercise Price 6 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 9.03 |
Number of Options Outstanding | 3,653 |
Weighted-Average Remaining Contractual Life (in years) | '2 years 73 days |
Exercise Price 7 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 11.19 |
Number of Options Outstanding | 5,715 |
Weighted-Average Remaining Contractual Life (in years) | '292 days |
Exercise Price 8 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 12.11 |
Number of Options Outstanding | 7,041 |
Weighted-Average Remaining Contractual Life (in years) | '2 years 73 days |
Exercise Price 9 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 12.2 |
Number of Options Outstanding | 4,745 |
Weighted-Average Remaining Contractual Life (in years) | '2 years 73 days |
Exercise Price 10 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 12.21 |
Number of Options Outstanding | 4,638 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 109 days |
Exercise Price 11 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 12.52 |
Number of Options Outstanding | 6,483 |
Weighted-Average Remaining Contractual Life (in years) | '2 years 73 days |
Exercise Price 12 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 13.61 |
Number of Options Outstanding | 2,999 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 109 days |
Exercise Price 13 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 13.88 |
Number of Options Outstanding | 4,493 |
Weighted-Average Remaining Contractual Life (in years) | '292 days |
Exercise Price 14 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 14.18 |
Number of Options Outstanding | 3,351 |
Weighted-Average Remaining Contractual Life (in years) | '292 days |
Exercise Price 15 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 14.5 |
Number of Options Outstanding | 4,172 |
Weighted-Average Remaining Contractual Life (in years) | '292 days |
Exercise Price 16 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 16.49 |
Number of Options Outstanding | 2,653 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 109 days |
Exercise Price 17 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 18.58 |
Number of Options Outstanding | 2,889 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 109 days |
Exercise Price 18 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 22.54 |
Number of Options Outstanding | 3,400 |
Weighted-Average Remaining Contractual Life (in years) | '109 days |
Exercise Price 19 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price | 30.22 |
Weighted-Average Remaining Contractual Life (in years) | '0 years |
Note_12_Stock_Plans_Details_As
Note 12 - Stock Plans (Details) - Assumptions Used to Value Stock Options Granted | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | ||
Note 12 - Stock Plans (Details) - Assumptions Used to Value Stock Options Granted [Line Items] | ' | ' | ' |
Dividend yield | 0.00% | ' | 0.00% |
Expected volatility | 35.60% | 29.80% | 64.00% |
Risk-free interest rate | 1.20% | 0.50% | 0.70% |
Expected life (in years) | '6 years 3 months | '3 years 9 months | '4 years 3 months |
Note_12_Stock_Plans_Details_Fa
Note 12 - Stock Plans (Details) - Fair Value of Stock Options and Restricted Stock Vested (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Stock Options and Restricted Stock Vested [Abstract] | ' | ' |
Stock options | $60 | $177 |
Restricted stock | $144 | $57 |
Note_12_Stock_Plans_Details_Re1
Note 12 - Stock Plans (Details) - Recoginzed Compensation Expense, Restricted Stock, Net of Forfeitures (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expense | $54 | $67 |
Restricted Stock [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expense | $161 | $65 |
Note_12_Stock_Plans_Details_Re2
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures (2008 Restricted Stock Award [Member], USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Vested on April 1, 2011 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 30-Sep-10 | |
Shares Forfeited | 9,000 | |
Expense Recovered | $70 | |
Date Shares Returned to Plan | 1-Apr-11 | |
Vested on April 1, 2012 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 30-Sep-11 | |
Shares Forfeited | 8,000 | [1] |
Expense Recovered | 66 | |
Date Shares Returned to Plan | 1-Apr-12 | |
Vested on April 1, 2013 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 30-Sep-11 | |
Shares Forfeited | 15,000 | [1],[2] |
Expense Recovered | 101 | |
Date Shares Returned to Plan | 1-Apr-13 | |
To Vest on April 1, 2014 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 28-Feb-13 | |
Shares Forfeited | 9,000 | [3] |
Expense Recovered | 78 | |
Date Shares Returned to Plan | 1-Apr-14 | |
To Vest on April 1, 2015 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 28-Feb-13 | |
Shares Forfeited | 9,000 | [3] |
Expense Recovered | 65 | |
Date Shares Returned to Plan | 1-Apr-15 | |
To Vest on April 1, 2016 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 28-Feb-13 | |
Shares Forfeited | 9,000 | [3] |
Expense Recovered | 56 | |
Date Shares Returned to Plan | 1-Apr-16 | |
To Vest on April 1, 2017 [Member] | ' | |
Note 12 - Stock Plans (Details) - Restricted Stock Award Forfeitures [Line Items] | ' | |
Date Deemed Forfeited and Recorded as Treasury Stock | 31-Dec-13 | |
Shares Forfeited | 7,000 | |
Expense Recovered | $44 | |
Date Shares Returned to Plan | 1-Apr-17 | |
[1] | In October 2011, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2012 and 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2011. In addition, in connection with the termination of a recipient's employment, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2012 and 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective in January 2012. Accordingly, these shares were removed from Treasury Stock at January 31, 2012. | |
[2] | In December 2012, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 2,000 shares scheduled to vest on April 1, 2013, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2012. | |
[3] | In December 2013, in connection with the termination of employment of a recipient, the forfeiture relating to approximately 6,291 shares scheduled to vest on April 1, 2014, 2015 and 2016, included herein, became effective. Accordingly, these shares were removed from Treasury Stock at December 31, 2013. |
Note_12_Stock_Plans_Details_Eq
Note 12 - Stock Plans (Details) - Equity Incentive Plan Activity, 2004 (Equity Incentive Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Equity Incentive Plan [Member] | ' |
Note 12 - Stock Plans (Details) - Equity Incentive Plan Activity, 2004 [Line Items] | ' |
Number of Shares | 113,458 |
Weighted-Average Grant Date Fair Value | $10.35 |
Granted | 156,176 |
Granted | $5.21 |
Forfeited | -45,965 |
Forfeited | $9.12 |
Vested | -24,050 |
Vested | $5.41 |
Number of Shares | 199,619 |
Weighted-Average Grant Date Fair Value | $7.20 |
Note_12_Stock_Plans_Details_Un
Note 12 - Stock Plans (Details) - Unrecognized Compensation Expense of Stock Options and Restricted Stock (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Option [Member] | Restricted Stock [Member] | |
Note 12 - Stock Plans (Details) - Unrecognized Compensation Expense of Stock Options and Restricted Stock [Line Items] | ' | ' |
Unrecognized compensation expense | $44 | $597 |
Weighted average period over which unrecognized compensation expense is to be recognized (in years) | '2 years 73 days | '3 years 36 days |
Note_13_Loss_Per_Share_Details
Note 13 - Loss Per Share (Details) - Computation of Basic and Diluted Loss Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss (in Dollars) | ($4,636) | ($602) | ($1,398) | ($2,474) | ($3,240) | ($6,072) | ($3,486) | ($4,873) | ($9,110) | ($17,671) |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic loss per share – weighted average shares | 10,323 | 10,322 | 10,293 | 10,305 | 10,313 | 10,312 | 10,304 | 10,300 | 10,323 | 10,310 |
Employee stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Denominator for diluted loss per share – adjusted weighted-average shares and assumed conversions | 10,323 | 10,322 | 10,293 | 10,305 | 10,313 | 10,312 | 10,304 | 10,300 | 10,323 | 10,310 |
Basic loss per share (in Dollars per share) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | ($0.31) | ($0.59) | ($0.34) | ($0.47) | ($0.88) | ($1.71) |
Diluted loss per share (in Dollars per share) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | ($0.31) | ($0.59) | ($0.34) | ($0.47) | ($0.88) | ($1.71) |
Weighted average anti-dilutive employee stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 103 | 200 |
Note_16_Litigation_Details
Note 16 - Litigation (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2011 | Sep. 26, 2013 | Dec. 31, 2013 | Aug. 28, 2013 |
Knight Transportation, Inc. [Member] | Knight Transportation, Inc. [Member] | Knight Transportation, Inc. [Member] | ||
Note 16 - Litigation (Details) [Line Items] | ' | ' | ' | ' |
Litigation Settlement, Amount | $0.20 | ' | ' | ' |
Shares Acquired for the Purpose of Merger | ' | 829,946 | 1,287,782 | ' |
Percentage of Shares Owned by Other Party | ' | 7.90% | 12.20% | ' |
Merger Offer Per Share | ' | ' | ' | $9 |
Note_17_Stockholder_Rights_Pla1
Note 17 - Stockholder Rights Plan (Details) (Rights Agreement [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Rights Agreement [Member] | ' |
Note 17 - Stockholder Rights Plan (Details) [Line Items] | ' |
Investment Warrants, Exercise Price | $12 |
Sale of Stock, Price Per Share | $24 |
Note_18_Quarterly_Results_of_O2
Note 18 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $141,417 | $141,822 | $139,738 | $132,027 | $134,771 | $124,416 | $129,569 | $123,673 | $555,005 | $512,428 |
Operating expenses and costs | 146,109 | 142,026 | 140,683 | 134,854 | 138,552 | 132,941 | 133,898 | 130,309 | 563,672 | 535,700 |
Operating loss | -4,692 | -204 | -945 | -2,827 | -3,781 | -8,525 | -4,329 | -6,636 | -8,667 | -23,272 |
Other expenses, net | 2,390 | 356 | 901 | 783 | 1,100 | 1,002 | 975 | 911 | ' | ' |
Loss before income taxes | -7,082 | -560 | -1,846 | -3,610 | -4,881 | -9,527 | -5,304 | -7,547 | -13,098 | -27,260 |
Income tax (benefit) expense | -2,446 | 42 | -448 | -1,136 | -1,641 | -3,455 | -1,818 | -2,674 | -3,988 | -9,589 |
Net loss | ($4,636) | ($602) | ($1,398) | ($2,474) | ($3,240) | ($6,072) | ($3,486) | ($4,873) | ($9,110) | ($17,671) |
Average shares outstanding (Basic) (in Shares) | 10,323 | 10,322 | 10,293 | 10,305 | 10,313 | 10,312 | 10,304 | 10,300 | 10,323 | 10,310 |
Basic loss per share (in Dollars per share) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | ($0.31) | ($0.59) | ($0.34) | ($0.47) | ($0.88) | ($1.71) |
Average shares outstanding (Diluted) (in Shares) | 10,323 | 10,322 | 10,293 | 10,305 | 10,313 | 10,312 | 10,304 | 10,300 | 10,323 | 10,310 |
Diluted loss per share (in Dollars per share) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | ($0.31) | ($0.59) | ($0.34) | ($0.47) | ($0.88) | ($1.71) |