USA Truck (USAK) 10-Q 28 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Entity File Number	1-35740
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0556971
Entity Address, Address Line One	3200 Industrial Park Road
Entity Address, City or Town	Van Buren
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72956
City Area Code	479
Local Phone Number	471-2500
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	USAK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,762,377
Entity Registrant Name	USA TRUCK INC.
Entity Central Index Key	0000883945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 92	$ 97
Accounts receivable, net of allowance for doubtful accounts of $810 and $369, respectively	53,362	49,853
Other receivables	7,947	5,408
Inventories	786	769
Assets held for sale	1,082	2,542
Prepaid expenses and other current assets	6,666	7,855
Total current assets	69,935	66,524
Property and equipment:
Land and structures	33,474	33,077
Revenue equipment	320,623	309,573
Service, office and other equipment	31,077	30,235
Property and equipment, at cost	385,174	372,885
Accumulated depreciation and amortization	(142,414)	(124,216)
Property and equipment, net	242,760	248,669
Operating leases - right of use assets	7,866	11,775
Goodwill	5,231	5,231
Other intangibles, net	15,773	16,453
Other assets	1,209	2,058
Total assets	342,774	350,710
Current liabilities:
Accounts payable	24,197	29,421
Current portion of insurance and claims accruals	9,702	12,466
Accrued expenses	8,338	6,518
Current finance lease obligations	25,928	30,779
Current operating lease obligations	3,028	6,050
Long-term debt, current maturities	3,064	6,165
Total current liabilities	74,257	91,399
Other long-term liabilities	1,629	80
Long-term debt, less current maturities	92,158	83,349
Long-term finance lease obligations	60,363	58,397
Long-term operating lease obligations	4,966	5,812
Deferred income taxes	24,824	24,017
Insurance and claims accruals, less current portion	9,071	9,445
Total liabilities	267,268	272,499
Stockholders' equity:
Preferred Stock, $0.01 par value; 1,000,000 shares authorized; none issued	0	0
Common Stock, $0.01 par value; 30,000,000 shares authorized; issued 12,036,279 shares, and 11,987,572 shares, respectively	120	120
Additional paid-in capital	59,565	63,238
Retained earnings	70,287	73,769
Less treasury stock, at cost (3,273,902 shares, and 3,434,231 shares, respectively)	(54,466)	(58,916)
Total stockholders' equity	75,506	78,211
Total liabilities and stockholders' equity	$ 342,774	$ 350,710

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 810	$ 369
Stockholders' equity:
Preferred Stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred Stock, shares issued (in shares)	0	0
Common Stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	30,000,000	30,000,000
Common Stock, shares issued (in shares)	12,036,279	11,987,572
Treasury stock, shares (in shares)	3,273,902	3,434,231

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
Operating revenue	$ 123,737	$ 133,622	$ 250,510	$ 267,596
Operating expenses:
Salaries, wages and employee benefits	33,636	33,806	69,481	69,896
Fuel and fuel taxes	8,082	14,102	19,945	27,733
Depreciation and amortization	10,034	9,125	20,045	17,943
Insurance and claims	4,009	7,160	9,866	14,440
Equipment rent	2,336	2,568	4,628	5,288
Operations and maintenance	8,606	8,481	17,502	15,754
Purchased transportation	49,276	49,072	97,090	97,353
Operating taxes and licenses	1,349	1,311	2,508	2,428
Communications and utilities	906	719	1,719	1,486
(Gain) loss on disposal of assets, net	(16)	141	22	(4)
Asset impairments	588	367	588	367
Other	3,931	4,787	8,428	9,008
Total operating expenses	122,737	131,639	251,822	261,692
Operating income (loss)	1,000	1,983	(1,312)	5,904
Other expenses:
Interest expense, net	1,235	1,595	2,919	3,336
Other, net	64	171	110	308
Total other expenses, net	1,299	1,766	3,029	3,644
(Loss) income before income taxes	(299)	217	(4,341)	2,260
Income tax expense (benefit)	632	216	(859)	758
Consolidated net (loss) income and comprehensive (loss) income	$ (931)	$ 1	$ (3,482)	$ 1,502
Net (loss) earnings per share:
Average shares outstanding (basic) (in shares)	8,820	8,554	8,737	8,479
Basic (loss) earnings per share (in dollars per share)	$ (0.11)	$ 0	$ (0.40)	$ 0.18
Average shares outstanding (diluted) (in shares)	8,820	8,567	8,737	8,498
Diluted (loss) earnings per share (in dollars per share)	$ (0.11)	$ 0	$ (0.40)	$ 0.18

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2018	$ 120	$ 66,433	$ 78,467	$ (63,747)	$ 81,273
Balance (in shares) at Dec. 31, 2018	12,012
Increase (Decrease) in Stockholders' Equity
Issuance of treasury stock		(4,558)		4,558
Stock-based compensation		589			589
Net share settlement related to restricted stock vesting		(72)			(72)
Net share settlement related to restricted stock vesting (in shares)	(5)
Net income (loss)			1,501		1,501
Balance at Mar. 31, 2019	$ 120	62,392	79,968	(59,189)	83,291
Balance (in shares) at Mar. 31, 2019	12,007
Balance at Dec. 31, 2018	$ 120	66,433	78,467	(63,747)	81,273
Balance (in shares) at Dec. 31, 2018	12,012
Increase (Decrease) in Stockholders' Equity
Net income (loss)					1,502
Balance at Jun. 30, 2019	$ 120	62,718	79,969	(58,811)	83,996
Balance (in shares) at Jun. 30, 2019	11,989
Balance at Mar. 31, 2019	$ 120	62,392	79,968	(59,189)	83,291
Balance (in shares) at Mar. 31, 2019	12,007
Increase (Decrease) in Stockholders' Equity
Issuance of treasury stock		(378)		378
Stock-based compensation		705			705
Forfeited restricted stock (in shares)	(18)
Net share settlement related to restricted stock vesting		(1)			(1)
Net income (loss)			1		1
Balance at Jun. 30, 2019	$ 120	62,718	79,969	(58,811)	83,996
Balance (in shares) at Jun. 30, 2019	11,989
Balance at Dec. 31, 2019	$ 120	63,238	73,769	(58,916)	78,211
Balance (in shares) at Dec. 31, 2019	11,988
Increase (Decrease) in Stockholders' Equity
Issuance of treasury stock		(4,327)		4,327
Stock-based compensation		471			471
Forfeited restricted stock (in shares)	(15)
Net share settlement related to restricted stock vesting		(57)			(57)
Net share settlement related to restricted stock vesting (in shares)	(11)
Net income (loss)			(2,551)		(2,551)
Balance at Mar. 31, 2020	$ 120	59,325	71,218	(54,589)	76,074
Balance (in shares) at Mar. 31, 2020	11,962
Balance at Dec. 31, 2019	$ 120	63,238	73,769	(58,916)	78,211
Balance (in shares) at Dec. 31, 2019	11,988
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(3,482)
Balance at Jun. 30, 2020	$ 120	59,565	70,287	(54,466)	75,506
Balance (in shares) at Jun. 30, 2020	12,036
Balance at Mar. 31, 2020	$ 120	59,325	71,218	(54,589)	76,074
Balance (in shares) at Mar. 31, 2020	11,962
Increase (Decrease) in Stockholders' Equity
Issuance of treasury stock		(123)		123
Stock-based compensation		363			363
Restricted stock award grant (in shares)	74
Net income (loss)			(931)		(931)
Balance at Jun. 30, 2020	$ 120	$ 59,565	$ 70,287	$ (54,466)	$ 75,506
Balance (in shares) at Jun. 30, 2020	12,036

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities:
Net (loss) income	$ (3,482)	$ 1,502
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	20,045	17,943
Bad debt expense	478	(140)
Deferred income tax, net	807	774
Share-based compensation	834	1,294
Loss (gain) on disposal of assets, net	22	(4)
Asset impairments	588	367
Other	40	127
Changes in operating assets and liabilities:
Accounts and other receivables	(5,797)	(6,283)
Inventories and prepaid expenses	1,172	2,930
Accounts payable and accrued liabilities	1,594	(809)
Insurance and claims accruals	(2,745)	(1,220)
Other long-term assets and liabilities	850	(727)
Net cash provided by operating activities	14,406	15,754
Investing activities:
Acquisition of Davis Transfer Company (net of cash)		(305)
Capital expenditures	(9,809)	(25,209)
Proceeds from sale of property and equipment	1,459	7,643
Net cash used in investing activities	(8,350)	(17,871)
Financing activities:
Borrowings under long-term debt	33,200	53,700
Payments on long-term debt	(26,440)	(55,249)
Principal payments on financing lease obligations	(11,366)	(6,375)
Proceeds from obligation under finance lease		10,471
Payments on obligation under finance lease	(1,052)	(219)
Payment of debt issuance costs		(538)
Net change in bank drafts payable	(346)	(391)
Net payments for tax withholdings for vested stock-based awards	(57)	(73)
Net cash (used in) provided by financing activities	(6,061)	1,326
Decrease in cash	(5)	(791)
Cash:
Beginning of period	97	989
End of period	92	198
Supplemental disclosure of cash flow information:
Interest	2,704	2,986
Income taxes	29	$ 998
Supplemental disclosure of non-cash investing:
Sales of revenue equipment included in other receivables	$ 730

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION The accompanying condensed consolidated financial statements include the accounts and operations of USA Truck Inc., and present our financial position as of June 30, 2020 and December 31, 2019 and our results of operations, comprehensive (loss) income and cash flows for the three and six months ended June 30, 2020 and 2019. These condensed consolidated financial statements and notes are prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting and do not include all of the information normally included with financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) of the United States. Additionally, the Company has elected to utilize certain abbreviated reporting requirements available to smaller reporting companies. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. These condensed consolidated financial statements and notes are unaudited. However, in the opinion of management, these condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair presentation of the results for the periods presented. Results for interim periods are not necessarily indicative of results to be expected for the full year ending December 31, 2020. The accompanying condensed consolidated financial statements include USA Truck Inc., and its wholly owned subsidiaries: International Freight Services, Inc. (“IFS”), a Delaware corporation; Davis Transfer Company Inc. (“DTC”), a Georgia corporation, Davis Transfer Logistics Inc. (“DTL”), a Georgia corporation, and B & G Leasing, L.L.C. (“B & G”), a Georgia limited liability company. Collectively, DTC, DTL, and B & G comprise “Davis Transfer Company”. References in this report to “it,” “we,” “us,” “our,” or the “Company,” and similar expressions refer to USA Truck Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in preparing the condensed consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. Change in estimate The Company reviews the estimated useful lives and salvage values of its fixed assets on an ongoing basis, based upon, among other things, our experience with similar assets, conditions in the used revenue equipment market, and prevailing industry practice. During the first quarter of 2020, the Company lowered the salvage value of its tractor fleet from 30% to 25% to better reflect current estimates of the value of such equipment upon its retirement. This change is being accounted for as a change in estimate. During the three and six months ended June 30, 2020, this change in estimate resulted in an increase in depreciation and amortization expense of approximately $0.3 million and $0.8 million, respectively. Risks and Uncertainties In March 2020, the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the pandemic and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. In view of the rapidly changing business environment, unprecedented market volatility and heightened degree of uncertainty resulting from COVID-19, we are currently unable to fully determine its future impact on our business. However, we continue to monitor the progression of the pandemic, further government response and development of treatments and vaccines and their potential effect on our financial position, results of operations, cash flows and liquidity. These events could have an impact in future periods on certain estimates used in the preparation of our financial results, including, but not limited to impairment of goodwill, other intangible assets and other long-lived assets, income tax provision and recoverability of certain receivables. Should the pandemic continue for an extended period of time, the impact on our operations could have a material adverse effect on our financial condition, results of operations, cash flows and liquidity. Accounting standards issued but not yet adopted In

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 78,514 ​ $ 35,040 ​ $ (3,461) ​ $ 110,093 ​ $ 82,664 ​ $ 34,698 ​ $ (2,209) ​ $ 115,153 Fuel surcharge 8,083 ​ 2,618 ​ (167) ​ 10,534 ​ 13,034 ​ ​ 4,087 ​ ​ (220) ​ 16,901 Accessorial 2,030 ​ 1,080 ​ — ​ 3,110 ​ 778 ​ ​ 790 ​ ​ — ​ 1,568 Total $ 88,627 ​ $ 38,738 ​ $ (3,628) ​ $ 123,737 ​ $ 96,476 ​ $ 39,575 ​ $ (2,429) ​ $ 133,622 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 159,417 ​ $ 66,707 ​ $ (6,154) ​ $ 219,970 ​ $ 164,086 ​ $ 71,328 ​ $ (4,420) ​ $ 230,994 Fuel surcharge 19,371 ​ 5,695 ​ (520) ​ 24,546 ​ 24,799 ​ 7,929 ​ (387) ​ 32,341 Accessorial 3,834 ​ 2,160 ​ — ​ 5,994 ​ 2,493 ​ 1,768 ​ — ​ 4,261 Total $ 182,622 ​ $ 74,562 ​ $ (6,674) ​ $ 250,510 ​ $ 191,378 ​ $ 81,025 ​ $ (4,807) ​ $ 267,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At June 30, 2020 and December 31, 2019, the Company had contract assets, respresenting our right to consideration for transportation services not yet billed, of $1.4 million and $0.9 million, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	The Company’s two reportable segments are Trucking and USAT Logistics. In determining its reportable segments, the Company’s chief operating decision maker focuses on financial information, such as operating revenue, operating expense categories, operating ratios and operating income, as well as on key operating statistics, to make operating decisions. Trucking USAT Logistics. ​ Revenue equipment assets are not allocated to USAT Logistics as freight services for customers are brokered through arrangements with third-party motor carriers who utilize their own equipment. To the extent rail intermodal or other USAT Logistics operations require the use of Company-owned assets, they are obtained from the Company’s Trucking segment on an as-needed basis. Depreciation and amortization expense is allocated to USAT Logistics based on the Company-owned assets specifically utilized to generate USAT Logistics revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for USAT Logistics are specifically identifiable direct costs or are allocated to USAT Logistics based on relevant cost drivers, as determined by management. A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Operating revenue ​ (in thousands) ​ Trucking revenue (1) ​ $ 88,627 ​ $ 96,476 ​ $ 182,622 ​ $ 191,378 ​ Trucking intersegment eliminations ​ (707) ​ (407) ​ (1,701) ​ (769) ​ Trucking operating revenue ​ 87,920 ​ 96,069 ​ 180,921 ​ 190,609 ​ USAT Logistics revenue ​ 38,738 ​ 39,575 ​ 74,562 ​ 81,025 ​ USAT Logistics intersegment eliminations ​ (2,921) ​ (2,022) ​ (4,973) ​ (4,038) ​ USAT Logistics operating revenue ​ 35,817 ​ 37,553 ​ 69,589 ​ 76,987 ​ Total operating revenue ​ $ 123,737 ​ $ 133,622 ​ $ 250,510 ​ $ 267,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $7.5 million and $9.4 million for the three months ended June 30, 2020 and 2019, respectively, and $16.1 million and $19.0 million for the six months ended June 30, 2020 and 2019, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating income (loss) ​ (in thousands) Trucking ​ $ 1,176 ​ $ 837 ​ $ (511) ​ $ 2,445 USAT Logistics ​ (176) ​ 1,146 ​ (801) ​ 3,459 Total operating income (loss) ​ $ 1,000 ​ $ 1,983 ​ $ (1,312) ​ $ 5,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,697 ​ $ 8,853 ​ $ 19,473 ​ $ 17,432 USAT Logistics ​ 337 ​ 272 ​ 572 ​ 511 Total depreciation and amortization ​ $ 10,034 ​ $ 9,125 ​ $ 20,045 ​ $ 17,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

EQUITY COMPENSATION AND EMPLOYE

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2020
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS
EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	NOTE 4 – EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS The Company adopted the 2014 Omnibus Incentive Plan (the “Incentive Plan”) in May 2014. The Incentive Plan replaced the 2004 Equity Incentive Plan and provided for the granting of up to 500,000 shares of common stock through equity-based awards to directors, officers and other key employees and consultants. The First Amendment to the Incentive Plan was adopted in May 2017, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. The Second Amendment to the Incentive Plan was adopted in May 2019, which, among other things, increased the number of shares of common stock available for issuance under the Incentive Plan by an additional 500,000 shares. As of June 30, 2020, 488,617 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2020
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 5 – ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 5,532 ​ $ 3,668 Federal and state tax accruals ​ 1,677 ​ 1,648 Other (1) ​ 1,129 ​ 1,202 Total accrued expenses ​ $ 8,338 ​ $ 6,518 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
DEBT
DEBT	NOTE 6 –DEBT Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Revolving credit agreement ​ $ 83,075 ​ $ 73,225 Sale leaseback finance obligations ​ ​ 10,731 ​ ​ 11,783 Insurance premium financing (2019) ​ ​ 1,416 ​ ​ 4,506 ​ ​ ​ 95,222 ​ ​ 89,514 Less current maturities ​ ​ (3,064) ​ ​ (6,165) Total long-term debt ​ $ 92,158 ​ $ 83,349 ​ ​ ​ ​ ​ ​ ​ ​ Credit facility On January 31, 2019, the Company, entered into a five year, $225.0 million senior secured revolving credit facility (the “Credit Facility”) with a group of lenders and Bank of America, N.A., as agent (the “Agent”) pursuant to the terms of an Amended and Restated Loan and Security Agreement. The Credit Facility replaced the Company’s previous five year, $170.0 million senior secured revolving credit facility dated February 15, 2015. On April 7, 2020, the Company, in accordance with the terms of the Credit Agreement, provided notice to the Agent that effective as of April 20, 2020, the Company was permanently reducing the revolving credit commitment under the Credit Agreement by $55.0 million such that the revolving credit commitment is now $170.0 million. The reduction in the revolving credit commitment will also reduce the fees paid by the Company in connection with such commitment. The Credit Facility is structured as a $170.0 million revolving credit facility, with an accordion feature that, so long as no event of default exists, allows the Company to request an increase in the revolving credit facility of up to $75.0 million, exercisable in increments of at least $20.0 million. The Credit Facility is a five year facility scheduled to terminate on January 31, 2024. Borrowings under the Credit Facility are classified as either “base rate loans” or “LIBOR loans”. Base rate loans accrue interest at a base rate equal to the Agent’s prime rate plus an applicable margin adjusted quarterly between 0.25% and 0.75% based on the Company’s consolidated fixed charge coverage ratio. LIBOR loans accrue interest at the London Interbank Offered Rate (“LIBOR”) plus an applicable margin adjusted quarterly between 1.25% and 1.75% based on the Company’s consolidated fixed charge coverage ratio. The Credit Facility includes, within its $170.0 million revolving credit facility, a letter of credit sub-facility in an aggregate amount of $15.0 million and a swingline sub-facility (the “Swingline”) in an aggregate amount of $25.0 million. An unused line fee of 0.25% is applied to the average daily amount by which the lenders’ aggregate revolving commitments exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The Credit Facility is secured by a pledge of substantially all of the Company’s assets, except for any real estate or revenue equipment financed outside the Credit Facility. Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $170.0 million; or (B) the sum of (i) 90.0% of eligible investment grade accounts receivable (reduced to 85.0% in certain situations), plus (ii) 85.0% of eligible non-investment grade accounts receivable, plus (iii) the lesser of (a) 85.0% of eligible unbilled accounts receivable and (b) $10.0 million, plus (iv) the product of 85.0% multiplied by the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment, plus (v) 85.0% multiplied by the net book value of otherwise eligible newly acquired revenue equipment that has not yet been subject to an appraisal. The borrowing base is reduced by an availability reserve, including reserves based on dilution and certain other customary reserves. The Credit Facility contains a single financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0 that is triggered in the event excess availability under the Credit Facility falls below 10.0% of the lenders’ total commitments. Also, certain restrictions regarding the Company’s ability to pay dividends, make certain investments, prepay certain indebtedness, execute share repurchase programs and enter into certain acquisitions and hedging arrangements are triggered in the event excess availability under the Credit Facility falls below 20.0% of the lenders’ total commitments. The Company had no borrowings under the Swingline as of June 30, 2020. The average interest rate including all borrowings made under the Credit Facility as of June 30, 2020 was 2.90%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of June 30, 2020, the Company had $7.4 million in letters of credit outstanding and had approximately $38 million available to borrow under the Credit Facility taking into account borrowing base availability. Sale-leaseback transactions In July 2019, the Company entered into a sale-leaseback transaction whereby it sold tractors for approximately $2.3 million and concurrently entered into a finance lease agreement for the sold tractors with a five year term. Under the lease agreement, the Company paid an initial monthly payment of approximately $0.03 million. At the end of the lease, the Company has the option to purchase the tractors. This transaction does not qualify for sale-leaseback accounting due to the option to repurchase the tractors and is therefore treated as a financing obligation. In April 2019, the Company entered into a sale-leaseback transaction whereby it sold tractors for approximately $10.5 million and concurrently entered into a finance lease agreement for the sold tractors with a five year term. Under the lease agreement, the Company paid an initial monthly payment of approximately $0.1 million. At the end of the lease, the Company has the option to purchase the tractors for the greater of fair market value or 32.5% of the original cost. This transaction does not qualify for sale-leaseback accounting due to the option to repurchase the tractors and is therefore treated as a financing obligation. Insurance premium financing In October 2019, the Company entered into a short-term agreement to finance approximately $4.5 million with a third-party financing company for a portion of the Company’s annual insurance premiums.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
LEASES
LEASES	NOTE 7 – LEASES The components of lease expense for each of the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in thousands) Operating lease costs ​ $ 2,052 ​ $ 2,356 ​ $ 4,218 ​ $ 4,515 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,784 ​ 2,959 ​ 9,507 ​ 5,650 Interest on lease liabilities ​ 763 ​ 603 ​ 1,553 ​ 1,149 Total finance lease costs ​ 5,547 ​ 3,562 ​ 11,060 ​ 6,799 Variable and short-term lease costs ​ 284 ​ 212 ​ 411 ​ 773 Total lease costs ​ $ 7,883 ​ $ 6,130 ​ $ 15,689 ​ $ 12,087 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental information and balance sheet location related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Operating leases: (dollars in thousands) Operating lease right-of-use assets $ 7,866 $ 11,775 ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations 3,028 ​ 6,050 Long-term operating lease obligations 4,966 ​ 5,812 Total operating lease liabilities $ 7,994 ​ $ 11,862 ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost 121,889 ​ 120,236 Accumulated amortization (35,990) ​ (30,990) Property and equipment, net $ 85,899 ​ $ 89,246 ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations 25,928 ​ 30,779 Long-term finance lease obligations 60,363 ​ 58,397 ​ $ 86,291 ​ $ 89,176 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: (in months) ​ (in months) Operating leases 52 ​ 45 Finance leases 42 ​ 44 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases 4.00 % ​ 4.03 % Finance leases 3.50 % ​ 3.34 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases is as follows for the six months ended: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ June 30, 2019 Cash paid for amounts included in measurement of liabilities: (in thousands) Operating cash flows from operating leases $ 42 ​ $ 3,885 Operating cash flows from finance leases ​ 1,553 ​ ​ 1,149 Financing cash flows from finance leases ​ 11,366 ​ ​ 6,375 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ Operating leases ​ — ​ ​ 931 Finance leases ​ 8,481 ​ ​ 16,303 ​ ​ ​ ​ ​ ​ ​ OTHER COMMITMENTS As of June 30, 2020, the Company had no noncancellable commitments for the acquisition of revenue or non-revenue equipment. During July 2020, the Company entered into an agreement to take delivery of 189 tractors through a lease agreement. ​ RELATED PARTY LEASE In the normal course of business, the Company leases office and shop space from a related party under a monthly operating lease. Rent expense for this space was approximately $0.04 million for the three months ended June 30, 2020 and 2019, and $0.08 million for the six months ended June 30, 2020 and 2019, respectively. This expense is included in the “Operations and maintenance” line item in the accompanying condensed consolidated statement of (loss) income and comprehensive (loss) income.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
INCOME TAXES
INCOME TAXES	NOTE 8 – INCOME TAXES During the three months ended June 30, 2020 and 2019, the Company’s effective tax rate was 211.4% and 99.5%, respectively. During the six months ended June 30, 2020 and 2019, the Company’s effective tax rate was 19.8% and 33.5%, respectively. The Company’s effective tax rate, when compared to the federal statutory rate of 21%, is primarily affected by state income taxes, net of federal income tax effect for the current year periods, and permanent differences, the most significant of which is the effect of the partially non-deductible per diem pay structure for our drivers. Drivers may elect to receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases the Company’s drivers’ net pay per mile, after taxes, while decreasing gross pay, before taxes. Per diem pay is partially non-deductible by the Company under current IRS regulations. As a result, salaries, wages and employee benefits costs are slightly lower and effective income tax rates are higher than the statutory rate. Due to the partially non-deductible effect of per diem pay, the Company’s tax rate will change based on fluctuations in earnings (losses) and in the number of drivers who elect to receive this pay structure. Generally, as pretax income or loss increases, the impact of the driver per diem program on the Company’s effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pretax income or loss, while in periods where earnings are at or near breakeven the impact of the per diem program on the Company’s effective tax rate can be significant. As of June 30, 2020 and December 31, 2019, the Company had income tax receivables of approximately $3.5 million and $1.5 million, respectively, presented in the “Other receivables” line item in the condensed consolidated balance sheet. During the six month period ended June 30, 2020 our effective tax rate was also affected by changes stemming from the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted in 2020, which allows a 5 year federal net operating loss carryback for federal income tax purposes to tax periods where the federal statutory rate was 35%, resulting in a tax benefit. During the six months ended June 30, 2020 and 2019, the Company’s tax rate was negatively affected by vesting of equity-based compensation at a lower stock price than the price at which it was granted, as well as a non-deductible officer compensation, resulting in an increase to tax expense. The Company has historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. We determined that since small changes in estimated “ordinary” income would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate. As such, we have used a cut-off method to calculate taxes for the three and six months ended June 30, 2020.

(LOSS) EARNINGS PER SHARE

(LOSS) EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
(LOSS) EARNINGS PER SHARE
(LOSS) EARNINGS PER SHARE	​ ​ NOTE 9 – (LOSS) EARNINGS PER SHARE The following table sets forth the computation of basic and diluted (loss) earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Numerator: ​ (in thousands, except per share amounts) ​ Net (loss) income ​ $ (931) ​ $ 1 ​ $ (3,482) ​ $ 1,502 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,820 ​ 8,554 ​ 8,737 ​ 8,479 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ — ​ 13 ​ — ​ 19 ​ Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 8,820 ​ 8,567 ​ 8,737 ​ 8,498 ​ Basic (loss) earnings per share ​ $ (0.11) ​ $ 0.00 ​ $ (0.40) ​ $ 0.18 ​ Diluted (loss) earnings per share ​ $ (0.11) ​ $ 0.00 ​ $ (0.40) ​ $ 0.18 ​ Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 348 ​ 509 ​ 393 ​ 364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	6 Months Ended
	Jun. 30, 2020
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS	NOTE 10 – LEGAL PROCEEDINGS The Company is party to routine litigation incidental to its business, primarily involving claims for personal injury and property damage incurred in the transportation of freight. The Company maintains insurance to cover liabilities in excess of certain self-insured retention levels. Though management believes these claims to be immaterial to the Company’s long-term financial position, adverse results of one or more of these claims could have a material adverse effect on the Company’s financial position or results of operations in any given reporting period.

LONG-LIVED ASSET IMPAIRMENT

LONG-LIVED ASSET IMPAIRMENT	6 Months Ended
	Jun. 30, 2020
LONG-LIVED ASSET IMPAIRMENT
LONG-LIVED ASSET IMPAIRMENT	NOTE 11 – LONG-LIVED ASSET IMPAIRMENT During the second quarter of 2020, the Company reviewed the values of its assets held for sale and determined a subset of older model year tractors required an impairment of approximately $0.5 million. In order to determine the fair values of the tractors, auction data was used from recent sales of similar tractors which is a Level 2 fair value measurement under the fair value hierarchy. During the second quarter of 2020, in response to the closure of our Van Buren, Arkansas terminal the Company contracted with a third-party to appraise the terminal and the owned lands surrounding it. As a result of the appraisal, an impairment was recorded for approximately $0.1 million for a parcel of land that had a book value in excess of its fair value. The appraisal report is considered a Level 2 fair value measurement under the fair value hierarchy. During the second quarter of 2019, the Company reviewed the values of its assets held for sale and determined a subset of tractors that the Company had recently experienced losses on disposal of similar tractors required an impairment of approximately $0.4 million. The fair value was determined using quotes from third parties for the purchase of the tractors which is a Level 1 fair value measurement under the fair value hierarchy.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION
Disaggregation of Revenue	The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 78,514 ​ $ 35,040 ​ $ (3,461) ​ $ 110,093 ​ $ 82,664 ​ $ 34,698 ​ $ (2,209) ​ $ 115,153 Fuel surcharge 8,083 ​ 2,618 ​ (167) ​ 10,534 ​ 13,034 ​ ​ 4,087 ​ ​ (220) ​ 16,901 Accessorial 2,030 ​ 1,080 ​ — ​ 3,110 ​ 778 ​ ​ 790 ​ ​ — ​ 1,568 Total $ 88,627 ​ $ 38,738 ​ $ (3,628) ​ $ 123,737 ​ $ 96,476 ​ $ 39,575 ​ $ (2,429) ​ $ 133,622 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 159,417 ​ $ 66,707 ​ $ (6,154) ​ $ 219,970 ​ $ 164,086 ​ $ 71,328 ​ $ (4,420) ​ $ 230,994 Fuel surcharge 19,371 ​ 5,695 ​ (520) ​ 24,546 ​ 24,799 ​ 7,929 ​ (387) ​ 32,341 Accessorial 3,834 ​ 2,160 ​ — ​ 5,994 ​ 2,493 ​ 1,768 ​ — ​ 4,261 Total $ 182,622 ​ $ 74,562 ​ $ (6,674) ​ $ 250,510 ​ $ 191,378 ​ $ 81,025 ​ $ (4,807) ​ $ 267,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2020
SEGMENT REPORTING
Schedule of segment information by segment	A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Operating revenue ​ (in thousands) ​ Trucking revenue (1) ​ $ 88,627 ​ $ 96,476 ​ $ 182,622 ​ $ 191,378 ​ Trucking intersegment eliminations ​ (707) ​ (407) ​ (1,701) ​ (769) ​ Trucking operating revenue ​ 87,920 ​ 96,069 ​ 180,921 ​ 190,609 ​ USAT Logistics revenue ​ 38,738 ​ 39,575 ​ 74,562 ​ 81,025 ​ USAT Logistics intersegment eliminations ​ (2,921) ​ (2,022) ​ (4,973) ​ (4,038) ​ USAT Logistics operating revenue ​ 35,817 ​ 37,553 ​ 69,589 ​ 76,987 ​ Total operating revenue ​ $ 123,737 ​ $ 133,622 ​ $ 250,510 ​ $ 267,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $7.5 million and $9.4 million for the three months ended June 30, 2020 and 2019, respectively, and $16.1 million and $19.0 million for the six months ended June 30, 2020 and 2019, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Operating income (loss) ​ (in thousands) Trucking ​ $ 1,176 ​ $ 837 ​ $ (511) ​ $ 2,445 USAT Logistics ​ (176) ​ 1,146 ​ (801) ​ 3,459 Total operating income (loss) ​ $ 1,000 ​ $ 1,983 ​ $ (1,312) ​ $ 5,904 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,697 ​ $ 8,853 ​ $ 19,473 ​ $ 17,432 USAT Logistics ​ 337 ​ 272 ​ 572 ​ 511 Total depreciation and amortization ​ $ 10,034 ​ $ 9,125 ​ $ 20,045 ​ $ 17,943 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2020
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 5,532 ​ $ 3,668 Federal and state tax accruals ​ 1,677 ​ 1,648 Other (1) ​ 1,129 ​ 1,202 Total accrued expenses ​ $ 8,338 ​ $ 6,518 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
DEBT
Schedule of long-term debt instruments	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Revolving credit agreement ​ $ 83,075 ​ $ 73,225 Sale leaseback finance obligations ​ ​ 10,731 ​ ​ 11,783 Insurance premium financing (2019) ​ ​ 1,416 ​ ​ 4,506 ​ ​ ​ 95,222 ​ ​ 89,514 Less current maturities ​ ​ (3,064) ​ ​ (6,165) Total long-term debt ​ $ 92,158 ​ $ 83,349 ​ ​ ​ ​ ​ ​ ​

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
LEASES
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 ​ ​ (in thousands) Operating lease costs ​ $ 2,052 ​ $ 2,356 ​ $ 4,218 ​ $ 4,515 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,784 ​ 2,959 ​ 9,507 ​ 5,650 Interest on lease liabilities ​ 763 ​ 603 ​ 1,553 ​ 1,149 Total finance lease costs ​ 5,547 ​ 3,562 ​ 11,060 ​ 6,799 Variable and short-term lease costs ​ 284 ​ 212 ​ 411 ​ 773 Total lease costs ​ $ 7,883 ​ $ 6,130 ​ $ 15,689 ​ $ 12,087 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ December 31, 2019 Operating leases: (dollars in thousands) Operating lease right-of-use assets $ 7,866 $ 11,775 ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations 3,028 ​ 6,050 Long-term operating lease obligations 4,966 ​ 5,812 Total operating lease liabilities $ 7,994 ​ $ 11,862 ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost 121,889 ​ 120,236 Accumulated amortization (35,990) ​ (30,990) Property and equipment, net $ 85,899 ​ $ 89,246 ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations 25,928 ​ 30,779 Long-term finance lease obligations 60,363 ​ 58,397 ​ $ 86,291 ​ $ 89,176 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: (in months) ​ (in months) Operating leases 52 ​ 45 Finance leases 42 ​ 44 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases 4.00 % ​ 4.03 % Finance leases 3.50 % ​ 3.34 % ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow and other information	​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ June 30, 2019 Cash paid for amounts included in measurement of liabilities: (in thousands) Operating cash flows from operating leases $ 42 ​ $ 3,885 Operating cash flows from finance leases ​ 1,553 ​ ​ 1,149 Financing cash flows from finance leases ​ 11,366 ​ ​ 6,375 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ Operating leases ​ — ​ ​ 931 Finance leases ​ 8,481 ​ ​ 16,303 ​ ​ ​ ​ ​ ​

(LOSS) EARNINGS PER SHARE (Tabl

(LOSS) EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
(LOSS) EARNINGS PER SHARE
Schedule of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted (loss) earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Numerator: ​ (in thousands, except per share amounts) ​ Net (loss) income ​ $ (931) ​ $ 1 ​ $ (3,482) ​ $ 1,502 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,820 ​ 8,554 ​ 8,737 ​ 8,479 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ — ​ 13 ​ — ​ 19 ​ Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 8,820 ​ 8,567 ​ 8,737 ​ 8,498 ​ Basic (loss) earnings per share ​ $ (0.11) ​ $ 0.00 ​ $ (0.40) ​ $ 0.18 ​ Diluted (loss) earnings per share ​ $ (0.11) ​ $ 0.00 ​ $ (0.40) ​ $ 0.18 ​ Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 348 ​ 509 ​ 393 ​ 364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Change in Accounting Estimate [Line Items]
Pre-tax increase in depreciation expense from a change in the Tractor Fleet salvage value percentage	$ 0.3		$ 0.8
Salvage Value
Change in Accounting Estimate [Line Items]
Tractor Fleet previous salvage value (as a percent)		30.00%
Tractor Fleet salvage value (as a percent)		25.00%

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue
Revenues	$ 123,737	$ 133,622	$ 250,510	$ 267,596
Contract assets	1,400		1,400		$ 900
Intersegment Eliminations
Disaggregation of Revenue
Revenues	(3,628)	(2,429)	(6,674)	(4,807)
Trucking
Disaggregation of Revenue
Revenues	87,920	96,069	180,921	190,609
Trucking | Operating Segments
Disaggregation of Revenue
Revenues	88,627	96,476	182,622	191,378
Trucking | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(707)	(407)	(1,701)	(769)
USAT Logistics
Disaggregation of Revenue
Revenues	35,817	37,553	69,589	76,987
USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	38,738	39,575	74,562	81,025
USAT Logistics | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(2,921)	(2,022)	(4,973)	(4,038)
Freight
Disaggregation of Revenue
Revenues	110,093	115,153	219,970	230,994
Freight | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(3,461)	(2,209)	(6,154)	(4,420)
Freight | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	78,514	82,664	159,417	164,086
Freight | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	35,040	34,698	66,707	71,328
Fuel surcharge
Disaggregation of Revenue
Revenues	10,534	16,901	24,546	32,341
Fuel surcharge | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(167)	(220)	(520)	(387)
Fuel surcharge | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	8,083	13,034	19,371	24,799
Fuel surcharge | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	2,618	4,087	5,695	7,929
Accessorial
Disaggregation of Revenue
Revenues	3,110	1,568	5,994	4,261
Accessorial | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	2,030	778	3,834	2,493
Accessorial | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	$ 1,080	$ 790	$ 2,160	$ 1,768

SEGMENT REPORTING - Other (Deta

SEGMENT REPORTING - Other (Details)	6 Months Ended
	Jun. 30, 2020segment
SEGMENT REPORTING
Number of reportable segments	2

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
Operating revenue	$ 123,737	$ 133,622	$ 250,510	$ 267,596
Operating income (loss)	1,000	1,983	(1,312)	5,904
Depreciation and amortization	10,034	9,125	20,045	17,943
Trucking
Segment Reporting Information
Operating revenue	87,920	96,069	180,921	190,609
USAT Logistics
Segment Reporting Information
Operating revenue	35,817	37,553	69,589	76,987
Operating Segments | Trucking
Segment Reporting Information
Operating revenue	88,627	96,476	182,622	191,378
Operating income (loss)	1,176	837	(511)	2,445
Depreciation and amortization	9,697	8,853	19,473	17,432
Operating Segments | USAT Logistics
Segment Reporting Information
Operating revenue	38,738	39,575	74,562	81,025
Operating income (loss)	(176)	1,146	(801)	3,459
Depreciation and amortization	337	272	572	511
Intersegment Eliminations
Segment Reporting Information
Operating revenue	(3,628)	(2,429)	(6,674)	(4,807)
Intersegment Eliminations | Trucking
Segment Reporting Information
Operating revenue	(707)	(407)	(1,701)	(769)
Intersegment Eliminations | USAT Logistics
Segment Reporting Information
Operating revenue	(2,921)	(2,022)	(4,973)	(4,038)
Foreign countries | Operating Segments | Trucking
Segment Reporting Information
Operating revenue	$ 7,500	$ 9,400	$ 16,100	$ 19,000

EQUITY COMPENSATION AND EMPLO_2

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) - Omnibus Incentive Plan (the "Incentive Plan")	6 Months Ended
	Jun. 30, 2020shares
Defined Benefit Plan Disclosure
Number of shares authorized (in shares)	500,000
Number of additional shares authorized (in shares)	500,000
Number of shares available for grant (in shares)	488,617

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ACCRUED EXPENSES
Salaries, wages and employee benefits	$ 5,532	$ 3,668
Federal and state tax accruals	1,677	1,648
Other	1,129	1,202
Total accrued expenses	$ 8,338	$ 6,518

DEBT - Summary of Long-term Deb

DEBT - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Apr. 20, 2020	Dec. 31, 2019	Jan. 31, 2019	Feb. 15, 2015
Debt Instruments
Total long-term debt, including current maturities	$ 95,222		$ 89,514
Less current maturities	(3,064)		(6,165)
Total long-term debt	92,158		83,349
Credit Facility
Debt Instruments
Total long-term debt, including current maturities	83,075	$ 170,000	73,225	$ 225,000	$ 170,000
Sale leaseback finance obligations
Debt Instruments
Total long-term debt, including current maturities	10,731		11,783
Insurance Premiums Financing Note | Sale leaseback finance obligations
Debt Instruments
Total long-term debt, including current maturities	$ 1,416		$ 4,506

DEBT - Other (Details)

DEBT - Other (Details) - USD ($)	Jan. 31, 2019	Feb. 15, 2015	Jul. 31, 2019	Apr. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Apr. 20, 2020	Dec. 31, 2019	Oct. 31, 2019
Debt Instruments
Long-term debt						$ 95,222,000		$ 89,514,000
Borrowing based threshold for eligible unbilled accounts receivable (as a percent)	85.00%
Remaining borrowing capacity						$ 38,000,000
Weighted average interest rate						2.90%
Proceeds from obligation under finance lease			$ 2,300,000		$ 10,471,000
Finance lease contract term			5 years
Initial monthly payment in sale-leaseback transaction			$ 30,000
Tractors
Debt Instruments
Proceeds from obligation under finance lease				$ 10,500,000
Finance lease contract term				5 years
Initial monthly payment in sale-leaseback transaction				$ 100,000
Percentage of original cost at which Company has option to purchase at end of lease				32.50%
Sale leaseback finance obligations
Debt Instruments
Long-term debt						$ 10,731,000		11,783,000
Credit Facility
Debt Instruments
Long-term debt	$ 225,000,000	$ 170,000,000				83,075,000	$ 170,000,000	73,225,000
Maximum increase available subject to lender approval	75,000,000
Excercisable, incremental borrowing capacity	$ 20,000,000
Term of debt instrument	5 years	5 years
Increase (decrease) in borrowing capacity							$ (55,000,000)
Fixed charge coverage ratio	1
Commitment fee percentage	0.25%
Borrowing base before additions of eligible revenue equipment	$ 10,000,000
Newly acquired revenue equipment (as a percent)	85.00%
Eligible revenue equipment (as a percent)	85.00%
Percentage of maximum revolver amount	10.00%
Minimum excess availability percentage of maximum revolver amount	20.00%
Letter of credit outstanding						7,400,000
Credit Facility | Minimum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	85.00%
Credit Facility | Maximum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	90.00%
Swingline sub-facility
Debt Instruments
Long-term debt	$ 25,000,000					0
Letter of credit sub-facility
Debt Instruments
Long-term debt	$ 15,000,000
Base Rate | Credit Facility | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	0.25%
Base Rate | Credit Facility | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	0.75%
London Interbank Offered Rate (LIBOR) | Credit Facility | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	1.25%
London Interbank Offered Rate (LIBOR) | Credit Facility | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	1.75%
Insurance Premiums Financing Note
Debt Instruments
Accrued Premium Insurance Payable									$ 4,500,000
Insurance Premiums Financing Note | Sale leaseback finance obligations
Debt Instruments
Long-term debt						$ 1,416,000		$ 4,506,000

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
LEASES
Operating lease costs	$ 2,052	$ 2,356	$ 4,218	$ 4,515
Finance lease costs:
Amortization of assets	4,784	2,959	9,507	5,650
Interest on lease liabilities	763	603	1,553	1,149
Total finance lease costs	5,547	3,562	11,060	6,799
Variable and short-term lease costs	284	212	411	773
Total lease costs	$ 7,883	$ 6,130	$ 15,689	$ 12,087

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating leases:
Operating leases - right of use assets	$ 7,866	$ 11,775
Current operating lease obligations	3,028	6,050
Long-term operating lease obligations	4,966	5,812
Total operating lease liabilities	7,994	11,862
Finance leases:
Property and equipment, at cost	385,174	372,885
Accumulated amortization	(142,414)	(124,216)
Property and equipment, net	242,760	248,669
Current finance lease obligations	25,928	30,779
Long-term finance lease obligations	60,363	58,397
Total lease obligations	$ 86,291	$ 89,176
Weighted average remaining lease term:
Operating leases	52 months	45 months
Finance leases	42 months	44 months
Weighted average discount rate:
Operating leases	4.00%	4.03%
Finance leases	3.50%	3.34%
Equipment finance leases
Finance leases:
Property and equipment, at cost	$ 121,889	$ 120,236
Accumulated amortization	(35,990)	(30,990)
Property and equipment, net	$ 85,899	$ 89,246

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 3,885	$ 42
Operating cash flows from finance leases	1,149	1,553
Financing cash flows from finance leases	6,375	11,366	$ 6,375
ROU assets obtained in exchange for lease liabilities:
Operating leases	931
Finance leases	$ 16,303	$ 8,481

LEASES - Other (Details)

LEASES - Other (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2020item	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Lease details
Noncancellable commitments for purchases of equipment		$ 0		$ 0
Lease rent expense		$ 40	$ 40	$ 80	$ 80
Tractors
Lease details
Number of units under lease agreement | item	189

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
INCOME TAXES
Effective income tax rate reconciliation percent	211.40%		99.50%		19.80%	33.50%
Effective income tax rate reconciliation at federal statutory income tax rate, percent		21.00%		21.00%
Income tax receivable	$ 3.5				$ 3.5		$ 1.5
CARES net operating losses carryback period					5 years
CARES net operating losses carryback federal statutory rate (as a percent)					35.00%

(LOSS) EARNINGS PER SHARE - Com

(LOSS) EARNINGS PER SHARE - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
(LOSS) EARNINGS PER SHARE
Net (loss) income	$ (931)	$ (2,551)	$ 1	$ 1,501	$ (3,482)	$ 1,502
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares (in shares)	8,820		8,554		8,737	8,479
Effect of dilutive securities:
Employee restricted stock and incentive stock options (in shares)			13			19
Denominator for diluted earnings (loss) per share - adjusted weighted average shares and assumed conversion (in shares)	8,820		8,567		8,737	8,498
Basic (loss) earnings per share (in dollars per share)	$ (0.11)		$ 0		$ (0.40)	$ 0.18
Diluted (loss) earnings per share (in dollars per share)	$ (0.11)		$ 0		$ (0.40)	$ 0.18
Weighted average anti-dilutive employee restricted stock and incentive stock options (in shares)	348		509		393	364

LONG-LIVED ASSET IMPAIRMENT (De

LONG-LIVED ASSET IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Long-lived asset impairment
Asset impairments	$ 588	$ 367	$ 588	$ 367
Older model year tractors
Long-lived asset impairment
Asset impairments	500
Van Buren, AR Terminal
Long-lived asset impairment
Asset impairments	$ 100
Tractors
Long-lived asset impairment
Asset impairments		$ 400