Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | USA TRUCK INC | ||
Entity Central Index Key | 883,945 | ||
Trading Symbol | usak | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,758,733 | ||
Entity Public Float | $ 219,871,807 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash | $ 87,000 | $ 205,000 | |
Accounts receivable, net of allowance for doubtful accounts of $608 and $1,020, respectively | 53,324,000 | 71,186,000 | |
Other receivables | 5,094,000 | 5,604,000 | |
Inventories | 748,000 | 1,863,000 | |
Assets held for sale | 7,979,000 | $ 3,536,000 | |
Income taxes receivable | 6,159,000 | ||
Prepaid expenses and other current assets | 4,876,000 | $ 5,197,000 | |
Total current assets | 78,267,000 | 87,591,000 | |
Property and equipment: | |||
Land and structures | 32,910,000 | 31,596,000 | |
Revenue equipment | 289,045,000 | 348,251,000 | |
Service, office and other equipment | 22,156,000 | 18,812,000 | |
Property and equipment, at cost | 344,111,000 | 398,659,000 | |
Accumulated depreciation and amortization | (137,327,000) | (182,964,000) | |
Property and equipment, net | 206,784,000 | 215,695,000 | |
Other assets | 1,405,000 | 658,000 | |
Total assets | 286,456,000 | 303,944,000 | |
Current liabilities: | |||
Accounts payable | 24,473,000 | 23,582,000 | |
Current portion of insurance and claims accruals | 10,706,000 | 10,230,000 | |
Accrued expenses | 8,836,000 | 8,252,000 | |
Current maturities of long-term debt and capital leases | 12,190,000 | 24,048,000 | |
Total current liabilities | 56,205,000 | 66,112,000 | |
Deferred gain | 701,000 | 589,000 | |
Long-term debt and capital leases, less current maturities | 89,245,000 | 93,464,000 | |
Deferred income taxes | 37,943,000 | 35,064,000 | [1] |
Insurance and claims accruals, less current portion | 8,585,000 | 9,647,000 | |
Total liabilities | $ 192,679,000 | $ 204,876,000 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Preferred Stock, $.01 par value; 1,000,000 shares authorized; none issued | $ 0 | $ 0 | |
Common Stock, $.01 par value; 30,000,000 shares authorized; issued 11,946,253 shares, and 11,873,071 shares, respectively | 119,000 | 119,000 | |
Additional paid-in capital | 67,370,000 | 65,850,000 | |
Retained earnings | 65,871,000 | 54,802,000 | |
Less treasury stock, at cost (2,286,608 shares, and 1,340,438 shares, respectively) | (39,583,000) | (21,703,000) | |
Total stockholders’ equity | 93,777,000 | 99,068,000 | |
Total liabilities and stockholders’ equity | $ 286,456,000 | $ 303,944,000 | |
[1] | In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. The Company has early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset as an offset to the net noncurrent deferred tax liability in its Consolidated Balance Sheet as of December 31, 2014. The reclassification resulted in a $7.7 million decrease in the current deferred income taxes asset and the long-term noncurrent deferred income taxes liability. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 608 | $ 1,020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 11,946,253 | 11,873,071 |
Treasury stock (in shares) | 2,286,608 | 1,340,438 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenue | $ 507,934 | $ 602,477 | $ 555,005 |
Operating expenses: | |||
Salaries, wages and employee benefits | 140,649 | 153,410 | 143,762 |
Fuel and fuel taxes | 58,511 | 116,092 | 135,548 |
Depreciation and amortization | 37,480 | 44,071 | 44,947 |
Insurance and claims | 21,183 | 24,910 | $ 27,253 |
Equipment rents | 4,424 | 3,089 | |
Operations and maintenance | 39,644 | 45,634 | $ 50,928 |
Purchased transportation | 161,370 | 172,117 | 139,091 |
Operating taxes and licenses | 5,720 | 5,589 | 5,406 |
Communications and utilities | 3,599 | 4,062 | 4,117 |
Gain on disposal of assets, net | (7,547) | $ (1,107) | $ (1,648) |
Restructuring Charges | 2,742 | ||
Other | 17,088 | $ 16,957 | $ 15,702 |
Total operating expenses | 484,863 | 584,824 | 565,106 |
Operating income (loss) | 23,071 | 17,653 | (10,101) |
Other expenses (income): | |||
Interest expense, net | $ 2,237 | 3,008 | 3,662 |
Defense costs | $ 2,764 | $ 1,480 | |
Loss on extinguishment of debt | $ 750 | ||
Other, net | 743 | $ 245 | $ (711) |
Total other expenses, net | 3,730 | 6,017 | 4,431 |
Income (loss) before income taxes | 19,341 | 11,636 | (14,532) |
Income tax expense (benefit) | 8,272 | 5,351 | (4,539) |
Net income (loss) and comprehensive income (loss) | $ 11,069 | $ 6,285 | $ (9,993) |
Net earnings (loss) per share: | |||
Average shares outstanding (basic) (in shares) | 10,337 | 10,356 | 10,323 |
Basic earnings (loss) per share (in dollars per share) | $ 1.07 | $ 0.61 | $ (0.97) |
Average shares outstanding (diluted) (in shares) | 10,401 | 10,485 | 10,323 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.06 | $ 0.60 | $ (0.97) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2012 | 11,770,000 | ||||
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2012 | $ 118 | $ 65,259 | $ 58,510 | $ (21,714) | $ 102,173 |
Exercise of stock options | 6 | 6 | |||
Transfer of stock into (out of) treasury stock | 51 | (51) | |||
Stock-based compensation | 216 | 216 | |||
Restricted stock award grant (in shares) | 156,000 | ||||
Restricted stock award grant | $ 1 | (2) | (1) | ||
Forfeited restricted stock (in shares) | (45,000) | ||||
Net share settlement related to restricted stock vesting | (3) | (3) | |||
Net income (loss) | Scenario, Previously Reported [Member] | (9,110) | ||||
Net income (loss) | (9,993) | (9,993) | |||
Balance (in shares) at Dec. 31, 2013 | 11,881,000 | ||||
Balance at Dec. 31, 2013 | $ 119 | 65,527 | 48,517 | (21,765) | 92,398 |
Exercise of stock options | 158 | 158 | |||
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) | (35,000) | ||||
Net share settlement related to restricted stock vesting | (139) | (139) | |||
Net income (loss) | Scenario, Previously Reported [Member] | 6,033 | ||||
Net income (loss) | 6,285 | 6,285 | |||
Balance (in shares) at Dec. 31, 2014 | 11,873,000 | ||||
Balance at Dec. 31, 2014 | $ 119 | 65,850 | 54,802 | (21,703) | 99,068 |
Exercise of stock options (in shares) | 16 | ||||
Net share settlement related to restricted stock vesting (in shares) | (10) | ||||
Exercise of stock options | 168 | 168 | |||
Transfer of stock into (out of) treasury stock | (52) | (17,880) | (17,932) | ||
Stock-based compensation | 1,093 | 1,093 | |||
Restricted stock award grant (in shares) | 141 | ||||
Restricted stock award grant | (1) | ||||
Forfeited restricted stock (in shares) | (84,000) | ||||
Net share settlement related to restricted stock vesting | (410) | (410) | |||
Net income (loss) | 11,069 | 11,069 | |||
Balance (in shares) at Dec. 31, 2015 | 11,946,000 | ||||
Balance at Dec. 31, 2015 | $ 119 | 67,370 | $ 65,871 | $ (39,583) | $ 93,777 |
Exercise of stock options (in shares) | 32 | 37,803 | |||
Net share settlement related to restricted stock vesting (in shares) | (16) | ||||
Excess tax benefit on exercise of stock options | 721 | $ 721 | |||
Forfeited restricted stock | $ (1) | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Payable [Member] | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Purchases of revenue equipment included in accounts payable | $ 1,279 | $ 34 | $ 5 |
Net income (loss) | 11,069 | 6,285 | (9,993) |
Depreciation and amortization | 37,480 | 44,071 | 44,947 |
Provision for doubtful accounts | 127 | 782 | 187 |
Deferred income taxes | 2,876 | 5,279 | (5,325) |
Share-based compensation | 1,093 | $ 366 | $ 216 |
Loss on extinguishment of debt | 750 | ||
Gain on disposal of assets, net | (7,547) | $ (1,107) | $ (1,648) |
Other | 232 | (38) | (250) |
Accounts receivable | 11,540 | (7,531) | (1,752) |
Inventories, prepaid expenses and other current assets | 409 | 892 | 2,537 |
Trade accounts payable and accrued expenses | 1,156 | 1,417 | (3,783) |
Insurance and claims accruals | 1,689 | $ 1,462 | $ 10,757 |
Other long-term assets and liabilities | (749) | ||
Net cash provided by operating activities | 60,125 | $ 51,878 | $ 35,893 |
Purchases of property and equipment | (66,186) | (56,536) | (12,924) |
Proceeds from sale of property and equipment | 38,774 | $ 16,923 | $ 15,757 |
Proceeds from operating sale leaseback | $ 7,975 | ||
Change in other assets, net | $ 20 | $ 38 | |
Net cash (used in) provided by investing activities | $ (19,437) | (39,593) | 2,871 |
Borrowings under long-term debt | 140,738 | 74,168 | 78,478 |
Principal payments on long-term debt | (141,456) | (67,353) | (98,222) |
Principal payments on capitalized lease obligations | (27,121) | (18,073) | (17,230) |
Principal payments on note payable | (896) | (1,494) | (1,715) |
Net change in bank drafts payable | (926) | $ 639 | $ (1,805) |
Excess tax benefit from exercise of stock options | 721 | ||
Proceeds from capital sale leaseback | 6,308 | ||
Purchase of common stock | (17,932) | ||
Net (payments) or proceeds from stock based awards | (242) | $ 19 | $ 2 |
Net cash used in financing activities | (40,806) | (12,094) | (40,492) |
(Decrease) increase in cash and cash equivalents | (118) | 191 | (1,728) |
Beginning of year | 205 | 14 | 1,742 |
End of year | 87 | 205 | 14 |
Interest | 2,084 | 3,359 | 3,802 |
Income taxes | $ 9,808 | 3,003 | 477 |
Liability incurred for notes payable | $ 1,367 | $ 1,387 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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 and subsidiary (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. 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 USA Truck, Inc., 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. 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. 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. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. 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. Allowance for doubtful accounts The allowance for doubtful accounts is management’s estimate of the amount of probable credit losses 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. The Company does not have any off-balance-sheet credit exposure related to its customers. The following table provides a summary of the activity in the allowance for doubtful accounts for 2015, 2014 and 2013 (in thousands): Year Ended December 31, 20 15 2014 2013 Balance at beginning of year $ 1,020 $ 610 $ 423 Provision for doubtful accounts 127 782 187 Uncollectible accounts written off, net of recovery (539 ) (372 ) -- Balance at end of year $ 608 $ 1,020 $ 610 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 and supplies, and are stated at the lower of cost (first-in, first-out basis) or market. Prepaid tires During the third quarter of 2015, the Company changed its accounting policy for tires. Prior to this change, the cost of original and replacement tires mounted on equipment was reported as prepaid tires and amortized based on estimated usage. Under the new policy, the cost of original tires mounted on purchased revenue equipment is capitalized as part of the equipment cost and is depreciated over the useful life of the related equipment. The cost of subsequent replacement tires is expensed at the time those tires are placed in service. Management believes this new policy is preferable under the circumstances because it provides a more precise method for recognizing expenses related to tires consistent with industry practice. For additional information regarding the change in accounting policy for tires, see Note 15, Change in accounting principle. 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 10 years; and service, office and other equipment – 3 to 20 years. Revenue equipment acquired under capital lease is amortized over the lease term. 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 The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. 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 loss and damage, 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 frequency and severity of claims and to variations between its estimated and actual ultimate payouts. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management’s initial assessment due to uncertainties and fact development. Revenue recognition Revenue generated by the Company’s trucking operating segment is recognized in full upon 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. 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. New accounting pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. The Company has early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset as an offset to the net noncurrent deferred tax liability in its Consolidated Balance Sheet as of December 31, 2014. The reclassification resulted in a $7.7 million decrease in the current deferred income taxes asset and the long-term noncurrent deferred income taxes liability. |
Note 2 - Segment Reporting
Note 2 - Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 2. SEGMENT REPORTING The Company’ s two reportable segments are trucking and Strategic Capacity Solutions (“SCS”). Truck ing Strategic Capacity Solutions. In determining its reportable segments, the Company's management focuses on financial information, such as operating revenue, operating expense categories, operating ratios, and operating income, as well as on key operating statistics, to make operating decisions. Revenue equipment assets are not allocated to SCS, because SCS brokers 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 SCS 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, 201 5 2014 2013 Operating revenue: Trucking revenue (1) $ 356,528 $ 424,082 $ 418,601 Trucking intersegment eliminations (2,048 ) (587 ) (486 ) Trucking operating revenue 354,480 423,495 418,115 SCS revenue 158,295 192,924 146,492 SCS intersegment eliminations (4,841 ) (13,942 ) (9,602 ) SCS operating revenue 153,454 178,982 136,890 Total operating revenue $ 507,934 $ 602,477 $ 555,005 (1) Includes foreign revenue of $42.0 million, $57.3 million, and $57.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. All foreign revenue is collected in US Dollars. A summary of operating income (loss) by segment is as follows (in thousands): Year Ended December 31, 201 5 2014 2013 (Recast) (Recast) Operating income (loss): Trucking $ 11,088 $ (3,122 ) $ (19,101 ) SCS 11,983 20,775 9,000 Total operating income (loss) $ 23,071 $ 17,653 $ (10,101 ) A summary of depreciation and amortization by segment is as follows (in thousands): Year Ended December 31, 201 5 2014 2013 (Recast) (Recast) Depreciation and amortization: Trucking $ 37,140 $ 43,889 $ 44,697 SCS 340 182 250 Total depreciation and amortization $ 37,480 $ 44,071 $ 44,947 |
Note 3 - Prepaid and Other Curr
Note 3 - Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 20 15 2014 (Recast) Prepaid licenses, permits and tolls $ 1,542 $ 1,923 Prepaid insurance 2,080 1,166 Other 1,254 2,108 Total prepaid expenses and other current assets $ 4,876 $ 5,197 |
Note 4 - Note Receivable
Note 4 - Note Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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 due November 2015. The purchaser defaulted on the note receivable by not making the principle payment in November 2015, and the Company is undertaking actions to collect. The note receivable is secured by a first priority mortgage on the property. The Company believes based on a recent appraisal the value of the property exceeds the amount of the note receivable plus collection costs. Accordingly, no valuation allowance has been recorded. The Company had previously deferred $0.7 million of gain on the sale of the property, with gain recognized into earnings only as payments on the note receivable were received. During the years ended December 31, 2015, 2014 and 2013, respectively, the Company recognized approximately $6,200, $7,800, and $7,300, respectively, of this gain. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5 . ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): Year Ended December 31, 201 5 2014 Salaries, wages and employee benefits $ 4,359 $ 7,043 Federal and state tax accruals 1,712 186 Restructuring, severance and related charges (1) 773 -- Accrued third party maintenance 525 -- Other 1,467 1,023 Total accrued expenses $ 8,836 $ 8,252 (1) Refer to note 14 of the footnotes to the Company’s consolidated financial statements for additional information regarding the restructuring, severance and related charges. |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 6. LONG-TERM DEBT Long-term debt consisted of the following (in thousands): Year Ended December 31, 201 5 2014 Revolving credit agreement $ 70,400 $ 71,000 Other -- 896 Total debt 70,400 71,896 Less current maturities -- (896 ) Long-term debt, less current maturities $ 70,400 $ 71,000 Credit f acility 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 recognized a charge in the first quarter of 2015 of $0.8 million resulting from the replacement of its previous credit facility representing the write-off of unamortized deferred financing fees. 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. The Company had $0.9 million of overnight borrowings under the Credit Facility as of December 31, 2015. The average interest rate including all borrowings made under the Credit Facility as of December 31, 2015 was 1.91%. As debt is repriced on a monthly basis, the borrowings under the Credit Facility approximate fair value. As of December 31, 2015, the Company had outstanding $4.3 million in letters of credit and had approximately $90.8 million available under the Credit Facility. |
Note 7 - Leases and Commitments
Note 7 - Leases and Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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. Capitalized Costs Accumulated Amortization Net Book Value December 31, 2015 $ 45,170 $ 12,896 $ 32,274 December 31, 2014 75,188 27,770 47,418 The Company has capitalized lease obligations relating to revenue equipment of $31.0 million, of which $12.2 million represents the current portion. Such leases have various termination dates extending through September 2020 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from 1.68% to 3.11% as of December 31, 2015. The lease agreements require payment of property taxes, maintenance and operating expenses. Amortization of capital leases was $8.3 million, $12.7 million, and $12.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. During 2015, the Company completed sale-leaseback transactions under which it sold certain owned tractors to an unrelated party for net proceeds of $6.3 million and entered into a 48-month capital lease agreement with the buyer. As of December 31, 2015, the Company had recorded a liability of approximately $0.4 million representing the gain on the sale and will amortize such amount to earnings ratably over the lease term. The deferred gain is included in the deferred gain line item on the accompanying consolidated balance sheet. Operating leases Operating lease payments are set forth in the table below for the periods indicated (in thousands). Year Ended December 31, 201 5 2014 2013 Equipment rents $ 4,424 $ 3,089 $ -- Building and office rents (1) 2,297 2,225 2,778 Total rents $ 6,721 $ 5,314 $ 2,778 (1) A portion of the expense for building and office rents is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive income (loss). As of December 31, 2015, the Company has entered into leases with lessors who did not participate in the credit facility. Currently, such leases do not contain cross-default provisions with the credit facility. In August 2015, the Company completed two sale-leaseback transactions under which it sold certain owned tractors to an unrelated party for net proceeds of $8.0 million and entered into two operating leases with terms of 58 and 59 months, respectively, with the buyer. During 2015, the Company recorded a liability of approximately $0.3 million representing the gain on the sale and will amortize such amount to earnings ratably over the lease term. The deferred gain is included on the deferred gain line item in the accompanying consolidated balance sheet. As of December 31, 2015, the future minimum payments including interest under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated (in thousands). 2016 2017 2018 2019 2020 Thereafter Future minimum payments $ 12,800 $ 8,182 $ 3,977 $ 7,156 $ -- $ -- Future rentals under operating leases 8,700 8,572 8,251 5,133 3,179 2,068 Other commitments As of December 31, 2015, the Company had commitments outstanding to acquire revenue equipment in the approximate amount of $34.1 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 all commitments outstanding as of December 31, 2015. |
Note 8 - Federal and State Inco
Note 8 - Federal and State Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015 2014 Deferred tax assets: Accrued expenses not deductible until paid $ 7,438 $ 7,805 Equity incentive plan 316 184 Revenue recognition 235 332 Allowance for doubtful accounts 232 391 Net operating loss carry forwards 157 3,318 Capital leases 21 70 Federal credits -- 1,556 Other 335 822 Total deferred tax assets $ 8,734 $ 14,478 Deferred tax liabilities: Tax over book depreciation (44,805 ) (47,496 ) Prepaid expenses deductible when paid (1,872 ) (2,046 ) Total deferred tax liabilities (46,677 ) (49,542 ) Net deferred tax liabilities $ (37,943 ) $ (35,064 ) The Company also has certain state NOL carryovers that expire in varying years through 2033. 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, 201 5 2014 2013 (Recast) (Recast) Current: Federal $ 4,526 $ (129 ) $ 786 State 870 201 -- Total current 5,396 72 786 Deferred: Federal 2,985 5,383 (4,569 ) State (109 ) (104 ) (756 ) Total deferred 2,876 5,279 (5,325 ) Total income tax expense (benefit) $ 8,272 $ 5,351 $ (4,539 ) A reconciliation between the effective income tax rate and the statutory federal income tax rate (35% for 2015 35% for 2014 and 34% for 2013) is as follows (dollar amounts in thousands): Year Ended December 31, 20 15 2014 2013 (Recast) (Recast) Income tax expense (benefit) at statutory federal rate $ 6,790 $ 4,073 $ (4,941 ) Federal income tax effects of: State income tax (benefit) expense (289 ) (34 ) 265 Per diem and other nondeductible meals and entertainment 702 872 875 Other 306 343 18 Federal income tax expense (benefit) 7,509 5,254 (3,783 ) State income tax expense (benefit) 763 97 (756 ) Total income tax expense (benefit) $ 8,272 $ 5,351 $ (4,539 ) Effective tax rate 42.8 % 46.0 % 31.2 % 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 pretax 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 an
Note 9 - Equity Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015, 364,235 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, 201 5 2014 2013 Stock options $ 147 $ 31 $ 54 Restricted stock awards 946 335 162 Equity compensation expense $ 1,093 $ 366 $ 216 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. While the Company did not grant any new stock options in 2015 or 2014, there was a modification to an existing stock option award in 2015 that resulted in a deemed new award being granted. See Note 14, Restructuring, severance and related charges for further discussion of equity items. The following assumptions were used to value the stock options granted or deemed to have been granted during the years indicated: Year Ended December 31, 2015 2014 2013 Dividend yield 0 % -- 0 % Expected volatility 62.9 % -- 35.6 % Risk-free interest rate 0.1 % -- 1.2 % Expected life (in years) 0.5 -- 6.25 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 (in years) Aggregate Intrinsic Value (in thousands) (1) Options outstanding - beginning of year 64,636 $ 6.60 Granted (2) 10,727 4.83 Exercised (37,803 ) 7.50 $ 714 Cancelled/forfeited (21,456 ) 4.83 Expired (494 ) 13.97 Outstanding at December 31, 2015 (3) 15,610 $ 5.40 5.35 $ 188 Exercisable at December 31, 2015 15,610 $ 5.40 5.35 $ 188 (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, 2015, was $17.45. (2) The weighted-average grant date fair value of options granted during 2015, 2014, and 2013 was 15.17, nil, and $1.75, respectively. (3) The exercise prices of outstanding options granted range from $2.88 to $18.58 as of December 31, 2015. As of December 31, 2015, all outstanding stock options were fully vested and expensed. 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, 2015, is as follows: Number of Shares Weighted-Average Grant Date Fair Value (1) Nonvested shares – December 31, 2014 124,844 $ 8.51 Granted 159,614 24.95 Forfeited (98,847 ) 16.60 Vested (70,294 ) 13.07 Nonvested shares – December 31, 2015 115,317 $ 21.55 (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 periods indicated (in thousands). Year Ended December 31, 2015 2014 2013 Stock options $ 193 $ 49 $ 60 Restricted stock 1,767 931 144 As of December 31, 2015, approximately $1.9 million of unrecognized compensation cost related to nonvested restricted stock awards is expected to be recognized over a weighted-average period of 2.9 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. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 0. 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, Numerator: 2015 2014 2013 (Recast) (Recast) Net income (loss) $ 11,069 $ 6,285 $ (9,993 ) Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 10,337 10,356 10,323 Effect of dilutive securities: Employee stock options and restricted stock 64 129 -- Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 10,401 $ 10,485 $ 10,323 Basic earnings (loss) per share $ 1.07 $ 0.61 $ (0.97 ) Diluted earnings (loss) per share $ 1.06 $ 0.60 $ (0.97 ) Weighted-average anti-dilutive employee stock options and restricted stock 62 3 103 |
Note 11 - Repurchase of Equity
Note 11 - Repurchase of Equity Securities | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE 1 1. REPURCHASE OF EQUITY SECURITIES In July 2015, the Company’s board of directors authorized the repurchase of up to one million shares of the Company’s common stock over a three-year period ending July 28, 2018. During 2015, the Company, through a Rule 10b5-1 plan, repurchased a total of 953,738 shares at a weighted average price of $18.80 per share for an aggregate cost of approximately $17.9 million. As of January 8, 2016, the Company had repurchased the full million shares of common stock included in this repurchase authorization. In January 2016, the Company’s board of directors authorized the repurchase of up to an additional two million shares of the Company’s common stock. This authorization will expire in February 2019 unless earlier terminated or extended by the board of directors. Share repurchases, if any, will be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The specific number of shares the Company ultimately repurchases, and the actual timing and amount of share repurchases, will depend on market conditions and other factors, as well as the applicable requirements of federal securities law. In addition, the stock repurchase program may be suspended, extended or terminated by the Company at any time without prior notice, and the Company is not obligated to purchase a specific number of shares. |
Note 12 - Litigation
Note 12 - Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 12. 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. Though it is the opinion of management that these claims are immaterial to the Company’s long-term financial position, adverse results of one or more of these claims could have a material adverse effect on the Company’s consolidated financial statements in any given reporting period. |
Note 13 - Quarterly Results of
Note 13 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 13. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The tables below present quarterly financial information for 2015 and 2014 (in thousands, except per share amounts): 2015 March 31, June 30, September 30, December 31, (Recast) (Recast) Operating revenue $ 132,887 $ 133,573 $ 123,490 $ 117,984 Operating expenses 128,361 127,759 118,031 110,712 Operating income 4,526 5,814 5,459 7,272 Other, net 1,582 919 571 658 Income before income taxes 2,944 4,895 4,888 6,614 Income tax expense 1,309 2,125 2,161 2,677 Net income $ 1,635 $ 2,770 $ 2,727 $ 3,937 Average shares outstanding (basic) 10,395 10,435 10,442 10,033 Basic earnings per share $ 0.16 $ 0.27 $ 0.26 $ 0.39 Average shares outstanding (diluted) 10,516 10,516 10,470 10,059 Diluted earnings per share $ 0.16 $ 0.26 $ 0.26 $ 0.39 2014 March 31, June 30, September 30, December 31, (Recast) Operating revenue $ 145,489 $ 153,298 $ 153,618 $ 150,072 Operating expenses 146,541 149,691 146,106 142,486 Operating income (loss) (1,052 ) 3,607 7,512 7,586 Other, net 1,140 2,891 885 1,101 Income (loss) before income taxes (2,192 ) 716 6,627 6,485 Income tax expense (benefit) (597 ) 394 2,621 2,933 Net income (loss) $ (1,595 ) $ 322 $ 4,006 $ 3,552 Average shares outstanding (basic) 10,339 10,346 10,357 10,374 Basic earnings (loss) per share $ (0.15 ) $ 0.03 $ 0.39 $ 0.34 Average shares outstanding (diluted) 10,339 10,478 10,476 10,492 Diluted earnings (loss) per share $ (0.15 ) $ 0.03 $ 0.38 $ 0.34 |
Note 14 - Restructuring, Severa
Note 14 - Restructuring, Severance and Related Charges | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 1 4. RESTRUCTURING, SEVERANCE AND RELATED CHARGES During 2015, the Company recognized approximately $2.7 million (pretax) in restructuring, severance and related charges relating to the termination of employment of certain executives and the planned closure of two maintenance facilities. During 2015, the Company took steps to streamline and simplify its operations to better align the Company's cost structure and better serve its customers. In the Company's trucking segment, the Company announced a plan to close its maintenance facilities in Denton, Texas and Carlisle, Pennsylvania during the third quarter of 2015. Additionally, the Company has outsourced its road assistance function to a third party. These initiatives are expected to improve operating productivity and enhance capacity utilization. These initiatives impacted a total headcount of 50 team members. Team members separated from the Company as a result of these streamlining initiatives were offered severance. The expenses recorded during the year ended December 31, 2015, included costs related to severance; contract termination; communication and administration of these initiatives; and asset write-offs. In July 2015, the Company entered into a separation agreement (the “Separation Agreement”) with Mr. John M. Simone regarding the conclusion of Mr. Simone’s tenure as the Company’s President, Chief Executive Officer, and Director. Pursuant to the Separation Agreement: (i) Mr. Simone's separation was effective July 7, 2015 (the "Separation Date"), (ii) Mr. Simone will receive severance pay equal to his base salary as of the Separation Date ($460,000 per year) for a period of twelve months following the Separation Date, (iii) Mr. Simone will receive a bonus of $230,000 under the Company's 2015 Management Bonus Plan, payable at the time and on the same basis as paid to recipients still employed by the Company, (iv) the Company will pay the actual amount of Mr. Simone's COBRA continuation payments for a period of eighteen months following the Separation Date, (v) Mr. Simone was compensated for his vacation time and paid time off accrued but not used through the Separation Date, (vi) Mr. Simone was reimbursed for certain expenses associated with the conclusion of his employment with the Company, and (vii) the following outstanding equity awards held by Mr. Simone will vest as of the Separation Date: (a) 18,750 shares of restricted stock of the Company scheduled to vest on February 18, 2016 and (b) 10,727 nonqualified stock options of the Company scheduled to vest on February 18, 2016. During 2015, the Company recognized severance costs associated with Mr. Simone’s departure of approximately $1.3 million, which were recorded in the line item “Restructuring, severance and related charges” in the Company’s consolidated statements of operations and comprehensive income (loss). The following table summarizes the Company’s restructuring liability and cash payments made related to the restructuring plan as of December 31, 2015 (in thousands): Costs Incurred Payments Non-cash Expenses Accrued Balance Severance pay and benefits $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 |
Note 15 - Change in Accounting
Note 15 - Change in Accounting Principle | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accounting Changes [Text Block] | NOTE 15. CHANGE IN ACCOUNTING PRINCIPLE During the third quarter of 2015, the Company changed its accounting policy for tires. Prior to this change, the cost of original and replacement tires mounted on equipment was reported as prepaid tires and amortized based on estimated usage. Under the new policy, the cost of original tires mounted on purchased revenue equipment is capitalized as part of the total equipment cost and is depreciated over the useful life of the related equipment. The cost of subsequent replacement tires is expensed at the time those tires are placed in service. Management believes this new policy is preferable under the circumstances because it provides a more precise method for recognizing expenses related to tires consistent with industry practice. Comparative financial statements for all prior periods have been recast to apply the new policy retrospectively, and are reflected under columns marked “Recast”. The following tables present the line items on the statements of operations, balance sheets and statements of cash flows that were impacted by the accounting change for the periods indicated (dollars in thousands, except per share data). Balance Sheet As Originally Reported Effect of Change As Adjusted December 31, 2014: Prepaid expenses and other current assets $ 17,318 $ (12,121 ) $ 5,197 Service, office and other equipment 16,648 2,164 18,812 Accumulated depreciation and amortization (182,724 ) (240 ) (182,964 ) Deferred income taxes (1) 38,981 (3,917 ) 35,064 Retained earnings 61,081 (6,279 ) 54,802 December 31, 2013: Prepaid expenses and other current assets $ 16,064 $ (10,607 ) $ 5,457 Deferred income taxes 36,647 (4,073 ) 32,574 Retained earnings 55,049 (6,533 ) 48,516 Statement of Cash Flows As Originally Reported Effect of Change As Adjusted December 31, 2014: Net income $ 6,033 $ 252 $ 6,285 Depreciation and amortization 43,830 241 44,071 Deferred income taxes 5,121 158 5,279 Inventories, prepaid expenses and other current assets (621 ) 1,513 892 Purchases of property and equipment (54,372 ) (2,164 ) (56,536 ) December 31, 2013: Net income $ (9,110 ) $ (883 ) $ (9,993 ) Deferred income taxes (4,774 ) (551 ) (5,325 ) Inventories, prepaid expenses and other current assets 1,103 1,434 2,537 Statement of Operations As Originally Reported Effect of Change As Adjusted December 31, 2014: Operations and maintenance $ 46,285 $ (651 ) $ 45,634 Depreciation and amortization 43,830 241 44,071 Operating income 17,243 410 17,653 Income before income taxes 11,226 410 11,636 Income tax expense 5,193 158 5,351 Net income $ 6,033 $ 252 $ 6,285 Average shares outstanding (basic) 10,356 -- 10,356 Basic earnings per share $ 0.58 $ 0.03 $ 0.61 Average shares outstanding (diluted) 10,485 -- 10,485 Basic earnings per share $ 0.58 $ 0.02 $ 0.60 December 31, 2013: Operations and maintenance $ 49,494 $ 1,434 $ 50,928 Operating loss (8,667 ) (1,434 ) (10,101 ) Loss before income taxes (13,098 ) (1,434 ) (14,532 ) Income tax benefit (3,988 ) (551 ) (4,539 ) Net loss $ (9,110 ) $ (883 ) $ (9,993 ) Average shares outstanding (basic) 10,323 -- 10,323 Basic loss per share $ (0.88 ) $ (0.09 ) $ (0.97 ) Average shares outstanding (diluted) 10,323 -- 10,323 Basic loss per share $ (0.88 ) $ (0.09 ) $ (0.97 ) (1) In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. The Company has early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset as an offset to the net noncurrent deferred tax liability in its Consolidated Balance Sheet as of December 31, 2014. The reclassification resulted in a $7.7 million decrease in the current deferred income taxes asset and the long-term noncurrent deferred income taxes liability. Under ASC 205-45-5, “Accounting Changes and Error Corrections,” the Company is required to report a change in accounting principle by retrospectively applying the new principle to all prior periods presented, unless it is impractical to determine the prior-period effect. Accordingly, the Company has adjusted previously reported financial information for all periods presented. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16. SUBSEQUENT EVENTS On January 13, 2016, the Company’s board of directors announced the appointment of John R. (“Randy”) Rogers as President and Chief Executive Officer of the Company and the appointment of Mr. Rogers to the board of directors as a Class II director with a term expiring in 2018, effective January 14, 2016. Thomas M. Glaser will continue to serve on the Company’s board of directors and was appointed Vice Chairman, effective January 14, 2016. On February 8, 2016, Michael R. Weindel’s employment as Executive Vice President, Strategic Capacity Solutions (“SCS”) terminated. The Company appointed James Craig as President – SCS effective February 15, 2016. 57 Table Of Contents Effective February 16, 2016, USA Truck, Inc., and the Debtor modified the asset sale agreement (hereinafter referred to as the “Original Agreement”) for the former USA Truck terminal facility in Shreveport, Louisiana, as a result of default by the Debtor in November 2015. See Note 4, Note receivable for details of the default and the collateral. The modifications to the Original Agreement are as follows: (1) As of January 1, 2016, the Debtor will no longer make monthly payments to USA Truck, Inc., as required under the Original Agreement. (2) The Debtor agrees that in addition to the balloon payment of $1.9 million, USA Truck shall be entitled to receive 25% of the net sale proceeds from any future sale (including foreclosure sale) of the property in excess of the balloon payment, closing costs, and realtor commissions. (3) At any time, USA Truck retains the right to enforce its rights as creditor, mortgagee, and holder of vendor’s privilege and declare the unpaid portion of the purchase price, interest, costs, and attorneys’ fees immediately due and payable. USA Truck’s rights include instituting foreclosure proceedings and/or other legal action. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of business USA Truck, Inc., a Delaware corporation and subsidiary (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. 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 USA Truck, Inc., 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. 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. |
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. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors which management believes to be reasonable under the circumstances. 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] | Allowance for doubtful accounts The allowance for doubtful accounts is management’s estimate of the amount of probable credit losses 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. The Company does not have any off-balance-sheet credit exposure related to its customers. The following table provides a summary of the activity in the allowance for doubtful accounts for 2015, 2014 and 2013 (in thousands): Year Ended December 31, 20 15 2014 2013 Balance at beginning of year $ 1,020 $ 610 $ 423 Provision for doubtful accounts 127 782 187 Uncollectible accounts written off, net of recovery (539 ) (372 ) -- Balance at end of year $ 608 $ 1,020 $ 610 |
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 and supplies, and are stated at the lower of cost (first-in, first-out basis) or market. |
Prepaid Tires, Policy [Policy Text Block] | Prepaid tires During the third quarter of 2015, the Company changed its accounting policy for tires. Prior to this change, the cost of original and replacement tires mounted on equipment was reported as prepaid tires and amortized based on estimated usage. Under the new policy, the cost of original tires mounted on purchased revenue equipment is capitalized as part of the equipment cost and is depreciated over the useful life of the related equipment. The cost of subsequent replacement tires is expensed at the time those tires are placed in service. Management believes this new policy is preferable under the circumstances because it provides a more precise method for recognizing expenses related to tires consistent with industry practice. For additional information regarding the change in accounting policy for tires, see Note 15, Change in accounting principle. |
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 10 years; and service, office and other equipment – 3 to 20 years. Revenue equipment acquired under capital lease is amortized over the lease term. 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 The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax basis of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company has analyzed filing positions in its federal and applicable state tax returns in all open tax years. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. The Company analyzes its tax positions on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, it recognizes the amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. 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 loss and damage, 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 frequency and severity of claims and to variations between its estimated and actual ultimate payouts. Estimates require judgments concerning the nature and severity of the claim, as well as other factors. Actual settlement of the self-insured claim liabilities could differ from management’s initial assessment due to uncertainties and fact development. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Revenue generated by the Company’s trucking operating segment is recognized in full upon 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. 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. |
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 In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. The Company has early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset as an offset to the net noncurrent deferred tax liability in its Consolidated Balance Sheet as of December 31, 2014. The reclassification resulted in a $7.7 million decrease in the current deferred income taxes asset and the long-term noncurrent deferred income taxes liability. |
Note 1 - Description of Busin24
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Year Ended December 31, 20 15 2014 2013 Balance at beginning of year $ 1,020 $ 610 $ 423 Provision for doubtful accounts 127 782 187 Uncollectible accounts written off, net of recovery (539 ) (372 ) -- Balance at end of year $ 608 $ 1,020 $ 610 |
Note 2 - Segment Reporting (Tab
Note 2 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 201 5 2014 2013 Operating revenue: Trucking revenue (1) $ 356,528 $ 424,082 $ 418,601 Trucking intersegment eliminations (2,048 ) (587 ) (486 ) Trucking operating revenue 354,480 423,495 418,115 SCS revenue 158,295 192,924 146,492 SCS intersegment eliminations (4,841 ) (13,942 ) (9,602 ) SCS operating revenue 153,454 178,982 136,890 Total operating revenue $ 507,934 $ 602,477 $ 555,005 Year Ended December 31, 201 5 2014 2013 (Recast) (Recast) Operating income (loss): Trucking $ 11,088 $ (3,122 ) $ (19,101 ) SCS 11,983 20,775 9,000 Total operating income (loss) $ 23,071 $ 17,653 $ (10,101 ) Year Ended December 31, 201 5 2014 2013 (Recast) (Recast) Depreciation and amortization: Trucking $ 37,140 $ 43,889 $ 44,697 SCS 340 182 250 Total depreciation and amortization $ 37,480 $ 44,071 $ 44,947 |
Note 3 - Prepaid and Other Cu26
Note 3 - Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | Year Ended December 31, 20 15 2014 (Recast) Prepaid licenses, permits and tolls $ 1,542 $ 1,923 Prepaid insurance 2,080 1,166 Other 1,254 2,108 Total prepaid expenses and other current assets $ 4,876 $ 5,197 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Year Ended December 31, 201 5 2014 Salaries, wages and employee benefits $ 4,359 $ 7,043 Federal and state tax accruals 1,712 186 Restructuring, severance and related charges (1) 773 -- Accrued third party maintenance 525 -- Other 1,467 1,023 Total accrued expenses $ 8,836 $ 8,252 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Year Ended December 31, 201 5 2014 Revolving credit agreement $ 70,400 $ 71,000 Other -- 896 Total debt 70,400 71,896 Less current maturities -- (896 ) Long-term debt, less current maturities $ 70,400 $ 71,000 |
Note 7 - Leases and Commitmen29
Note 7 - Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Capital Leased Assets [Table Text Block] | Capitalized Costs Accumulated Amortization Net Book Value December 31, 2015 $ 45,170 $ 12,896 $ 32,274 December 31, 2014 75,188 27,770 47,418 |
Operating Leases of Lessee Disclosure [Table Text Block] | Year Ended December 31, 201 5 2014 2013 Equipment rents $ 4,424 $ 3,089 $ -- Building and office rents (1) 2,297 2,225 2,778 Total rents $ 6,721 $ 5,314 $ 2,778 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | 2016 2017 2018 2019 2020 Thereafter Future minimum payments $ 12,800 $ 8,182 $ 3,977 $ 7,156 $ -- $ -- Future rentals under operating leases 8,700 8,572 8,251 5,133 3,179 2,068 |
Note 8 - Federal and State In30
Note 8 - Federal and State Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended December 31, 2015 2014 Deferred tax assets: Accrued expenses not deductible until paid $ 7,438 $ 7,805 Equity incentive plan 316 184 Revenue recognition 235 332 Allowance for doubtful accounts 232 391 Net operating loss carry forwards 157 3,318 Capital leases 21 70 Federal credits -- 1,556 Other 335 822 Total deferred tax assets $ 8,734 $ 14,478 Deferred tax liabilities: Tax over book depreciation (44,805 ) (47,496 ) Prepaid expenses deductible when paid (1,872 ) (2,046 ) Total deferred tax liabilities (46,677 ) (49,542 ) Net deferred tax liabilities $ (37,943 ) $ (35,064 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 201 5 2014 2013 (Recast) (Recast) Current: Federal $ 4,526 $ (129 ) $ 786 State 870 201 -- Total current 5,396 72 786 Deferred: Federal 2,985 5,383 (4,569 ) State (109 ) (104 ) (756 ) Total deferred 2,876 5,279 (5,325 ) Total income tax expense (benefit) $ 8,272 $ 5,351 $ (4,539 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 20 15 2014 2013 (Recast) (Recast) Income tax expense (benefit) at statutory federal rate $ 6,790 $ 4,073 $ (4,941 ) Federal income tax effects of: State income tax (benefit) expense (289 ) (34 ) 265 Per diem and other nondeductible meals and entertainment 702 872 875 Other 306 343 18 Federal income tax expense (benefit) 7,509 5,254 (3,783 ) State income tax expense (benefit) 763 97 (756 ) Total income tax expense (benefit) $ 8,272 $ 5,351 $ (4,539 ) Effective tax rate 42.8 % 46.0 % 31.2 % |
Note 9 - Equity Compensation 31
Note 9 - Equity Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 201 5 2014 2013 Stock options $ 147 $ 31 $ 54 Restricted stock awards 946 335 162 Equity compensation expense $ 1,093 $ 366 $ 216 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2015 2014 2013 Dividend yield 0 % -- 0 % Expected volatility 62.9 % -- 35.6 % Risk-free interest rate 0.1 % -- 1.2 % Expected life (in years) 0.5 -- 6.25 |
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 (in years) Aggregate Intrinsic Value (in thousands) (1) Options outstanding - beginning of year 64,636 $ 6.60 Granted (2) 10,727 4.83 Exercised (37,803 ) 7.50 $ 714 Cancelled/forfeited (21,456 ) 4.83 Expired (494 ) 13.97 Outstanding at December 31, 2015 (3) 15,610 $ 5.40 5.35 $ 188 Exercisable at December 31, 2015 15,610 $ 5.40 5.35 $ 188 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted-Average Grant Date Fair Value (1) Nonvested shares – December 31, 2014 124,844 $ 8.51 Granted 159,614 24.95 Forfeited (98,847 ) 16.60 Vested (70,294 ) 13.07 Nonvested shares – December 31, 2015 115,317 $ 21.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year Ended December 31, 2015 2014 2013 Stock options $ 193 $ 49 $ 60 Restricted stock 1,767 931 144 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, Numerator: 2015 2014 2013 (Recast) (Recast) Net income (loss) $ 11,069 $ 6,285 $ (9,993 ) Denominator: Denominator for basic earnings (loss) per share – weighted-average shares 10,337 10,356 10,323 Effect of dilutive securities: Employee stock options and restricted stock 64 129 -- Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions $ 10,401 $ 10,485 $ 10,323 Basic earnings (loss) per share $ 1.07 $ 0.61 $ (0.97 ) Diluted earnings (loss) per share $ 1.06 $ 0.60 $ (0.97 ) Weighted-average anti-dilutive employee stock options and restricted stock 62 3 103 |
Note 13 - Quarterly Results o33
Note 13 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Quarterly Financial Information [Table Text Block] | 2015 March 31, June 30, September 30, December 31, (Recast) (Recast) Operating revenue $ 132,887 $ 133,573 $ 123,490 $ 117,984 Operating expenses 128,361 127,759 118,031 110,712 Operating income 4,526 5,814 5,459 7,272 Other, net 1,582 919 571 658 Income before income taxes 2,944 4,895 4,888 6,614 Income tax expense 1,309 2,125 2,161 2,677 Net income $ 1,635 $ 2,770 $ 2,727 $ 3,937 Average shares outstanding (basic) 10,395 10,435 10,442 10,033 Basic earnings per share $ 0.16 $ 0.27 $ 0.26 $ 0.39 Average shares outstanding (diluted) 10,516 10,516 10,470 10,059 Diluted earnings per share $ 0.16 $ 0.26 $ 0.26 $ 0.39 2014 March 31, June 30, September 30, December 31, (Recast) Operating revenue $ 145,489 $ 153,298 $ 153,618 $ 150,072 Operating expenses 146,541 149,691 146,106 142,486 Operating income (loss) (1,052 ) 3,607 7,512 7,586 Other, net 1,140 2,891 885 1,101 Income (loss) before income taxes (2,192 ) 716 6,627 6,485 Income tax expense (benefit) (597 ) 394 2,621 2,933 Net income (loss) $ (1,595 ) $ 322 $ 4,006 $ 3,552 Average shares outstanding (basic) 10,339 10,346 10,357 10,374 Basic earnings (loss) per share $ (0.15 ) $ 0.03 $ 0.39 $ 0.34 Average shares outstanding (diluted) 10,339 10,478 10,476 10,492 Diluted earnings (loss) per share $ (0.15 ) $ 0.03 $ 0.38 $ 0.34 |
Note 14 - Restructuring, Seve34
Note 14 - Restructuring, Severance and Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Costs Incurred Payments Non-cash Expenses Accrued Balance Severance pay and benefits $ 2,160 $ (869 ) $ (538 ) $ 753 Facility closing expenses 582 (562 ) -- 20 Total $ 2,742 $ (1,431 ) $ (538 ) $ 773 |
Note 15 - Change in Accountin35
Note 15 - Change in Accounting Principle (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Statement of Operations [Member] | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Statement of Operations As Originally Reported Effect of Change As Adjusted December 31, 2014: Operations and maintenance $ 46,285 $ (651 ) $ 45,634 Depreciation and amortization 43,830 241 44,071 Operating income 17,243 410 17,653 Income before income taxes 11,226 410 11,636 Income tax expense 5,193 158 5,351 Net income $ 6,033 $ 252 $ 6,285 Average shares outstanding (basic) 10,356 -- 10,356 Basic earnings per share $ 0.58 $ 0.03 $ 0.61 Average shares outstanding (diluted) 10,485 -- 10,485 Basic earnings per share $ 0.58 $ 0.02 $ 0.60 December 31, 2013: Operations and maintenance $ 49,494 $ 1,434 $ 50,928 Operating loss (8,667 ) (1,434 ) (10,101 ) Loss before income taxes (13,098 ) (1,434 ) (14,532 ) Income tax benefit (3,988 ) (551 ) (4,539 ) Net loss $ (9,110 ) $ (883 ) $ (9,993 ) Average shares outstanding (basic) 10,323 -- 10,323 Basic loss per share $ (0.88 ) $ (0.09 ) $ (0.97 ) Average shares outstanding (diluted) 10,323 -- 10,323 Basic loss per share $ (0.88 ) $ (0.09 ) $ (0.97 ) |
Cash Flow [Member] | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Statement of Cash Flows As Originally Reported Effect of Change As Adjusted December 31, 2014: Net income $ 6,033 $ 252 $ 6,285 Depreciation and amortization 43,830 241 44,071 Deferred income taxes 5,121 158 5,279 Inventories, prepaid expenses and other current assets (621 ) 1,513 892 Purchases of property and equipment (54,372 ) (2,164 ) (56,536 ) December 31, 2013: Net income $ (9,110 ) $ (883 ) $ (9,993 ) Deferred income taxes (4,774 ) (551 ) (5,325 ) Inventories, prepaid expenses and other current assets 1,103 1,434 2,537 |
Balance Sheet [Member] | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Balance Sheet As Originally Reported Effect of Change As Adjusted December 31, 2014: Prepaid expenses and other current assets $ 17,318 $ (12,121 ) $ 5,197 Service, office and other equipment 16,648 2,164 18,812 Accumulated depreciation and amortization (182,724 ) (240 ) (182,964 ) Deferred income taxes (1) 38,981 (3,917 ) 35,064 Retained earnings 61,081 (6,279 ) 54,802 December 31, 2013: Prepaid expenses and other current assets $ 16,064 $ (10,607 ) $ 5,457 Deferred income taxes 36,647 (4,073 ) 32,574 Retained earnings 55,049 (6,533 ) 48,516 |
Note 1 - Description of Busin36
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 39 years 182 days |
Transportation Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 4 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Reclassification of Deferred Tax Assets from Current to Noncurrent [Member] | December 31, 2014 [Member] | |
Prior Period Reclassification Adjustment | $ 7.7 |
Note 1 - Summary of Allowance o
Note 1 - Summary of Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance | $ 1,020 | $ 610 | $ 423 |
Provision for doubtful accounts | 127 | 782 | $ 187 |
Uncollectible accounts written off, net of recovery | (539) | (372) | |
Balance | $ 608 | $ 1,020 | $ 610 |
Note 2 - Segment Reporting (Det
Note 2 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Trucking [Member] | Foreign Countries [Member] | Operating Segments [Member] | ||||||||||||
Revenues | $ 42,000 | $ 57,300 | $ 57,100 | |||||||||
Trucking [Member] | Operating Segments [Member] | ||||||||||||
Revenues | [1] | 356,528 | 424,082 | 418,601 | ||||||||
Trucking [Member] | ||||||||||||
Revenues | $ 354,480 | 423,495 | 418,115 | |||||||||
Number of Reportable Segments | 2 | |||||||||||
Revenues | $ 117,984 | $ 123,490 | $ 133,573 | $ 132,887 | $ 150,072 | $ 153,618 | $ 153,298 | $ 145,489 | $ 507,934 | $ 602,477 | $ 555,005 | |
[1] | Includes foreign revenue of $42.0 million, $57.3 million, and $57.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. All foreign revenue is collected in US Dollars. |
Note 2 - Schedule of Segment Re
Note 2 - Schedule of Segment Reporting, by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Operating Segments [Member] | Trucking [Member] | ||||
Revenues | [1] | $ 356,528 | $ 424,082 | $ 418,601 |
Operating income (loss) | 11,088 | (3,122) | (19,101) | |
Depreciation and amortization | 37,140 | 43,889 | 44,697 | |
Operating Segments [Member] | S C S [Member] | ||||
Revenues | 158,295 | 192,924 | 146,492 | |
Operating income (loss) | 11,983 | 20,775 | 9,000 | |
Depreciation and amortization | 340 | 182 | 250 | |
Intersegment Eliminations [Member] | Trucking [Member] | ||||
Revenues | (2,048) | (587) | (486) | |
Intersegment Eliminations [Member] | S C S [Member] | ||||
Revenues | (4,841) | (13,942) | (9,602) | |
Trucking [Member] | ||||
Revenues | 354,480 | 423,495 | 418,115 | |
S C S [Member] | ||||
Revenues | 153,454 | 178,982 | 136,890 | |
Revenues | 507,934 | 602,477 | 555,005 | |
Operating income (loss) | 23,071 | 17,653 | (10,101) | |
Depreciation and amortization | $ 37,480 | $ 44,071 | $ 44,947 | |
[1] | Includes foreign revenue of $42.0 million, $57.3 million, and $57.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. All foreign revenue is collected in US Dollars. |
Note 3 - Schedule of Prepaid Ex
Note 3 - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Licenses Permitsand Tolls [Member] | ||
Prepaid expenses and other current assets | $ 1,542 | $ 1,923 |
Prepaid Insurance [Member] | ||
Prepaid expenses and other current assets | 2,080 | 1,166 |
Other Current Assets [Member] | ||
Prepaid expenses and other current assets | 1,254 | 2,108 |
Prepaid expenses and other current assets | $ 4,876 | $ 5,197 |
Note 4 - Note Receivable (Detai
Note 4 - Note Receivable (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from Sale of Real Estate | $ 200,000 | |||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 2,100,000 | |||
Deferred Gain Sale Of Property | $ 700,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,200 | $ 7,800 | $ 7,300 |
Note 5 - Schedule of Accrued Ex
Note 5 - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Salaries, wages and employee benefits | $ 4,359 | $ 7,043 | |
Federal and state tax accruals | 1,712 | $ 186 | |
Severance pay and benefits | [1] | 773 | |
Accrued third party maintenance | 525 | ||
Other | [2] | 1,467 | $ 1,023 |
Total accrued expenses | $ 8,836 | $ 8,252 | |
[1] | Refer to note 14 of the footnotes to the Company’s consolidated financial statements for additional information regarding the restructuring, severance and related charges. | ||
[2] | As of September 30, 2015 and December 31, 2014, no single item included within other accrued expenses exceeded 5.0% of our total current liabilities. |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Revolving Credit Facility [Member] | Base Rate [Member] | Through May 31, 2016 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Through May 31, 2016 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | After May 31, 2016 [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Minimum [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | Maximum [Member] | |||
Borrowing Based Treshhold, Percentage | 90.00% | ||
Revolving Credit Facility [Member] | Eligible Investment Grade Accounts Receivable [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Unbilled Accounts Receivable [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | Eligible Revenue Equipment [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Borrowing Base Before Additions | $ 10,000 | ||
Revolving Credit Facility [Member] | Newly Acquired Revenue Equipment [Member] | |||
Borrowing Based Treshhold, Percentage | 85.00% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 170,000 | ||
Line Of Credit Facility Additional Borrowing Capacity | 80,000 | ||
Line of Credit Facility, Additional Borrowing Capacity, Incremental Amount | $ 20,000 | ||
Debt Instrument, Term | 5 years | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Write off of Deferred Debt Issuance Cost | $ 800 | ||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | ||
Minimum Excess Availability Percentage of Maximum Revolver Amount | 10.00% | ||
Proceeds from Issuance of Long-term Debt | $ 900 | ||
Debt, Weighted Average Interest Rate | 1.91% | ||
Letters of Credit Outstanding, Amount | $ 4,300 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 90,800 | ||
Letter of Credit Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | ||
Swing Line Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | ||
Proceeds from Issuance of Long-term Debt | $ 140,738 | $ 74,168 | $ 78,478 |
Note 6 - Long-term Debt (Deta44
Note 6 - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Revolving credit agreement | $ 70,400 | $ 71,000 |
Other | 896 | |
Total debt | 70,400 | 71,896 |
Less current maturities | (896) | |
Long-term debt, less current maturities | $ 70,400 | $ 71,000 |
Note 7 - Leases and Commitmen45
Note 7 - Leases and Commitments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Revenue Equipment [Member] | ||||
Capital Lease Obligations | $ 31,000 | |||
Capital Lease Obligations, Current | 12,200 | |||
Capital Leases, Income Statement, Amortization Expense | 8,300 | $ 12,700 | $ 12,700 | |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 6,300 | |||
Number of Sales Leaseback Transactions, Investing Activities, Current | 2 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 8,000 | |||
Number of Operating Leases, Current | 2 | |||
Non-Revenue Equipment [Member] | ||||
Purchase Obligation | $ 34,100 | |||
Capital Lease Obligations [Member] | Minimum [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.68% | |||
Capital Lease Obligations [Member] | Maximum [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | |||
Revenue Equipment [Member] | ||||
Capital Lease Agreement, Term of Contract | 4 years | |||
Financing Activities [Member] | ||||
Sale Leaseback Transaction, Deferred Gain, Net | $ 400 | |||
Sales Leaseback Transaction, Investing Activities #1 [Member] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 4 years 300 days | |||
Sales Leaseback Transaction, Investing Activities #2 [Member] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 4 years 330 days | |||
Investing Activities [Member] | ||||
Sale Leaseback Transaction, Deferred Gain, Net | 300 | |||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 6,308 | |||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 7,975 |
Note 7 - Capital Leases (Detail
Note 7 - Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capitalized Costs | $ 45,170 | $ 75,188 |
Accumulated Amortization | 12,896 | 27,770 |
Net Book Value | $ 32,274 | $ 47,418 |
Note 7 - Operating Lease Paymen
Note 7 - Operating Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Equipment Rent [Member] | ||||
Lease and rental expense | $ 4,424 | $ 3,089 | ||
Building And Office Rents [Member] | ||||
Lease and rental expense | [1] | 2,297 | 2,225 | $ 2,778 |
Lease and rental expense | $ 6,721 | $ 5,314 | $ 2,778 | |
[1] | A portion of the expense for building and office rents is recorded in the operations and maintenance line item in the accompanying consolidated statement of operations and comprehensive income (loss). |
Note 7 - Future Minimum Payment
Note 7 - Future Minimum Payments Under Capitalized Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Future minimum payments in year 1 | $ 12,800 |
Future minimum payments in year 2 | 8,182 |
Future minimum payments in year 3 | 3,977 |
Future minimum payments in year 4 | 7,156 |
Future rentals under operating leases in year 1 | 8,700 |
Future rentals under operating leases in year 2 | 8,572 |
Future rentals under operating leases in year 3 | 8,251 |
Future rentals under operating leases in year 4 | 5,133 |
Future rentals under operating leases in year 5 | 3,179 |
Future rentals under operating leases thereafter | $ 2,068 |
Note 8 - Federal and State In49
Note 8 - Federal and State Income Taxes (Details Textual) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 34.00% |
Note 8 - Schedule of Deferred T
Note 8 - Schedule of Deferred Tax Assets and Liabilties (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued expenses not deductible until paid | $ 7,438 | $ 7,805 |
Equity incentive plan | 316 | 184 |
Revenue recognition | 235 | 332 |
Allowance for doubtful accounts | 232 | 391 |
Net operating loss carry forwards | 157 | 3,318 |
Capital leases | $ 21 | 70 |
Federal credits | 1,556 | |
Other | $ 335 | 822 |
Total deferred tax assets | 8,734 | 14,478 |
Deferred tax liabilities: | ||
Tax over book depreciation | (44,805) | (47,496) |
Prepaid expenses deductible when paid | (1,872) | (2,046) |
Total deferred tax liabilities | (46,677) | (49,542) |
Net deferred tax liabilities | $ (37,943) | $ (35,064) |
Note 8 - Schedule of Components
Note 8 - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 4,526 | $ (129) | $ 786 |
State | 870 | 201 | |
Total current | 5,396 | 72 | $ 786 |
Deferred: | |||
Federal | 2,985 | 5,383 | (4,569) |
State | (109) | (104) | (756) |
Total deferred | 2,876 | 5,279 | (5,325) |
Total income tax expense (benefit) | $ 8,272 | $ 5,351 | $ (4,539) |
Note 8 - Schedule of Effective
Note 8 - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense (benefit) at statutory federal rate | $ 6,790 | $ 4,073 | $ (4,941) |
Federal income tax effects of: | |||
State income tax (benefit) expense | (289) | (34) | 265 |
Per diem and other nondeductible meals and entertainment | 702 | 872 | 875 |
Other | 306 | 343 | 18 |
Federal income tax expense (benefit) | 7,509 | 5,254 | (3,783) |
State income tax expense (benefit) | 763 | 97 | (756) |
Total income tax expense (benefit) | $ 8,272 | $ 5,351 | $ (4,539) |
Effective tax rate | 42.80% | 46.00% | 31.20% |
Note 9 - Equity Compensation 53
Note 9 - Equity Compensation and Employee Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 364,235 | |||
Employee Stock Option [Member] | Minimum [Member] | ||||
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] | ||||
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 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1.9 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||
Minimum [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 2.88 | |||
Maximum [Member] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 18.58 | |||
Common Stock [Member] | ||||
Share Price | 17.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 15.17 | $ 0 | $ 1.75 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | [1] | $ 4.83 | ||
[1] | The weighted-average grant date fair value of options granted during 2015, 2014, and 2013 was 15.17, nill, and $1.75, respectively. |
Note 9 - Recognized Compensatio
Note 9 - Recognized Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | Omnibus 2014 Incentive Plan [Member] | |||
Compensation expense | $ 147 | $ 31 | $ 54 |
Restricted Stock [Member] | Omnibus 2014 Incentive Plan [Member] | |||
Compensation expense | 946 | 335 | 162 |
Compensation expense | $ 1,093 | $ 366 | $ 216 |
Note 9 - Assumptions Used to Va
Note 9 - Assumptions Used to Value Stock Options Granted (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend yield | 0.00% | 0.00% | |
Expected volatility | 62.90% | 35.60% | |
Risk-free interest rate | 0.10% | 1.20% | |
Expected life (in years) | 182 days | 6 years 91 days |
Note 9 - Option Activity (Detai
Note 9 - Option Activity (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Options outstanding (in shares) | shares | 64,636 | |
Options outstanding, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 6.60 | |
Options granted (in shares) | shares | 10,727 | [1] |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4.83 | [1] |
Options exercised (in shares) | shares | (37,803) | |
Options exercised, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 7.50 | |
Options exercised, aggregate intrinsic value | $ | $ 714 | [2] |
Options cancelled/forfeited (in shares) | shares | (21,456) | |
Options cancelled/forfeited, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 4.83 | |
Options expired (in shares) | shares | (494) | |
Options expired, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 13.97 | |
Options outstanding (in shares) | shares | 15,610 | [3] |
Options outstanding, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 5.40 | [3] |
Options outstanding, weighted-average remaining contractual life | 5 years 127 days | [3] |
Options outstanding, aggregate intrinsic value | $ | $ 188 | [2],[3] |
Options exercisable (in shares) | shares | 15,610 | |
Options exercisable, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 5.40 | |
Options exercisable, weighted-average remaining contractual life | 5 years 127 days | |
Options exercisable, aggregate intrinsic value | $ | $ 188 | [2] |
[1] | The weighted-average grant date fair value of options granted during 2015, 2014, and 2013 was 15.17, nill, and $1.75, respectively. | |
[2] | The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The per share market value of the Company’s common stock, as determined by the closing price on December 31, 2015, was $17.45. | |
[3] | The exercise prices of outstanding options granted range from $2.88 to $18.58 as of December 31, 2015. |
Note 9 - Restricted Stock Award
Note 9 - Restricted Stock Awards (Details) - Restricted Stock [Member] | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
Number of shares nonvested (in shares) | shares | 124,844 | |
Number of shares nonvested, weighted-averaged grant date fair value (in dollars per share) | $ / shares | $ 8.51 | [1] |
Number of shares granted (in shares) | shares | 159,614 | |
Number of shares granted, weighted-averaged grant date fair value (in dollars per share) | $ / shares | $ 24.95 | [1] |
Number of shares forfeited (in shares) | shares | (98,847) | |
Number of shares forfeited, weighted-averaged grant date fair value (in dollars per share) | $ / shares | $ 16.60 | [1] |
Number of shares vested (in shares) | shares | (70,294) | |
Number of shares vested, weighted-averaged grant date fair value (in dollars per share) | $ / shares | $ 13.07 | [1] |
Number of shares nonvested (in shares) | shares | 115,317 | |
Number of shares nonvested, weighted-averaged grant date fair value (in dollars per share) | $ / shares | $ 21.55 | [1] |
[1] | The shares were valued at the closing price of the Company’s common stock on the dates of the awards. |
Note 9 - Fair Value of Stock Op
Note 9 - Fair Value of Stock Options and Restricted Stock Vested (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock options | $ 193 | $ 49 | $ 60 |
Restricted stock | $ 1,767 | $ 931 | $ 144 |
Note 10 - Computation of Basic
Note 10 - Computation of Basic and Diluted Loss Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 11,069 | $ 6,285 | $ (9,993) |
Denominator: | |||
Denominator for basic earnings (loss) per share – weighted-average shares (in shares) | 10,337 | 10,356 | 10,323 |
Effect of dilutive securities: | |||
Employee stock options and restricted stock (in shares) | 64 | 129 | |
Denominator for diluted earnings (loss) per share – adjusted weighted-average shares and assumed conversions (in shares) | 10,401 | 10,485 | 10,323 |
Basic earnings (loss) per share (in dollars per share) | $ 1.07 | $ 0.61 | $ (0.97) |
Diluted earnings (loss) per share (in dollars per share) | $ 1.06 | $ 0.60 | $ (0.97) |
Weighted-average anti-dilutive employee stock options and restricted stock (in shares) | 62 | 3 | 103 |
Note 11 - Repurchase of Equit60
Note 11 - Repurchase of Equity Securities (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2015 | Dec. 31, 2015 | Jan. 31, 2016 | |
Subsequent Event [Member] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,000,000 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | ||
Stock Repurchase Program, Period in Force | 3 years | ||
Treasury Stock, Shares, Acquired | 953,738 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 18.80 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 17.9 |
Note 13 - Quarterly Financial I
Note 13 - Quarterly Financial Information (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Revenues | $ 117,984 | $ 123,490 | $ 133,573 | $ 132,887 | $ 150,072 | $ 153,618 | $ 153,298 | $ 145,489 |
Operating expenses | 110,712 | 118,031 | 127,759 | 128,361 | 142,486 | 146,106 | 149,691 | 146,541 |
Operating income (loss) | 7,272 | 5,459 | 5,814 | 4,526 | 7,586 | 7,512 | 3,607 | (1,052) |
Other, net | 658 | 571 | 919 | 1,582 | 1,101 | 885 | 2,891 | 1,140 |
Income before income taxes | 6,614 | 4,888 | 4,895 | 2,944 | 6,485 | 6,627 | 716 | (2,192) |
Income tax benefit (expense) | 2,677 | 2,161 | 2,125 | 1,309 | 2,933 | 2,621 | 394 | (597) |
Net income | $ 3,937 | $ 2,727 | $ 2,770 | $ 1,635 | $ 3,552 | $ 4,006 | $ 322 | $ (1,595) |
Average shares outstanding (basic) (in shares) | 10,033 | 10,442 | 10,435 | 10,395 | 10,374 | 10,357 | 10,346 | 10,339 |
Basic earnings per share (in dollars per share) | $ 0.39 | $ 0.26 | $ 0.27 | $ 0.16 | $ 0.34 | $ 0.39 | $ 0.03 | $ (0.15) |
Average shares outstanding (diluted) (in shares) | 10,059 | 10,470 | 10,516 | 10,516 | 10,492 | 10,476 | 10,478 | 10,339 |
Basic earnings per share (in dollars per share) | $ 0.39 | $ 0.26 | $ 0.26 | $ 0.16 | $ 0.34 | $ 0.38 | $ 0.03 | $ (0.15) |
Note 14 - Restructuring, Seve62
Note 14 - Restructuring, Severance and Related Charges (Details Textual) | Jul. 07, 2015USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Facility Closing [Member] | |||||
Restructuring Charges | $ 582,000 | ||||
Number of Maintenance Facilities | 2 | ||||
Employee Severance [Member] | |||||
Restructuring Charges | $ 2,160,000 | ||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 50 | ||||
Separation Agreement [Member] | Chief Executive Officer [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 18,750 | ||||
Separation Agreement [Member] | Chief Executive Officer [Member] | Non-Qualified Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares | 10,727 | ||||
Separation Agreement [Member] | Chief Executive Officer [Member] | |||||
Restructuring Charges | $ 1,300,000 | ||||
Salaries, Wages and Officers' Compensation | $ 460,000 | ||||
Separation Agreement, Pension Plan [Member] | Chief Executive Officer [Member] | Management Bonus Plan [Member] | |||||
Accrued Bonuses | $ 230,000 | ||||
Separation Agreement, Pension Plan [Member] | Chief Executive Officer [Member] | |||||
Postemployment Benefit Plan, Term | 1 year | ||||
Separation Agreement, Health Coverage [Member] | Chief Executive Officer [Member] | |||||
Postemployment Benefit Plan, Term | 1 year 180 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 70,294 | ||||
Restructuring Charges | $ 2,742,000 |
Note 14 - Restructuring, Seve63
Note 14 - Restructuring, Severance and Related Charges (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Employee Severance [Member] | ||
Restructuring Charges | $ 2,160 | |
Severance pay and benefits | (869) | |
Severance pay and benefits | (538) | |
Severance pay and benefits | 753 | |
Facility Closing [Member] | ||
Restructuring Charges | 582 | |
Severance pay and benefits | (562) | |
Severance pay and benefits | 20 | |
Restructuring Charges | 2,742 | |
Severance pay and benefits | (1,431) | |
Severance pay and benefits | (538) | |
Severance pay and benefits | $ 773 | [1] |
[1] | Refer to note 14 of the footnotes to the Company’s consolidated financial statements for additional information regarding the restructuring, severance and related charges. |
Note 15 - Change in Accountin64
Note 15 - Change in Accounting Principle (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Reclassification of Deferred Tax Assets from Current to Noncurrent [Member] | December 31, 2014 [Member] | |
Prior Period Reclassification Adjustment | $ 7.7 |
Note 15 - Balance Sheet (Detail
Note 15 - Balance Sheet (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 | |
Scenario, Previously Reported [Member] | |||
Prepaid expenses and other current assets | $ 17,318,000 | $ 16,064,000 | |
Service, office and other equipment | 16,648,000 | ||
Accumulated depreciation and amortization | (182,724,000) | ||
Deferred income taxes | 38,981,000 | [1] | 36,647,000 |
Retained earnings | 61,081,000 | 55,049,000 | |
Restatement Adjustment [Member] | |||
Prepaid expenses and other current assets | (12,121,000) | (10,607,000) | |
Service, office and other equipment | 2,164,000 | ||
Accumulated depreciation and amortization | (240,000) | ||
Deferred income taxes | (3,917,000) | [1] | (4,073,000) |
Retained earnings | (6,279,000) | (6,533,000) | |
Prepaid expenses and other current assets | 5,197,000 | 5,457,000 | |
Service, office and other equipment | 18,812,000 | ||
Accumulated depreciation and amortization | (182,964,000) | ||
Deferred income taxes | 35,064,000 | [1] | 32,574,000 |
Retained earnings | $ 54,802,000 | $ 48,516,000 | |
[1] | In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. ASU 2015-17 requires that deferred tax assets and liabilities be classified as noncurrent in a statement of financial position. The Company has early adopted ASU 2015-17 effective December 31, 2015 on a retrospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset as an offset to the net noncurrent deferred tax liability in its Consolidated Balance Sheet as of December 31, 2014. The reclassification resulted in a $7.7 million decrease in the current deferred income taxes asset and the long-term noncurrent deferred income taxes liability. |
Note 15 - Cash Flows (Details)
Note 15 - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Scenario, Previously Reported [Member] | ||
Net income | $ 6,033 | $ (9,110) |
Depreciation and amortization | 43,830 | |
Deferred income taxes | 5,121 | (4,774) |
Inventories, prepaid expenses and other current assets | (621) | 1,103 |
Purchases of property and equipment | (54,372) | |
Restatement Adjustment [Member] | ||
Net income | 252 | (883) |
Depreciation and amortization | 241 | |
Deferred income taxes | 158 | (551) |
Inventories, prepaid expenses and other current assets | 1,513 | 1,434 |
Purchases of property and equipment | (2,164) | |
Net income | 6,285 | (9,993) |
Depreciation and amortization | 44,071 | 44,947 |
Deferred income taxes | 5,279 | (5,325) |
Inventories, prepaid expenses and other current assets | 892 | 2,537 |
Purchases of property and equipment | $ (56,536) | $ (12,924) |
Note 15 - Statement of Operatio
Note 15 - Statement of Operations (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Scenario, Previously Reported [Member] | ||
Operations and maintenance | $ 46,285 | $ 49,494 |
Depreciation and amortization | 43,830 | |
Operating income (loss) | 17,243 | (8,667) |
Income before income taxes | 11,226 | (13,098) |
Income tax benefit (expense) | 5,193 | (3,988) |
Net income | $ 6,033 | $ (9,110) |
Average shares outstanding (basic) (in shares) | 10,356 | 10,323 |
Basic earnings per share (in dollars per share) | $ 0.58 | $ (0.88) |
Average shares outstanding (diluted) (in shares) | 10,485 | 10,323 |
Basic earnings per share (in dollars per share) | $ 0.58 | $ (0.88) |
Restatement Adjustment [Member] | ||
Operations and maintenance | $ (651) | $ 1,434 |
Depreciation and amortization | 241 | |
Operating income (loss) | 410 | (1,434) |
Income before income taxes | 410 | (1,434) |
Income tax benefit (expense) | 158 | (551) |
Net income | $ 252 | $ (883) |
Average shares outstanding (basic) (in shares) | ||
Basic earnings per share (in dollars per share) | $ 0.03 | $ (0.09) |
Average shares outstanding (diluted) (in shares) | ||
Basic earnings per share (in dollars per share) | $ 0.02 | $ (0.09) |
Operations and maintenance | $ 45,634 | $ 50,928 |
Depreciation and amortization | 44,071 | 44,947 |
Operating income (loss) | 17,653 | (10,101) |
Income before income taxes | 11,636 | (14,532) |
Income tax benefit (expense) | 5,351 | (4,539) |
Net income | $ 6,285 | $ (9,993) |
Average shares outstanding (basic) (in shares) | 10,356 | 10,323 |
Basic earnings per share (in dollars per share) | $ 0.61 | $ (0.97) |
Average shares outstanding (diluted) (in shares) | 10,485 | 10,323 |
Basic earnings per share (in dollars per share) | $ 0.60 | $ (0.97) |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Feb. 16, 2016 | Nov. 30, 2010 |
Subsequent Event [Member] | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 1,900,000 | |
Perecentage of Net Sale Proceeds from any Future Sale of Property in Excess of Balloon Payment, Closing Costs, and Realtor Commissions | 25.00% | |
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 2,100,000 |