USA Truck (USAK) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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)		8,877,905
Entity Registrant Name	USA TRUCK INC.
Entity Central Index Key	0000883945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and restricted cash (restricted cash of $200 and $243, respectively)	$ 2,920	$ 325
Accounts receivable, net of allowance for doubtful accounts of $609 and $617, respectively	81,419	63,984
Other receivables	3,526	2,873
Inventories	972	975
Assets held for sale	25	2,635
Prepaid expenses and other current assets	8,834	8,749
Total current assets	97,696	79,541
Property and equipment:
Land and structures	33,593	33,488
Revenue equipment	297,630	305,509
Service, office and other equipment	30,564	30,331
Property and equipment, at cost	361,787	369,328
Accumulated depreciation and amortization	(153,325)	(150,173)
Property and equipment, net	208,462	219,155
Operating leases - right of use assets	26,668	28,154
Goodwill	5,231	5,231
Other intangibles, net	14,783	15,105
Other assets	3,516	3,046
Total assets	356,356	350,232
Current liabilities:
Accounts payable	34,574	27,045
Current portion of insurance and claims accruals	10,634	9,846
Accrued expenses	15,270	10,798
Current finance lease obligations	11,745	11,655
Current operating lease obligations	6,559	6,838
Long-term debt, current maturities	5,098	6,791
Total current liabilities	83,880	72,973
Other long-term liabilities	2,868	4,817
Long-term debt, less current maturities	80,026	81,352
Long-term finance lease obligations	51,401	54,482
Long-term operating lease obligations	20,487	21,690
Deferred income taxes	22,430	23,414
Insurance and claims accruals, less current portion	6,803	6,803
Total liabilities	267,895	265,531
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 12,226,782 shares, and 12,037,966 shares, respectively	122	120
Additional paid-in capital	61,655	60,692
Retained earnings	82,112	78,515
Less treasury stock, at cost (3,347,020 shares, and 3,293,223 shares, respectively)	(55,428)	(54,626)
Total stockholders' equity	88,461	84,701
Total liabilities and stockholders' equity	$ 356,356	$ 350,232

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Restricted cash	$ 200	$ 243
Allowance for doubtful accounts	$ 609	$ 617
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)	12,226,782	12,037,966
Treasury stock, shares (in shares)	3,347,020	3,293,223

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
Operating revenue	$ 158,505	$ 126,773
Operating expenses:
Salaries, wages and employee benefits	36,555	35,845
Fuel and fuel taxes	11,444	11,863
Depreciation and amortization	9,570	10,011
Insurance and claims	5,809	5,857
Equipment rent	1,949	2,292
Operations and maintenance	7,066	8,896
Purchased transportation	74,103	47,814
Operating taxes and licenses	1,272	1,159
Communications and utilities	804	813
(Gain) loss on disposal of assets, net	(177)	38
Other	4,064	4,497
Total operating expenses	152,459	129,085
Operating income (loss)	6,046	(2,312)
Other expenses:
Interest expense, net	1,025	1,684
Other, net	61	46
Total other expenses, net	1,086	1,730
Income (loss) before income taxes	4,960	(4,042)
Income tax expense (benefit)	1,363	(1,491)
Consolidated net income (loss) and comprehensive income (loss)	$ 3,597	$ (2,551)
Net earnings (loss) per share:
Average shares outstanding (basic) (in shares)	8,841	8,633
Basic earnings (loss) per share (in dollars per share)	$ 0.41	$ (0.30)
Average shares outstanding (diluted) (in shares)	9,007	8,633
Diluted earnings (loss) per share (in dollars per share)	$ 0.40	$ (0.30)

CONSOLIDATED STATEMENTS OF STOC

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, 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 vested equity awards		(57)			(57)
Net share settlement related to vested equity awards (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, 2020	$ 120	60,692	78,515	(54,626)	84,701
Balance (in shares) at Dec. 31, 2020	12,038
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		168			168
Restricted stock award grant	$ 2	(2)
Restricted stock award grant (in shares)	193
Forfeited restricted stock (in shares)	(4)
Net share settlement related to vested equity awards		797		(802)	(5)
Net income (loss)			3,597		3,597
Balance at Mar. 31, 2021	$ 122	$ 61,655	$ 82,112	$ (55,428)	$ 88,461
Balance (in shares) at Mar. 31, 2021	12,227

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ 3,597	$ (2,551)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,570	10,011
Deferred income tax (benefit) expense, net	(984)	1,752
Share-based compensation	168	471
(Gain) loss on disposal of assets, net	(177)	38
Other	4	33
Changes in operating assets and liabilities:
Accounts and other receivables	(18,089)	(6,600)
Inventories and prepaid expenses	(82)	(917)
Accounts payable and accrued expenses	14,431	109
Insurance and claims accruals	878	(594)
Other long-term assets and liabilities	(3,332)	581
Net cash provided by operating activities	5,984	2,333
Investing activities:
Capital expenditures	(395)	(11,137)
Proceeds from sale of property and equipment	5,451	1,036
Net cash provided by (used in) investing activities	5,056	(10,101)
Financing activities:
Borrowings under long-term debt	13,150	21,025
Payments on long-term debt	(16,169)	(10,425)
Principal payments on financing lease obligations	(2,992)	(4,150)
Net change in bank drafts payable	(2,429)	1,363
Net payments for tax withholdings for vested stock-based awards	(5)	(57)
Net cash (used in) provided by financing activities	(8,445)	7,756
Increase (decrease) in cash and restricted cash	2,595	(12)
Cash and restricted cash:
Beginning of period	325	97
End of period	2,920	85
Supplemental disclosure of cash flow information:
Interest	$ 1,059	1,450
Income taxes		5
Supplemental disclosure of non-cash investing:
Sales of revenue equipment included in other receivables		$ 1,259

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 and our results of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2021 and 2020. 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, 2020. 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, 2021. 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 consolidated financial statements. Certain amounts reported in prior periods have been reclassified to conform to the current year presentation. 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. We continue to monitor the progression of the pandemic, further government responses 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 even further 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This update requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for smaller reporting companies. We continue to evaluate the effect of adopting ASU 2016-13, but believe the effects will be limited to the Company’s trade receivables.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 91,015 ​ $ 62,462 ​ $ (12,604) ​ $ 140,873 ​ $ 80,903 ​ $ 31,667 ​ $ (2,874) ​ $ 109,696 Fuel surcharge ​ 10,319 ​ 4,296 ​ (375) ​ 14,240 ​ 11,287 ​ ​ 3,077 ​ ​ (172) ​ 14,192 Accessorial ​ 1,769 ​ 1,623 ​ — ​ 3,392 ​ 1,804 ​ ​ 1,081 ​ ​ — ​ 2,885 Total ​ $ 103,103 ​ $ 68,381 ​ $ (12,979) ​ $ 158,505 ​ $ 93,994 ​ $ 35,825 ​ $ (3,046) ​ $ 126,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2021 and December 31, 2020, the Company had contract assets, representing our right to consideration for transportation services not yet billed, of $2.6 million and $1.1 million, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2021
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 expenses, 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. 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 ​ ​ March 31, ​ 2021 2020 Operating revenue ​ (in thousands) Trucking revenue (1) ​ $ 103,103 ​ $ 93,994 Trucking intersegment eliminations ​ (327) ​ (994) Trucking operating revenue ​ 102,776 ​ 93,000 USAT Logistics revenue ​ 68,381 ​ 35,825 USAT Logistics intersegment eliminations ​ (12,652) ​ (2,052) USAT Logistics operating revenue ​ 55,729 ​ 33,773 Total operating revenue ​ $ 158,505 ​ $ 126,773 ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $8.9 million and $8.6 million for the three months ended March 31, 2021 and 2020, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Operating income (loss) ​ (in thousands) Trucking ​ $ 3,520 ​ $ (1,688) USAT Logistics ​ 2,526 ​ (624) Total operating income (loss) ​ $ 6,046 ​ $ (2,312) ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,297 ​ $ 9,776 USAT Logistics ​ 273 ​ 235 Total depreciation and amortization ​ $ 9,570 ​ $ 10,011 ​ ​ ​ ​ ​ ​ ​ ​

EQUITY COMPENSATION AND EMPLOYE

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 358,387 shares remain available under the Incentive Plan for the issuance of future equity-based compensation awards.

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 5 – ACCRUED EXPENSES Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 8,194 ​ $ 6,142 Federal and state tax accruals ​ 5,114 ​ 2,649 Other (1) ​ 1,962 ​ 2,007 Total accrued expenses ​ $ 15,270 ​ $ 10,798 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
DEBT
DEBT	​ ​ NOTE 6 –DEBT Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ (in thousands) Revolving credit agreement ​ $ 71,755 ​ $ 73,025 Sale-leaseback finance obligations ​ ​ 9,499 ​ ​ 9,913 Insurance premium financing (2020) ​ ​ 3,359 ​ ​ 5,064 Other ​ ​ 511 ​ ​ 141 ​ ​ ​ 85,124 ​ ​ 88,143 Less current maturities ​ ​ (5,098) ​ ​ (6,791) Total long-term debt ​ $ 80,026 ​ $ 81,352 ​ ​ ​ ​ ​ ​ ​ ​ 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. 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 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 $0.4 million in overnight borrowings under the Swingline as of March 31, 2021. The average interest rate including all borrowings made under the Credit Facility as of March 31, 2021 was 1.84%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of March 31, 2021, the Company had $7.9 million in letters of credit outstanding and had $66.9 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 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	3 Months Ended
	Mar. 31, 2021
LEASES
LEASES	NOTE 7 – LEASES The components of lease expense for each of the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in thousands) Operating lease costs ​ $ 1,934 ​ $ 2,166 Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,014 ​ 4,723 Interest on lease liabilities ​ 670 ​ 790 Total finance lease costs ​ 4,684 ​ 5,513 Variable and short-term lease costs ​ 583 ​ 127 Total lease costs ​ $ 7,201 ​ $ 7,806 ​ ​ ​ ​ ​ ​ ​ ​ Supplemental information and balance sheet location related to leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Operating leases: ​ (dollars in thousands) Operating leases - right-of-use assets ​ $ 26,668 $ 28,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations ​ 6,559 ​ 6,838 Long-term operating lease obligations ​ 20,487 ​ 21,690 Total operating lease liabilities ​ $ 27,046 ​ $ 28,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ 86,243 ​ 86,281 Accumulated amortization ​ (25,434) ​ (22,991) Property and equipment, net ​ $ 60,809 ​ $ 63,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations ​ 11,745 ​ 11,655 Long-term finance lease obligations ​ 51,401 ​ 54,482 ​ ​ $ 63,146 ​ $ 66,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ (in months) ​ (in months) Operating leases ​ 58 ​ 60 Finance leases ​ 40 ​ 43 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 4.58 % ​ 4.59 % Finance leases ​ 3.73 % ​ 3.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information related to leases is as follows for the three months ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 Cash paid for amounts included in measurement of liabilities: ​ (in thousands) Operating cash flows from operating leases ​ $ 4 ​ $ 33 Operating cash flows from finance leases ​ ​ 670 ​ ​ 790 Financing cash flows from finance leases ​ ​ 2,992 ​ ​ 4,150 ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 170 ​ $ — Finance leases ​ ​ — ​ ​ 1,184 ​ ​ ​ ​ ​ ​ ​ ​ OTHER COMMITMENTS As of March 31, 2021, the Company had $17.9 million in purchase commitments for the acquisition of revenue equipment, of which none were cancellable. An additional $10.9 million in revenue equipment purchase commitments was added subsequent to March 31, 2021. 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 for the three months ended March 31, 2021 and 2020. 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	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 8 – INCOME TAXES During the three months ended March 31, 2021 and 2020 the Company’s effective tax rate was 27.5% and 36.9%, 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 interim periods for the year ended December 31, 2020, the Company used the cut-off method to calculate taxes for the applicable interim periods. Due to more certainty in their financial forecasts for the current fiscal year, the Company has returned to its historical method for calculating the provision for income taxes during interim reporting periods. As such, we have calculated taxes for the three months ended March 31, 2021 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.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2021
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 ​ ​ March 31, ​ 2021 2020 Numerator: ​ (in thousands, except per share amounts) Net income (loss) ​ $ 3,597 ​ $ (2,551) Denominator: ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,841 ​ 8,633 Effect of dilutive securities: ​ ​ Employee restricted stock and incentive stock options ​ 166 ​ — Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 9,007 ​ 8,633 Basic earnings (loss) per share ​ $ 0.41 ​ $ (0.30) Diluted earnings (loss) per share ​ $ 0.40 ​ $ (0.30) Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 234 ​ 439 ​ ​ ​ ​ ​ ​ ​ ​

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	3 Months Ended
	Mar. 31, 2021
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.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUE RECOGNITION
Disaggregation of Revenue	The following tables set forth revenue disaggregated by revenue type and segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2021 ​ 2020 ​ Trucking USAT Logistics Eliminations Total Trucking USAT Logistics Eliminations Total Revenue type ​ (in thousands) Freight ​ $ 91,015 ​ $ 62,462 ​ $ (12,604) ​ $ 140,873 ​ $ 80,903 ​ $ 31,667 ​ $ (2,874) ​ $ 109,696 Fuel surcharge ​ 10,319 ​ 4,296 ​ (375) ​ 14,240 ​ 11,287 ​ ​ 3,077 ​ ​ (172) ​ 14,192 Accessorial ​ 1,769 ​ 1,623 ​ — ​ 3,392 ​ 1,804 ​ ​ 1,081 ​ ​ — ​ 2,885 Total ​ $ 103,103 ​ $ 68,381 ​ $ (12,979) ​ $ 158,505 ​ $ 93,994 ​ $ 35,825 ​ $ (3,046) ​ $ 126,773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2021
SEGMENT REPORTING
Schedule of segment information by segment	A summary of operating revenue by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Operating revenue ​ (in thousands) Trucking revenue (1) ​ $ 103,103 ​ $ 93,994 Trucking intersegment eliminations ​ (327) ​ (994) Trucking operating revenue ​ 102,776 ​ 93,000 USAT Logistics revenue ​ 68,381 ​ 35,825 USAT Logistics intersegment eliminations ​ (12,652) ​ (2,052) USAT Logistics operating revenue ​ 55,729 ​ 33,773 Total operating revenue ​ $ 158,505 ​ $ 126,773 ​ ​ ​ ​ ​ ​ ​ 1) Includes foreign revenue of $8.9 million and $8.6 million for the three months ended March 31, 2021 and 2020, respectively. A summary of operating income (loss) by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Operating income (loss) ​ (in thousands) Trucking ​ $ 3,520 ​ $ (1,688) USAT Logistics ​ 2,526 ​ (624) Total operating income (loss) ​ $ 6,046 ​ $ (2,312) ​ ​ ​ ​ ​ ​ ​ A summary of depreciation and amortization by segment is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Depreciation and amortization ​ (in thousands) Trucking ​ $ 9,297 ​ $ 9,776 USAT Logistics ​ 273 ​ 235 Total depreciation and amortization ​ $ 9,570 ​ $ 10,011 ​ ​ ​ ​ ​ ​ ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2021
ACCRUED EXPENSES
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ (in thousands) Salaries, wages and employee benefits ​ $ 8,194 ​ $ 6,142 Federal and state tax accruals ​ 5,114 ​ 2,649 Other (1) ​ 1,962 ​ 2,007 Total accrued expenses ​ $ 15,270 ​ $ 10,798 ​ ​ ​ ​ ​ ​ ​ 1) No single item included within other accrued expenses exceeded 5.0% of our total current liabilities.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
DEBT
Schedule of long-term debt instruments	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ (in thousands) Revolving credit agreement ​ $ 71,755 ​ $ 73,025 Sale-leaseback finance obligations ​ ​ 9,499 ​ ​ 9,913 Insurance premium financing (2020) ​ ​ 3,359 ​ ​ 5,064 Other ​ ​ 511 ​ ​ 141 ​ ​ ​ 85,124 ​ ​ 88,143 Less current maturities ​ ​ (5,098) ​ ​ (6,791) Total long-term debt ​ $ 80,026 ​ $ 81,352 ​ ​ ​ ​ ​ ​ ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
LEASES
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 ​ ​ (in thousands) Operating lease costs ​ $ 1,934 ​ $ 2,166 Finance lease costs: ​ ​ ​ ​ ​ ​ Amortization of assets ​ 4,014 ​ 4,723 Interest on lease liabilities ​ 670 ​ 790 Total finance lease costs ​ 4,684 ​ 5,513 Variable and short-term lease costs ​ 583 ​ 127 Total lease costs ​ $ 7,201 ​ $ 7,806 ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 Operating leases: ​ (dollars in thousands) Operating leases - right-of-use assets ​ $ 26,668 $ 28,154 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current operating lease obligations ​ 6,559 ​ 6,838 Long-term operating lease obligations ​ 20,487 ​ 21,690 Total operating lease liabilities ​ $ 27,046 ​ $ 28,528 ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance leases: ​ ​ ​ ​ ​ ​ ​ Property and equipment, at cost ​ 86,243 ​ 86,281 Accumulated amortization ​ (25,434) ​ (22,991) Property and equipment, net ​ $ 60,809 ​ $ 63,290 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current finance lease obligations ​ 11,745 ​ 11,655 Long-term finance lease obligations ​ 51,401 ​ 54,482 ​ ​ $ 63,146 ​ $ 66,137 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term: ​ (in months) ​ (in months) Operating leases ​ 58 ​ 60 Finance leases ​ 40 ​ 43 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ 4.58 % ​ 4.59 % Finance leases ​ 3.73 % ​ 3.73 % ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of supplemental cash flow and other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ March 31, 2020 Cash paid for amounts included in measurement of liabilities: ​ (in thousands) Operating cash flows from operating leases ​ $ 4 ​ $ 33 Operating cash flows from finance leases ​ ​ 670 ​ ​ 790 Financing cash flows from finance leases ​ ​ 2,992 ​ ​ 4,150 ​ ​ ​ ​ ​ ​ ​ ROU assets obtained in exchange for lease liabilities: ​ ​ ​ ​ ​ ​ Operating leases ​ $ 170 ​ $ — Finance leases ​ ​ — ​ ​ 1,184 ​ ​ ​ ​ ​ ​ ​

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
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 ​ ​ March 31, ​ 2021 2020 Numerator: ​ (in thousands, except per share amounts) Net income (loss) ​ $ 3,597 ​ $ (2,551) Denominator: ​ ​ Denominator for basic earnings (loss) per share – weighted average shares ​ 8,841 ​ 8,633 Effect of dilutive securities: ​ ​ Employee restricted stock and incentive stock options ​ 166 ​ — Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversion ​ 9,007 ​ 8,633 Basic earnings (loss) per share ​ $ 0.41 ​ $ (0.30) Diluted earnings (loss) per share ​ $ 0.40 ​ $ (0.30) Weighted average anti-dilutive employee restricted stock and incentive stock options ​ 234 ​ 439 ​ ​ ​ ​ ​ ​ ​

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Disaggregation of Revenue
Revenues	$ 158,505	$ 126,773
Contract assets	2,600		$ 1,100
Intersegment Eliminations
Disaggregation of Revenue
Revenues	(12,979)	(3,046)
Trucking
Disaggregation of Revenue
Revenues	102,776	93,000
Trucking | Operating Segments
Disaggregation of Revenue
Revenues	103,103	93,994
Trucking | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(327)	(994)
USAT Logistics
Disaggregation of Revenue
Revenues	55,729	33,773
USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	68,381	35,825
USAT Logistics | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(12,652)	(2,052)
Freight
Disaggregation of Revenue
Revenues	140,873	109,696
Freight | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(12,604)	(2,874)
Freight | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	91,015	80,903
Freight | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	62,462	31,667
Fuel Surcharge
Disaggregation of Revenue
Revenues	14,240	14,192
Fuel Surcharge | Intersegment Eliminations
Disaggregation of Revenue
Revenues	(375)	(172)
Fuel Surcharge | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	10,319	11,287
Fuel Surcharge | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	4,296	3,077
Accessorial
Disaggregation of Revenue
Revenues	3,392	2,885
Accessorial | Trucking | Operating Segments
Disaggregation of Revenue
Revenues	1,769	1,804
Accessorial | USAT Logistics | Operating Segments
Disaggregation of Revenue
Revenues	$ 1,623	$ 1,081

SEGMENT REPORTING - Other (Deta

SEGMENT REPORTING - Other (Details)	3 Months Ended
	Mar. 31, 2021segment
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
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Operating revenue	$ 158,505	$ 126,773
Operating income	6,046	(2,312)
Depreciation and amortization	9,570	10,011
Trucking
Segment Reporting Information
Operating revenue	102,776	93,000
USAT Logistics
Segment Reporting Information
Operating revenue	55,729	33,773
Operating Segments | Trucking
Segment Reporting Information
Operating revenue	103,103	93,994
Operating income	3,520	(1,688)
Depreciation and amortization	9,297	9,776
Operating Segments | USAT Logistics
Segment Reporting Information
Operating revenue	68,381	35,825
Operating income	2,526	(624)
Depreciation and amortization	273	235
Intersegment Eliminations
Segment Reporting Information
Operating revenue	(12,979)	(3,046)
Intersegment Eliminations | Trucking
Segment Reporting Information
Operating revenue	(327)	(994)
Intersegment Eliminations | USAT Logistics
Segment Reporting Information
Operating revenue	(12,652)	(2,052)
Foreign Countries | Operating Segments | Trucking
Segment Reporting Information
Operating revenue	$ 8,900	$ 8,600

EQUITY COMPENSATION AND EMPLO_2

EQUITY COMPENSATION AND EMPLOYEE BENEFIT PLANS (Details) - Omnibus Incentive Plan (the "Incentive Plan") - shares	1 Months Ended
	May 31, 2019	Mar. 31, 2021	May 31, 2017	May 31, 2014
Defined Benefit Plan Disclosure
Number of shares authorized (in shares)			500,000	500,000
Number of additional shares authorized (in shares)	500,000
Number of shares available for grant (in shares)		358,387

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES
Salaries, wages and employee benefits	$ 8,194	$ 6,142
Federal and state tax accruals	5,114	2,649
Other	1,962	2,007
Total accrued expenses	$ 15,270	$ 10,798

DEBT - Summary of Long-term Deb

DEBT - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Apr. 20, 2020	Jan. 31, 2019
Debt Instruments
Other	$ 511	$ 141
Total long-term debt, including current maturities	85,124	88,143
Less current maturities	(5,098)	(6,791)
Total long-term debt	80,026	81,352
Revolving credit agreement
Debt Instruments
Total long-term debt, including current maturities	71,755	73,025	$ 170,000	$ 225,000
Sale-leaseback finance obligations
Debt Instruments
Total long-term debt, including current maturities	9,499	9,913
Insurance premium financing (2020)
Debt Instruments
Total long-term debt, including current maturities	$ 3,359	$ 5,064

DEBT - Other (Details)

DEBT - Other (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2020	Apr. 20, 2020
Debt Instruments
Long-term debt				$ 85,124	$ 88,143
Borrowing based threshold for eligible unbilled accounts receivable (as a percent)	85.00%
Remaining borrowing capacity				$ 66,900
Weighted average interest rate				1.84%
Finance lease contract term		5 years
Initial monthly payment in sale-leaseback transaction		$ 30
Tractors
Debt Instruments
Proceeds from obligation under finance lease		$ 2,300	$ 10,500
Finance lease contract term			5 years
Initial monthly payment in sale-leaseback transaction			$ 100
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				$ 9,499	9,913
Revolving credit agreement
Debt Instruments
Long-term debt	$ 225,000			71,755	$ 73,025		$ 170,000
Maximum increase available subject to lender approval	75,000
Exercisable, incremental borrowing capacity	$ 20,000
Term of debt instrument	5 years
Increase (decrease) in borrowing capacity							$ (55,000)
Fixed charge coverage ratio	1
Commitment fee percentage	0.25%
Borrowing base before additions of eligible revenue equipment	$ 10,000
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
Revolving credit agreement | Minimum
Debt Instruments
Borrowing based threshold eligible investment grade accounts receivable (as a percent)	85.00%
Revolving credit agreement | 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			$ 400
Letter of credit sub-facility
Debt Instruments
Long-term debt	$ 15,000
Base Rate | Revolving credit agreement | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	0.25%
Base Rate | Revolving credit agreement | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	0.75%
London Interbank Offered Rate (LIBOR) | Revolving credit agreement | Minimum
Debt Instruments
Basis spread on variable rate (as a percent)	1.25%
London Interbank Offered Rate (LIBOR) | Revolving credit agreement | Maximum
Debt Instruments
Basis spread on variable rate (as a percent)	1.75%
Insurance Premiums Financing Note
Debt Instruments
Accrued Premium Insurance Payable						$ 5,100

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
LEASES
Operating lease costs	$ 1,934	$ 2,166
Finance lease costs:
Amortization of assets	4,014	4,723
Interest on lease liabilities	670	790
Total finance lease costs	4,684	5,513
Variable and short-term lease costs	583	127
Total lease costs	$ 7,201	$ 7,806

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases:
Operating leases - right of use assets	$ 26,668	$ 28,154
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Operating leases - right of use assets	Operating leases - right of use assets
Current operating lease obligations	$ 6,559	$ 6,838
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current operating lease obligations	Current operating lease obligations
Long-term operating lease obligations	$ 20,487	$ 21,690
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term operating lease obligations	Long-term operating lease obligations
Total operating lease liabilities	$ 27,046	$ 28,528
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityCurrent us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:OperatingLeaseLiabilityCurrent us-gaap:OperatingLeaseLiabilityNoncurrent
Finance leases:
Property and equipment, at cost	$ 86,243	$ 86,281
Accumulated amortization	(25,434)	(22,991)
Property and equipment, net	60,809	63,290
Current finance lease obligations	$ 11,745	$ 11,655
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current finance lease obligations	Current finance lease obligations
Long-term finance lease obligations	$ 51,401	$ 54,482
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term finance lease obligations	Long-term finance lease obligations
Total lease obligations	$ 63,146	$ 66,137
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:FinanceLeaseLiabilityCurrent us-gaap:FinanceLeaseLiabilityNoncurrent	us-gaap:FinanceLeaseLiabilityCurrent us-gaap:FinanceLeaseLiabilityNoncurrent
Weighted average remaining lease term:
Operating leases	58 months	60 months
Finance leases	40 months	43 months
Weighted average discount rate:
Operating leases	4.58%	4.59%
Finance leases	3.73%	3.73%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$ 4	$ 33
Operating cash flows from finance leases	670	790
Financing cash flows from finance leases	2,992	4,150
ROU assets obtained in exchange for lease liabilities:
Operating leases	$ 170
Finance leases		$ 1,184

LEASES - Other (Details)

LEASES - Other (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Mar. 31, 2021	Mar. 31, 2020
LEASES
Lease rent expense		$ 40	$ 40
Purchase commitment	$ 10,900	17,900
Noncancellable commitments for purchases of equipment		$ 0

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Effective income tax rate reconciliation (as a percent)	27.50%	36.90%
Effective income tax rate reconciliation at federal statutory income tax rate (as a percent)	21.00%	21.00%

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
	Mar. 31, 2021	Mar. 31, 2020
EARNINGS (LOSS) PER SHARE
Net income (loss)	$ 3,597	$ (2,551)
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares	8,841	8,633
Effect of dilutive securities:
Employee restricted stock and incentive stock options	166
Denominator for diluted earnings (loss) per share - adjusted weighted average shares and assumed conversion (in shares)	9,007	8,633
Basic earnings (loss) per share (in dollars per share)	$ 0.41	$ (0.30)
Diluted earnings (loss) per share (in dollars per share)	$ 0.40	$ (0.30)
Weighted average anti-dilutive employee restricted stock and incentive stock options (in shares)	234	439