Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | USA Truck Inc | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 10,532,633 | ||
Entity Public Float | $134,172,879 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 883945 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Current assets: | |
Cash and cash equivalents | $205 |
Accounts receivable, net | 76,825 |
Inventories | 1,863 |
Assets held for sale | 3,536 |
Deferred income taxes | 7,707 |
Prepaid expenses and other current assets | 17,318 |
Total current assets | 107,454 |
Property and equipment: | |
Land and structures | 31,596 |
Revenue equipment | 348,216 |
Service, office and other equipment | 16,648 |
Property and equipment, at cost | 396,460 |
Accumulated depreciation and amortization | -182,724 |
Property and equipment, net | 213,736 |
Note receivable | 0 |
Other assets | 658 |
Total assets | 321,848 |
Current liabilities: | |
Accounts payable | 23,582 |
Current portion of insurance and claims accruals | 10,230 |
Accrued expenses | 8,252 |
Current maturities of long-term debt and capital leases | 24,048 |
Total current liabilities | 66,112 |
Deferred gain | 589 |
Long-term debt and capital leases, less current maturities | 93,464 |
Deferred income taxes | 46,688 |
Insurance and claims accruals, less current portion | 9,647 |
Commitments and contingencies | |
Stockholders’ equity: | |
Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued | 0 |
Common stock, $0.01 par value; authorized 30,000,000 shares; issued and outstanding 11,873,071 shares in 2014 and 11,881,232 shares in 2013 | 119 |
Additional paid-in capital | 65,850 |
Retained earnings | 61,082 |
Less treasury stock, at cost (1,340,438 shares in 2014 and 1,356,400 shares in 2013) | -21,703 |
Total stockholders’ equity | 105,348 |
Total liabilities and stockholders’ equity | $321,848 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 |
Par value (in Dollars per share) | $0.01 |
Shares authorized | 1,000,000 |
Shares issued | 0 |
Common Stock, par value (in Dollars per share) | $0.01 |
Common Stock, shares authorized | 30,000,000 |
Common Stock, shares issued | 11,873,071 |
Common Stock, shares outstanding | 11,873,071 |
Treasury stock | 1,340,438 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating revenue | $602,477 | $555,005 | $512,428 |
Operating expenses: | |||
Salaries, wages and employee benefits | 153,410 | 143,762 | 142,263 |
Fuel and fuel taxes | 116,092 | 135,548 | 131,162 |
Depreciation and amortization | 43,830 | 44,947 | 45,058 |
Insurance and claims | 24,910 | 27,253 | 20,556 |
Operations and maintenance | 49,374 | 49,494 | 43,559 |
Purchased transportation | 172,117 | 139,091 | 127,949 |
Operating taxes and licenses | 5,589 | 5,406 | 5,504 |
Communications and utilities | 4,062 | 4,117 | 4,124 |
Gain on disposal of assets | -1,107 | -1,648 | -2,151 |
Other | 16,957 | 15,702 | 17,676 |
Total operating expenses | 585,234 | 563,672 | 535,700 |
Operating income (loss) | 17,243 | -8,667 | -23,272 |
Other expenses (income): | |||
Interest expense, net | 3,008 | 3,662 | 4,052 |
Defense costs | 2,764 | 1,480 | |
Other, net | 245 | -711 | -64 |
Total other expenses, net | 6,017 | 4,431 | 3,988 |
Income (loss) before income taxes | 11,226 | -13,098 | -27,260 |
Income tax expense (benefit) | 5,193 | -3,988 | -9,589 |
Net income (loss) and comprehensive income (loss) | $6,033 | ($9,110) | ($17,671) |
Net earnings (loss) per share: | |||
Average shares outstanding (basic) (in Shares) | 10,356 | 10,323 | 10,310 |
Basic earnings (loss) per share (in Dollars per share) | $0.58 | ($0.88) | ($1.71) |
Average shares outstanding (diluted) (in Shares) | 10,485 | 10,323 | 10,310 |
Diluted earnings (loss) per share (in Dollars per share) | $0.58 | ($0.88) | ($1.71) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member] | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Scenario, Actual [Member] | Total |
In Thousands | Scenario, Previously Reported [Member] | Scenario, Actual [Member] | Scenario, Previously Reported [Member] | Scenario, Actual [Member] | Scenario, Previously Reported [Member] | Restatement Adjustment [Member] | Scenario, Actual [Member] | Scenario, Previously Reported [Member] | Scenario, Actual [Member] | ||||||||
Balance at December 31 at Dec. 31, 2011 | $118 | $65,284 | $83,438 | ($21,868) | $126,972 | ||||||||||||
Balance at December 31 (in Shares) at Dec. 31, 2011 | 11,792 | ||||||||||||||||
Net Income (loss) | -17,671 | -17,671 | |||||||||||||||
Transfer of stock into (out of) treasury stock | -154 | 154 | |||||||||||||||
Stock-based compensation | 131 | 131 | |||||||||||||||
Restricted stock award grant (in Shares) | 26 | ||||||||||||||||
Forfeited restricted stock (in Shares) | -48 | ||||||||||||||||
Net share settlement related to restricted stock vesting | -2 | -2 | |||||||||||||||
Balance at December 31 at Dec. 31, 2012 | 118 | 65,259 | 65,767 | -21,714 | 109,430 | ||||||||||||
Balance at December 31 (in Shares) at Dec. 31, 2012 | 11,770 | ||||||||||||||||
Prior period revision of net deferred tax liability (Deferred Tax Adjustment, Prior Period [Member]) | -1,608 | -1,608 | |||||||||||||||
Net Income (loss) | -9,110 | -9,110 | |||||||||||||||
Exercise of stock options | 6 | 6 | |||||||||||||||
Transfer of stock into (out of) treasury stock | 51 | -51 | |||||||||||||||
Stock-based compensation | 216 | 216 | |||||||||||||||
Restricted stock award grant | 1 | -2 | -1 | ||||||||||||||
Restricted stock award grant (in Shares) | 156 | ||||||||||||||||
Forfeited restricted stock (in Shares) | -45 | ||||||||||||||||
Net share settlement related to restricted stock vesting | -3 | -3 | |||||||||||||||
Balance at December 31 at Dec. 31, 2013 | 119 | 119 | 65,527 | 65,527 | 56,657 | 55,049 | -21,765 | -21,765 | 100,538 | 98,930 | |||||||
Balance at December 31 (in Shares) at Dec. 31, 2013 | 11,881 | 11,881 | |||||||||||||||
Net Income (loss) | 6,033 | 6,033 | |||||||||||||||
Exercise of stock options | 158 | 158 | |||||||||||||||
Exercise of stock options (in Shares) | 16 | 28,884 | |||||||||||||||
Transfer of stock into (out of) treasury stock | -62 | 62 | |||||||||||||||
Stock-based compensation | 366 | 366 | |||||||||||||||
Restricted stock award grant (in Shares) | 21 | ||||||||||||||||
Forfeited restricted stock (in Shares) | -35 | ||||||||||||||||
Net share settlement related to restricted stock vesting | -139 | -139 | |||||||||||||||
Net share settlement related to restricted stock vesting (in Shares) | -10 | ||||||||||||||||
Balance at December 31 at Dec. 31, 2014 | $119 | $65,850 | $61,082 | ($21,703) | $105,348 | ||||||||||||
Balance at December 31 (in Shares) at Dec. 31, 2014 | 11,873 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income (loss) | $6,033 | ($9,110) | ($17,671) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 43,830 | 44,947 | 45,058 |
Provision for doubtful accounts | 782 | 187 | 153 |
Deferred income taxes | 5,121 | -4,774 | -9,589 |
Share based compensation | 366 | 216 | 131 |
Gain on disposal of assets | -1,107 | -1,648 | -2,151 |
Other | -38 | -250 | 161 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -7,531 | -1,752 | -9,792 |
Inventories, prepaid expenses and other current assets | -621 | 1,103 | 1,098 |
Trade accounts payable and accrued expenses | 1,417 | -3,783 | 4,416 |
Insurance and claims accruals | 1,462 | 10,757 | 3,722 |
Net cash provided by operating activities | 49,714 | 35,893 | 15,536 |
Investing activities | |||
Purchases of property and equipment | -54,372 | -12,924 | -22,014 |
Proceeds from sale of property and equipment | 16,923 | 15,757 | 17,651 |
Change in other assets | 20 | 38 | 15 |
Net cash (used in) provided by investing activities | -37,429 | 2,871 | -4,348 |
Financing activities | |||
Borrowings under long-term debt | 74,168 | 78,478 | 276,556 |
Principal payments on long-term debt | -67,353 | -98,222 | -263,811 |
Principal payments on capitalized lease obligations | -18,073 | -17,230 | -23,136 |
Principal payments on note payable | -1,494 | -1,715 | -1,820 |
Net increase in bank drafts payable | 639 | -1,805 | 106 |
Proceeds from employee stock options | 19 | 2 | |
Net cash used in financing activities | -12,094 | -40,492 | -12,105 |
Increase (decrease) in cash and cash equivalents | 191 | -1,728 | -917 |
Cash and cash equivalents: | |||
Beginning of year | 14 | 1,742 | 2,659 |
End of year | 205 | 14 | 1,742 |
Cash paid during the period for: | |||
Interest | 3,359 | 3,802 | 4,274 |
Income taxes | 3,003 | 477 | 165 |
Supplemental schedule of non-cash investing and financing activities: | |||
Liability incurred for capitalized leases on revenue equipment | 27,603 | 27,757 | |
Liability incurred for notes payable | 1,367 | 1,387 | 1,801 |
Accounts Payable [Member] | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Capital Expenditures Incurred but Not yet Paid | 34 | 5 | |
Long-term Debt [Member] | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Capital Expenditures Incurred but Not yet Paid | $355 |
Note_1_Description_of_Business
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Description of Business and Summary of Significant Accounting Policies | ||||||||||||
Description of business | |||||||||||||
USA Truck, Inc., a Delaware corporation (the “Company”) is a truckload carrier providing transportation of general commodities throughout the continental United States and into and out of portions of Mexico and Canada. Generally, the Company transports full dry van trailer loads of freight from origin to destination without intermediate stops or handling. As a complement to the Company’s truckload operations, it also provides dedicated, brokerage and rail intermodal services. For shipments into Mexico, the Company transfers its trailers to tractors operated by Mexican carriers at a facility in Laredo, Texas, which is operated by the Company’s wholly owned subsidiary. Through the Company’s asset based and non-asset based capabilities, it transports many types of freight for a diverse customer base in a variety of industries. | |||||||||||||
Basis of presentation | |||||||||||||
The accompanying consolidated financial statements include the accounts of USA Truck and its wholly owned subsidiary. 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. | |||||||||||||
In the opinion of management, the accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), and include all adjustments necessary for the fair presentation of the periods presented. Management has evaluated the effect on the Company’s reported financial condition and results of operations of events subsequent to December 31, 2014 through the issuance of the financial statements. | |||||||||||||
Use of estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some of the significant estimates made by management include, but are not limited to, allowances for doubtful accounts, useful lives for depreciation and amortization, estimates related to the Company’s share-based compensation plan, deferred taxes and reserves for claims liabilities. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors (including, but not limited to, the current economic environment), which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |||||||||||||
Cash equivalents | |||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. | |||||||||||||
Accounts receivable and concentration of credit risk | |||||||||||||
Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The allowance for doubtful accounts is management’s estimate of the amount of probable credit losses and revenue adjustments in the Company’s existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customers’ financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Past due balances over 90 days and exceeding a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. The carrying amount reported in the consolidated balance sheets for accounts receivable approximates fair value as receivables collection averaged approximately 44 days from the billing date. | |||||||||||||
The following table provides a summary of the accounts receivable for the periods indicated (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Trade customers | $ | 72,206 | $ | 65,292 | |||||||||
Other | 5,639 | 3,463 | |||||||||||
Total accounts receivable | 77,845 | 68,755 | |||||||||||
Less: Allowance for doubtful accounts | (1,020 | ) | (610 | ) | |||||||||
Accounts receivable, net | $ | 76,825 | $ | 68,145 | |||||||||
The following table provides a summary of the activity in the allowance for doubtful accounts for 2014, 2013 and 2012 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 610 | $ | 423 | $ | 420 | |||||||
Provision for doubtful accounts | 782 | 187 | 153 | ||||||||||
Uncollectible accounts written off, net of recovery | (372 | ) | -- | (150 | ) | ||||||||
Balance at end of year | $ | 1,020 | $ | 610 | $ | 423 | |||||||
Assets held for sale | |||||||||||||
Assets held for sale are comprised of revenue equipment not being utilized in operations and are carried at the lower of depreciated cost or estimated fair value less expected selling costs when the required criteria, as defined by ASC Topic 360 “Property, Plant and Equipment” are satisfied. Depreciation ceases on the date that the held for sale criteria are met. The Company expects to sell these assets within the next twelve months. | |||||||||||||
Inventories | |||||||||||||
Inventories consist of tires, fuel, supplies and Company store merchandise and are stated at the lower of cost (first-in, first-out basis) or market. | |||||||||||||
Property and equipment | |||||||||||||
Property and equipment is capitalized at cost. The cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 to 39.5 years; revenue equipment – 4 to 14 years; and service, office and other equipment – 3 to 20 years. Revenue equipment acquired under capital lease is amortized over the lease term. Trade-in allowances in excess of book value of revenue equipment are accounted for by adjusting the cost of assets acquired. Tires purchased with revenue equipment as well as replacement tires are amortized under the Company’s prepaid tire policy. | |||||||||||||
The Company reviews its long-lived assets for impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds its fair value. For long-lived assets classified as held and used, the carrying amount is not recoverable when the carrying value of the long-lived asset exceeds the sum of the future net cash flows. | |||||||||||||
Income taxes | |||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis amounts for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets include temporary differences relating to depreciation, capitalized leases and certain prepaid and accrued expenses. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. In general, the Company’s 2009 through 2014 tax returns are subject to adjustment. Because the Company had generated net operating losses (“NOLs”) in prior years, the federal and applicable state statute of limitations remains open beyond the normal three-year period to extent of its NOL carry forwards, which may be adjusted until the tax year in which the NOLs are utilized has expired. In 2014, the IRS completed its examination of the 2011 federal income tax return. No meaningful adjustments were identified. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. | |||||||||||||
Claims accruals | |||||||||||||
The primary claims arising against the Company consist of cargo, liability, personal injury, property damage, workers' compensation, and employee medical expenses. The Company’s insurance program involves self-insurance with high risk retention levels. Due to its significant self-insured retention amounts, the Company has exposure to fluctuations in the number and severity of claims and to variations between its estimated and actual ultimate payouts. The Company accrues the estimated cost of the uninsured portion of pending claims and an estimate for allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third-party administrators and insurers, the size of any potential damage award based on factors such as the specific facts of individual cases, the jurisdictions involved, the prospect of punitive damages, future medical costs, and inflation estimates of future claims development, and the legal and other costs to settle or defend the claims. USA Truck has significant exposure to fluctuations in the number and severity of claims. If there is an increase in the frequency and severity of claims, or the Company is required to accrue or pay additional amounts if the claims prove to be more severe than originally assessed, or any of the claims would exceed the limits of its insurance coverage, its profitability could be adversely affected. | |||||||||||||
Earnings (loss) per share | |||||||||||||
Basic earnings (loss) per share is computed based on the weighted-average number of shares of common stock outstanding during the year. Diluted earnings (loss) per share is computed by adjusting the weighted-average shares outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. | |||||||||||||
Revenue recognition | |||||||||||||
Revenue generated by the Company’s trucking operating segment is recognized in full upon completion of delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | |||||||||||||
Revenue generated by the Company’s SCS segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, because the Company acts as a principal with substantial risks as primary obligor. | |||||||||||||
Management believes these policies most accurately reflect revenue as earned and direct expenses, including third party purchased transportation costs, as incurred. | |||||||||||||
New accounting pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. | |||||||||||||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Management is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which the Company will adopt the standard in its 2017 fiscal year. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which requires an entity to evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. The guidance will become effective January 1, 2017. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s consolidated financial statements. |
Note_2_Segment_Reporting
Note 2 - Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 2. Segment Reporting | ||||||||||||
The Company’s two reportable segments are Trucking and Strategic Capacity Solutions (“SCS”). | |||||||||||||
Trucking. Trucking is comprised of truckload and dedicated freight services. Truckload provides services as a medium-to long-haul common carrier. USA Truck has provided truckload services since its inception, and derives the largest portion of its revenue from these services. Dedicated freight provides truckload services to specific customers for shipments over particular routes at particular times utilizing Company revenue equipment. | |||||||||||||
Strategic Capacity Solutions. SCS consists of freight brokerage and rail intermodal services. Both of these service offerings match customer shipments with available equipment of authorized carriers and provide services that complement the Company’s trucking operations. USA Truck provides these services primarily to existing trucking customers, many of whom prefer to rely on a single carrier, or a small group of carriers, to provide all their transportation solutions. | |||||||||||||
In determining its reportable segments, the Company focuses on financial information, such as operating revenue, operating expense categories, operating ratios, operating income and key operating statistics, which the Company’s management uses to make operating decisions. | |||||||||||||
Revenue equipment assets are not allocated to SCS, as those operations provide truckload freight services to customers through arrangements with third party carriers who utilize their own equipment. To the extent rail intermodal 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 SCS based on the company-owned assets specifically utilized to generate revenue. All intercompany transactions between segments reflect rates similar to those that would be negotiated with independent third parties. All other expenses for SCS are specifically identifiable direct costs or are allocated to SCS based on relevant drivers, as determined by management. | |||||||||||||
A summary of operating revenue by segment is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenue: | |||||||||||||
Trucking revenue (1) | $ | 424,082 | $ | 418,601 | $ | 381,569 | |||||||
Trucking intersegment eliminations | (587 | ) | (486 | ) | (24 | ) | |||||||
Trucking operating revenue | 423,495 | 418,115 | 381,545 | ||||||||||
SCS revenue | 192,924 | 146,492 | 156,349 | ||||||||||
SCS intersegment eliminations | (13,942 | ) | (9,602 | ) | (25,466 | ) | |||||||
SCS operating revenue | 178,982 | 136,890 | 130,883 | ||||||||||
Total operating revenue | $ | 602,477 | $ | 555,005 | $ | 512,428 | |||||||
-1 | Includes foreign revenue of $57.3 million, $57.1 million, and $45.5 million for years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
A summary of operating income (loss) by segment is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating income (loss): | |||||||||||||
Trucking | $ | (3,532 | ) | $ | (17,667 | ) | $ | (29,843 | ) | ||||
SCS | 20,775 | 9,000 | 6,571 | ||||||||||
Total operating income (loss) | $ | 17,243 | $ | (8,667 | ) | $ | (23,272 | ) | |||||
A summary of depreciation and amortization by segment is as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization: | |||||||||||||
Trucking | $ | 43,648 | $ | 44,697 | $ | 44,558 | |||||||
SCS | 182 | 250 | 500 | ||||||||||
Total depreciation and amortization | $ | 43,830 | $ | 44,947 | $ | 45,058 | |||||||
Note_3_Prepaid_and_Other_Curre
Note 3 - Prepaid and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Current Assets [Text Block] | NOTE 3. Prepaid and Other Current Assets | ||||||||
Prepaid expenses and other current assets consist of the following (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Prepaid tires | $ | 12,121 | $ | 10,607 | |||||
Prepaid licenses, permits and tolls | 1,923 | 1,915 | |||||||
Prepaid insurance | 1,166 | 1,414 | |||||||
Other | 2,108 | 2,128 | |||||||
Total prepaid expenses and other current assets | $ | 17,318 | $ | 16,064 | |||||
Note_4_Note_Receivable
Note 4 - Note Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. Note Receivable |
During November 2010, the Company sold its terminal facility in Shreveport, Louisiana. In connection with this sale, the buyer gave the Company cash in the amount of $0.2 million and a note receivable in the amount of $2.1 million. The note receivable bears interest at an annual rate of 7.0%, matures in five years and has scheduled principal and interest payments based on a 30-year amortization schedule. A balloon payment in the approximate amount of $1.9 million is payable to the Company when the note matures in 2015. Accordingly, the Company deferred the approximate $0.7 million gain on the sale of this facility, and records this gain into earnings as payments on the note receivable are received. During the years ended December 31, 2014, 2013 and 2012, respectively, the Company recognized approximately $7,800, $7,300 and $6,800, respectively, of this gain. The Company believes that the note receivable balance at December 31, 2014, in the approximate amount of $1.9 million, is fully collectible and accordingly has not recorded any valuation allowance against the note receivable and is included in the accounts receivable, net line item in the accompanying consolidated balance sheet. |
Note_5_Accrued_Expenses
Note 5 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5. Accrued Expenses | ||||||||
Accrued expenses consist of the following (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Salaries, wages and employee benefits | $ | 7,043 | $ | 4,747 | |||||
Federal and state tax accruals | 186 | 2,576 | |||||||
Other | 1,023 | 1,409 | |||||||
Total accrued expenses | $ | 8,252 | $ | 8,732 | |||||
Note_6_Longterm_Debt
Note 6 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | NOTE 6. Long-term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Revolving credit agreement | $ | 71,000 | $ | 64,000 | |||||
Other | 896 | 1,023 | |||||||
Total debt | 71,896 | 65,023 | |||||||
Less current maturities | (896 | ) | (1,023 | ) | |||||
Long-term debt, less current maturities | $ | 71,000 | $ | 64,000 | |||||
Credit Agreement | |||||||||
In 2012, the Company entered into a $125.0 million revolving credit agreement with Wells Fargo Capital Finance, LLC, as Administrative Agent, and PNC Bank, which was set to expire in 2017, was collateralized by substantially all of the Company’s assets, and included letters of credit not to exceed $15.0 million. In addition, the facility had an accordion feature whereby the Company may have elected to increase the size of the facility by up to $50.0 million, subject to customary conditions and lender participation. The facility was governed by a borrowing base with advances against eligible billed and unbilled accounts receivable and eligible revenue equipment, and has a first priority perfected security interest in all of the Company’s business assets (excluding tractors and trailers financed through capital leases and real estate). Proceeds were used to finance working capital, to fund capital expenditures and for general corporate purposes. The facility bore interest at rates typically based on the Wells Fargo prime rate or LIBOR, in each case, plus an applicable margin ranging from 2.25% to 2.75% based on average excess availability. The facility contained a minimum excess availability requirement equal to 15.0% of the maximum revolver amount ($18.8 million) and an annual capital expenditure limit ($73.5 million in 2014). | |||||||||
Under the facility’s terms, the Company was required to maintain a minimum collateral cushion above the maximum facility size, referred to as “suppressed availability.” During 2014 (after giving effect to an amendment to the facility signed on March 14, 2014, and effective as of December 31, 2013), if a minimum suppressed availability threshold of $30.0 million was not maintained, the Company’s borrowing availability would have been reduced by the amount of the shortfall below $30.0 million. As of December 31, 2014, the Company’s suppressed availability was $31.6 million, which did not reduce the Company’s borrowing availability. The facility did not contain any financial maintenance covenants, but did contain certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions outside the ordinary course of business and affiliate transactions. The facility included usual and customary events of default for a credit facility of its nature. | |||||||||
The Company had no overnight borrowings under the facility as of December 31, 2014. The average interest rate including all borrowings made under the facility as of December 31, 2014, was 3.1%. As debt is repriced on a monthly basis, the borrowings under the facility approximated fair value. As of December 31, 2014, the Company had $4.3 million in letters of credit outstanding and had $30.9 million available under the facility (net of the required minimum availability of approximately $18.8 million). | |||||||||
The facility was terminated in February 2015. See “Item 8. Financial Statements and Supplementary Data – Note 15: Subsequent Events” in this Form 10-K for discussion of the Company’s new revolving credit facility. | |||||||||
Other | |||||||||
On October 1, 2014, the Company entered into an unsecured note payable of $1.4 million. The note, which is payable in monthly installments of principal and interest of approximately $0.1 million and bears interest at 2.4%, is scheduled to mature on September 30, 2015. The balance of the note payable as of December 31, 2014 was $0.9 million. The note is payable to a third party financing company for a portion of the Company’s annual insurance premiums. |
Note_7_Leases_and_Commitments
Note 7 - Leases and Commitments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | NOTE 7. Leases and Commitments | ||||||||||||||||||||||||
Capital leases | |||||||||||||||||||||||||
USA Truck leases certain equipment under capital leases with terms ranging from 15 to 60 months. Balances related to these capitalized leases are included in property and equipment in the accompanying consolidated balance sheets and are set forth in the table below for the periods indicated (in thousands). | |||||||||||||||||||||||||
Capitalized Costs | Accumulated Amortization | Net Book Value | |||||||||||||||||||||||
31-Dec-14 | $ | 75,188 | $ | 27,770 | $ | 47,418 | |||||||||||||||||||
31-Dec-13 | 84,410 | 20,942 | 63,468 | ||||||||||||||||||||||
The Company has capitalized lease obligations relating to revenue equipment in the amount of $45.3 million, of which $23.1 million represents the current portion. Such leases have various termination dates extending through August 2018 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from 1.6% to 3.1% as of December 31, 2014. The lease agreements require payment of property taxes, maintenance and operating expenses. The Company has entered into various long-term financing agreements, of which approximately $0.3 million remains outstanding, for the purchases of information technology related hardware, which bear interest ranging from 3.1% to 4.5%. Amortization of capital leases was $12.7 million, $12.7 million and $10.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Operating leases | |||||||||||||||||||||||||
Rent expense associated with operating leases was $5.3 million, $2.8 million, and $3.1 million for years ended December 31, 2014, 2013 and 2012, respectively. Rent expense relating to tractors, trailers and other operating equipment is included in operations and maintenance expense, while rent expense relating to office equipment is included in other operating expenses in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||||||||||
As of December 31, 2014, the Company has entered into leases with lessors who did not participate in the Company’s then-effective revolving credit facility. Currently, such leases do not contain cross-default provisions with such facility or with the Credit Facility. | |||||||||||||||||||||||||
As of December 31, 2014, the future minimum payments under capitalized leases, which includes $1.5 million in interest, with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands). | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Future minimum payments | $ | 23,926 | $ | 17,201 | $ | 3,851 | $ | 2,067 | $ | -- | $ | -- | |||||||||||||
Future rentals under operating leases | 4,169 | 3,681 | 3,593 | 3,237 | 96 | 185 | |||||||||||||||||||
Purchase commitments | |||||||||||||||||||||||||
As of December 31, 2014, the Company had commitments outstanding to acquire revenue equipment of $19.6 million. The Company generally has the option to cancel revenue equipment orders within a 60 to 90 day period prior to scheduled production, although the notice period has lapsed for 100.0% of the commitments outstanding as of December 31, 2014. |
Note_8_Federal_and_State_Incom
Note 8 - Federal and State Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | NOTE 8. Federal and State Income Taxes | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows (dollar amounts in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued expenses not deductible until paid | $ | 7,805 | $ | 7,648 | |||||||||
Net operating loss carry forwards | 3,318 | -- | |||||||||||
Federal credits | 1,556 | -- | |||||||||||
Equity incentive plan | 184 | 282 | |||||||||||
Revenue recognition | 332 | 330 | |||||||||||
Allowance for doubtful accounts | 391 | 234 | |||||||||||
Other | 822 | 452 | |||||||||||
Total current deferred tax assets | 14,408 | 8,946 | |||||||||||
Current deferred tax liabilities: | |||||||||||||
Prepaid expenses deductible when paid | (6,701 | ) | (6,159 | ) | |||||||||
Net current deferred tax assets (liabilities) | $ | 7,707 | $ | 2,787 | |||||||||
Noncurrent deferred tax assets: | |||||||||||||
Capital leases | 70 | -- | |||||||||||
Non-compete agreement | -- | 18 | |||||||||||
Net operating loss carry forwards | -- | 4,444 | |||||||||||
Total noncurrent deferred tax assets | 70 | 4,462 | |||||||||||
Noncurrent deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (46,758 | ) | (41,041 | ) | |||||||||
Capitalized leases | -- | (71 | ) | ||||||||||
Other | -- | 3 | |||||||||||
Total noncurrent deferred tax liabilities | (46,758 | ) | (41,109 | ) | |||||||||
Net noncurrent deferred tax liabilities | $ | (46,688 | ) | $ | (36,647 | ) | |||||||
The Company has federal NOL carry forwards of approximately $8.5 million that will begin to expire in 2032. The Company also has certain state NOL carryovers that expire in varying years through 2033. In addition, the Company also has certain federal general business tax credits of $0.1 million, which will begin to expire in 2031 and federal alternative minimum tax credit carryovers of $1.4 million which have no expiration. The Company expects to fully utilize its tax attributes in future years before they expire. | |||||||||||||
Significant components of the provision (benefit) for income taxes are as follows (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | (129 | ) | $ | 786 | $ | -- | ||||||
State | 201 | -- | -- | ||||||||||
Total current | 72 | 786 | -- | ||||||||||
Deferred: | |||||||||||||
Federal | 5,246 | (4,093 | ) | (7,943 | ) | ||||||||
State | (125 | ) | (681 | ) | (1,646 | ) | |||||||
Total deferred | 5,121 | (4,774 | ) | (9,589 | ) | ||||||||
Total income tax expense (benefit) | $ | 5,193 | $ | (3,988 | ) | $ | (9,589 | ) | |||||
The 2014 state deferred tax benefit of ($0.1) million includes a gross state deferred tax benefit of ($1.4) million related to adjusting the state deferred tax rate during the period, offset by $1.2 million of gross state deferred tax expense based on changes in state deferred tax assets and liabilities during the period. | |||||||||||||
A reconciliation between the effective income tax rate and the statutory federal income tax rate (35% for 2014 and 34% for 2013 and 2012) is as follows (dollar amounts in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense (benefit) at statutory federal rate | $ | 3,929 | $ | (4,453 | ) | $ | (9,268 | ) | |||||
Federal income tax effects of: | |||||||||||||
State income tax (benefit) expense | (27 | ) | 231 | 558 | |||||||||
Per diem and other nondeductible meals and entertainment | 872 | 875 | 748 | ||||||||||
Other | 343 | 40 | 19 | ||||||||||
Federal income tax expense (benefit) | 5,117 | (3,307 | ) | (7,943 | ) | ||||||||
State income tax expense (benefit) | 76 | (681 | ) | (1,646 | ) | ||||||||
Total income tax expense (benefit) | $ | 5,193 | $ | (3,988 | ) | $ | (9,589 | ) | |||||
Effective tax rate | 46.3 | % | 30.4 | % | 35.2 | % | |||||||
The effective rates varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses including a per diem pay structure for drivers. Due to the partially nondeductible effect of per diem pay, the Company’s tax rate will fluctuate in future periods based on fluctuations in earnings and in the number of drivers who elect to receive this pay structure. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate is significant. |
Note_9_Equity_Compensation_and
Note 9 - Equity Compensation and Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 9. 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 provides for the granting of equity-based awards covering up to 500,000 shares of common stock to directors, officers and other key employees and consultants, in addition to the shares outstanding at execution of agreement. As of December 31, 2014, 480,354 shares remain available for the issuance of future equity-based compensation awards. | |||||||||||||||||
The components of compensation expense recognized, net of forfeiture recoveries, related to equity-based compensation is reflected in the table below for the years indicated (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock options | $ | 31 | $ | 54 | $ | 67 | |||||||||||
Restricted stock awards | 335 | 162 | 64 | ||||||||||||||
Equity compensation expense | $ | 366 | $ | 216 | $ | 131 | |||||||||||
Compensation expense related to all equity-based compensation awards granted under the Incentive Plan is included in salaries, wages and employee benefits in the accompanying consolidated statements of operations and comprehensive income (loss). | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock options are the contingent right of award holders to purchase shares of the Company’s common stock at a stated price for a limited time. The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing formula, and is recognized over the vesting period of the award. The vesting period of option awards is generally 3 or 4 years and awards may be exercised over a three or ten year term. The Company did not grant any stock options in 2014. The following assumptions were used to value the stock options granted during the years indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 35.6 | % | 29.8 – 64.0 | % | |||||||||||||
Risk-free interest rate | 1.2 | % | 0.5 – 0.7 | % | |||||||||||||
Expected life (in years) | 6.25 | 3.75 – 4.25 | |||||||||||||||
The expected volatility is a measure of the expected fluctuation in the Company’s share price based on the historical volatility of the Company’s stock. Expected life represents the length of time an option contract is anticipated to be outstanding before being exercised. The risk-free interest rate is based on an implied yield on United States zero-coupon treasury bonds with a remaining term equal to the expected life of the outstanding options. In addition to the above, a factor for anticipated forfeitures is also included, which represents the number of shares under options expected to be forfeited over the expected life of the options. | |||||||||||||||||
The following table summarizes the stock option activity under the Incentive Plan: | |||||||||||||||||
Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | ||||||||||||||
(in years) | (in thousands) (1) | ||||||||||||||||
Options outstanding - beginning of year | 109,871 | $ | 9.49 | ||||||||||||||
Granted (2) | -- | -- | |||||||||||||||
Exercised | (28,884 | ) | 12.41 | $ | 131 | ||||||||||||
Cancelled/forfeited | (16,137 | ) | 15.82 | ||||||||||||||
Expired | (214 | ) | 11.73 | ||||||||||||||
Outstanding at December 31, 2014 (3) | 64,636 | $ | 6.6 | 6.01 | $ | 1,332 | |||||||||||
Exercisable at December 31, 2014 | 28,671 | $ | 8.59 | 3.97 | $ | 534 | |||||||||||
-1 | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company’s common stock, as determined by the closing price on December 31, 2014, was $28.40. | ||||||||||||||||
-2 | The weighted-average grant date fair value of options granted during 2014, 2013 and 2012 was zero, $1.75 and $2.43, respectively. | ||||||||||||||||
-3 | The exercise prices of outstanding options granted range from $2.88 to $18.58 as of December 31, 2014. | ||||||||||||||||
As of December 31, 2014, approximately $12,500 of unrecognized compensation cost related to nonvested stock options is expected to be recognized over a weighted-average period of 2.6 years. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
Restricted stock awards are shares of the Company’s common stock that are granted subject to defined restrictions. The estimated fair value of restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The vesting period of restricted stock awards is generally ratably over four years. | |||||||||||||||||
Information related to the restricted stock awarded for the year ended December 31, 2014, is as follows: | |||||||||||||||||
Number | Weighted-Average Grant | ||||||||||||||||
of Shares | Date Fair Value (1) | ||||||||||||||||
Nonvested shares – December 31, 2013 | 199,619 | $ | 7.2 | ||||||||||||||
Granted | 20,851 | 16.6 | |||||||||||||||
Forfeited | (35,140 | ) | 10.74 | ||||||||||||||
Vested | (60,486 | ) | 5.68 | ||||||||||||||
Nonvested shares – December 31, 2014 | 124,844 | $ | 8.51 | ||||||||||||||
-1 | The shares were valued at the closing price of the Company’s common stock on the dates of the awards. | ||||||||||||||||
The fair value of stock options and restricted stock that vested during the year is as follows for the years indicated (in thousands). | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock options | $ | 49 | $ | 60 | $ | 177 | |||||||||||
Restricted stock | 931 | 144 | 57 | ||||||||||||||
As of December 31, 2014, approximately $425,000 of unrecognized compensation cost related to nonvested restricted stock awards is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||
Employee Benefit Plans | |||||||||||||||||
The Company sponsors the USA Truck, Inc. Employees’ Investment Plan, a tax deferred savings plan under section 401(k) of the Internal Revenue Code that covers substantially all team members. Team members can contribute up to 50.0% of their compensation, subject to statutory limits. |
Note_10_Earnings_Loss_Per_Shar
Note 10 - Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | NOTE 10. Earnings (loss) per share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 6,033 | $ | (9,110 | ) | $ | (17,671 | ) | |||||
Denominator: | |||||||||||||
Denominator for basic earnings (loss) per share – weighted-average shares | 10,356 | 10,323 | 10,310 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options and restricted stock | 129 | -- | -- | ||||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions | $ | 10,485 | $ | 10,323 | $ | 10,310 | |||||||
Basic earnings (loss) per share | $ | 0.58 | $ | (0.88 | ) | $ | (1.71 | ) | |||||
Diluted earnings (loss) per share | $ | 0.58 | $ | (0.88 | ) | $ | (1.71 | ) | |||||
Weighted-average anti-dilutive employee stock options and restricted stock | 3 | 103 | 200 | ||||||||||
Note_11_Litigation
Note 11 - Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | NOTE 11. Litigation |
USA Truck 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. It is the opinion of management that adverse results of one or more of these claims should not have a material adverse effect on the Company’s consolidated financial statements. |
Note_12_Stockholder_Rights_Pla
Note 12 - Stockholder Rights Plan | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | NOTE 12. Stockholder Rights Plan |
In November 2012, the Board of Directors adopted a rights plan. Pursuant to the rights plan, if a person or group (an “acquiring person”), without approval of the Board of Directors and subject to customary exceptions, acquired 15% or more of the Company’s common stock or launched a tender offer that, if consummated, would result in them becoming an acquiring person, each holder of a right (except the acquiring person), would have the right to purchase from the Company shares of common stock at the price specified in the rights plan. | |
In April 2014, the Board of Directors unanimously voted to terminate the rights plan effective April 11, 2014. |
Note_13_Quarterly_Results_of_O
Note 13 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 13. Quarterly Results of Operations (Unaudited) | ||||||||||||||||
The tables below present quarterly financial information for 2014 and 2013 (in thousands, except per share amounts): | |||||||||||||||||
2014 | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenue | $ | 145,489 | $ | 153,298 | $ | 153,618 | $ | 150,072 | |||||||||
Operating expenses | 146,532 | 149,041 | 148,199 | 141,462 | |||||||||||||
Operating income (loss) | (1,043 | ) | 4,257 | 5,419 | 8,610 | ||||||||||||
Other, net | 1,140 | 2,891 | 885 | 1,101 | |||||||||||||
Income (loss) before income taxes | (2,183 | ) | 1,366 | 4,534 | 7,509 | ||||||||||||
Income tax expense (benefit) | (594 | ) | 644 | 1,817 | 3,326 | ||||||||||||
Net income (loss) | $ | (1,589 | ) | $ | 722 | $ | 2,717 | $ | 4,183 | ||||||||
Average shares outstanding (basic) | 10,339 | 10,346 | 10,357 | 10,374 | |||||||||||||
Basic earnings (loss) per share | $ | (0.15 | ) | $ | 0.07 | $ | 0.26 | $ | 0.4 | ||||||||
Average shares outstanding (diluted) | 10,339 | 10,478 | 10,476 | 10,492 | |||||||||||||
Diluted earnings (loss) per share | $ | (0.15 | ) | $ | 0.07 | $ | 0.26 | $ | 0.4 | ||||||||
2013 | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenue | $ | 132,027 | $ | 139,738 | $ | 141,822 | $ | 141,417 | |||||||||
Operating expenses | 134,854 | 140,683 | 142,026 | 146,109 | |||||||||||||
Operating income (loss) | (2,827 | ) | (945 | ) | (204 | ) | (4,692 | ) | |||||||||
Other, net | 783 | 901 | 356 | 2,390 | |||||||||||||
Income (loss) before income taxes | (3,610 | ) | (1,846 | ) | (560 | ) | (7,082 | ) | |||||||||
Income tax expense (benefit) | (1,136 | ) | (448 | ) | 42 | (2,446 | ) | ||||||||||
Net income (loss) | $ | (2,474 | ) | $ | (1,398 | ) | $ | (602 | ) | $ | (4,636 | ) | |||||
Average shares outstanding (basic) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Basic earnings (loss) per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
Average shares outstanding (diluted) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Diluted earnings (loss) per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
The amounts reported above have been previously reported in the Company’s quarterly reports on Form 10-Q. Certain line items in those quarterly reports may not total the corresponding amount reported in this Form 10-K due to rounding. |
Note_14_Revision_of_Prior_Peri
Note 14 - Revision of Prior Period Results | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Accounting Changes and Error Corrections [Text Block] | NOTE 14. Revision of Prior Period Results | ||||||||||||
During the first quarter of 2014, in connection with recording the increase in the Company's federal income tax rate to the minimum statutory rate of 35%, the Company performed an in-depth review of the Company's income tax liabilities, including a roll-forward of NOLs. In preparing this roll-forward, an error was identified for 2009 related to the calculation of the deferred income tax asset for tax net NOLs. The error resulted in an approximate $1.6 million understatement of the net deferred tax liability and overstatement of retained earnings and stockholders' equity at December 31, 2009, and all subsequent periods through December 31, 2013. | |||||||||||||
Pursuant to guidance in the SEC's Staff Accounting Bulletin 99, the Company concluded that the error was not material to any of its prior period financial statements. In accordance with the SEC's Staff Accounting Bulletin 108, the immaterial error was corrected by revising the previously issued December 31, 2013 consolidated balance sheet included in this document to facilitate comparability between current and prior year periods. During 2014, to ensure its disclosure controls and procedures continued to be effective, management conducted an assessment of all current and deferred tax balance sheet accounts and performed detailed reconciliations at each balance sheet date to ensure all federal and state tax net operating loss carry forwards and other components of the calculation were properly stated. | |||||||||||||
Based upon the Company's review of the factors noted above, management concluded the error was indicative of a control deficiency within its internal control over financial reporting. The Company considered the magnitude of the potential misstatement and whether there was a reasonable possibility that our controls would fail to prevent, or detect and correct, a material misstatement of an account balance or disclosure. The Company considered the definitions of deficiency classifications and indicators of material weakness in internal control over financial reporting as outlined by the Public Company Accounting Oversight Board's Auditing Standards No. 5. Per this standard, indicators of material weaknesses in internal control over financial reporting include (1) identification of fraud, whether or not material, on the part of senior management; (2) restatement of previously issued financial statements to reflect the correction of a material misstatement; (3) identification by the auditor of a material misstatement of financial statements in the current period in circumstances that indicate that the misstatement would not have been detected by the Company's internal control over financial reporting; and (4) ineffective oversight of the Company's external financial reporting and internal control over financial reporting by the Company's audit committee. None of these indicators of material weakness are present in the Company. The Company, through existing controls, identified the potential error before it became material and promptly brought it to the attention of the external auditors and the Company's Audit Committee, and the error did not materially impact the financial information previously reported in the Company's Annual Report on Form 10-K for 2009 and all subsequent periods through 2013. | |||||||||||||
Going forward, in conjunction with our third-party tax advisor, management will perform such assessment and reconciliations quarterly and the Company's Controller and Chief Financial Officer will be responsible for reviewing and approving the accuracy and adequacy of all tax accounts. | |||||||||||||
The effect of this revision on the line items within the Company's consolidated balance sheet is as follows (in thousands): | |||||||||||||
31-Dec-13 | |||||||||||||
As Reported | Revisions | As Revised | |||||||||||
Deferred Income Tax Liability | $ | 35,039 | $ | 1,608 | $ | 36,647 | |||||||
Retained Earnings | 56,657 | (1,608 | ) | 55,049 | |||||||||
Total Stockholders’ Equity | 100,538 | (1,608 | ) | 98,930 | |||||||||
Note_15_Subsequent_Events
Note 15 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 15. Subsequent Events |
In February 2015, the Company entered into a new senior secured revolving credit facility (the “Credit Facility”) with a group of lenders and Bank of America, N.A., as agent (“Agent”). Contemporaneously with the funding of the Credit Facility, the Company paid off the obligations under its prior credit facility and terminated such facility. | |
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 $80.0 million, exercisable in increments of $20.0 million. The Credit Facility is a five-year facility scheduled to terminate on February 5, 2020. 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 that is set at 0.50% through May 31, 2016 and adjusted quarterly thereafter between 0.25% and 1.00% based on the Company’s consolidated fixed charge coverage ratio. LIBOR loans accrue interest at LIBOR plus an applicable margin that is set at 1.50% through May 31, 2016 and adjusted quarterly thereafter between 1.25% and 2.00% 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 swing line sub-facility in an aggregate amount of $20.0 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, with the notable exclusion of any real estate or revenue equipment financed outside the Credit Facility. Additionally, the Company will take a charge in the first quarter of 2015 of $0.8 million resulting from the replacement of the Credit Facility representing the write-off of the unamortized deferred financing fees associated with the previous 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% of eligible investment grade accounts receivable (reduced to 85% in certain situations), plus (ii) 85% of eligible non-investment grade accounts receivable, plus (iii) the lesser of (a) 85% of eligible unbilled accounts receivable and (b) $10.0 million, plus (iv) the product of 85% multiplied by the net orderly liquidation value percentage applied to the net book value of eligible revenue equipment, plus (v) 85% multiplied 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 springing financial covenant, which requires a consolidated fixed charge coverage ratio of at least 1.0 to 1.0. The financial covenant springs only in the event excess availability under the Credit Facility drops below 10% of the lenders’ total commitments under the Credit Facility. | |
The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may be accelerated, and the lenders’ commitments may be terminated. The Credit Facility contains certain restrictions and covenants relating to, among other things, dividends, liens, acquisitions and dispositions, affiliate transactions, and other indebtedness. | |
This description of the Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Facility, which will be filed with the Company's Form 10-Q for the quarter ending March 31, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of Accounting, Policy [Policy Text Block] | Description of business | ||||||||||||
USA Truck, Inc., a Delaware corporation (the “Company”) is a truckload carrier providing transportation of general commodities throughout the continental United States and into and out of portions of Mexico and Canada. Generally, the Company transports full dry van trailer loads of freight from origin to destination without intermediate stops or handling. As a complement to the Company’s truckload operations, it also provides dedicated, brokerage and rail intermodal services. For shipments into Mexico, the Company transfers its trailers to tractors operated by Mexican carriers at a facility in Laredo, Texas, which is operated by the Company’s wholly owned subsidiary. Through the Company’s asset based and non-asset based capabilities, it transports many types of freight for a diverse customer base in a variety of industries. | |||||||||||||
Basis of presentation | |||||||||||||
The accompanying consolidated financial statements include the accounts of USA Truck and its wholly owned subsidiary. 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. | |||||||||||||
In the opinion of management, the accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), and include all adjustments necessary for the fair presentation of the periods presented. Management has evaluated the effect on the Company’s reported financial condition and results of operations of events subsequent to December 31, 2014 through the issuance of the financial statements. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Some of the significant estimates made by management include, but are not limited to, allowances for doubtful accounts, useful lives for depreciation and amortization, estimates related to the Company’s share-based compensation plan, deferred taxes and reserves for claims liabilities. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors (including, but not limited to, the current economic environment), which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents | ||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value. | |||||||||||||
Receivables, Policy [Policy Text Block] | Accounts receivable and concentration of credit risk | ||||||||||||
Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The allowance for doubtful accounts is management’s estimate of the amount of probable credit losses and revenue adjustments in the Company’s existing accounts receivable. Management reviews the financial condition of customers for granting credit and determines the allowance based on analysis of individual customers’ financial condition, historical write-off experience and national economic conditions. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Past due balances over 90 days and exceeding a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. The carrying amount reported in the consolidated balance sheets for accounts receivable approximates fair value as receivables collection averaged approximately 44 days from the billing date. | |||||||||||||
The following table provides a summary of the accounts receivable for the periods indicated (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Trade customers | $ | 72,206 | $ | 65,292 | |||||||||
Other | 5,639 | 3,463 | |||||||||||
Total accounts receivable | 77,845 | 68,755 | |||||||||||
Less: Allowance for doubtful accounts | (1,020 | ) | (610 | ) | |||||||||
Accounts receivable, net | $ | 76,825 | $ | 68,145 | |||||||||
The following table provides a summary of the activity in the allowance for doubtful accounts for 2014, 2013 and 2012 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 610 | $ | 423 | $ | 420 | |||||||
Provision for doubtful accounts | 782 | 187 | 153 | ||||||||||
Uncollectible accounts written off, net of recovery | (372 | ) | -- | (150 | ) | ||||||||
Balance at end of year | $ | 1,020 | $ | 610 | $ | 423 | |||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale | ||||||||||||
Assets held for sale are comprised of revenue equipment not being utilized in operations and are carried at the lower of depreciated cost or estimated fair value less expected selling costs when the required criteria, as defined by ASC Topic 360 “Property, Plant and Equipment” are satisfied. Depreciation ceases on the date that the held for sale criteria are met. The Company expects to sell these assets within the next twelve months. | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||
Inventories consist of tires, fuel, supplies and Company store merchandise and are stated at the lower of cost (first-in, first-out basis) or market. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment | ||||||||||||
Property and equipment is capitalized at cost. The cost of such property is depreciated by the straight-line method using the following estimated useful lives: structures – 5 to 39.5 years; revenue equipment – 4 to 14 years; and service, office and other equipment – 3 to 20 years. Revenue equipment acquired under capital lease is amortized over the lease term. Trade-in allowances in excess of book value of revenue equipment are accounted for by adjusting the cost of assets acquired. Tires purchased with revenue equipment as well as replacement tires are amortized under the Company’s prepaid tire policy. | |||||||||||||
The Company reviews its long-lived assets for impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may not be recoverable. An impairment loss would be recognized if the carrying amount of the long-lived asset is not recoverable and the carrying amount exceeds its fair value. For long-lived assets classified as held and used, the carrying amount is not recoverable when the carrying value of the long-lived asset exceeds the sum of the future net cash flows. | |||||||||||||
Income Tax, Policy [Policy Text Block] | Income taxes | ||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax basis amounts for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets include temporary differences relating to depreciation, capitalized leases and certain prepaid and accrued expenses. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. In general, the Company’s 2009 through 2014 tax returns are subject to adjustment. Because the Company had generated net operating losses (“NOLs”) in prior years, the federal and applicable state statute of limitations remains open beyond the normal three-year period to extent of its NOL carry forwards, which may be adjusted until the tax year in which the NOLs are utilized has expired. In 2014, the IRS completed its examination of the 2011 federal income tax return. No meaningful adjustments were identified. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its consolidated financial position, results of operations and cash flows. Therefore, no reserves for uncertain income tax positions or associated interest or penalties on uncertain tax positions have been recorded. | |||||||||||||
Self Insurance Reserve [Policy Text Block] | Claims accruals | ||||||||||||
The primary claims arising against the Company consist of cargo, liability, personal injury, property damage, workers' compensation, and employee medical expenses. The Company’s insurance program involves self-insurance with high risk retention levels. Due to its significant self-insured retention amounts, the Company has exposure to fluctuations in the number and severity of claims and to variations between its estimated and actual ultimate payouts. The Company accrues the estimated cost of the uninsured portion of pending claims and an estimate for allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third-party administrators and insurers, the size of any potential damage award based on factors such as the specific facts of individual cases, the jurisdictions involved, the prospect of punitive damages, future medical costs, and inflation estimates of future claims development, and the legal and other costs to settle or defend the claims. USA Truck has significant exposure to fluctuations in the number and severity of claims. If there is an increase in the frequency and severity of claims, or the Company is required to accrue or pay additional amounts if the claims prove to be more severe than originally assessed, or any of the claims would exceed the limits of its insurance coverage, its profitability could be adversely affected. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share | ||||||||||||
Basic earnings (loss) per share is computed based on the weighted-average number of shares of common stock outstanding during the year. Diluted earnings (loss) per share is computed by adjusting the weighted-average shares outstanding by common stock equivalents attributable to dilutive stock options and restricted stock. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition | ||||||||||||
Revenue generated by the Company’s trucking operating segment is recognized in full upon completion of delivery of freight to the receiver’s location. For freight in transit at the end of a reporting period, the Company recognizes revenue pro rata based on relative transit time completed as a portion of the estimated total transit time. Expenses are recognized as incurred. | |||||||||||||
Revenue generated by the Company’s SCS segment is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, because the Company acts as a principal with substantial risks as primary obligor. | |||||||||||||
Management believes these policies most accurately reflect revenue as earned and direct expenses, including third party purchased transportation costs, as incurred. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to implement this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. | |||||||||||||
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Management is currently evaluating the impact of the pending adoption of ASU 2014-09 on the Company’s consolidated financial statements and has not yet determined the method by which the Company will adopt the standard in its 2017 fiscal year. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which requires an entity to evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. The guidance will become effective January 1, 2017. The adoption of ASU 2014-15 is not expected to have an impact on the Company’s consolidated financial statements. |
Note_1_Description_of_Business1
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Trade customers | $ | 72,206 | $ | 65,292 | |||||||||
Other | 5,639 | 3,463 | |||||||||||
Total accounts receivable | 77,845 | 68,755 | |||||||||||
Less: Allowance for doubtful accounts | (1,020 | ) | (610 | ) | |||||||||
Accounts receivable, net | $ | 76,825 | $ | 68,145 | |||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 610 | $ | 423 | $ | 420 | |||||||
Provision for doubtful accounts | 782 | 187 | 153 | ||||||||||
Uncollectible accounts written off, net of recovery | (372 | ) | -- | (150 | ) | ||||||||
Balance at end of year | $ | 1,020 | $ | 610 | $ | 423 |
Note_2_Segment_Reporting_Table
Note 2 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating revenue: | |||||||||||||
Trucking revenue (1) | $ | 424,082 | $ | 418,601 | $ | 381,569 | |||||||
Trucking intersegment eliminations | (587 | ) | (486 | ) | (24 | ) | |||||||
Trucking operating revenue | 423,495 | 418,115 | 381,545 | ||||||||||
SCS revenue | 192,924 | 146,492 | 156,349 | ||||||||||
SCS intersegment eliminations | (13,942 | ) | (9,602 | ) | (25,466 | ) | |||||||
SCS operating revenue | 178,982 | 136,890 | 130,883 | ||||||||||
Total operating revenue | $ | 602,477 | $ | 555,005 | $ | 512,428 | |||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Operating income (loss): | |||||||||||||
Trucking | $ | (3,532 | ) | $ | (17,667 | ) | $ | (29,843 | ) | ||||
SCS | 20,775 | 9,000 | 6,571 | ||||||||||
Total operating income (loss) | $ | 17,243 | $ | (8,667 | ) | $ | (23,272 | ) | |||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization: | |||||||||||||
Trucking | $ | 43,648 | $ | 44,697 | $ | 44,558 | |||||||
SCS | 182 | 250 | 500 | ||||||||||
Total depreciation and amortization | $ | 43,830 | $ | 44,947 | $ | 45,058 |
Note_3_Prepaid_and_Other_Curre1
Note 3 - Prepaid and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Current Assets [Table Text Block] | Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid tires | $ | 12,121 | $ | 10,607 | |||||
Prepaid licenses, permits and tolls | 1,923 | 1,915 | |||||||
Prepaid insurance | 1,166 | 1,414 | |||||||
Other | 2,108 | 2,128 | |||||||
Total prepaid expenses and other current assets | $ | 17,318 | $ | 16,064 |
Note_5_Accrued_Expenses_Tables
Note 5 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Salaries, wages and employee benefits | $ | 7,043 | $ | 4,747 | |||||
Federal and state tax accruals | 186 | 2,576 | |||||||
Other | 1,023 | 1,409 | |||||||
Total accrued expenses | $ | 8,252 | $ | 8,732 |
Note_6_Longterm_Debt_Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Year Ended December 31, | ||||||||
2014 | 2013 | ||||||||
Revolving credit agreement | $ | 71,000 | $ | 64,000 | |||||
Other | 896 | 1,023 | |||||||
Total debt | 71,896 | 65,023 | |||||||
Less current maturities | (896 | ) | (1,023 | ) | |||||
Long-term debt, less current maturities | $ | 71,000 | $ | 64,000 |
Note_7_Leases_and_Commitments_
Note 7 - Leases and Commitments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs | Accumulated Amortization | Net Book Value | ||||||||||||||||||||||
31-Dec-14 | $ | 75,188 | $ | 27,770 | $ | 47,418 | |||||||||||||||||||
31-Dec-13 | 84,410 | 20,942 | 63,468 | ||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Future minimum payments | $ | 23,926 | $ | 17,201 | $ | 3,851 | $ | 2,067 | $ | -- | $ | -- | |||||||||||||
Future rentals under operating leases | 4,169 | 3,681 | 3,593 | 3,237 | 96 | 185 |
Note_8_Federal_and_State_Incom1
Note 8 - Federal and State Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued expenses not deductible until paid | $ | 7,805 | $ | 7,648 | |||||||||
Net operating loss carry forwards | 3,318 | -- | |||||||||||
Federal credits | 1,556 | -- | |||||||||||
Equity incentive plan | 184 | 282 | |||||||||||
Revenue recognition | 332 | 330 | |||||||||||
Allowance for doubtful accounts | 391 | 234 | |||||||||||
Other | 822 | 452 | |||||||||||
Total current deferred tax assets | 14,408 | 8,946 | |||||||||||
Current deferred tax liabilities: | |||||||||||||
Prepaid expenses deductible when paid | (6,701 | ) | (6,159 | ) | |||||||||
Net current deferred tax assets (liabilities) | $ | 7,707 | $ | 2,787 | |||||||||
Noncurrent deferred tax assets: | |||||||||||||
Capital leases | 70 | -- | |||||||||||
Non-compete agreement | -- | 18 | |||||||||||
Net operating loss carry forwards | -- | 4,444 | |||||||||||
Total noncurrent deferred tax assets | 70 | 4,462 | |||||||||||
Noncurrent deferred tax liabilities: | |||||||||||||
Tax over book depreciation | (46,758 | ) | (41,041 | ) | |||||||||
Capitalized leases | -- | (71 | ) | ||||||||||
Other | -- | 3 | |||||||||||
Total noncurrent deferred tax liabilities | (46,758 | ) | (41,109 | ) | |||||||||
Net noncurrent deferred tax liabilities | $ | (46,688 | ) | $ | (36,647 | ) | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | (129 | ) | $ | 786 | $ | -- | ||||||
State | 201 | -- | -- | ||||||||||
Total current | 72 | 786 | -- | ||||||||||
Deferred: | |||||||||||||
Federal | 5,246 | (4,093 | ) | (7,943 | ) | ||||||||
State | (125 | ) | (681 | ) | (1,646 | ) | |||||||
Total deferred | 5,121 | (4,774 | ) | (9,589 | ) | ||||||||
Total income tax expense (benefit) | $ | 5,193 | $ | (3,988 | ) | $ | (9,589 | ) | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense (benefit) at statutory federal rate | $ | 3,929 | $ | (4,453 | ) | $ | (9,268 | ) | |||||
Federal income tax effects of: | |||||||||||||
State income tax (benefit) expense | (27 | ) | 231 | 558 | |||||||||
Per diem and other nondeductible meals and entertainment | 872 | 875 | 748 | ||||||||||
Other | 343 | 40 | 19 | ||||||||||
Federal income tax expense (benefit) | 5,117 | (3,307 | ) | (7,943 | ) | ||||||||
State income tax expense (benefit) | 76 | (681 | ) | (1,646 | ) | ||||||||
Total income tax expense (benefit) | $ | 5,193 | $ | (3,988 | ) | $ | (9,589 | ) | |||||
Effective tax rate | 46.3 | % | 30.4 | % | 35.2 | % |
Note_9_Equity_Compensation_and1
Note 9 - Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock options | $ | 31 | $ | 54 | $ | 67 | |||||||||||
Restricted stock awards | 335 | 162 | 64 | ||||||||||||||
Equity compensation expense | $ | 366 | $ | 216 | $ | 131 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 35.6 | % | 29.8 – 64.0 | % | |||||||||||||
Risk-free interest rate | 1.2 | % | 0.5 – 0.7 | % | |||||||||||||
Expected life (in years) | 6.25 | 3.75 – 4.25 | |||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||||
(in years) | (in thousands) (1) | ||||||||||||||||
Options outstanding - beginning of year | 109,871 | $ | 9.49 | ||||||||||||||
Granted (2) | -- | -- | |||||||||||||||
Exercised | (28,884 | ) | 12.41 | $ | 131 | ||||||||||||
Cancelled/forfeited | (16,137 | ) | 15.82 | ||||||||||||||
Expired | (214 | ) | 11.73 | ||||||||||||||
Outstanding at December 31, 2014 (3) | 64,636 | $ | 6.6 | 6.01 | $ | 1,332 | |||||||||||
Exercisable at December 31, 2014 | 28,671 | $ | 8.59 | 3.97 | $ | 534 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number | Weighted-Average Grant | |||||||||||||||
of Shares | Date Fair Value (1) | ||||||||||||||||
Nonvested shares – December 31, 2013 | 199,619 | $ | 7.2 | ||||||||||||||
Granted | 20,851 | 16.6 | |||||||||||||||
Forfeited | (35,140 | ) | 10.74 | ||||||||||||||
Vested | (60,486 | ) | 5.68 | ||||||||||||||
Nonvested shares – December 31, 2014 | 124,844 | $ | 8.51 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock options | $ | 49 | $ | 60 | $ | 177 | |||||||||||
Restricted stock | 931 | 144 | 57 |
Note_10_Earnings_Loss_Per_Shar1
Note 10 - Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net income (loss) | $ | 6,033 | $ | (9,110 | ) | $ | (17,671 | ) | |||||
Denominator: | |||||||||||||
Denominator for basic earnings (loss) per share – weighted-average shares | 10,356 | 10,323 | 10,310 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock options and restricted stock | 129 | -- | -- | ||||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions | $ | 10,485 | $ | 10,323 | $ | 10,310 | |||||||
Basic earnings (loss) per share | $ | 0.58 | $ | (0.88 | ) | $ | (1.71 | ) | |||||
Diluted earnings (loss) per share | $ | 0.58 | $ | (0.88 | ) | $ | (1.71 | ) | |||||
Weighted-average anti-dilutive employee stock options and restricted stock | 3 | 103 | 200 |
Note_13_Quarterly_Results_of_O1
Note 13 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenue | $ | 145,489 | $ | 153,298 | $ | 153,618 | $ | 150,072 | |||||||||
Operating expenses | 146,532 | 149,041 | 148,199 | 141,462 | |||||||||||||
Operating income (loss) | (1,043 | ) | 4,257 | 5,419 | 8,610 | ||||||||||||
Other, net | 1,140 | 2,891 | 885 | 1,101 | |||||||||||||
Income (loss) before income taxes | (2,183 | ) | 1,366 | 4,534 | 7,509 | ||||||||||||
Income tax expense (benefit) | (594 | ) | 644 | 1,817 | 3,326 | ||||||||||||
Net income (loss) | $ | (1,589 | ) | $ | 722 | $ | 2,717 | $ | 4,183 | ||||||||
Average shares outstanding (basic) | 10,339 | 10,346 | 10,357 | 10,374 | |||||||||||||
Basic earnings (loss) per share | $ | (0.15 | ) | $ | 0.07 | $ | 0.26 | $ | 0.4 | ||||||||
Average shares outstanding (diluted) | 10,339 | 10,478 | 10,476 | 10,492 | |||||||||||||
Diluted earnings (loss) per share | $ | (0.15 | ) | $ | 0.07 | $ | 0.26 | $ | 0.4 | ||||||||
2013 | |||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
Operating revenue | $ | 132,027 | $ | 139,738 | $ | 141,822 | $ | 141,417 | |||||||||
Operating expenses | 134,854 | 140,683 | 142,026 | 146,109 | |||||||||||||
Operating income (loss) | (2,827 | ) | (945 | ) | (204 | ) | (4,692 | ) | |||||||||
Other, net | 783 | 901 | 356 | 2,390 | |||||||||||||
Income (loss) before income taxes | (3,610 | ) | (1,846 | ) | (560 | ) | (7,082 | ) | |||||||||
Income tax expense (benefit) | (1,136 | ) | (448 | ) | 42 | (2,446 | ) | ||||||||||
Net income (loss) | $ | (2,474 | ) | $ | (1,398 | ) | $ | (602 | ) | $ | (4,636 | ) | |||||
Average shares outstanding (basic) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Basic earnings (loss) per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) | |||||
Average shares outstanding (diluted) | 10,305 | 10,293 | 10,322 | 10,323 | |||||||||||||
Diluted earnings (loss) per share | $ | (0.24 | ) | $ | (0.14 | ) | $ | (0.06 | ) | $ | (0.45 | ) |
Note_14_Revision_of_Prior_Peri1
Note 14 - Revision of Prior Period Results (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | 31-Dec-13 | ||||||||||||
As Reported | Revisions | As Revised | |||||||||||
Deferred Income Tax Liability | $ | 35,039 | $ | 1,608 | $ | 36,647 | |||||||
Retained Earnings | 56,657 | (1,608 | ) | 55,049 | |||||||||
Total Stockholders’ Equity | 100,538 | (1,608 | ) | 98,930 |
Note_1_Description_of_Business2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Average Days for Collecion of Accounts Receivable | 44 days |
Building and Building Improvements [Member] | Minimum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 39 years 6 months |
Transportation Equipment [Member] | Minimum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Transportation Equipment [Member] | Maximum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 14 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Open Tax Year | 2009 |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Open Tax Year | 2009 |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Open Tax Year | 2014 |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | |
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |
Open Tax Year | 2014 |
Note_1_Description_of_Business3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Summary of Accounts Receivable (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross, current | $77,845 | $68,755 | ||
Less: Allowance for doubtful accounts | -1,020 | -610 | -423 | -420 |
Accounts receivable, net | 76,825 | 68,145 | ||
Trade Accounts Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross, current | 72,206 | 65,292 | ||
Other Accounts Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable, gross, current | $5,639 | $3,463 |
Note_1_Description_of_Business4
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts Activities (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Activities [Abstract] | |||
Balance at beginning of year | $610 | $423 | $420 |
Provision for doubtful accounts | 782 | 187 | 153 |
Uncollectible accounts written off, net of recovery | -372 | -150 | |
Balance at end of year | $1,020 | $610 | $423 |
Note_2_Segment_Reporting_Detai
Note 2 - Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Note 2 - Segment Reporting (Details) [Line Items] | ||||||||||||||
Number of Reportable Segments | 2 | |||||||||||||
Revenues | $150,072 | $153,618 | $153,298 | $145,489 | $141,417 | $141,822 | $139,738 | $132,027 | $602,477 | $555,005 | $512,428 | |||
Trucking [Member] | Operating Segments [Member] | Foreign Countries [Member] | ||||||||||||||
Note 2 - Segment Reporting (Details) [Line Items] | ||||||||||||||
Revenues | 57,300 | 57,100 | 45,500 | |||||||||||
Trucking [Member] | Operating Segments [Member] | ||||||||||||||
Note 2 - Segment Reporting (Details) [Line Items] | ||||||||||||||
Revenues | 424,082 | [1] | 418,601 | [1] | 381,569 | [1] | ||||||||
Trucking [Member] | ||||||||||||||
Note 2 - Segment Reporting (Details) [Line Items] | ||||||||||||||
Revenues | $423,495 | $418,115 | $381,545 | |||||||||||
[1] | Includes foreign revenue of $57.3 million, $57.1 million, and $45.5 million for years ended December 31, 2014, 2013 and 2012, respectively. |
Note_2_Segment_Reporting_Detai1
Note 2 - Segment Reporting (Details) - Segment Reporting Information, by Segment (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Operating revenue: | ||||||||||||||
Revenue | $150,072 | $153,618 | $153,298 | $145,489 | $141,417 | $141,822 | $139,738 | $132,027 | $602,477 | $555,005 | $512,428 | |||
Operating income (loss): | ||||||||||||||
Operating income (loss) | 8,610 | 5,419 | 4,257 | -1,043 | -4,692 | -204 | -945 | -2,827 | 17,243 | -8,667 | -23,272 | |||
Depreciation and amortization: | ||||||||||||||
Depreciation and amortization | 43,830 | 44,947 | 45,058 | |||||||||||
Operating Segments [Member] | Trucking [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | 424,082 | [1] | 418,601 | [1] | 381,569 | [1] | ||||||||
Operating income (loss): | ||||||||||||||
Operating income (loss) | -3,532 | -17,667 | -29,843 | |||||||||||
Depreciation and amortization: | ||||||||||||||
Depreciation and amortization | 43,648 | 44,697 | 44,558 | |||||||||||
Operating Segments [Member] | SCS [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | 192,924 | 146,492 | 156,349 | |||||||||||
Operating income (loss): | ||||||||||||||
Operating income (loss) | 20,775 | 9,000 | 6,571 | |||||||||||
Depreciation and amortization: | ||||||||||||||
Depreciation and amortization | 182 | 250 | 500 | |||||||||||
Intersegment Eliminations [Member] | Trucking [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | -587 | -486 | -24 | |||||||||||
Intersegment Eliminations [Member] | SCS [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | -13,942 | -9,602 | -25,466 | |||||||||||
Trucking [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | 423,495 | 418,115 | 381,545 | |||||||||||
SCS [Member] | ||||||||||||||
Operating revenue: | ||||||||||||||
Revenue | $178,982 | $136,890 | $130,883 | |||||||||||
[1] | Includes foreign revenue of $57.3 million, $57.1 million, and $45.5 million for years ended December 31, 2014, 2013 and 2012, respectively. |
Note_3_Prepaid_and_Other_Curre2
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid expenses and other current assets | $17,318 | $16,064 |
Prepaid Tires [Member] | ||
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid expenses and other current assets | 12,121 | 10,607 |
Prepaid Licenses, Permits and Tolls [Member] | ||
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid expenses and other current assets | 1,923 | 1,915 |
Prepaid Insurance [Member] | ||
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid expenses and other current assets | 1,166 | 1,414 |
Other Current Assets [Member] | ||
Note 3 - Prepaid and Other Current Assets (Details) - Prepaid Expenses and Other Current Assets [Line Items] | ||
Prepaid expenses and other current assets | $2,108 | $2,128 |
Note_4_Note_Receivable_Details
Note 4 - Note Receivable (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Receivables [Abstract] | ||||
Proceeds from Sale of Real Estate | $200,000 | |||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 2,100,000 | |||
Note Receivable Interest Rate | 7.00% | |||
Maturities of Note Receivable | 1,900,000 | |||
Deferred Gain, Sale Of Property | 700,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 7,800 | 7,300 | 6,800 | |
Notes, Loans and Financing Receivable, Net, Current | $1,900,000 |
Note_5_Accrued_Expenses_Detail
Note 5 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Salaries, wages and employee benefits | $7,043 | $4,747 |
Federal and state tax accruals | 186 | 2,576 |
Other | 1,023 | 1,409 |
Total accrued expenses | $8,252 | $8,732 |
Note_6_Longterm_Debt_Details
Note 6 - Long-term Debt (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
Oct. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 24, 2012 | |
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Minimum Excess Availability, Percentage of Maximum Revolver Amount | 15.00% | 15.00% | |||
Letters of Credit Outstanding, Amount | 4,300,000 | $4,300,000 | |||
Notes Payable | 896,000 | 896,000 | 1,023,000 | ||
Scenario, Forecast [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 73,500,000 | 73,500,000 | |||
Revolver [Member] | Letter of Credit [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | 15,000,000 | |||
Notes Payable, Other Payables [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 1,400,000 | ||||
Debt Instrument, Periodic Payment | 100,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | ||||
Notes Payable | 900,000 | 900,000 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Book Value Of Excess Collateral | 30,000,000 | 30,000,000 | |||
Revolving Credit Facility [Member] | |||||
Note 6 - Long-term Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity | 50,000,000 | 50,000,000 | |||
Line of Credit Facility, Minimum Excess Availability | 18,800,000 | 18,800,000 | |||
Book Value Of Excess Collateral | 31,600,000 | 31,600,000 | |||
Proceeds from Long-term Lines of Credit | 0 | ||||
Debt, Weighted Average Interest Rate | 3.10% | 3.10% | |||
Line of Credit Facility, Remaining Borrowing Capacity | 30,900,000 | $30,900,000 |
Note_6_Longterm_Debt_Details_L
Note 6 - Long-term Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Unclassified [Abstract] | ||
Revolving credit agreement | $71,000 | $64,000 |
Other | 896 | 1,023 |
Total debt | 71,896 | 65,023 |
Less current maturities | -896 | -1,023 |
Long-term debt, less current maturities | $71,000 | $64,000 |
Note_7_Leases_and_Commitments_1
Note 7 - Leases and Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Capital Lease Obligations | $45.30 | ||
Capital Lease Obligations, Current | 23.1 | ||
Capital Leases, Income Statement, Amortization Expense | 12.7 | 12.7 | 10.7 |
Operating Leases, Rent Expense | 5.3 | 2.8 | 3.1 |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 1.5 | ||
Percentage of Cancelable Revenue Equipment Orders with Lapses in Notice Period | 100.00% | ||
IT Related Hardware [Member] | Capital Lease Obligations [Member] | |||
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.10% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 4.50% | ||
IT Related Hardware [Member] | |||
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Purchase Obligation | 0.3 | ||
Revenue Equipment [Member] | |||
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Purchase Obligation | $19.60 | ||
Capital Lease Obligations [Member] | Minimum [Member] | |||
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.60% | ||
Capital Lease Obligations [Member] | Maximum [Member] | |||
Note 7 - Leases and Commitments (Details) [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 3.10% |
Note_7_Leases_and_Commitments_2
Note 7 - Leases and Commitments (Details) - Capitalized Leases Included in Property and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capitalized Leases Included in Property and Equipment [Abstract] | ||
Capitalized Costs | $75,188 | $84,410 |
Accumulated Amortization | 27,770 | 20,942 |
Net Book Value | $47,418 | $63,468 |
Note_7_Leases_and_Commitments_3
Note 7 - Leases and Commitments (Details) - Future Minimum Payments under Capitalized Leases (USD $) | Dec. 31, 2014 |
Future Minimum Payments under Capitalized Leases [Abstract] | |
Future minimum payments | $23,926,000 |
Future minimum payments | 17,201,000 |
Future minimum payments | 3,851,000 |
Future minimum payments | 2,067,000 |
Future minimum payments | 0 |
Future minimum payments | 0 |
Future rentals under operating leases | 4,169,000 |
Future rentals under operating leases | 3,681,000 |
Future rentals under operating leases | 3,593,000 |
Future rentals under operating leases | 3,237,000 |
Future rentals under operating leases | 96,000 |
Future rentals under operating leases | $185,000 |
Note_8_Federal_and_State_Incom2
Note 8 - Federal and State Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 8 - Federal and State Income Taxes (Details) [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $100,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,400,000 | ||
Deferred State and Local Income Tax Expense (Benefit) | -125,000 | -681,000 | -1,646,000 |
Deferred State and Local IncomeTax Expense Benefit, Adjustment | -1,400,000 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1,200,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% |
Domestic Tax Authority [Member] | |||
Note 8 - Federal and State Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | $8,500,000 |
Note_8_Federal_and_State_Incom3
Note 8 - Federal and State Income Taxes (Details) - Significant Components Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets: | ||
Accrued expenses not deductible until paid | $7,805 | $7,648 |
Net operating loss carry forwards | 3,318 | |
Federal credits | 1,556 | |
Equity incentive plan | 184 | 282 |
Revenue recognition | 332 | 330 |
Allowance for doubtful accounts | 391 | 234 |
Other | 822 | 452 |
Total current deferred tax assets | 14,408 | 8,946 |
Current deferred tax liabilities: | ||
Prepaid expenses deductible when paid | -6,701 | -6,159 |
Net current deferred tax assets (liabilities) | 7,707 | 2,787 |
Noncurrent deferred tax assets: | ||
Capital leases | 70 | |
Non-compete agreement | 18 | |
Net operating loss carry forwards | 4,444 | |
Total noncurrent deferred tax assets | 70 | 4,462 |
Noncurrent deferred tax liabilities: | ||
Tax over book depreciation | -46,758 | -41,041 |
Capitalized leases | -71 | |
Other | 3 | |
Total noncurrent deferred tax liabilities | -46,758 | -41,109 |
Net noncurrent deferred tax liabilities | ($46,688) | ($36,647) |
Note_8_Federal_and_State_Incom4
Note 8 - Federal and State Income Taxes (Details) - Significant Components of Provision (Benefits) for Income Taxes (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | ($129) | $786 | |||||||||
State | 201 | ||||||||||
Total current | 72 | 786 | |||||||||
Deferred: | |||||||||||
Federal | 5,246 | -4,093 | -7,943 | ||||||||
State | -125 | -681 | -1,646 | ||||||||
Total deferred | 5,121 | -4,774 | -9,589 | ||||||||
Total income tax expense (benefit) | $3,326 | $1,817 | $644 | ($594) | ($2,446) | $42 | ($448) | ($1,136) | $5,193 | ($3,988) | ($9,589) |
Note_8_Federal_and_State_Incom5
Note 8 - Federal and State Income Taxes (Details) - Effective Income Tax Rate Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation [Abstract] | |||||||||||
Income tax expense (benefit) at statutory federal rate | $3,929 | ($4,453) | ($9,268) | ||||||||
Federal income tax effects of: | |||||||||||
State income tax (benefit) expense | -27 | 231 | 558 | ||||||||
Per diem and other nondeductible meals and entertainment | 872 | 875 | 748 | ||||||||
Other | 343 | 40 | 19 | ||||||||
Federal income tax expense (benefit) | 5,117 | -3,307 | -7,943 | ||||||||
State income tax expense (benefit) | 76 | -681 | -1,646 | ||||||||
Total income tax expense (benefit) | $3,326 | $1,817 | $644 | ($594) | ($2,446) | $42 | ($448) | ($1,136) | $5,193 | ($3,988) | ($9,589) |
Effective tax rate | 46.30% | 30.40% | 35.20% |
Note_9_Equity_Compensation_and2
Note 9 - Equity Compensation and Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0 | $1.75 | $2.43 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | [1] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $12,500 | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% | |||
Common Stock [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share Price (in Dollars per share) | $28.40 | |||
Employee Stock Option [Member] | Minimum [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Stock Option [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | |||
Restricted Stock [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | $425,000 | |||
Minimum [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $2.88 | |||
Maximum [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $18.58 | |||
Incentive Plan [Member] | ||||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 480,354 | |||
[1] | The weighted-average grant date fair value of options granted during 2014, 2013 and 2012 was zero, $1.75 and $2.43, respectively. |
Note_9_Equity_Compensation_and3
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Recoginzed Compensation Expense (Omnibus 2014 Incentive Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | $366 | $216 | $131 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | 31 | 54 | 67 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | $335 | $162 | $64 |
Note_9_Equity_Compensation_and4
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Assumptions Used to Value Stock Options Granted | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Assumptions Used to Value Stock Options Granted [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 35.60% | |
Risk-free interest rate | 1.20% | |
Expected life (in years) | 6 years 3 months | |
Minimum [Member] | ||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Assumptions Used to Value Stock Options Granted [Line Items] | ||
Expected volatility | 29.80% | |
Risk-free interest rate | 0.50% | |
Expected life (in years) | 3 years 9 months | |
Maximum [Member] | ||
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Assumptions Used to Value Stock Options Granted [Line Items] | ||
Expected volatility | 64.00% | |
Risk-free interest rate | 0.70% | |
Expected life (in years) | 4 years 3 months |
Note_9_Equity_Compensation_and5
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Option Activity (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | |
Option Activity [Abstract] | ||
Options outstanding - beginning of year | 109,871 | |
Options outstanding - beginning of year | $9,490 | |
Outstanding at December 31, 2014 (3) | 64,636 | [1] |
Outstanding at December 31, 2014 (3) | $6,600 | [1] |
Outstanding at December 31, 2014 (3) | 6 years 3 days | [1] |
Outstanding at December 31, 2014 (3) | $1,332 | [1],[2] |
Exercisable at December 31, 2014 | 28,671 | |
Exercisable at December 31, 2014 | $8,590 | |
Exercisable at December 31, 2014 | 3 years 354 days | |
Exercisable at December 31, 2014 | 534 | [2] |
Granted (2) | [3] | |
Granted (2) | [3] | |
Exercised | -28,884 | |
Exercised | $12,410 | |
Exercised | $131 | [2] |
Cancelled/forfeited | -16,137 | |
Cancelled/forfeited | $15,820 | |
Expired | -214 | |
Expired | $11,730 | |
[1] | The exercise prices of outstanding options granted range from $2.88 to $18.58 as of December 31, 2014. | |
[2] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company's common stock, as determined by the closing price on December 31, 2014, was $28.40. | |
[3] | The weighted-average grant date fair value of options granted during 2014, 2013 and 2012 was zero, $1.75 and $2.43, respectively. |
Note_9_Equity_Compensation_and6
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Restricted Stock Awards (Restricted Stock [Member], USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock [Member] | |
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Restricted Stock Awards [Line Items] | |
Nonvested shares – December 31, 2013 | 199,619 |
Nonvested shares – December 31, 2013 | $7.20 |
Granted | 20,851 |
Granted | $16.60 |
Forfeited | -35,140 |
Forfeited | $10.74 |
Vested | -60,486 |
Vested | $5.68 |
Nonvested shares – December 31, 2014 | 124,844 |
Nonvested shares – December 31, 2014 | $8.51 |
Note_9_Equity_Compensation_and7
Note 9 - Equity Compensation and Employee Benefit Plans (Details) - Fair Value of Stock Options and Restricted Stock Vested (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Stock Options and Restricted Stock Vested [Abstract] | |||
Stock options | $49 | $60 | $177 |
Restricted stock | $931 | $144 | $57 |
Note_10_Earnings_Loss_Per_Shar2
Note 10 - Earnings (Loss) Per Share (Details) - Computation of Basic and Diluted Loss Earnings Per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) (in Dollars) | $4,183 | $2,717 | $722 | ($1,589) | ($4,636) | ($602) | ($1,398) | ($2,474) | $6,033 | ($9,110) | ($17,671) |
Denominator: | |||||||||||
Denominator for basic earnings (loss) per share – weighted-average shares | 10,374 | 10,357 | 10,346 | 10,339 | 10,323 | 10,322 | 10,293 | 10,305 | 10,356 | 10,323 | 10,310 |
Effect of dilutive securities: | |||||||||||
Employee stock options and restricted stock | 129 | 0 | |||||||||
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions | 10,492 | 10,476 | 10,478 | 10,339 | 10,323 | 10,322 | 10,293 | 10,305 | 10,485 | 10,323 | 10,310 |
Basic earnings (loss) per share (in Dollars per share) | $0.40 | $0.26 | $0.07 | ($0.15) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | $0.58 | ($0.88) | ($1.71) |
Diluted earnings (loss) per share (in Dollars per share) | $0.40 | $0.26 | $0.07 | ($0.15) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | $0.58 | ($0.88) | ($1.71) |
Weighted-average anti-dilutive employee stock options and restricted stock | 3 | 103 | 200 |
Note_13_Quarterly_Results_of_O2
Note 13 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Financial Information (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information [Abstract] | |||||||||||
Operating revenue | $150,072 | $153,618 | $153,298 | $145,489 | $141,417 | $141,822 | $139,738 | $132,027 | $602,477 | $555,005 | $512,428 |
Operating expenses | 141,462 | 148,199 | 149,041 | 146,532 | 146,109 | 142,026 | 140,683 | 134,854 | |||
Operating income (loss) | 8,610 | 5,419 | 4,257 | -1,043 | -4,692 | -204 | -945 | -2,827 | 17,243 | -8,667 | -23,272 |
Other, net | 1,101 | 885 | 2,891 | 1,140 | 2,390 | 356 | 901 | 783 | |||
Income (loss) before income taxes | 7,509 | 4,534 | 1,366 | -2,183 | -7,082 | -560 | -1,846 | -3,610 | 11,226 | -13,098 | -27,260 |
Income tax expense (benefit) | 3,326 | 1,817 | 644 | -594 | -2,446 | 42 | -448 | -1,136 | 5,193 | -3,988 | -9,589 |
Net income (loss) | $4,183 | $2,717 | $722 | ($1,589) | ($4,636) | ($602) | ($1,398) | ($2,474) | $6,033 | ($9,110) | ($17,671) |
Average shares outstanding (basic) (in Shares) | 10,374 | 10,357 | 10,346 | 10,339 | 10,323 | 10,322 | 10,293 | 10,305 | 10,356 | 10,323 | 10,310 |
Basic earnings (loss) per share (in Dollars per share) | $0.40 | $0.26 | $0.07 | ($0.15) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | $0.58 | ($0.88) | ($1.71) |
Average shares outstanding (diluted) (in Shares) | 10,492 | 10,476 | 10,478 | 10,339 | 10,323 | 10,322 | 10,293 | 10,305 | 10,485 | 10,323 | 10,310 |
Diluted earnings (loss) per share (in Dollars per share) | $0.40 | $0.26 | $0.07 | ($0.15) | ($0.45) | ($0.06) | ($0.14) | ($0.24) | $0.58 | ($0.88) | ($1.71) |
Note_14_Revision_of_Prior_Peri2
Note 14 - Revision of Prior Period Results (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Note 14 - Revision of Prior Period Results (Details) [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 34.00% | 34.00% | |||
Income Tax Net Operating Loss Carry Forwards [Member] | ||||||
Note 14 - Revision of Prior Period Results (Details) [Line Items] | ||||||
Impact of Restatement on Opening Retained Earnings, Net of Tax | 1.6 | 1.6 | $1.60 | $1.60 | $1.60 |
Note_14_Revision_of_Prior_Peri3
Note 14 - Revision of Prior Period Results (Details) - Effects of Revisions in Financial Statements (USD $) | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Retained Earnings | $61,082 | |||
Total Stockholders’ Equity | 105,348 | 109,430 | 126,972 | |
Deferred Tax Adjustment, Prior Period [Member] | Scenario, Previously Reported [Member] | ||||
Deferred Income Tax Liability | 35,039 | |||
Retained Earnings | 56,657 | |||
Total Stockholders’ Equity | 100,538 | |||
Deferred Tax Adjustment, Prior Period [Member] | Restatement Adjustment [Member] | ||||
Deferred Income Tax Liability | 1,608 | |||
Retained Earnings | -1,608 | |||
Total Stockholders’ Equity | -1,608 | |||
Deferred Tax Adjustment, Prior Period [Member] | ||||
Deferred Income Tax Liability | 36,647 | |||
Retained Earnings | 55,049 | |||
Total Stockholders’ Equity | 98,930 | |||
Scenario, Previously Reported [Member] | ||||
Total Stockholders’ Equity | $100,538 |
Note_15_Subsequent_Events_Deta
Note 15 - Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Aug. 24, 2012 |
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Minimum Excess Availability, Percentage of Maximum Revolver Amount | 15.00% | |||
Subsequent Event [Member] | Through May 31, 2016 [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Subsequent Event [Member] | Through May 31, 2016 [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Subsequent Event [Member] | Through May 31, 2016 [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Subsequent Event [Member] | Through May 31, 2016 [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Subsequent Event [Member] | After May 31, 2016 [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Subsequent Event [Member] | After May 31, 2016 [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Subsequent Event [Member] | Eligible Investment Grade Accounts Receivable [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 85.00% | |||
Subsequent Event [Member] | Eligible Investment Grade Accounts Receivable [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 90.00% | |||
Subsequent Event [Member] | Eligible Non-investment Grade Accounts Receivable [Member] | Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 85.00% | |||
Subsequent Event [Member] | Eligible Unbilled Accounts Receivable [Member] | Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 85.00% | |||
Subsequent Event [Member] | Eligible Revenue Equipment [Member] | Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 85.00% | |||
Borrowing Base before Additions (in Dollars) | 10 | |||
Subsequent Event [Member] | Newly Acquired Revenue Equipment[Member] | Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Borrowing Based Treshhold, Percentage | 85.00% | |||
Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 170 | |||
Line of Credit Facility, Additional Borrowing Capacity (in Dollars) | 80 | |||
Line of Credit Facility Additional Borrowing Capacity, Incremental Amount (in Dollars) | 20 | |||
Debt Instrument, Term | 5 years | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Write off of Deferred Debt Issuance Cost (in Dollars) | 0.8 | |||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | |||
Minimum Excess Availability, Percentage of Maximum Revolver Amount | 10.00% | |||
Subsequent Event [Member] | Letter of Credit Sub Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 15 | |||
Subsequent Event [Member] | Swing Line Sub Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 20 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Revolving Credit Facility [Member] | ||||
Note 15 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 125 | |||
Line of Credit Facility, Additional Borrowing Capacity (in Dollars) | 50 |