USA Truck (USAK) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 25, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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)		8,760,316
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	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 1,161	$ 97
Accounts receivable, net of allowance for doubtful accounts of $697 and $369, respectively	65,859	49,853
Other receivables	4,518	5,408
Inventories	873	769
Assets held for sale	1,246	2,542
Prepaid expenses and other current assets	4,458	7,855
Total current assets	78,115	66,524
Property and equipment:
Land and structures	33,601	33,077
Revenue equipment	311,869	309,573
Service, office and other equipment	31,040	30,235
Property and equipment, at cost	376,510	372,885
Accumulated depreciation and amortization	(144,240)	(124,216)
Property and equipment, net	232,270	248,669
Operating leases - right of use assets	9,714	11,775
Goodwill	5,231	5,231
Other intangibles, net	15,433	16,453
Other assets	1,362	2,058
Total assets	342,125	350,710
Current liabilities:
Accounts payable	26,901	29,421
Current portion of insurance and claims accruals	9,488	12,466
Accrued expenses	10,616	6,518
Current finance lease obligations	23,717	30,779
Current operating lease obligations	2,732	6,050
Long-term debt, current maturities	1,660	6,165
Total current liabilities	75,114	91,399
Other long-term liabilities	3,140	80
Long-term debt, less current maturities	89,238	83,349
Long-term finance lease obligations	57,451	58,397
Long-term operating lease obligations	7,209	5,812
Deferred income taxes	22,700	24,017
Insurance and claims accruals, less current portion	9,071	9,445
Total liabilities	263,923	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 12,038,197 shares, and 11,987,572 shares, respectively	120	120
Additional paid-in capital	60,006	63,238
Retained earnings	72,582	73,769
Less treasury stock, at cost (3,277,294 shares, and 3,434,231 shares, respectively)	(54,506)	(58,916)
Total stockholders' equity	78,202	78,211
Total liabilities and stockholders' equity	$ 342,125	$ 350,710

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts	$ 697	$ 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)	12,038,197	11,987,572
Treasury stock, shares (in shares)	3,277,294	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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME
Operating revenue	$ 141,786	$ 130,924	$ 392,296	$ 398,520
Operating expenses:
Salaries, wages and employee benefits	34,916	32,846	104,397	102,742
Fuel and fuel taxes	9,734	13,842	29,679	41,575
Depreciation and amortization	9,896	9,652	29,941	27,595
Insurance and claims	5,388	6,499	15,254	20,939
Equipment rent	2,479	2,427	7,107	7,715
Operations and maintenance	9,310	8,829	26,812	24,583
Purchased transportation	59,617	51,281	156,707	148,634
Operating taxes and licenses	1,167	1,218	3,675	3,646
Communications and utilities	867	967	2,586	2,453
Loss (gain) on disposal of assets, net	398	(696)	420	(700)
Asset impairments	0	1	588	368
Other	3,580	4,092	12,008	13,100
Total operating expenses	137,352	130,958	389,174	392,650
Operating income (loss)	4,434	(34)	3,122	5,870
Other expenses:
Interest expense, net	1,416	1,615	4,335	4,951
Other, net	57	145	167	453
Total other expenses, net	1,473	1,760	4,502	5,404
Income (loss) before income taxes	2,961	(1,794)	(1,380)	466
Income tax expense (benefit)	666	(421)	(193)	337
Consolidated net income (loss) and comprehensive income (loss)	$ 2,295	$ (1,373)	$ (1,187)	$ 129
Net earnings (loss) per share:
Average shares outstanding (basic) (in shares)	8,807	8,564	8,762	8,509
Basic earnings (loss) per share (in dollars per share)	$ 0.26	$ (0.16)	$ (0.14)	$ 0.02
Average shares outstanding (diluted) (in shares)	8,955	8,564	8,762	8,522
Diluted earnings (loss) per share (in dollars per share)	$ 0.26	$ (0.16)	$ (0.14)	$ 0.02

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)					129
Balance at Sep. 30, 2019	$ 120	62,585	78,596	(58,790)	82,511
Balance (in shares) at Sep. 30, 2019	11,988
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
Increase (Decrease) in Stockholders' Equity
Issuance of treasury stock		(21)		21
Stock-based compensation		(107)			(107)
Net share settlement related to restricted stock vesting		(5)			(5)
Net share settlement related to restricted stock vesting (in shares)	(1)
Net income (loss)			(1,373)		(1,373)
Balance at Sep. 30, 2019	$ 120	62,585	78,596	(58,790)	82,511
Balance (in shares) at Sep. 30, 2019	11,988
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)					(1,187)
Balance at Sep. 30, 2020	$ 120	60,006	72,582	(54,506)	78,202
Balance (in shares) at Sep. 30, 2020	12,038
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
Increase (Decrease) in Stockholders' Equity
Return of treasury stock		40		(40)
Stock-based compensation		406			406
Restricted stock award grant (in shares)	3
Forfeited restricted stock (in shares)	(1)
Net share settlement related to restricted stock vesting		(5)			(5)
Net income (loss)			2,295		2,295
Balance at Sep. 30, 2020	$ 120	$ 60,006	$ 72,582	$ (54,506)	$ 78,202
Balance (in shares) at Sep. 30, 2020	12,038

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net (loss) income	$ (1,187)	$ 129
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	29,941	27,595
Deferred income tax, net	(1,317)	46
Share-based compensation	1,240	1,187
Loss (gain) on disposal of assets, net	420	(700)
Asset impairments	588	368
Other	138	84
Changes in operating assets and liabilities:
Accounts and other receivables	(15,116)	925
Inventories and prepaid expenses	3,293	3,401
Accounts payable and accrued expenses	8,635	(4,385)
Insurance and claims accruals	(2,923)	(1,558)
Other long-term assets and liabilities	697	(658)
Net cash provided by operating activities	24,409	26,434
Investing activities:
Acquisition of Davis Transfer Company (net of cash)		(305)
Capital expenditures	(10,577)	(25,156)
Proceeds from sale of property and equipment	3,274	8,771
Net cash used in investing activities	(7,303)	(16,690)
Financing activities:
Borrowings under long-term debt	48,950	72,125
Payments on long-term debt	(46,106)	(85,310)
Principal payments on financing lease obligations	(16,490)	(10,021)
Proceeds from obligation under finance lease		12,795
Payments on obligation under finance lease	(1,459)	(605)
Payment of debt issuance costs		(538)
Net change in bank drafts payable	(875)	1,183
Net payments for tax withholdings for vested stock-based awards	(62)	(78)
Net cash used in financing activities	(16,042)	(10,449)
Increase (decrease) in cash	1,064	(705)
Cash:
Beginning of period	97	989
End of period	1,161	284
Supplemental disclosure of cash flow information:
Interest	4,336	4,253
Income taxes	$ 52	1,189
Supplemental disclosure of non-cash investing:
Sales of revenue equipment included in other receivables		1,240
Purchase of revenue equipment included in accounts payable		$ 1,420

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 and our results of operations, comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019, and cash flows for the nine months ended September 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; Skyraider Risk Retention Group Inc. (“SRRG”), a South Carolina 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 nine months ended September 30, 2020, this change in estimate resulted in an increase in depreciation and amortization expense of approximately $0.4 million and $1.2 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 the resulting 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	9 Months Ended
	Sep. 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 September 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 87,505 ​ $ 48,148 ​ $ (7,493) ​ $ 128,160 ​ $ 80,002 ​ $ 34,753 ​ $ (1,778) ​ $ 112,977 Fuel surcharge 7,847 ​ 2,565 ​ (163) ​ 10,249 ​ 12,274 ​ ​ 3,991 ​ ​ (250) ​ 16,015 Accessorial 2,031 ​ 1,346 ​ — ​ 3,377 ​ 1,311 ​ ​ 621 ​ ​ — ​ 1,932 Total $ 97,383 ​ $ 52,059 ​ $ (7,656) ​ $ 141,786 ​ $ 93,587 ​ $ 39,365 ​ $ (2,028) ​ $ 130,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 246,922 ​ $ 114,856 ​ $ (13,648) ​ $ 348,130 ​ $ 244,089 ​ $ 106,081 ​ $ (6,199) ​ $ 343,971 Fuel surcharge 27,218 ​ 8,260 ​ (684) ​ 34,794 ​ 37,073 ​ 11,920 ​ (636) ​ 48,357 Accessorial 5,865 ​ 3,507 ​ — ​ 9,372 ​ 3,803 ​ 2,389 ​ — ​ 6,192 Total $ 280,005 ​ $ 126,623 ​ $ (14,332) ​ $ 392,296 ​ $ 284,965 ​ $ 120,390 ​ $ (6,835) ​ $ 398,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2020 and December 31, 2019, the Company had contract assets, representing our right to consideration for transportation services not yet billed, of $1.9 million and $0.9 million, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 3 – 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 the USAT Logistics segment 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 the USAT Logistics segment 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 the USAT Logistics segment are specifically identifiable direct costs or are allocated to the USAT Logistics segment based on relevant cost drivers, as determined by management. A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 Operating revenue ​ (in thousands) ​ Trucking revenue (1) ​ $ 97,383 ​ $ 93,587 ​ $ 280,005 ​ $ 284,965 ​ Trucking intersegment eliminations ​ (651) ​ (233) ​ (2,353) ​ (1,002) ​ Trucking operating revenue ​ 96,732 ​ 93,354 ​ 277,652 ​ 283,963 ​ USAT Logistics revenue ​ 52,059 ​ 39,365 ​ 126,623 ​ 120,390 ​ USAT Logistics intersegment eliminations ​ (7,005) ​ (1,795) ​ (11,979) ​ (5,833) ​ USAT Logistics operating revenue ​ 45,054 ​ 37,570 ​ 114,644 ​ 114,557 ​ Total operating revenue ​ $ 141,786 ​ $ 130,924 ​ $ 392,296 ​ $ 398,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $8.8 million and $9.5 million for the three months ended September 30, 2020 and 2019, respectively, and $24.9 million and $28.5 million for the nine months ended September 30, 2020 and 2019, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Operating income (loss) ​ (in thousands) Trucking ​ $ 3,453 ​ $ (278) ​ $ 2,941 ​ $ 2,168 USAT Logistics ​ 981 ​ 244 ​ 181 ​ 3,702 Total operating income (loss) ​ $ 4,434 ​ $ (34) ​ $ 3,122 ​ $ 5,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,615 ​ $ 9,435 ​ $ 29,088 ​ $ 26,867 USAT Logistics ​ 281 ​ 217 ​ 853 ​ 728 Total depreciation and amortization ​ $ 9,896 ​ $ 9,652 ​ $ 29,941 ​ $ 27,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

EQUITY COMPENSATION AND EMPLOYE

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 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 September 30, 2020, 489,639 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards.

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2020
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 5 – ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 7,308 ​ $ 3,668 Federal and state tax accruals ​ 1,575 ​ 1,648 Other (1) ​ 1,733 ​ 1,202 Total accrued expenses ​ $ 10,616 ​ $ 6,518 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2020
DEBT
DEBT	NOTE 6 –DEBT Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Revolving credit agreement ​ $ 80,575 ​ $ 73,225 Sale leaseback finance obligations ​ ​ 10,323 ​ ​ 11,783 Insurance premium financing (2019) ​ ​ — ​ ​ 4,506 ​ ​ ​ 90,898 ​ ​ 89,514 Less current maturities ​ ​ (1,660) ​ ​ (6,165) Total long-term debt ​ $ 89,238 ​ $ 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 future 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 September 30, 2020. The average interest rate including all borrowings made under the Credit Facility as of September 30, 2020 was 2.27%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of September 30, 2020, the Company had $7.9 million in letters of credit outstanding and had $47.6 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. In October 2020, the Company entered into a short-term agreement to finance approximately $5.1 million with a third-party financing company for a portion of the Company’s annual insurance premiums.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
LEASES
LEASES	NOTE 7 – LEASES The components of lease expense for each of the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 ​ ​ (in thousands) Operating lease costs ​ $ 1,640 ​ $ 2,355 ​ $ 5,858 ​ $ 6,870 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,840 ​ 3,903 ​ 14,347 ​ 9,553 Interest on lease liabilities ​ 789 ​ 671 ​ 2,342 ​ 1,820 Total finance lease costs ​ 5,629 ​ 4,574 ​ 16,689 ​ 11,373 Variable and short-term lease costs ​ 837 ​ 71 ​ 1,248 ​ 844 Total lease costs ​ $ 8,106 ​ $ 7,000 ​ $ 23,795 ​ $ 19,087 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental information and balance sheet location related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Operating leases: (dollars in thousands) Operating lease right-of-use assets $ 9,714 $ 11,775 ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations 2,732 ​ 6,050 Long-term operating lease obligations 7,209 ​ 5,812 Total operating lease liabilities $ 9,941 ​ $ 11,862 ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost 118,726 ​ 120,236 Accumulated amortization (38,143) ​ (30,990) Property and equipment, net $ 80,583 ​ $ 89,246 ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations 23,717 ​ 30,779 Long-term finance lease obligations 57,451 ​ 58,397 ​ $ 81,168 ​ $ 89,176 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: (in months) ​ (in months) Operating leases 64 ​ 45 Finance leases 39 ​ 44 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases 3.61 % ​ 4.03 % Finance leases 3.53 % ​ 3.34 % ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases is as follows for the nine months ended: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ September 30, 2019 Cash paid for amounts included in measurement of liabilities: (in thousands) Operating cash flows from operating leases $ 138 ​ $ 48 Operating cash flows from finance leases ​ 2,342 ​ ​ 1,820 Financing cash flows from finance leases ​ 16,490 ​ ​ 10,021 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ Operating leases $ 3,400 ​ $ 1,393 Finance leases ​ 8,481 ​ ​ 27,348 ​ ​ ​ ​ ​ ​ ​ OTHER COMMITMENTS As of September 30, 2020, the Company had $ 26.7 million in purchase commitments for the acquisition of 189 tractors, of which $6.7 million was noncancellable. These purchase commitments may be funded through funds provided by operations, borrowings under the Company’s Credit Facility, sales of used revenue equipment, or the use of finance and operating leases. 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 these spaces was approximately $0.04 million and $0.03 million for the three months ended September 30, 2020 and 2019, respectively, and $0.1 million for the nine months ended September 30, 2020 and 2019. This expense is included in the “Operations and maintenance” line item in the accompanying condensed consolidated statement of income (loss) and comprehensive income (loss).

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	NOTE 8 – INCOME TAXES During the three months ended September 30, 2020 and 2019, the Company’s effective tax rate was 22.5% and 23.5%, respectively. During the nine months ended September 30, 2020 and 2019, the Company’s effective tax rate was 14.0% and 72.3%, 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 their 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. During the nine month period ended September 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 five 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. 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 nine months ended September 30, 2020.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2020
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE	NOTE 9 – EARNINGS (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 Numerator: ​ (in thousands, except per share amounts) ​ Net income (loss) ​ $ 2,295 ​ $ (1,373) ​ $ (1,187) ​ $ 129 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,807 ​ 8,564 ​ 8,762 ​ 8,509 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ 148 ​ — ​ — ​ 13 ​ Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 8,955 ​ 8,564 ​ 8,762 ​ 8,522 ​ Basic earnings (loss) per share ​ $ 0.26 ​ $ (0.16) ​ $ (0.14) ​ $ 0.02 ​ Diluted earnings (loss) per share ​ $ 0.26 ​ $ (0.16) ​ $ (0.14) ​ $ 0.02 ​ Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 208 ​ 509 ​ 354 ​ 421 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	9 Months Ended
	Sep. 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, results of operations or cash flows in any given reporting period.

LONG-LIVED ASSET IMPAIRMENT

LONG-LIVED ASSET IMPAIRMENT	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2020
REVENUE RECOGNITION
Disaggregation of Revenue	The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 87,505 ​ $ 48,148 ​ $ (7,493) ​ $ 128,160 ​ $ 80,002 ​ $ 34,753 ​ $ (1,778) ​ $ 112,977 Fuel surcharge 7,847 ​ 2,565 ​ (163) ​ 10,249 ​ 12,274 ​ ​ 3,991 ​ ​ (250) ​ 16,015 Accessorial 2,031 ​ 1,346 ​ — ​ 3,377 ​ 1,311 ​ ​ 621 ​ ​ — ​ 1,932 Total $ 97,383 ​ $ 52,059 ​ $ (7,656) ​ $ 141,786 ​ $ 93,587 ​ $ 39,365 ​ $ (2,028) ​ $ 130,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2020 ​ 2019 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type (in thousands) Freight $ 246,922 ​ $ 114,856 ​ $ (13,648) ​ $ 348,130 ​ $ 244,089 ​ $ 106,081 ​ $ (6,199) ​ $ 343,971 Fuel surcharge 27,218 ​ 8,260 ​ (684) ​ 34,794 ​ 37,073 ​ 11,920 ​ (636) ​ 48,357 Accessorial 5,865 ​ 3,507 ​ — ​ 9,372 ​ 3,803 ​ 2,389 ​ — ​ 6,192 Total $ 280,005 ​ $ 126,623 ​ $ (14,332) ​ $ 392,296 ​ $ 284,965 ​ $ 120,390 ​ $ (6,835) ​ $ 398,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2020
SEGMENT REPORTING
Schedule of segment information by segment	A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 Operating revenue ​ (in thousands) ​ Trucking revenue (1) ​ $ 97,383 ​ $ 93,587 ​ $ 280,005 ​ $ 284,965 ​ Trucking intersegment eliminations ​ (651) ​ (233) ​ (2,353) ​ (1,002) ​ Trucking operating revenue ​ 96,732 ​ 93,354 ​ 277,652 ​ 283,963 ​ USAT Logistics revenue ​ 52,059 ​ 39,365 ​ 126,623 ​ 120,390 ​ USAT Logistics intersegment eliminations ​ (7,005) ​ (1,795) ​ (11,979) ​ (5,833) ​ USAT Logistics operating revenue ​ 45,054 ​ 37,570 ​ 114,644 ​ 114,557 ​ Total operating revenue ​ $ 141,786 ​ $ 130,924 ​ $ 392,296 ​ $ 398,520 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $8.8 million and $9.5 million for the three months ended September 30, 2020 and 2019, respectively, and $24.9 million and $28.5 million for the nine months ended September 30, 2020 and 2019, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Operating income (loss) ​ (in thousands) Trucking ​ $ 3,453 ​ $ (278) ​ $ 2,941 ​ $ 2,168 USAT Logistics ​ 981 ​ 244 ​ 181 ​ 3,702 Total operating income (loss) ​ $ 4,434 ​ $ (34) ​ $ 3,122 ​ $ 5,870 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,615 ​ $ 9,435 ​ $ 29,088 ​ $ 26,867 USAT Logistics ​ 281 ​ 217 ​ 853 ​ 728 Total depreciation and amortization ​ $ 9,896 ​ $ 9,652 ​ $ 29,941 ​ $ 27,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2020
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 7,308 ​ $ 3,668 Federal and state tax accruals ​ 1,575 ​ 1,648 Other (1) ​ 1,733 ​ 1,202 Total accrued expenses ​ $ 10,616 ​ $ 6,518 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
DEBT
Schedule of long-term debt instruments	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ (in thousands) Revolving credit agreement ​ $ 80,575 ​ $ 73,225 Sale leaseback finance obligations ​ ​ 10,323 ​ ​ 11,783 Insurance premium financing (2019) ​ ​ — ​ ​ 4,506 ​ ​ ​ 90,898 ​ ​ 89,514 Less current maturities ​ ​ (1,660) ​ ​ (6,165) Total long-term debt ​ $ 89,238 ​ $ 83,349 ​ ​ ​ ​ ​ ​ ​

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
LEASES
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 ​ ​ (in thousands) Operating lease costs ​ $ 1,640 ​ $ 2,355 ​ $ 5,858 ​ $ 6,870 Finance lease costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,840 ​ 3,903 ​ 14,347 ​ 9,553 Interest on lease liabilities ​ 789 ​ 671 ​ 2,342 ​ 1,820 Total finance lease costs ​ 5,629 ​ 4,574 ​ 16,689 ​ 11,373 Variable and short-term lease costs ​ 837 ​ 71 ​ 1,248 ​ 844 Total lease costs ​ $ 8,106 ​ $ 7,000 ​ $ 23,795 ​ $ 19,087 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 Operating leases: (dollars in thousands) Operating lease right-of-use assets $ 9,714 $ 11,775 ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations 2,732 ​ 6,050 Long-term operating lease obligations 7,209 ​ 5,812 Total operating lease liabilities $ 9,941 ​ $ 11,862 ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ Property and equipment, at cost 118,726 ​ 120,236 Accumulated amortization (38,143) ​ (30,990) Property and equipment, net $ 80,583 ​ $ 89,246 ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations 23,717 ​ 30,779 Long-term finance lease obligations 57,451 ​ 58,397 ​ $ 81,168 ​ $ 89,176 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: (in months) ​ (in months) Operating leases 64 ​ 45 Finance leases 39 ​ 44 ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ Operating leases 3.61 % ​ 4.03 % Finance leases 3.53 % ​ 3.34 % ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow and other information	​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ September 30, 2019 Cash paid for amounts included in measurement of liabilities: (in thousands) Operating cash flows from operating leases $ 138 ​ $ 48 Operating cash flows from finance leases ​ 2,342 ​ ​ 1,820 Financing cash flows from finance leases ​ 16,490 ​ ​ 10,021 ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ Operating leases $ 3,400 ​ $ 1,393 Finance leases ​ 8,481 ​ ​ 27,348 ​ ​ ​ ​ ​ ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
EARNINGS (LOSS) PER SHARE
Schedule of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 Numerator: ​ (in thousands, except per share amounts) ​ Net income (loss) ​ $ 2,295 ​ $ (1,373) ​ $ (1,187) ​ $ 129 ​ Denominator: ​ ​ ​ ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,807 ​ 8,564 ​ 8,762 ​ 8,509 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ Employee restricted stock and incentive stock options ​ 148 ​ — ​ — ​ 13 ​ Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 8,955 ​ 8,564 ​ 8,762 ​ 8,522 ​ Basic earnings (loss) per share ​ $ 0.26 ​ $ (0.16) ​ $ (0.14) ​ $ 0.02 ​ Diluted earnings (loss) per share ​ $ 0.26 ​ $ (0.16) ​ $ (0.14) ​ $ 0.02 ​ Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 208 ​ 509 ​ 354 ​ 421 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Change in Accounting Estimate
Pre-tax increase in depreciation expense from a change in the Tractor Fleet salvage value percentage	$ 0.4		$ 1.2
Salvage Value
Change in Accounting Estimate
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue
Revenues	$ 141,786	$ 130,924	$ 392,296	$ 398,520
Contract assets	1,900		1,900		$ 900
Intersegment Eliminations
Disaggregation of Revenue
Revenues	(7,656)	(2,028)	(14,332)	(6,835)
Trucking
Disaggregation of Revenue
Revenues	96,732	93,354	277,652	283,963
Trucking | Operating Segments
Disaggregation of Revenue
Revenues	97,383	93,587	280,005	284,965
Trucking | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(651)	(233)	(2,353)	(1,002)
USAT Logistics
Disaggregation of Revenue
Revenues	45,054	37,570	114,644	114,557
USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	52,059	39,365	126,623	120,390
USAT Logistics | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(7,005)	(1,795)	(11,979)	(5,833)
Freight
Disaggregation of Revenue
Revenues	128,160	112,977	348,130	343,971
Freight | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(7,493)	(1,778)	(13,648)	(6,199)
Freight | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	87,505	80,002	246,922	244,089
Freight | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	48,148	34,753	114,856	106,081
Fuel Surcharge
Disaggregation of Revenue
Revenues	10,249	16,015	34,794	48,357
Fuel Surcharge | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(163)	(250)	(684)	(636)
Fuel Surcharge | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	7,847	12,274	27,218	37,073
Fuel Surcharge | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	2,565	3,991	8,260	11,920
Accessorial
Disaggregation of Revenue
Revenues	3,377	1,932	9,372	6,192
Accessorial | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	2,031	1,311	5,865	3,803
Accessorial | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	$ 1,346	$ 621	$ 3,507	$ 2,389

SEGMENT REPORTING - Other (Deta

SEGMENT REPORTING - Other (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Operating revenue	$ 141,786	$ 130,924	$ 392,296	$ 398,520
Operating income (loss)	4,434	(34)	3,122	5,870
Depreciation and amortization	9,896	9,652	29,941	27,595
Trucking
Segment Reporting Information
Operating revenue	96,732	93,354	277,652	283,963
USAT Logistics
Segment Reporting Information
Operating revenue	45,054	37,570	114,644	114,557
Operating Segments | Trucking
Segment Reporting Information
Operating revenue	97,383	93,587	280,005	284,965
Operating income (loss)	3,453	(278)	2,941	2,168
Depreciation and amortization	9,615	9,435	29,088	26,867
Operating Segments | USAT Logistics
Segment Reporting Information
Operating revenue	52,059	39,365	126,623	120,390
Operating income (loss)	981	244	181	3,702
Depreciation and amortization	281	217	853	728
Intersegment Eliminations
Segment Reporting Information
Operating revenue	(7,656)	(2,028)	(14,332)	(6,835)
Intersegment Eliminations | Trucking
Segment Reporting Information
Operating revenue	(651)	(233)	(2,353)	(1,002)
Intersegment Eliminations | USAT Logistics
Segment Reporting Information
Operating revenue	(7,005)	(1,795)	(11,979)	(5,833)
Foreign Countries | Operating Segments | Trucking
Segment Reporting Information
Operating revenue	$ 8,800	$ 9,500	$ 24,900	$ 28,500

EQUITY COMPENSATION AND EMPLO_2

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) - Omnibus Incentive Plan (the "Incentive Plan")	9 Months Ended
	Sep. 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)	489,639

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ACCRUED EXPENSES
Salaries, wages and employee benefits	$ 7,308	$ 3,668
Federal and state tax accruals	1,575	1,648
Other	1,733	1,202
Total accrued expenses	$ 10,616	$ 6,518

DEBT - Summary of Long-term Deb

DEBT - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Apr. 20, 2020	Dec. 31, 2019	Jan. 31, 2019	Feb. 15, 2015
Debt Instruments
Total long-term debt, including current maturities	$ 90,898		$ 89,514
Less current maturities	(1,660)		(6,165)
Total long-term debt	89,238		83,349
Revolving Credit Facility
Debt Instruments
Total long-term debt, including current maturities	80,575	$ 170,000	73,225	$ 225,000	$ 170,000
Obligations Under Finance Lease
Debt Instruments
Total long-term debt, including current maturities	$ 10,323		11,783
Insurance Premiums Financing Note
Debt Instruments
Total long-term debt, including current maturities			$ 4,506

DEBT - Other (Details)

DEBT - Other (Details) - USD ($)	Jan. 31, 2019	Feb. 15, 2015	Jul. 31, 2019	Apr. 30, 2019	Sep. 30, 2019	Oct. 31, 2020	Sep. 30, 2020	Apr. 20, 2020	Dec. 31, 2019	Oct. 31, 2019
Debt Instruments
Long-term debt							$ 90,898,000		$ 89,514,000
Borrowing based threshold for eligible unbilled accounts receivable (as a percent)	85.00%
Remaining borrowing capacity							$ 47,600,000
Weighted average interest rate							2.27%
Proceeds from obligation under finance lease			$ 2,300,000		$ 12,795,000
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%
Obligations Under Finance Lease
Debt Instruments
Long-term debt							$ 10,323,000		11,783,000
Revolving Credit Facility
Debt Instruments
Long-term debt	$ 225,000,000	$ 170,000,000					80,575,000	$ 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							7,900,000
Revolving Credit Facility | Minimum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	85.00%
Revolving 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 | Revolving Credit Facility | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	0.25%
Base Rate | Revolving Credit Facility | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	0.75%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	1.25%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	1.75%
Insurance Premiums Financing Note
Debt Instruments
Long-term debt									$ 4,506,000
Accrued Premium Insurance Payable						$ 5,100,000				$ 4,500,000

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
LEASES
Operating lease costs	$ 1,640	$ 2,355	$ 5,858	$ 6,870
Finance lease costs:
Amortization of assets	4,840	3,903	14,347	9,553
Interest on lease liabilities	789	671	2,342	1,820
Total finance lease costs	5,629	4,574	16,689	11,373
Variable and short-term lease costs	837	71	1,248	844
Total lease costs	$ 8,106	$ 7,000	$ 23,795	$ 19,087

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Operating leases:
Operating leases - right of use assets	$ 9,714	$ 11,775
Current operating lease obligations	2,732	6,050
Long-term operating lease obligations	7,209	5,812
Total operating lease liabilities	9,941	11,862
Finance leases:
Property and equipment, at cost	118,726	120,236
Accumulated amortization	(38,143)	(30,990)
Property and equipment, net	80,583	89,246
Current finance lease obligations	23,717	30,779
Long-term finance lease obligations	57,451	58,397
Total lease obligations	$ 81,168	$ 89,176
Weighted average remaining lease term:
Operating leases	64 months	45 months
Finance leases	39 months	44 months
Weighted average discount rate:
Operating leases	3.61%	4.03%
Finance leases	3.53%	3.34%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 138	$ 48
Operating cash flows from finance leases	2,342	1,820
Financing cash flows from finance leases	16,490	10,021
ROU assets obtained in exchange for lease liabilities:
Operating leases	3,400	1,393
Finance leases	$ 8,481	$ 27,348

LEASES - Other (Details)

LEASES - Other (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)
LEASES
Lease rent expense	$ 40	$ 30	$ 100	$ 100
Purchase commitment			$ 26,700
Number of units under lease agreement | item			189
Noncancellable commitments for purchases of equipment	$ 6,700		$ 6,700

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME TAXES
Effective income tax rate reconciliation percent	22.50%	23.50%	14.00%	72.30%
Effective income tax rate reconciliation at federal statutory income tax rate, percent			21.00%	21.00%
CARES net operating losses carryback period			5 years
CARES net operating losses carryback federal statutory rate (as a percent)			35.00%

EARNINGS (LOSS) PER SHARE - Com

EARNINGS (LOSS) PER SHARE - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
EARNINGS (LOSS) PER SHARE
Net (loss) income	$ 2,295	$ (931)	$ (2,551)	$ (1,373)	$ 1	$ 1,501	$ (1,187)	$ 129
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares (in shares)	8,807			8,564			8,762	8,509
Effect of dilutive securities:
Employee restricted stock and incentive stock options (in shares)	148							13
Denominator for diluted earnings (loss) per share - adjusted weighted average shares and assumed conversion (in shares)	8,955			8,564			8,762	8,522
Basic (loss) earnings per share (in dollars per share)	$ 0.26			$ (0.16)			$ (0.14)	$ 0.02
Diluted (loss) earnings per share (in dollars per share)	$ 0.26			$ (0.16)			$ (0.14)	$ 0.02
Weighted average anti-dilutive employee restricted stock and incentive stock options (in shares)	208			509			354	421

LONG-LIVED ASSET IMPAIRMENT (De

LONG-LIVED ASSET IMPAIRMENT (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Long-lived asset impairment
Asset impairments	$ 0		$ 1		$ 588	$ 368
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