Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document and Entity [Abstract] | |||
Entity Registrant Name | FORWARD AIR CORP | ||
Entity Central Index Key | 912,728 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
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 | ||
Entity Common Stock, Shares Outstanding | 30,543,873 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,589,060,936 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 33,312 | $ 41,429 |
Accounts receivable, less allowance of $2,405 in 2015 and $2,563 in 2014 | 109,165 | 95,326 |
Inventories | 1,310 | 1,056 |
Prepaid expenses and other current assets | 10,794 | 9,648 |
Income tax receivable | 18,876 | 0 |
Total current assets | 173,457 | 147,459 |
Property and equipment: | ||
Land | 16,998 | 16,998 |
Buildings | 66,502 | 66,477 |
Equipment | 241,391 | 212,216 |
Leasehold improvements | 9,228 | 7,957 |
Construction in progress | 9,028 | 1,540 |
Total property and equipment | 343,147 | 305,188 |
Less accumulated depreciation and amortization | 155,859 | 132,699 |
Net property and equipment | 187,288 | 172,489 |
Goodwill and other acquired intangibles: | ||
Goodwill | 205,609 | 144,412 |
Other acquired intangibles, net of accumulated amortization of $51,212 in 2015 and $40,307 in 2014 | 127,800 | 72,705 |
Total net goodwill and other acquired intangibles | 333,409 | 217,117 |
Other assets | 6,017 | 2,244 |
Total assets | 700,171 | 539,309 |
Current liabilities: | ||
Accounts payable | 23,334 | 20,572 |
Accrued payroll and related items | 10,051 | 8,122 |
Insurance and claims accruals | 8,935 | 6,042 |
Payables to owner-operators | 7,901 | 4,182 |
Collections on behalf of customers | 517 | 374 |
Other accrued expenses | 2,419 | 2,571 |
Income taxes payable | 0 | 1,292 |
Current portion of capital lease obligations | 331 | 276 |
Current portion of long-term debt | 55,556 | 0 |
Total current liabilities | 109,044 | 43,431 |
Capital lease obligations, less current portion | 1,074 | 1,275 |
Long-term debt, less current portion | 27,782 | 0 |
Other long-term liabilities | 12,340 | 8,356 |
Deferred income taxes | $ 39,876 | $ 22,684 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Preferred stock $0.01 par value; Authorized shares - 5,000,000; no shares issued | $ 0 | $ 0 |
Common stock, $0.01 par value: Authorized shares - 50,000,000, issued and outstanding shares - 30,543,864 in 2015 and 30,255,182 in 2014 | 305 | 303 |
Additional paid-in capital | 160,855 | 130,107 |
Retained earnings | 348,895 | 333,153 |
Total shareholders' equity | 510,055 | 463,563 |
Total liabilities and shareholders' equity | $ 700,171 | $ 539,309 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2,405 | $ 2,563 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 51,212 | $ 40,307 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 30,543,864 | 30,255,182 |
Common Stock, Shares, Outstanding | 30,543,864 | 30,255,182 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenue | $ 959,125 | $ 780,959 | $ 652,481 |
Operating expenses: | |||
Purchased transportation | 408,769 | 334,576 | 285,690 |
Salaries, wages and employee benefits | 240,604 | 182,105 | 151,097 |
Operating leases | 66,272 | 33,994 | 29,310 |
Depreciation and amortization | 37,157 | 31,133 | 23,579 |
Insurance and claims | 21,483 | 15,736 | 12,619 |
Fuel expense | 15,903 | 20,148 | 15,145 |
Other operating expenses | 87,165 | 66,861 | 50,686 |
Total operating expenses | 877,353 | 684,553 | 568,126 |
Income from operations | 81,772 | 96,406 | 84,355 |
Other income (expense): | |||
Interest expense | (2,047) | (610) | (532) |
Other, net | (58) | 289 | 99 |
Total other expense | (2,105) | (321) | (433) |
Income before income taxes | 79,667 | 96,085 | 83,922 |
Income taxes | 24,092 | 34,916 | 29,455 |
Net income and comprehensive income | $ 55,575 | $ 61,169 | $ 54,467 |
Net income per share: | |||
Basic (in dollars per share) | $ 1.80 | $ 1.99 | $ 1.81 |
Diluted (in dollars per share) | 1.78 | 1.96 | 1.77 |
Dividends per share (in dollars per share) | $ 0.48 | $ 0.48 | $ 0.40 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital | Retained Earnings |
Balance at Dec. 31, 2012 | $ 351,671 | $ 292 | $ 64,644 | $ 286,735 |
Balance, shares (in shares) at Dec. 31, 2012 | 29,195,000 | |||
Net and comprehensive income | 54,467 | 54,467 | ||
Exercise of stock options | 33,002 | $ 12 | 32,990 | |
Exercise of stock options (in shares) | 1,263,000 | |||
Common stock issued under employee stock purchase plan | 296 | 296 | ||
Common stock issued under employee stock purchase plan (in shares) | 9,000 | |||
Share-based compensation | 6,178 | 6,178 | ||
Dividends | (12,141) | 7 | (12,148) | |
Cash settlement of share-based awards for minimum tax withholdings | (866) | (866) | ||
Cash settlement of share-based awards for minimum tax withholdings (in shares) | (23,000) | |||
Stock repurchases | (354) | (354) | ||
Stock repurchases, shares | (9,000) | |||
Vesting of previously non-vested shares | $ 1 | (1) | ||
Vesting of previously non-vested shares (in shares) | 87,000 | |||
Tax benefit for stock options exercised | (3,612) | (3,612) | ||
Balance at Dec. 31, 2013 | 435,865 | $ 305 | 107,726 | 327,834 |
Balance, shares (in shares) at Dec. 31, 2013 | 30,522,000 | |||
Net and comprehensive income | 61,169 | 61,169 | ||
Exercise of stock options | 13,235 | $ 5 | 13,230 | |
Exercise of stock options (in shares) | 469,000 | |||
Common stock issued under employee stock purchase plan | 354 | 354 | ||
Common stock issued under employee stock purchase plan (in shares) | 9,000 | |||
Share-based compensation | 6,681 | 6,681 | ||
Dividends | (14,795) | 9 | (14,804) | |
Cash settlement of share-based awards for minimum tax withholdings | (1,083) | (1,083) | ||
Cash settlement of share-based awards for minimum tax withholdings (in shares) | (25,000) | |||
Stock repurchases | (39,972) | $ (9) | (39,963) | |
Stock repurchases, shares | (882,000) | |||
Vesting of previously non-vested shares | $ 2 | (2) | ||
Vesting of previously non-vested shares (in shares) | 162,000 | |||
Tax benefit for stock options exercised | (2,109) | (2,109) | ||
Balance at Dec. 31, 2014 | $ 463,563 | $ 303 | 130,107 | 333,153 |
Balance, shares (in shares) at Dec. 31, 2014 | 30,255,182 | 30,255,000 | ||
Net and comprehensive income | $ 55,575 | 55,575 | ||
Exercise of stock options | 14,313 | $ 6 | 17,394 | (3,087) |
Exercise of stock options (in shares) | 605,000 | |||
Common stock issued under employee stock purchase plan | 449 | 449 | ||
Common stock issued under employee stock purchase plan (in shares) | 11,000 | |||
Share-based compensation | 7,486 | 7,486 | ||
Dividends | (14,821) | 7 | (14,828) | |
Cash settlement of share-based awards for minimum tax withholdings | (1,931) | (1,931) | ||
Cash settlement of share-based awards for minimum tax withholdings (in shares) | (38,000) | |||
Stock repurchases | (19,992) | $ (5) | (19,987) | |
Stock repurchases, shares | (423,000) | |||
Vesting of previously non-vested shares | $ 1 | (1) | ||
Vesting of previously non-vested shares (in shares) | 134,000 | |||
Tax benefit for stock options exercised | (5,413) | (5,413) | ||
Balance at Dec. 31, 2015 | $ 510,055 | $ 305 | $ 160,855 | $ 348,895 |
Balance, shares (in shares) at Dec. 31, 2015 | 30,543,864 | 30,544,000 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends per share (in dollars per share) | $ 0.48 | $ 0.48 | $ 0.40 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 55,575 | $ 61,169 | $ 54,467 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 37,157 | 31,133 | 23,579 |
Gain on change in fair value of earn-out liability | 0 | 0 | (615) |
Share-based compensation | 7,486 | 6,681 | 6,178 |
(Gain) loss on disposal of property and equipment | (181) | (383) | (454) |
Provision for loss on receivables | 33 | 241 | 423 |
Provision for revenue adjustments | 4,793 | 2,465 | 2,531 |
Deferred income taxes | 14,531 | (3,021) | 4,856 |
Tax benefit for stock options exercised | (5,413) | (2,109) | (3,707) |
Changes in operating assets and liabilities, net of acquisition of business | |||
Accounts receivable | 5,403 | (12,193) | 1,447 |
Prepaid expenses and other assets | (1,378) | (280) | (215) |
Accounts payable and accrued expenses | (17,513) | (199) | 2,588 |
Income taxes | (14,771) | 8,156 | (239) |
Net cash provided by operating activities | 85,722 | 91,660 | 90,839 |
Investing activities: | |||
Proceeds from disposal of property and equipment | 1,720 | 1,947 | 1,973 |
Purchases of property and equipment | (40,495) | (39,487) | (35,439) |
Acquisition of business, net of cash acquired | (61,878) | (90,172) | (45,328) |
Other | (265) | 2 | (129) |
Net cash used in investing activities | (100,918) | (127,710) | (78,923) |
Financing activities: | |||
Proceeds from term loan | 125,000 | 0 | 0 |
Payments of debt and capital lease obligations | (101,352) | (9,736) | (20,375) |
Payments on line of credit | 0 | 0 | 0 |
Proceeds from exercise of stock options | 14,313 | 13,235 | 33,002 |
Payments of cash dividends | (14,821) | (14,795) | (12,141) |
Repurchase of common stock (repurchase program) | (19,992) | (39,972) | (354) |
Common stock issued under employee stock purchase plan | 449 | 354 | 296 |
Cash settlement of share-based awards for minimum tax withholdings | (1,931) | (1,083) | (866) |
Tax benefit for stock options exercised | 5,413 | 2,109 | 3,707 |
Net cash provided by (used in) financing activities | 7,079 | (49,888) | 3,269 |
Net (decrease) increase in cash | (8,117) | (85,938) | 15,185 |
Cash at beginning of period | 41,429 | 127,367 | 112,182 |
Cash at end of period | $ 33,312 | $ 41,429 | $ 127,367 |
Accounting Policies (Notes)
Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Accounting Policies Basis of Presentation and Principles of Consolidation Forward Air Corporation's (“the Company”) services can be classified into three principal reporting segments: Forward Air, Forward Air Solutions (“FASI”) and Total Quality ("TQI"). Through the Forward Air segment, the Company provide time-definite transportation and related logistics services to the North American deferred air freight market and its activities can be classified into three categories of service: airport-to-airport, logistics, and other. Forward Air’s airport-to-airport service operates a comprehensive national network for the time-definite surface transportation of expedited ground freight. The airport-to-airport service offers customers local pick-up and delivery and scheduled surface transportation of cargo as a cost effective, reliable alternative to air transportation. Forward Air’s logistics services provide expedited truckload brokerage, intermodal drayage and dedicated fleet services. Forward Air’s other services include shipment consolidation and deconsolidation, warehousing, customs brokerage, and other handling. The Forward Air segment primarily provides its transportation services through a network of terminals located at or near airports in the United States and Canada. FASI provides pool distribution services throughout the Mid-Atlantic, Southeast, Midwest and Southwest continental United States. Pool distribution involves managing high-frequency handling and distribution of time-sensitive product to numerous destinations in specific geographic regions. FASI’s primary customers for this service are regional and nationwide distributors and retailers, such as mall, strip mall and outlet based retail chains. TQI is a provider of maximum security and temperature-controlled logistics services, primarily truckload services, to the life sciences sector (pharmaceutical and biotechnology products). In addition to core pharmaceutical services and other cold chain services, TQI provides truckload and less-than-truckload brokerage transportation services. The accompanying consolidated financial statements of the Company include Forward Air Corporation and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas requiring management estimates include the following key financial areas: Allowance for Doubtful Accounts The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances in which the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (for example, bankruptcy filings, accounts turned over for collection or litigation), the Company records a specific reserve for these bad debts against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes reserves for these bad debts based on the length of time the receivables are past due. Specifically, amounts that are 90 days or more past due are reserved at 50.0% for Forward Air's airport-to-airport and TLX operations, 10.0% for Forward Air's intermodal drayage operations, 25.0% for FASI and 10.0% for TQI's pharmaceutical operations and 50.0% for TQI's non-pharmaceutical operations. If circumstances change (i.e., the Company experiences higher than expected defaults or an unexpected material adverse change in a customer’s ability to meet its financial obligations to the Company), the estimates of the recoverability of amounts due to the Company could be changed by a material amount. Accounts are written off after all means of collection, including legal action, have been exhausted. Allowance for Revenue Adjustments The Company’s allowance for revenue adjustments consists of amounts reserved for billing rate changes that are not captured upon load initiation. These adjustments generally arise: (1) when the sales department contemporaneously grants small rate changes (“spot quotes”) to customers that differ from the standard rates in the system; (2) when freight requires dimensionalization or is reweighed resulting in a different required rate; (3) when billing errors occur; and (4) when data entry errors occur. When appropriate, permanent rate changes are initiated and reflected in the system. The Company monitors the manual revenue adjustments closely through the employment of various controls that are in place to ensure that revenue recognition is not compromised and that fraud does not occur. During 2015, average revenue adjustments per month were approximately $399 on average revenue per month of approximately $79,927 ( 0.5% of monthly revenue). In order to estimate the allowance for revenue adjustments related to ending accounts receivable, the Company prepares an analysis that considers average monthly revenue adjustments and the average lag for identifying and quantifying these revenue adjustments. Based on this analysis, the Company establishes an allowance covering approximately 35 - 110 days (dependent upon experience in the last twelve months) of average revenue adjustments, adjusted for rebates and billing errors. The lag is periodically adjusted based on actual historical experience. Additionally, the average amount of revenue adjustments per month can vary in relation to the level of sales or based on other factors (such as personnel issues that could result in excessive manual errors or in excessive spot quotes being granted). Both of these significant assumptions are continually evaluated for validity. Self-Insurance Loss Reserves Given the nature of the Company’s operating environment, the Company is subject to vehicle and general liability, workers’ compensation and employee health insurance claims. To mitigate a portion of these risks, the Company maintains insurance for individual vehicle and general liability claims exceeding $500 and workers’ compensation claims and employee health insurance claims exceeding $250 , except in Ohio, where for workers’ compensation we are a qualified self-insured entity with a $500 self-insured retention. The amount of self-insurance loss reserves and loss adjustment expenses is determined based on an estimation process that uses information obtained from both company-specific and industry data, as well as general economic information. The estimation process for self-insurance loss exposure requires management to continuously monitor and evaluate the life cycle of claims. Using data obtained from this monitoring and the Company’s assumptions about the emerging trends, management develops information about the size of ultimate claims based on its historical experience and other available market information. The most significant assumptions used in the estimation process include determining the trend in loss costs, the expected consistency in the frequency and severity of claims incurred but not yet reported, changes in the timing of the reporting of losses from the loss date to the notification date, and expected costs to settle unpaid claims. The Company utilizes a semi-annual actuarial analyses to evaluate open claims and estimate the ongoing development exposure. Revenue Recognition Operating revenue and related costs are recognized as of the date shipments are completed. The transportation rates the Company charges its customers consist of base transportation rates and fuel surcharge rates. The revenues earned and related direct freight expenses incurred from the Company’s base transportation services are recognized on a gross basis in revenue and in purchased transportation. Transportation revenue is recognized on a gross basis as the Company is the primary obligor. The fuel surcharges billed to customers and paid to owner-operators and third party transportation providers are recorded on a net basis as the Company is not the primary obligor with regards to the fuel surcharges. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash and cash equivalents. Inventories Inventories of tires, replacement parts, supplies, and fuel for equipment are stated at the lower of cost or market utilizing the FIFO (first-in, first-out) method of determining cost. Inventories of tires and replacement parts are not material in the aggregate. Replacement parts are expensed when placed in service, while tires are capitalized and amortized over their expected life. Replacement parts and tires are included as a component of other operating expenses in the consolidated statements of comprehensive income. Property and Equipment Property and equipment are stated at cost. Expenditures for normal repair and maintenance are expensed as incurred. Depreciation of property and equipment is calculated based upon the cost of the asset, reduced by its estimated salvage value, using the straight-line method over the estimated useful lives as follows: Buildings 30-40 years Equipment 3-10 years Leasehold improvements Lesser of Useful Life or Initial Lease Term Depreciation expense for each of the three years ended December 31, 2015 , 2014 and 2013 was $26,252 , $22,616 and $17,817 respectively. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is recognized on assets classified as held and used when the sum of undiscounted estimated cash flows expected to result from the use of the asset is less than the carrying value. If such measurement indicates a possible impairment, the estimated fair value of the asset is compared to its net book value to measure the impairment charge, if any. When the criteria have been met for long-lived assets to be classified as held for sale, the assets are recorded at the lower of carrying value or fair market value (less selling costs). Operating Leases Certain operating leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expenses on a straight-line basis over the term of the lease, which includes any rent holiday period, and records the difference between the amounts charged to operations and amount paid as rent as a rent liability. Reserves for idle facilities are initially measured at the fair value of the portion of the lease payments associated with the vacated facilities, reduced by estimated sublease rentals. Goodwill and Other Intangible Assets Goodwill is recorded at cost based on the excess of purchase price over the fair value of net assets acquired. Goodwill and intangible assets with indefinite lives are not amortized but the Company conducts an annual (or more frequently if circumstances indicate possible impairment) impairment test of goodwill for each reportable segment at June 30 of each year. Other intangible assets are amortized over their useful lives. Results of impairment testing are described in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. Acquisitions are accounted for using the purchase method. The definite-lived intangible assets of the Company resulting from acquisition activity and the related amortization are described in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. Software Development Costs related to software developed or acquired for internal use are expensed or capitalized based on the applicable stage of software development and any capitalized costs are amortized over their estimated useful life. The Company typically uses a five -year straight line amortization for the capitalized amounts of software development costs. At December 31, 2015 and 2014 the Company had $14,866 and $13,246 , respectively, of capitalized software development costs included in property and equipment. Accumulated amortization on these assets was $10,584 and $9,065 at December 31, 2015 and 2014 , respectively. Included in depreciation expense is amortization of capitalized software development costs. Amortization of capitalized software development for the years ended December 31, 2015 , 2014 and 2013 was $1,526 , $1,464 and $1,228 respectively. As of December 31, 2015 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2016 $ 1,439 2017 1,119 2018 861 2019 569 2020 220 Total $ 4,208 Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to be recovered or settled. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and operating expenses, respectively. See the "Recent Accounting Pronouncements" for additional discussion of new income tax related accounting pronouncements. Net Income Per Share The Company calculates net income per share in accordance with the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, Earnings per Share (the “FASB Codification 260”). Under the FASB Codification 260, basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. The Company's non-vested shares contain non-forfeitable rights to dividends and are therefore considered participating securities for purposes of computing net income per share pursuant to the two-class method. Net income allocated to participating securities was $369 and $404 in 2015 and 2014, respectively. Net losses are not allocated to participating securities in periods in which the Company incurs a net loss. Diluted net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding after considering the additional dilution from any dilutive non-participating securities. The Company's non-participating securities include options and performance shares. Share-Based Payments The Company’s general practice has been to make a single annual grant of share-based compensation to key employees and to generally make other grants only in connection with new employment or promotions. In addition, the Company makes annual grants to non-employee directors in conjunction with their annual election to our Board of Directors or at the time of their appointment to the Board of Directors. For employees, the Company has granted stock options, non-vested shares and performance shares. For non-employee directors, the Company issued non-vested shares during the years ended December 31, 2015 , 2014 and 2013 . Stock options typically expire seven years from the grant date and vest ratably over a three -year period. The share-based compensation for stock options is recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. Based on the Company’s historical experience, forfeitures have been estimated. The Company uses the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The following table contains the weighted-average assumptions used to estimate the fair value of options granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. December 31, December 31, December 31, Expected dividend yield 1.0 % 1.2 % 1.2 % Expected stock price volatility 33.3 % 38.5 % 43.7 % Weighted average risk-free interest rate 1.6 % 1.6 % 0.9 % Expected life of options (years) 5.9 5.3 5.2 The fair value of non-vested shares issued were estimated using the closing market prices for the business day of the grant. The share-based compensation for the non-vested shares is recognized, net of estimated forfeitures, ratably over the requisite service period or vesting period. Forfeitures are estimated based on our historical experience, but will be adjusted for future changes in forfeiture experience. The fair value of the performance shares was estimated using a Monte Carlo simulation. The share-based compensation for performance shares are recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The following table contains the weighted-average assumptions used to estimate the fair value of performance shares granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. Year ended December 31, December 31, December 31, Expected stock price volatility 23.5 % 32.5 % 34.5 % Weighted average risk-free interest rate 1.0 % 0.7 % 0.4 % Under the 2005 Employee Stock Purchase Plan (the “ESPP”), which has been approved by shareholders, the Company is authorized to issue shares of Common Stock to eligible employees. These shares may be issued at a price equal to 90% of the lesser of the market value on the first day or the last day of each six -month purchase period. Common Stock purchases are paid for through periodic payroll deductions and/or up to two large lump sum contributions. The Company recognize share-based compensation on the date of purchase based on the difference between the purchase date fair market value and the employee purchase price. Recent Accounting Pronouncements In November 2015, the FASB issued Accounting Standard Update No. 2015-17, "Balance Sheet Classification of Deferred Taxes", an update to ASC 740, Income Taxes (“Update”). Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The FASB also decided to permit earlier application by all entities as of the beginning of any interim or annual reporting period. The FASB further provides that this Update may be applied to all deferred tax liabilities and assets retrospectively to all periods presented. The Company chose to adopt the Update retrospectively for the year ended December 31, 2015 and reclassified $2,496 from net current deferred income tax assets to net non-current deferred income tax liabilities as of December 31, 2014. In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Long-Lived Assets (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Long-Lived Assets | Acquisitions, Goodwill and Other Long-Lived Assets Acquisition of Towne On March 9, 2015, the Company acquired CLP Towne Inc. (“Towne”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) resulting in Towne becoming an indirect, wholly-owned subsidiary of the Company. For the acquisition of Towne, the Company paid $61,878 in net cash and assumed $59,544 in debt and capital leases. With the exception of assumed capital leases, the assumed debt was immediately paid in full after funding of the acquisition. Of the total aggregate cash consideration paid, $16,500 was placed into an escrow account, with $2,000 of such amount being available to settle any shortfall in Towne’s net working capital and with $14,500 of such amount being available for a period of time to settle certain possible claims against Towne’s common stockholders for indemnification. To the extent the escrow fund is insufficient, certain equity holders have agreed to indemnify Forward Air, subject to certain limitations set forth in the Merger Agreement, as a result of inaccuracies in or breaches of certain of Towne’s representations, warranties, covenants and agreements and other matters. Forward Air financed the Merger Agreement with a $125,000 2 year term loan available under the senior credit facility discussed in note 5. Towne was a full-service trucking provider offering time-sensitive less-than-truckload shipping, full truckload service, an extensive cartage network, container freight stations and dedicated trucking. Towne’s airport-to-airport network provided scheduled deliveries to 61 service points. A fleet of approximately 525 independent contractor tractors provided the line-haul between those service points. The acquisition of Towne provides the Forward Air segment with opportunities to expand its service points and service offerings, such as pick up and delivery services. Additional benefits of the acquisition include increased linehaul network shipping density and a significant increase to our owner operator fleet, both of which are key to the profitability of Forward Air. Towne had 2014 revenue of approximately $230,000 . The assets, liabilities, and operating results of Towne have been included in the Company's consolidated financial statements from the date of acquisition and have been assigned to the Forward Air reportable segment. As the operations of Towne were fully integrated into the existing Forward Air network and operations, the Company is not able to provide the revenue and operating results from Towne included in the consolidated revenue and results since the date of acquisition. Effective with the acquisition of Towne, the Company immediately entered into a restructuring plan to remove duplicate costs, primarily in the form of, but not limited to salaries, wages and benefits and facility leases. As a result of these plans, during the year ended December 31, 2015 the Company recognized expense of $2,624 and $11,722 for severance obligations and reserves for idle facilities, respectively. The expenses associated with the severance obligations and idle facilities were recognized in the salaries, wages and benefits and operating lease line items, respectively. The Company also incurred expense of $9,197 for various other integration and transaction related costs which are largely included in other operating expenses. The Company vacated certain duplicate facilities under long-term non-cancelable leases and recorded contract termination costs. As of December 31, 2015, the Company reserve for remaining payments on vacated facilities was $6,731 . The following is a summary of the vacated facility reserve: Acquired Towne Liability $ 1,355 Reserves for vacated facilities 11,722 Payments (6,346 ) Balance at December 31, 2015 $ 6,731 Acquisition of CST On February 2, 2014, the Company acquired all of the outstanding capital stock of Central States Trucking Co. and Central States Logistics, Inc. (collectively referred to as “CST”). Pursuant to the terms of the Agreement and concurrently with the execution of the Agreement, the Company acquired all of the outstanding capital stock of CST in exchange for $82,998 in net cash and $11,215 in assumed debt. With the exception of capital leases, the assumed debt was immediately paid in full after funding of the acquisition. The acquisition and settlement of the assumed debt were funded using the Company's cash on hand. Under the purchase agreement, $10,000 of the purchase price was paid into an escrow account to protect the Company against potential unknown liabilities. The amount held in escrow was remitted to the sellers in February 2015. CST provides industry leading container and intermodal drayage services primarily within the Midwest region of the United States. CST also provides dedicated contract and Container Freight Station (“CFS”) warehouse and handling services. The acquisition of CST provides us with a scalable platform for which to enter the intermodal drayage space and thereby continuing to expand and diversify our service offerings. As part of our strategy to scale CST's operations, in September 2014, CST acquired certain assets of Recob Great Lakes Express, Inc. ("RGL") for $1,350 and in November 2014, acquired Multi-Modal Trucking, Inc. and Multi-Modal Services, Inc. (together referred to as "MMT") for approximately $5,825 in cash and $1,000 in available earn out. The MMT earn out is based on acquired operations exceeding 2015 earnings goals, and the earn out was fully accrued as of December 31, 2014. The acquisition of RGL and MMT's assets provided an opportunity for CST to expand into additional Midwest markets. The Company incurred total transaction costs related to the acquisitions of approximately $900 , which were expensed during the year ended December 31, 2014, in accordance with U.S. GAAP. These transaction costs were primarily included in "Other operating expenses" in the consolidated statements of comprehensive income. The assets, liabilities, and operating results of CST, RGL and MMT ("CST acquisitions") have been included in the Company's consolidated financial statements from the dates of acquisition and have been assigned to the Forward Air reportable segment. The results of CST, RGL and MMT operations are reflected in the Company's consolidated statements of comprehensive income for the year ended December 31, 2014 from the dates of acquisition are as follows (in thousands, except per share data): Dates of Acquisition to December 31, 2014 Logistics revenue $ 52,061 Other revenues 20,253 Operating income 7,525 Net income 4,586 Net income per share Basic $ 0.15 Diluted $ 0.15 Acquisition of TQI On March 4, 2013, the Company entered into a Stock Purchase Agreement ("Agreement") with all of the shareholders of TQI to acquire 100% of the outstanding stock. Pursuant to the terms of the Agreement and concurrently with the execution of the Agreement, the Company acquired all of the outstanding capital stock of TQI in exchange for $45,328 in net cash, $20,113 in assumed debt and an available earn-out of up to $5,000 . The assumed debt was immediately paid in full after funding of the acquisition. The acquisition and settlement of the assumed debt were funded using the Company's cash on hand. Under the purchase agreement, $4,500 of the purchase price was paid into an escrow account to protect the Company against potential unknown liabilities. The amount held in escrow was remitted to the sellers in September 2014. Pursuant to the terms of the Agreement, the Company could have paid the former shareholders of TQI additional cash consideration from $0 to $5,000 if certain earnings before interest, taxes, depreciation and amortization ("EBITDA") goals were exceeded. The ultimate payout was based on the level by which TQI operating results exceed specified thresholds as defined by the Agreement in both 2013 and 2014. At the time of acquisition the Company recognized an estimated earn-out liability of $615 . The fair value of the earn-out liability (level 3) was estimated using an income approach based on the present value of probability-weighted amounts payable under a range of performance scenarios for 2013 and 2014 and a discount rate of 10.9% . However, based on the most probable outcomes the estimated earn-out liability was reduced to $0 and recognized as a gain in our results from operations during the fourth quarter of 2013. TQI's 2014 EBITDA performance did not exceed the goals established by the Agreement and therefore no earn out payments were required. The Company incurred total transaction costs related to the acquisition of approximately $943 , which was expensed during the year ended December 31, 2013, in accordance with U.S. GAAP. These transaction costs were primarily included in "Other operating expenses" expense in the consolidated statements of comprehensive income. The acquisition allows the Company to expand and diversify its complimentary truckload operations while maintaining its goal of offering high-value added services. Included in the assumed liabilities of TQI was a liability for unrecognized tax benefits for $1,120 . The liability is attributable to TQI not filing income tax returns in all jurisdictions in which it operated. The $1,120 consists of unrecognized tax benefits of $853 and related penalties and interest of $174 and $93 , respectively. In accordance with the Agreement, the former shareholders of TQI have indemnified the Company against this tax exposure. As a result, the Company also recognized an offsetting receivable net of the estimated federal tax benefit for $728 . The assets, liabilities, and operating results of TQI have been included in the Company's consolidated financial statements from the date of acquisition and have been assigned to a new TQI reportable segment. The results of TQI reflected in the Company's consolidated statements of comprehensive income are as follows (in thousands, except per share data): March 4, 2013 to December 31, 2013 Logistics revenue $ 41,842 Operating income 3,600 Net income 1,961 Net income per share Basic $ 0.07 Diluted $ 0.06 Allocations of Purchase Prices The following table presents the allocations of the Towne, CST, RGL, MMT and TQI purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Towne CST RGL & MMT TQI March 9, 2015 February 2, 2014 September & November 2014 March 4, 2013 Tangible assets: Accounts receivable $ 24,068 $ 9,339 $ — $ 5,639 Prepaid expenses and other current assets 2,916 101 — 1,093 Property and equipment 2,095 2,132 287 5,103 Other assets 614 35 — 728 Deferred income taxes — — — 947 Total tangible assets 29,693 11,607 287 13,510 Intangible assets: Non-compete agreements — 930 92 470 Trade name — 500 — 1,000 Customer relationships 66,000 36,000 3,590 22,300 Goodwill 61,197 51,710 4,206 45,164 Total intangible assets 127,197 89,140 7,888 68,934 Total assets acquired 156,890 100,747 8,175 82,444 Liabilities assumed: Current liabilities 28,920 6,535 1,000 4,725 Other liabilities 3,886 — — 1,735 Debt and capital lease obligations 59,544 11,215 — 20,113 Deferred income taxes 2,662 — — 10,543 Total liabilities assumed 95,012 17,750 1,000 37,116 Net assets acquired $ 61,878 $ 82,997 $ 7,175 $ 45,328 The acquired definite-live intangible assets have the following useful lives: Useful Lives Towne CST RGL & MMT TQI Customer relationships 20 years 15 years 15 years 15 years Non-competes - 5 years 5 years 5 years Trade names - 2 years - 5 years The fair value of the non-compete agreements and customer relationships assets were estimated using an income approach (level 3). Under this method, an intangible asset's fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes that the level and timing of cash flows appropriately reflect market participant assumptions. The fair value of the acquired trade names were estimated using an income approach, specifically known as the relief from royalty method. The relief from royalty method is based on a hypothetical royalty stream that would be paid if the Company did not own the applicable names and had to license the trade name. The Company derived the hypothetical royalty income from the projected revenues of CST and TQI. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the Towne, CST and TQI acquisitions occurred as of January 1, 2013 (in thousands, except per share data). Year ended December 31, December 31, December 31, Operating revenue $ 993,352 $ 1,017,005 $ 964,673 Income from operations 79,465 89,650 67,529 Net income 53,096 56,092 30,363 Net income per share Basic $ 1.72 $ 1.82 $ 1.00 Diluted $ 1.70 $ 1.79 $ 0.98 Goodwill The following is a summary of the changes in goodwill for the year ended December 31, 2015. Approximately $99,248 of goodwill, not including the goodwill acquired with the Towne and TQI acquisitions, is deductible for tax purposes. Forward Air FASI TQI Total Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2014 $ 93,842 $ — $ 12,359 $ (6,953 ) $ 45,164 $ — $ 144,412 Towne acquisition 61,197 — — — — — 61,197 Ending balance, December 31, 2015 $ 155,039 $ — $ 12,359 $ (6,953 ) $ 45,164 $ — $ 205,609 The Company conducts an annual (or more frequently if circumstances indicate possible impairment) impairment test of goodwill for each reporting unit at June 30 of each year. The first step of the goodwill impairment test is the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than the reporting unit's carrying amount, including goodwill. When performing the qualitative assessment, the Company considers the impact of factors including, but not limited to, macroeconomic and industry conditions, overall financial performance of each reporting unit, litigation and new legislation. If based on the qualitative assessments, the Company believes it more likely than not that the fair value of a reporting unit is less than the reporting unit's carrying amount, or periodically as deemed appropriate by management, the Company will prepare an estimation of the respective reporting unit's fair value utilizing a quantitative approach. If a quantitative fair value estimation is required, the Company calculates the fair value of the applicable reportable units, using a combination of discounted projected cash flows and market valuations for comparable companies as of the valuation date. The Company's inputs into the fair value calculations for goodwill are classified within level 3 of the fair value hierarchy as defined in the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“the FASB Codification”). If this estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the calculated implied fair value of goodwill is less than its carrying value. Changes in strategy or market conditions could significantly impact these fair value estimates and require adjustments to recorded asset balances. The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of June 30, 2015 and no impairment charges were required. Further, due to TQI performance falling notably short of the projections used in our June 2015 impairment assessment, the Company believed there were indicators of impairment as of December 31, 2015. Therefore, the Company performed additional fair value calculations, but determined TQI's goodwill was not impaired as of December 31, 2015. Other Acquired Intangibles Through acquisitions, the Company acquired customer relationships, non-compete agreements and trade names having weighted-average useful lives of 15.9 , 5.3 and 4.0 years, respectively. Amortization expense on acquired customer relationships, non-compete agreements and trade names for each of the years ended December 31, 2015, 2014 and 2013 was $10,905 , $8,517 and $5,762 , respectively. As of December 31, 2015, definite-lived intangible assets are comprised of the following: Acquired Intangibles Accumulated Amortization Net Acquired Intangibles Customer relationships $ 174,240 $ 47,773 $ 126,467 Non-compete agreements 3,272 2,393 879 Trade name 1,500 1,046 454 Total $ 179,012 $ 51,212 $ 127,800 The estimated amortization expense for the next five years on definite-lived intangible assets as of December 31, 2015 is as follows: 2016 2017 2018 2019 2020 Customer relationships $ 10,156 $ 10,041 $ 8,536 $ 8,456 $ 8,456 Non-compete agreements 318 310 220 30 — Trade name 221 200 33 — — Total $ 10,695 $ 10,551 $ 8,789 $ 8,486 $ 8,456 Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is recognized on assets classified as held and used when the sum of undiscounted estimated cash flows expected to result from the use of the asset is less than the carrying value. If such measurement indicates a possible impairment, the estimated fair value of the asset is compared to its net book value to measure the impairment charge, if any. |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Capital Lease Obligations [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | Debt and Capital Lease Obligations Credit Facilities On February 4, 2015, the Company entered into a five -year senior, unsecured credit facility (the “Facility”) with a maximum aggregate principal amount of $275,000 , including a revolving credit facility of $150,000 and a term loan facility of $125,000 . The revolving credit facility has a sublimit of $25,000 for letters of credit and a sublimit of $15,000 for swing line loans. The revolving credit facility is scheduled to expire in February 2020 and may be used to refinance existing indebtedness of the Company and for working capital, capital expenditures and other general corporate purposes. Unless the Company elects otherwise under the credit agreement, interest on borrowings under the Facility are based on the highest of (a) the federal funds rate plus 0.5% , (b) the administrative agent's prime rate and (c) the LIBOR Rate plus 1.0% , in each case plus a margin that can range from 0.1% to 0.6% with respect to the term loan facility and from 0.3% to 0.8% with respect to the revolving credit facility depending on the Company’s ratio of consolidated funded indebtedness to earnings as set forth in the credit agreement. The Facility contains financial covenants and other covenants that, among other things, restrict the ability of the Company, without the approval of the lenders, to engage in certain mergers, consolidations, asset sales, investments, transactions or to incur liens or indebtedness, as set forth in the credit agreement. As of December 31, 2015, the Company had no borrowings outstanding under the revolving credit facility. At December 31, 2015, the Company had utilized $11,048 of availability for outstanding letters of credit and had $138,952 of available borrowing capacity outstanding under the revolving credit facility. In conjunction with the acquisition of Towne (see note 2), the Company borrowed $125,000 on the available term loan. The term loan is payable in quarterly installments of 11.1% of the original principal amount of the term loan plus accrued and unpaid interest, and matures in March 2017. The interest rate on the term loan was 1.5% at December 31, 2015. The remaining balance on the term loan was $83,338 as of December 31, 2015. Of that amount, $55,556 is a current liability as it will be paid during 2016. The remaining $27,782 will be paid in 2017. Capital Leases Through acquisitions, the Company assumed several equipment leases that met the criteria for classification as a capital lease. The leased equipment is being amortized over the shorter of the lease term or useful life. Property and equipment include the following amounts for assets under capital leases: December 31, December 31, Equipment $ 635 $ 793 Accumulated amortization (105 ) (253 ) $ 530 $ 540 Amortization of assets under capital leases is included in depreciation and amortization expense. Future minimum payments, by year and in the aggregate, under non-cancelable capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2015: 2016 $ 395 2017 395 2018 391 2019 325 2020 60 Thereafter — Total 1,566 Less amounts representing interest 161 Present value of net minimum lease payments (including current portion of $331) $ 1,405 Interest Payments Interest payments during 2015, 2014 and 2013 were $2,017 , $495 and $482 , respectively. No interest was capitalized during the years ended December 31, 2015, 2014 and 2013. |
Shareholder's Equity, Stock Opt
Shareholder's Equity, Stock Options and Net Income per Share (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders’ Equity, Stock Options and Net Income per Share [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity, Stock Options and Net Income per Share Preferred Stock There are 5,000,000 shares of preferred stock with a par value of $0.01 authorized, but no shares have been issued to date. Cash Dividends During each quarter of 2015 and 2014, the Company’s Board of Directors declared a cash dividend of $0.12 per share of Common Stock. During each quarter of 2013, the Company's Board of Directors declared a cash dividend of $0.10 per share of Common Stock. On February 9, 2016, the Company’s Board of Directors declared a $0.12 per share dividend that will be paid in the first quarter of 2016. The Company expects to continue to pay regular quarterly cash dividends, though each subsequent quarterly dividend is subject to review and approval by the Board of Directors. Repurchase of Common Stoc k In July 2007, our Board of Directors approved a stock repurchase program (“Repurchase Plan”) for up to 2,000,000 shares of our common stock. During the year ended December 31, 2013, we repurchased 8,675 shares of common stock under the Repurchase Plan for $354 , or $40.84 per share. Also, on February 7, 2014, our Board of Directors approved a stock repurchase authorization for up to 2,000,000 shares of the Company’s common stock. In connection with this action, the board cancelled the Company’s Repurchase Plan. During the year ended December 31, 2015, we repurchased 422,404 shares of common stock for $19,992 , or $47.33 per share. During the year ended December 31, 2014, we repurchased 881,979 shares of common stock for $39,972 , or $45.32 per share. As of December 31, 2015 , 695,617 shares remain that may be repurchased. Share-Based Compensation The Company had previously reserved for issuance 4,500,000 common shares under the 1999 Stock Option and Incentive Plan (the “1999 Plan”). Options issued under the 1999 Plan have seven to ten -year terms and vested over a one to five year period. In May 2008, with the approval of shareholders, the Company amended and restated the 1999 Stock Option and Incentive Plan (the “1999 Amended Plan”) to reserve for issuance an additional 3,000,000 common shares, increasing the total number of reserved common shares under the 1999 Amended Plan to 7,500,000 . As of December 31, 2015, there were approximately 537,400 shares remaining available for grant. Employee Activity - Options The following tables summarize the Company’s employee stock option activity and related information for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 1,363 $ 28 1,732 $ 27 2,874 $ 26 Granted 96 50 106 43 118 38 Exercised (659 ) 26 (450 ) 28 (1,260 ) 26 Forfeited (14 ) 29 (25 ) 37 — — Outstanding at end of year 786 $ 32 1,363 $ 28 1,732 $ 27 Exercisable at end of year 586 $ 28 1,160 $ 26 1,514 $ 26 Weighted-average fair value of options granted during the year $ 15 $ 14 $ 14 Aggregate intrinsic value for options exercised $ 16,191 $ 7,259 $ 15,477 Average aggregate intrinsic value for options outstanding $ 13,001 Average aggregate intrinsic value for exercisable options $ 12,332 Outstanding Exercisable Weighted- Weighted- Weighted- Range of Number Average Average Number Average Exercise Outstanding Remaining Exercise Exercisable Exercise Price (000) Contractual Life Price (000) Price $ 22.47 - 22.87 326 1.0 $ 22.50 326 $ 22.50 24.98 - 28.61 96 2.1 28.42 96 28.42 36.55 - 38.23 160 3.7 36.91 128 36.84 41.80 - 45.97 118 5.3 43.22 36 43.13 50.71 - 52.03 86 6.1 50.79 — — $ 22.47 - 52.03 786 2.9 $ 32.37 586 $ 27.87 Year ended December 31, December 31, December 31, Shared-based compensation for options $ 1,386 $ 1,302 $ 1,410 Tax benefit for option compensation $ 542 $ 497 $ 508 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,728 Employee Activity – Non-vested shares Non-vested share grants to employees vest ratably over a three -year period. The following tables summarize the Company's employee non-vested share activity and related information: Year ended 2015 2014 2013 Weighted- Weighted- Weighted- Non-vested Average Non-vested Average Non-vested Average Shares Grant Date Shares Grant Date Shares Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 190 $ 40 186 $ 35 168 $ 33 Granted 100 51 99 42 98 37 Vested (93 ) 39 (94 ) 43 (68 ) 37 Forfeited (6 ) 45 (1 ) 37 (12 ) 36 Outstanding and non-vested at end of year 191 $ 46 190 $ 40 186 $ 35 Aggregate grant date fair value $ 8,773 $ 7,585 $ 6,588 Total fair value of shares vested during the year $ 4,694 $ 4,008 $ 2,503 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 4,070 $ 3,626 $ 3,058 Tax benefit for non-vested share compensation $ 1,591 $ 1,385 $ 1,165 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 5,085 Employee Activity – Performance shares In 2015, 2014 and 2013, the Company granted performance shares to key employees. Under the terms of the performance share agreements, on the third anniversary of the grant date, the Company will issue to the employees a calculated number of common stock shares based on the three year performance of the Company's common stock share price as compared to the share price performance of a selected peer group. No shares may be issued if the Company share price performance outperforms 30% or less of the peer group, but the number of shares issued may be doubled if the Company share price performs better than 90% of the peer group. The following tables summarize the Company's employee performance share activity, assuming median share awards, and related information: Year ended 2015 2014 2013 Weighted- Weighted- Weighted- Non-vested Average Non-vested Average Non-vested Average Shares Grant Date Shares Grant Date Shares Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 74 $ 44 88 $ 37 62 $ 36 Granted 27 67 23 48 26 40 Additional shares awarded based on performance — — 19 30 — — Vested (24 ) 45 (56 ) 30 — — Forfeited — — — — — — Outstanding and non-vested at end of year 77 $ 52 74 $ 44 88 $ 37 Aggregate grant date fair value $ 4,016 $ 3,279 $ 3,278 Year ended December 31, December 31, December 31, Shared-based compensation for performance shares $ 1,308 $ 1,098 $ 1,055 Tax benefit for performance share compensation $ 512 $ 419 $ 402 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,726 Employee Activity – Employee Stock Purchase Plan Under the ESPP at December 31, 2015, the Company is authorized to issue up to a remaining 392,987 shares of Common Stock to employees of the Company. For the years ended December 31, 2015, 2014 and 2013, participants under the plan purchased 10,805 , 8,530 , and 8,800 shares, respectively, at an average price of $41.55 , $41.51 , and $33.68 per share, respectively. The weighted-average fair value of each purchase right under the ESPP granted for the years ended December 31, 2015, 2014 and 2013, which is equal to the discount from the market value of the Common Stock at the end of each six month purchase period, was $5.82 , $7.74 , and $7.52 per share, respectively. Share-based compensation expense of $61 , $66 , and $66 was recognized in salaries, wages and employee benefits, during the years ended December 31, 2015, 2014 and 2013, respectively. Non-employee Directors – Non-vested shares On May 23, 2006, the Company’s shareholders approved the Company’s 2006 Non-Employee Director Stock Plan (the “2006 Plan”). The Company’s shareholders then approved the Company’s Amended and Restated Non-Employee Director Stock Plan (the “Amended Plan”) on May 22, 2007. The Amended Plan was then further amended and restated on December 17, 2008. Under the Amended Plan, on the first business day after each Annual Meeting of Shareholders, each non-employee director will automatically be granted an award (the “Annual Grant”), in such form and size as the Board determines from year to year. Unless otherwise determined by the Board, Annual Grants will become vested and nonforfeitable one year after the date of grant so long as the non-employee director’s service with the Company does not earlier terminate. Each director may elect to defer receipt of the shares under a non-vested share award until the director terminates service on the Board of Directors. If a director elects to defer receipt, the Company will issue deferred stock units to the director, which do not represent actual ownership in shares and the director will not have voting rights or other incidents of ownership until the shares are issued. However, the Company will credit the director with dividend equivalent payments in the form of additional deferred stock units for each cash dividend payment made by the Company. The following tables summarize the Company's non-employee non-vested share activity and related information: Year ended 2015 2014 2013 Non-vested Non-vested Non-vested Shares and Weighted- Shares and Weighted- Shares and Weighted- Deferred Average Deferred Average Deferred Average Stock Units Grant Date Stock Units Grant Date Stock Units Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 15 $ 44 15 $ 38 20 $ 32 Granted 14 51 15 44 15 38 Vested (14 ) 43 (15 ) 38 (20 ) 32 Forfeited — — — — — — Outstanding and non-vested at end of year 15 $ 51 15 $ 44 15 $ 38 Aggregate grant date fair value $ 740 $ 650 $ 560 Total fair value of shares vested during the year $ 727 $ 632 $ 762 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 661 $ 589 $ 589 Tax benefit for non-vested share compensation $ 259 $ 225 $ 225 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 286 Non-employee Directors - Options In addition to the above activity, each May from 1995 to 2005, options were granted to the non-employee directors of the Company. The options have terms of ten years and are fully exercisable. The following table summarizes the Company’s non-employee stock option activity and related information for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 8 $ 26 26 $ 23 29 $ 23 Granted — — — — — — Exercised (8 ) 26 (18 ) 22 (3 ) 20 Forfeited — — — — — — Outstanding and exercisable at end of year — $ — 8 $ 26 26 $ 23 Aggregate intrinsic value for options exercised $ 208 $ 412 $ 54 Average aggregate intrinsic value for options outstanding and exercisable $ — Net Income per Share The following table sets forth the computation of net income per basic and diluted share: 2015 2014 2013 Numerator: Net income and comprehensive income $ 55,575 $ 61,169 $ 54,467 Income allocated to participating securities (369 ) (404 ) — Numerator for basic and diluted income per share - net income 55,206 60,765 54,467 Denominator: Denominator for basic net income per share - weighted-average shares (in thousands) 30,728 30,599 30,135 Effect of dilutive stock options (in thousands) 277 431 615 Effect of dilutive performance shares (in thousands) 35 42 12 Denominator for diluted net income per share - adjusted weighted-average shares (in thousands) 31,040 31,072 30,762 Basic net income per share $ 1.80 $ 1.99 $ 1.81 Diluted net income per share $ 1.78 $ 1.96 $ 1.77 The number of instruments that could potentially dilute net income per basic share in the future, but that were not included in the computation of net income per diluted share because to do so would have been anti-dilutive for the periods presented, are as follows: 2015 2014 2013 Anti-dilutive stock options (in thousands) 184 99 192 Anti-dilutive performance shares (in thousands) 24 — — Total anti-dilutive shares (in thousands) 208 99 192 |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: 2015 2014 2013 Current: Federal $ 8,319 $ 33,631 $ 22,466 State 1,242 4,306 2,133 9,561 37,937 24,599 Deferred: Federal 12,477 (2,102 ) 4,367 State 2,054 (919 ) 489 14,531 (3,021 ) 4,856 $ 24,092 $ 34,916 $ 29,455 The tax benefit associated with the exercise of stock options and the vesting of non-vested shares recorded to additional paid in capital during the years ended December 31, 2015 , 2014 and 2013 were $5,413 , $2,109 and $3,612 , respectively, and are reflected as an increase in additional paid-in capital in the accompanying consolidated statements of shareholders’ equity. The historical income tax expense differs from the amounts computed by applying the federal statutory rate of 35.0% to income before income taxes as follows: 2015 2014 2013 Tax expense at the statutory rate $ 27,883 $ 33,630 $ 29,373 State income taxes, net of federal benefit 2,178 1,879 1,876 Non-deductible transaction costs 394 — — Incentive stock options (120 ) (96 ) (908 ) Meals and entertainment 216 186 139 Deferred tax asset valuation allowance (11 ) 39 (85 ) Federal qualified property deductions (6,066 ) — — Federal income tax credits (732 ) (533 ) (1,023 ) Other 350 (189 ) 83 $ 24,092 $ 34,916 $ 29,455 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, December 31, Deferred tax assets: Accrued expenses $ 11,952 $ 6,313 Allowance for doubtful accounts 936 1,002 Share-based compensation 5,242 5,698 Accruals for income tax contingencies 268 300 Impairment of goodwill and other intangible assets 216 534 Net operating loss carryforwards 13,620 280 Total deferred tax assets 32,234 14,127 Valuation allowance (284 ) (273 ) Total deferred tax assets, net of valuation allowance 31,950 13,854 Deferred tax liabilities: Tax over book depreciation 28,027 19,222 Intangible assets 25,399 3,639 Prepaid expenses deductible when paid 5,018 2,488 Goodwill 13,382 11,189 Total deferred tax liabilities 71,826 36,538 Net deferred tax liabilities $ (39,876 ) $ (22,684 ) Total income tax payments, net of refunds, during fiscal years 2015 , 2014 and 2013 were $25,264 , $30,087 and $25,168 , respectively. As a result of the Towne acquisition the Company has approximately $36,034 of federal net operating losses as of December 31, 2015, that will expire between 2020 and 2030. The Company expects to be able to fully utilize these federal net operating losses before they expire. At December 31, 2015 and 2014 , the Company had state net operating loss carryforwards of $23,595 and $6,500 , respectively, that will expire between 2015 and 2029. Also, the use of these state net operating losses is limited to the future taxable income of separate legal entities. Based on expectations of future taxable income, management believes that it is more likely than not that the results of operations for certain separate legal entities will not generate sufficient taxable income to realize portions of these net operating loss benefits for state loss carryforwards. As a result, a valuation allowance has been provided for the state loss carryforwards for these specific legal entities. The valuation allowance on these state loss carryforwards increased $11 and $39 during 2015 and 2014, respectively. Income Tax Contingencies The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states and Canada. With a few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian examinations by tax authorities for years before 2011. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: Liability for Unrecognized Tax Benefits Balance at December 31, 2012 277 Additions for tax positions of current year 209 Additions for tax positions of prior years - TQI 853 Balance at December 31, 2013 1,339 Reductions for settlement with state taxing authorities (697 ) Additions for tax positions of prior years - TQI 63 Additions for tax positions of current year 66 Balance at December 31, 2014 771 Reductions for settlement with state taxing authorities (64 ) Additions for tax positions of current year 66 Balance at December 31, 2015 $ 773 Included in the liability for unrecognized tax benefits at December 31, 2015 and December 31, 2014 are tax positions of $773 and $771 , respectively, which represents tax positions where the realization of the ultimate benefit is uncertain and the disallowance of which would affect the Company’s annual effective income tax rate. Included in the liability for unrecognized tax benefits at December 31, 2015 and December 31, 2014 , are accrued penalties of $156 and $170 , respectively. The liability for unrecognized tax benefits at December 31, 2015 and December 31, 2014 also included accrued interest of $371 and $414 , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Operating Leases The Company leases certain facilities under noncancellable operating leases that expire in various years through 2024. Certain leases may be renewed for periods varying from one to ten years. The Company has entered into or assumed through acquisition several operating leases for tractors, straight trucks and trailers with original lease terms between three and five years. These leases expire in various years through 2020 and may not be renewed beyond the original term. Sublease rental income, was $1,611 , $980 and $914 in 2015, 2014 and 2013, respectively. In 2016, the Company expects to receive aggregate future minimum rental payments under noncancellable subleases of approximately $159 . Noncancellable subleases expire between 2016 and 2019. Future minimum rental payments under noncancellable operating leases with initial or remaining terms in excess of one year consisted of the following at December 31, 2015: 2016 $ 34,817 2017 27,433 2018 18,988 2019 12,211 2020 6,645 Thereafter 1,091 Total $ 101,185 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is party to ordinary, routine litigation incidental to and arising in the normal course of business. The Company does not believe that any of these pending actions, individually or in the aggregate, will have a material adverse effect on its financial condition, results of operations or cash flows. The primary claims in the Company’s business relate to workers’ compensation, property damage, vehicle liability and employee medical benefits. Most of the Company’s insurance coverage provides for self-insurance levels with primary and excess coverage which management believes is sufficient to adequately protect the Company from catastrophic claims. Such insurance coverage above the applicable self-insurance levels continues to be an important part of the Company's risk management process. In the opinion of management, adequate provision has been made for all incurred claims up to the self-insured limits, including provision for estimated claims incurred but not reported. The Company estimates its self-insurance loss exposure by evaluating the merits and circumstances surrounding individual known claims and by performing hindsight and actuarial analysis to determine an estimate of probable losses on claims incurred but not reported. Such losses could be realized immediately as the events underlying the claims have already occurred as of the balance sheet dates. Because of the uncertainty of the ultimate resolution of outstanding claims, as well as uncertainty regarding claims incurred but not reported, it is possible that management’s provision for these losses could change materially in the near term. However, no estimate can currently be made of the range of additional loss that is at least reasonably possible. As of December 31, 2015, the Company had commitments to purchase various trailers, forklifts and other equipment for approximately $17,667 during 2016. |
Employee Benefit Plan (Notes)
Employee Benefit Plan (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plan [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Employee Benefit Plan The Company has a retirement savings plan (the “401(k) Plan”). The 401(k) Plan is a defined contribution plan whereby employees who have completed 90 days of service, a minimum of 1,000 hours of service and are age 21 or older are eligible to participate. The 401(k) Plan allows eligible employees to make contributions of 2.0% to 80.0% of their annual compensation. For all periods presented, employer contributions were made at 25.0% of the employee’s contribution up to a maximum of 6.0% of total annual compensation, except where government limitations prohibit. Employer contributions vest 20.0% after two years of service and continue vesting 20.0% per year until fully vested. The Company’s matching contributions expensed in 2015 , 2014 and 2013 were approximately $1,178 , $895 and $823 , respectively. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments Disclosure [Text Block] | Financial Instruments Off Balance Sheet Risk At December 31, 2015, the Company had letters of credit outstanding totaling $11,048 . Fair Value of Financial Instruments The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Accounts receivable and accounts payable: The carrying amounts reported in the balance sheet for accounts receivable and accounts payable approximate their fair value based on their short-term nature. The Company’s revolving credit facility and term loan bear variable interest rates plus additional basis points based upon covenants related to total indebtedness to earnings. As the term loan bears a variable interest rate, the carrying value approximates fair value. Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding capital lease obligations as follows: December 31, December 31, Carrying Value Fair Value Carrying Value Fair Value Capital lease obligations $ 1,405 $ 1,434 $ 1,551 $ 1,578 The Company's fair value calculations for the above financial instruments are classified within level 3 of the fair value hierarchy as defined in the FASB Codification. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates in three reportable segments based on information available to and used by the chief operating decision maker. Forward Air, which includes our Forward Air and CST operating segments, provides time-definite transportation and logistics services including expedited truckload and intermodal drayage. FASI provides pool distribution services primarily to regional and national distributors and retailers. TQI is a provider of maximum security and temperature-controlled logistics services, primarily truckload services, to the life sciences sector (pharmaceutical and biotechnology products). The accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1 to the Consolidated Financial Statements. Segment data includes intersegment revenues. Assets and costs of the corporate headquarters are allocated to the segments based on usage. The Company evaluates the performance of its segments based on net income (loss). The Company’s business is conducted in the U.S. and Canada. The following tables summarize segment information about net income and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, 2015 Forward Air FASI TQI Eliminations Consolidated External revenues $ 788,248 $ 128,826 $ 42,051 $ — $ 959,125 Intersegment revenues 4,623 1,169 322 (6,114 ) — Depreciation and amortization 27,069 6,085 4,003 — 37,157 Share-based compensation expense 7,200 220 66 — 7,486 Interest expense 2,042 — 5 — 2,047 Interest income 25 — — — 25 Income tax expense 21,235 1,673 1,184 — 24,092 Net income 51,976 2,383 1,216 — 55,575 Total assets 759,680 46,970 89,312 (195,791 ) 700,171 Capital expenditures 30,540 3,983 5,972 — 40,495 Year ended December 31, 2014 Forward Air FASI TQI Eliminations Consolidated External revenues $ 608,118 $ 124,382 $ 48,459 $ — $ 780,959 Intersegment revenues 4,219 831 365 (5,415 ) — Depreciation and amortization 21,721 5,811 3,601 — 31,133 Share-based compensation expense 6,470 176 35 — 6,681 Interest expense 602 2 6 — 610 Interest income 8 — — — 8 Income tax expense 31,792 2,203 921 — 34,916 Net income 53,985 3,790 3,394 — 61,169 Total assets 604,578 45,428 88,788 (199,485 ) 539,309 Capital expenditures 26,170 7,133 6,184 — 39,487 Year ended December 31, 2013 Forward Air FASI TQI Eliminations Consolidated External revenues $ 497,993 $ 112,766 $ 41,722 $ — $ 652,481 Intersegment revenues 3,075 645 120 (3,840 ) — Depreciation and amortization 16,222 4,945 2,412 — 23,579 Share-based compensation expense 5,959 140 79 — 6,178 Interest expense 513 8 11 — 532 Interest income 36 — 1 — 37 Income tax expense 26,981 846 1,628 — 29,455 Net income 51,251 1,255 1,961 — 54,467 Total assets 478,790 42,049 85,490 (100,060 ) 506,269 Capital expenditures 25,017 6,901 3,521 — 35,439 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Results of Operations (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 : 2015 March 31 June 30 September 30 December 31 Operating revenue $ 205,918 $ 249,694 $ 247,093 $ 256,420 Income from operations 8,248 19,908 24,601 29,015 Net income 4,836 11,824 15,687 23,228 Net income per share: Basic $ 0.16 $ 0.38 $ 0.51 $ 0.75 Diluted $ 0.16 $ 0.38 $ 0.50 $ 0.75 2014 March 31 June 30 September 30 December 31 Operating revenue $ 171,569 $ 193,852 $ 201,477 $ 214,061 Income from operations 16,271 27,595 26,906 25,634 Net income 10,202 17,178 16,744 17,045 Net income per share: Basic $ 0.33 $ 0.56 $ 0.55 $ 0.56 Diluted $ 0.33 $ 0.55 $ 0.54 $ 0.55 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Col. A Col. B Col. C Col. D Col. E Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Described Deductions -Describe Balance at End of Period Year ended December 31, 2015 Allowance for doubtful accounts $ 2,155 $ 33 $ — $ 878 (2) $ 1,310 Allowance for revenue adjustments (1) 408 4,793 — 4,106 (3) 1,095 Income tax valuation 273 11 — — 284 2,836 4,837 — 4,984 2,689 Year ended December 31, 2014 Allowance for doubtful accounts $ 1,583 $ 241 $ — $ (331 ) (2) $ 2,155 Allowance for revenue adjustments (1) 336 2,465 — 2,393 (3) 408 Income tax valuation 234 39 — — 273 2,153 2,745 — 2,062 2,836 Year ended December 31, 2013 Allowance for doubtful accounts $ 1,149 $ 423 $ — $ (11 ) (2) $ 1,583 Allowance for revenue adjustments (1) 295 2,531 — 2,490 (3) 336 Income tax valuation 319 (85 ) — — 234 1,763 2,869 — 2,479 2,153 (1) Represents an allowance for adjustments to accounts receivable due to disputed rates, accessorial charges and other aspects of previously billed shipments. (2) Represents uncollectible accounts written off, net of recoveries (3) Represents adjustments to billed accounts receivable |
Accounting Policies Accounting
Accounting Policies Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas requiring management estimates include the following key financial areas: Allowance for Doubtful Accounts The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances in which the Company is aware of a specific customer’s inability to meet its financial obligations to the Company (for example, bankruptcy filings, accounts turned over for collection or litigation), the Company records a specific reserve for these bad debts against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. For all other customers, the Company recognizes reserves for these bad debts based on the length of time the receivables are past due. Specifically, amounts that are 90 days or more past due are reserved at 50.0% for Forward Air's airport-to-airport and TLX operations, 10.0% for Forward Air's intermodal drayage operations, 25.0% for FASI and 10.0% for TQI's pharmaceutical operations and 50.0% for TQI's non-pharmaceutical operations. If circumstances change (i.e., the Company experiences higher than expected defaults or an unexpected material adverse change in a customer’s ability to meet its financial obligations to the Company), the estimates of the recoverability of amounts due to the Company could be changed by a material amount. Accounts are written off after all means of collection, including legal action, have been exhausted. Allowance for Revenue Adjustments The Company’s allowance for revenue adjustments consists of amounts reserved for billing rate changes that are not captured upon load initiation. These adjustments generally arise: (1) when the sales department contemporaneously grants small rate changes (“spot quotes”) to customers that differ from the standard rates in the system; (2) when freight requires dimensionalization or is reweighed resulting in a different required rate; (3) when billing errors occur; and (4) when data entry errors occur. When appropriate, permanent rate changes are initiated and reflected in the system. The Company monitors the manual revenue adjustments closely through the employment of various controls that are in place to ensure that revenue recognition is not compromised and that fraud does not occur. During 2015, average revenue adjustments per month were approximately $399 on average revenue per month of approximately $79,927 ( 0.5% of monthly revenue). In order to estimate the allowance for revenue adjustments related to ending accounts receivable, the Company prepares an analysis that considers average monthly revenue adjustments and the average lag for identifying and quantifying these revenue adjustments. Based on this analysis, the Company establishes an allowance covering approximately 35 - 110 days (dependent upon experience in the last twelve months) of average revenue adjustments, adjusted for rebates and billing errors. The lag is periodically adjusted based on actual historical experience. Additionally, the average amount of revenue adjustments per month can vary in relation to the level of sales or based on other factors (such as personnel issues that could result in excessive manual errors or in excessive spot quotes being granted). Both of these significant assumptions are continually evaluated for validity. Self-Insurance Loss Reserves Given the nature of the Company’s operating environment, the Company is subject to vehicle and general liability, workers’ compensation and employee health insurance claims. To mitigate a portion of these risks, the Company maintains insurance for individual vehicle and general liability claims exceeding $500 and workers’ compensation claims and employee health insurance claims exceeding $250 , except in Ohio, where for workers’ compensation we are a qualified self-insured entity with a $500 self-insured retention. The amount of self-insurance loss reserves and loss adjustment expenses is determined based on an estimation process that uses information obtained from both company-specific and industry data, as well as general economic information. The estimation process for self-insurance loss exposure requires management to continuously monitor and evaluate the life cycle of claims. Using data obtained from this monitoring and the Company’s assumptions about the emerging trends, management develops information about the size of ultimate claims based on its historical experience and other available market information. The most significant assumptions used in the estimation process include determining the trend in loss costs, the expected consistency in the frequency and severity of claims incurred but not yet reported, changes in the timing of the reporting of losses from the loss date to the notification date, and expected costs to settle unpaid claims. The Company utilizes a semi-annual actuarial analyses to evaluate open claims and estimate the ongoing development exposure. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Operating revenue and related costs are recognized as of the date shipments are completed. The transportation rates the Company charges its customers consist of base transportation rates and fuel surcharge rates. The revenues earned and related direct freight expenses incurred from the Company’s base transportation services are recognized on a gross basis in revenue and in purchased transportation. Transportation revenue is recognized on a gross basis as the Company is the primary obligor. The fuel surcharges billed to customers and paid to owner-operators and third party transportation providers are recorded on a net basis as the Company is not the primary obligor with regards to the fuel surcharges. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash and cash equivalents. |
Inventories, Policy [Policy Text Block] | Inventories Inventories of tires, replacement parts, supplies, and fuel for equipment are stated at the lower of cost or market utilizing the FIFO (first-in, first-out) method of determining cost. Inventories of tires and replacement parts are not material in the aggregate. Replacement parts are expensed when placed in service, while tires are capitalized and amortized over their expected life. Replacement parts and tires are included as a component of other operating expenses in the consolidated statements of comprehensive income. |
Property and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Expenditures for normal repair and maintenance are expensed as incurred. Depreciation of property and equipment is calculated based upon the cost of the asset, reduced by its estimated salvage value, using the straight-line method over the estimated useful lives as follows: Buildings 30-40 years Equipment 3-10 years Leasehold improvements Lesser of Useful Life or Initial Lease Term Depreciation expense for each of the three years ended December 31, 2015 , 2014 and 2013 was $26,252 , $22,616 and $17,817 respectively. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is recognized on assets classified as held and used when the sum of undiscounted estimated cash flows expected to result from the use of the asset is less than the carrying value. If such measurement indicates a possible impairment, the estimated fair value of the asset is compared to its net book value to measure the impairment charge, if any. When the criteria have been met for long-lived assets to be classified as held for sale, the assets are recorded at the lower of carrying value or fair market value (less selling costs). |
Operating Leases, Policy [Policy Text Block] | Operating Leases Certain operating leases include rent increases during the initial lease term. For these leases, the Company recognizes the related rental expenses on a straight-line basis over the term of the lease, which includes any rent holiday period, and records the difference between the amounts charged to operations and amount paid as rent as a rent liability. |
Goodwill and Other Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill is recorded at cost based on the excess of purchase price over the fair value of net assets acquired. Goodwill and intangible assets with indefinite lives are not amortized but the Company conducts an annual (or more frequently if circumstances indicate possible impairment) impairment test of goodwill for each reportable segment at June 30 of each year. Other intangible assets are amortized over their useful lives. Results of impairment testing are described in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. Acquisitions are accounted for using the purchase method. The definite-lived intangible assets of the Company resulting from acquisition activity and the related amortization are described in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. |
Software Development, Policy [Policy Text Block] | Software Development Costs related to software developed or acquired for internal use are expensed or capitalized based on the applicable stage of software development and any capitalized costs are amortized over their estimated useful life. The Company typically uses a five -year straight line amortization for the capitalized amounts of software development costs. At December 31, 2015 and 2014 the Company had $14,866 and $13,246 , respectively, of capitalized software development costs included in property and equipment. Accumulated amortization on these assets was $10,584 and $9,065 at December 31, 2015 and 2014 , respectively. Included in depreciation expense is amortization of capitalized software development costs. Amortization of capitalized software development for the years ended December 31, 2015 , 2014 and 2013 was $1,526 , $1,464 and $1,228 respectively. As of December 31, 2015 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2016 $ 1,439 2017 1,119 2018 861 2019 569 2020 220 Total $ 4,208 |
Income Taxes, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the liability method, whereby deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to be recovered or settled. We report a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. We recognize interest and penalties, if any, related to unrecognized tax benefits in interest expense and operating expenses, respectively. |
Net Income Per Share, Policy [Policy Text Block] | Net Income Per Share The Company calculates net income per share in accordance with the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, Earnings per Share (the “FASB Codification 260”). Under the FASB Codification 260, basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period. The Company's non-vested shares contain non-forfeitable rights to dividends and are therefore considered participating securities for purposes of computing net income per share pursuant to the two-class method. Net income allocated to participating securities was $369 and $404 in 2015 and 2014, respectively. Net losses are not allocated to participating securities in periods in which the Company incurs a net loss. |
Share-based Payments, Policy [Policy Text Block] | Share-Based Payments The Company’s general practice has been to make a single annual grant of share-based compensation to key employees and to generally make other grants only in connection with new employment or promotions. In addition, the Company makes annual grants to non-employee directors in conjunction with their annual election to our Board of Directors or at the time of their appointment to the Board of Directors. For employees, the Company has granted stock options, non-vested shares and performance shares. For non-employee directors, the Company issued non-vested shares during the years ended December 31, 2015 , 2014 and 2013 . Stock options typically expire seven years from the grant date and vest ratably over a three -year period. The share-based compensation for stock options is recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. Based on the Company’s historical experience, forfeitures have been estimated. The Company uses the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The following table contains the weighted-average assumptions used to estimate the fair value of options granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. December 31, December 31, December 31, Expected dividend yield 1.0 % 1.2 % 1.2 % Expected stock price volatility 33.3 % 38.5 % 43.7 % Weighted average risk-free interest rate 1.6 % 1.6 % 0.9 % Expected life of options (years) 5.9 5.3 5.2 The fair value of non-vested shares issued were estimated using the closing market prices for the business day of the grant. The share-based compensation for the non-vested shares is recognized, net of estimated forfeitures, ratably over the requisite service period or vesting period. Forfeitures are estimated based on our historical experience, but will be adjusted for future changes in forfeiture experience. The fair value of the performance shares was estimated using a Monte Carlo simulation. The share-based compensation for performance shares are recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The following table contains the weighted-average assumptions used to estimate the fair value of performance shares granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. Year ended December 31, December 31, December 31, Expected stock price volatility 23.5 % 32.5 % 34.5 % Weighted average risk-free interest rate 1.0 % 0.7 % 0.4 % Under the 2005 Employee Stock Purchase Plan (the “ESPP”), which has been approved by shareholders, the Company is authorized to issue shares of Common Stock to eligible employees. These shares may be issued at a price equal to 90% of the lesser of the market value on the first day or the last day of each six -month purchase period. Common Stock purchases are paid for through periodic payroll deductions and/or up to two large lump sum contributions. The Company recognize share-based compensation on the date of purchase based on the difference between the purchase date fair market value and the employee purchase price. |
Accounting Policies Depreciatio
Accounting Policies Depreciation Calculation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Table Text Block] | Depreciation of property and equipment is calculated based upon the cost of the asset, reduced by its estimated salvage value, using the straight-line method over the estimated useful lives as follows: Buildings 30-40 years Equipment 3-10 years Leasehold improvements Lesser of Useful Life or Initial Lease Term |
Accounting Policies Capitalized
Accounting Policies Capitalized Software Development Amortization Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Software and Software Development Costs [Member] | |
Software Development, Schedule of Expected Amortization Expense [Table Text Block] | As of December 31, 2015 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2016 $ 1,439 2017 1,119 2018 861 2019 569 2020 220 Total $ 4,208 |
Accounting Policies Stock Optio
Accounting Policies Stock Option Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | The following table contains the weighted-average assumptions used to estimate the fair value of options granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. December 31, December 31, December 31, Expected dividend yield 1.0 % 1.2 % 1.2 % Expected stock price volatility 33.3 % 38.5 % 43.7 % Weighted average risk-free interest rate 1.6 % 1.6 % 0.9 % Expected life of options (years) 5.9 5.3 5.2 The fair value of non-vested shares issued were estimated using the closing market prices for the business day of the grant. The share-based compensation for the non-vested shares is recognized, net of estimated forfeitures, ratably over the requisite service period or vesting period. Forfeitures are estimated based on our historical experience, but will be adjusted for future changes in forfeiture experience. The fair value of the performance shares was estimated using a Monte Carlo simulation. The share-based compensation for performance shares are recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The following table contains the weighted-average assumptions used to estimate the fair value of performance shares granted. These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate. Year ended December 31, December 31, December 31, Expected stock price volatility 23.5 % 32.5 % 34.5 % Weighted average risk-free interest rate 1.0 % 0.7 % 0.4 % |
Acquisitions, Goodwill and Ot24
Acquisitions, Goodwill and Other Long-Lived Assets Acquisitions, Goodwill and Other Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Line Items] | |
Vacated Facility Reserve [Table Text Block] | The following is a summary of the vacated facility reserve: Acquired Towne Liability $ 1,355 Reserves for vacated facilities 11,722 Payments (6,346 ) Balance at December 31, 2015 $ 6,731 |
Purchase Price Allocation [Table Text Block] | The following table presents the allocations of the Towne, CST, RGL, MMT and TQI purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Towne CST RGL & MMT TQI March 9, 2015 February 2, 2014 September & November 2014 March 4, 2013 Tangible assets: Accounts receivable $ 24,068 $ 9,339 $ — $ 5,639 Prepaid expenses and other current assets 2,916 101 — 1,093 Property and equipment 2,095 2,132 287 5,103 Other assets 614 35 — 728 Deferred income taxes — — — 947 Total tangible assets 29,693 11,607 287 13,510 Intangible assets: Non-compete agreements — 930 92 470 Trade name — 500 — 1,000 Customer relationships 66,000 36,000 3,590 22,300 Goodwill 61,197 51,710 4,206 45,164 Total intangible assets 127,197 89,140 7,888 68,934 Total assets acquired 156,890 100,747 8,175 82,444 Liabilities assumed: Current liabilities 28,920 6,535 1,000 4,725 Other liabilities 3,886 — — 1,735 Debt and capital lease obligations 59,544 11,215 — 20,113 Deferred income taxes 2,662 — — 10,543 Total liabilities assumed 95,012 17,750 1,000 37,116 Net assets acquired $ 61,878 $ 82,997 $ 7,175 $ 45,328 |
Business Acquisition, Pro Forma Information [Table Text Block] | The acquired definite-live intangible assets have the following useful lives: Useful Lives Towne CST RGL & MMT TQI Customer relationships 20 years 15 years 15 years 15 years Non-competes - 5 years 5 years 5 years Trade names - 2 years - 5 years The fair value of the non-compete agreements and customer relationships assets were estimated using an income approach (level 3). Under this method, an intangible asset's fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes that the level and timing of cash flows appropriately reflect market participant assumptions. The fair value of the acquired trade names were estimated using an income approach, specifically known as the relief from royalty method. The relief from royalty method is based on a hypothetical royalty stream that would be paid if the Company did not own the applicable names and had to license the trade name. The Company derived the hypothetical royalty income from the projected revenues of CST and TQI. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. The following unaudited pro forma information presents a summary of the Company's consolidated results of operations as if the Towne, CST and TQI acquisitions occurred as of January 1, 2013 (in thousands, except per share data). Year ended December 31, December 31, December 31, Operating revenue $ 993,352 $ 1,017,005 $ 964,673 Income from operations 79,465 89,650 67,529 Net income 53,096 56,092 30,363 Net income per share Basic $ 1.72 $ 1.82 $ 1.00 Diluted $ 1.70 $ 1.79 $ 0.98 |
Schedule of Goodwill [Table Text Block] | The following is a summary of the changes in goodwill for the year ended December 31, 2015. Approximately $99,248 of goodwill, not including the goodwill acquired with the Towne and TQI acquisitions, is deductible for tax purposes. Forward Air FASI TQI Total Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2014 $ 93,842 $ — $ 12,359 $ (6,953 ) $ 45,164 $ — $ 144,412 Towne acquisition 61,197 — — — — — 61,197 Ending balance, December 31, 2015 $ 155,039 $ — $ 12,359 $ (6,953 ) $ 45,164 $ — $ 205,609 |
Definite-Lived Intangible Assets [Member] | |
Goodwill [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2015, definite-lived intangible assets are comprised of the following: Acquired Intangibles Accumulated Amortization Net Acquired Intangibles Customer relationships $ 174,240 $ 47,773 $ 126,467 Non-compete agreements 3,272 2,393 879 Trade name 1,500 1,046 454 Total $ 179,012 $ 51,212 $ 127,800 The estimated amortization expense for the next five years on definite-lived intangible assets as of December 31, 2015 is as follows: 2016 2017 2018 2019 2020 Customer relationships $ 10,156 $ 10,041 $ 8,536 $ 8,456 $ 8,456 Non-compete agreements 318 310 220 30 — Trade name 221 200 33 — — Total $ 10,695 $ 10,551 $ 8,789 $ 8,486 $ 8,456 |
CST [Member] | |
Goodwill [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The results of CST, RGL and MMT operations are reflected in the Company's consolidated statements of comprehensive income for the year ended December 31, 2014 from the dates of acquisition are as follows (in thousands, except per share data): Dates of Acquisition to December 31, 2014 Logistics revenue $ 52,061 Other revenues 20,253 Operating income 7,525 Net income 4,586 Net income per share Basic $ 0.15 Diluted $ 0.15 |
TQI [Member] | |
Goodwill [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The results of TQI reflected in the Company's consolidated statements of comprehensive income are as follows (in thousands, except per share data): March 4, 2013 to December 31, 2013 Logistics revenue $ 41,842 Operating income 3,600 Net income 1,961 Net income per share Basic $ 0.07 Diluted $ 0.06 |
Debt and Capital Lease Obliga25
Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt and Capital Lease Obligations [Abstract] | |
Schedule of Capital Leased Asssets [Table Text Block] | Property and equipment include the following amounts for assets under capital leases: December 31, December 31, Equipment $ 635 $ 793 Accumulated amortization (105 ) (253 ) $ 530 $ 540 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum payments, by year and in the aggregate, under non-cancelable capital leases with initial or remaining terms of one year or more consist of the following at December 31, 2015: 2016 $ 395 2017 395 2018 391 2019 325 2020 60 Thereafter — Total 1,566 Less amounts representing interest 161 Present value of net minimum lease payments (including current portion of $331) $ 1,405 |
Shareholder's Equity, Stock O26
Shareholder's Equity, Stock Options and Net Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of net income per basic and diluted share: 2015 2014 2013 Numerator: Net income and comprehensive income $ 55,575 $ 61,169 $ 54,467 Income allocated to participating securities (369 ) (404 ) — Numerator for basic and diluted income per share - net income 55,206 60,765 54,467 Denominator: Denominator for basic net income per share - weighted-average shares (in thousands) 30,728 30,599 30,135 Effect of dilutive stock options (in thousands) 277 431 615 Effect of dilutive performance shares (in thousands) 35 42 12 Denominator for diluted net income per share - adjusted weighted-average shares (in thousands) 31,040 31,072 30,762 Basic net income per share $ 1.80 $ 1.99 $ 1.81 Diluted net income per share $ 1.78 $ 1.96 $ 1.77 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The number of instruments that could potentially dilute net income per basic share in the future, but that were not included in the computation of net income per diluted share because to do so would have been anti-dilutive for the periods presented, are as follows: 2015 2014 2013 Anti-dilutive stock options (in thousands) 184 99 192 Anti-dilutive performance shares (in thousands) 24 — — Total anti-dilutive shares (in thousands) 208 99 192 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize the Company’s employee stock option activity and related information for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 1,363 $ 28 1,732 $ 27 2,874 $ 26 Granted 96 50 106 43 118 38 Exercised (659 ) 26 (450 ) 28 (1,260 ) 26 Forfeited (14 ) 29 (25 ) 37 — — Outstanding at end of year 786 $ 32 1,363 $ 28 1,732 $ 27 Exercisable at end of year 586 $ 28 1,160 $ 26 1,514 $ 26 Weighted-average fair value of options granted during the year $ 15 $ 14 $ 14 Aggregate intrinsic value for options exercised $ 16,191 $ 7,259 $ 15,477 Average aggregate intrinsic value for options outstanding $ 13,001 Average aggregate intrinsic value for exercisable options $ 12,332 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding Exercisable Weighted- Weighted- Weighted- Range of Number Average Average Number Average Exercise Outstanding Remaining Exercise Exercisable Exercise Price (000) Contractual Life Price (000) Price $ 22.47 - 22.87 326 1.0 $ 22.50 326 $ 22.50 24.98 - 28.61 96 2.1 28.42 96 28.42 36.55 - 38.23 160 3.7 36.91 128 36.84 41.80 - 45.97 118 5.3 43.22 36 43.13 50.71 - 52.03 86 6.1 50.79 — — $ 22.47 - 52.03 786 2.9 $ 32.37 586 $ 27.87 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Year ended December 31, December 31, December 31, Shared-based compensation for options $ 1,386 $ 1,302 $ 1,410 Tax benefit for option compensation $ 542 $ 497 $ 508 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,728 |
Employee Non-vested Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following tables summarize the Company's employee non-vested share activity and related information: Year ended 2015 2014 2013 Weighted- Weighted- Weighted- Non-vested Average Non-vested Average Non-vested Average Shares Grant Date Shares Grant Date Shares Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 190 $ 40 186 $ 35 168 $ 33 Granted 100 51 99 42 98 37 Vested (93 ) 39 (94 ) 43 (68 ) 37 Forfeited (6 ) 45 (1 ) 37 (12 ) 36 Outstanding and non-vested at end of year 191 $ 46 190 $ 40 186 $ 35 Aggregate grant date fair value $ 8,773 $ 7,585 $ 6,588 Total fair value of shares vested during the year $ 4,694 $ 4,008 $ 2,503 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 4,070 $ 3,626 $ 3,058 Tax benefit for non-vested share compensation $ 1,591 $ 1,385 $ 1,165 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 5,085 |
Key Employee Performance Share Based Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following tables summarize the Company's employee performance share activity, assuming median share awards, and related information: Year ended 2015 2014 2013 Weighted- Weighted- Weighted- Non-vested Average Non-vested Average Non-vested Average Shares Grant Date Shares Grant Date Shares Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 74 $ 44 88 $ 37 62 $ 36 Granted 27 67 23 48 26 40 Additional shares awarded based on performance — — 19 30 — — Vested (24 ) 45 (56 ) 30 — — Forfeited — — — — — — Outstanding and non-vested at end of year 77 $ 52 74 $ 44 88 $ 37 Aggregate grant date fair value $ 4,016 $ 3,279 $ 3,278 Year ended December 31, December 31, December 31, Shared-based compensation for performance shares $ 1,308 $ 1,098 $ 1,055 Tax benefit for performance share compensation $ 512 $ 419 $ 402 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,726 |
Nonemployee Director Nonvested Shares Granted [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Nonvested Share Activity [Table Text Block] | The following tables summarize the Company's non-employee non-vested share activity and related information: Year ended 2015 2014 2013 Non-vested Non-vested Non-vested Shares and Weighted- Shares and Weighted- Shares and Weighted- Deferred Average Deferred Average Deferred Average Stock Units Grant Date Stock Units Grant Date Stock Units Grant Date (000) Fair Value (000) Fair Value (000) Fair Value Outstanding and non-vested at beginning of year 15 $ 44 15 $ 38 20 $ 32 Granted 14 51 15 44 15 38 Vested (14 ) 43 (15 ) 38 (20 ) 32 Forfeited — — — — — — Outstanding and non-vested at end of year 15 $ 51 15 $ 44 15 $ 38 Aggregate grant date fair value $ 740 $ 650 $ 560 Total fair value of shares vested during the year $ 727 $ 632 $ 762 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 661 $ 589 $ 589 Tax benefit for non-vested share compensation $ 259 $ 225 $ 225 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 286 |
Non-employee Director Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the Company’s non-employee stock option activity and related information for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 8 $ 26 26 $ 23 29 $ 23 Granted — — — — — — Exercised (8 ) 26 (18 ) 22 (3 ) 20 Forfeited — — — — — — Outstanding and exercisable at end of year — $ — 8 $ 26 26 $ 23 Aggregate intrinsic value for options exercised $ 208 $ 412 $ 54 Average aggregate intrinsic value for options outstanding and exercisable $ — |
Income Taxes Income Tax Provisi
Income Taxes Income Tax Provision (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following: 2015 2014 2013 Current: Federal $ 8,319 $ 33,631 $ 22,466 State 1,242 4,306 2,133 9,561 37,937 24,599 Deferred: Federal 12,477 (2,102 ) 4,367 State 2,054 (919 ) 489 14,531 (3,021 ) 4,856 $ 24,092 $ 34,916 $ 29,455 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The historical income tax expense differs from the amounts computed by applying the federal statutory rate of 35.0% to income before income taxes as follows: 2015 2014 2013 Tax expense at the statutory rate $ 27,883 $ 33,630 $ 29,373 State income taxes, net of federal benefit 2,178 1,879 1,876 Non-deductible transaction costs 394 — — Incentive stock options (120 ) (96 ) (908 ) Meals and entertainment 216 186 139 Deferred tax asset valuation allowance (11 ) 39 (85 ) Federal qualified property deductions (6,066 ) — — Federal income tax credits (732 ) (533 ) (1,023 ) Other 350 (189 ) 83 $ 24,092 $ 34,916 $ 29,455 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, December 31, Deferred tax assets: Accrued expenses $ 11,952 $ 6,313 Allowance for doubtful accounts 936 1,002 Share-based compensation 5,242 5,698 Accruals for income tax contingencies 268 300 Impairment of goodwill and other intangible assets 216 534 Net operating loss carryforwards 13,620 280 Total deferred tax assets 32,234 14,127 Valuation allowance (284 ) (273 ) Total deferred tax assets, net of valuation allowance 31,950 13,854 Deferred tax liabilities: Tax over book depreciation 28,027 19,222 Intangible assets 25,399 3,639 Prepaid expenses deductible when paid 5,018 2,488 Goodwill 13,382 11,189 Total deferred tax liabilities 71,826 36,538 Net deferred tax liabilities $ (39,876 ) $ (22,684 ) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: Liability for Unrecognized Tax Benefits Balance at December 31, 2012 277 Additions for tax positions of current year 209 Additions for tax positions of prior years - TQI 853 Balance at December 31, 2013 1,339 Reductions for settlement with state taxing authorities (697 ) Additions for tax positions of prior years - TQI 63 Additions for tax positions of current year 66 Balance at December 31, 2014 771 Reductions for settlement with state taxing authorities (64 ) Additions for tax positions of current year 66 Balance at December 31, 2015 $ 773 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments under noncancellable operating leases with initial or remaining terms in excess of one year consisted of the following at December 31, 2015: 2016 $ 34,817 2017 27,433 2018 18,988 2019 12,211 2020 6,645 Thereafter 1,091 Total $ 101,185 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments | Using interest rate quotes and discounted cash flows, the Company estimated the fair value of its outstanding capital lease obligations as follows: December 31, December 31, Carrying Value Fair Value Carrying Value Fair Value Capital lease obligations $ 1,405 $ 1,434 $ 1,551 $ 1,578 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Summary of segment information | The following tables summarize segment information about net income and assets used by the chief operating decision maker of the Company in making decisions regarding allocation of assets and resources as of and for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, 2015 Forward Air FASI TQI Eliminations Consolidated External revenues $ 788,248 $ 128,826 $ 42,051 $ — $ 959,125 Intersegment revenues 4,623 1,169 322 (6,114 ) — Depreciation and amortization 27,069 6,085 4,003 — 37,157 Share-based compensation expense 7,200 220 66 — 7,486 Interest expense 2,042 — 5 — 2,047 Interest income 25 — — — 25 Income tax expense 21,235 1,673 1,184 — 24,092 Net income 51,976 2,383 1,216 — 55,575 Total assets 759,680 46,970 89,312 (195,791 ) 700,171 Capital expenditures 30,540 3,983 5,972 — 40,495 Year ended December 31, 2014 Forward Air FASI TQI Eliminations Consolidated External revenues $ 608,118 $ 124,382 $ 48,459 $ — $ 780,959 Intersegment revenues 4,219 831 365 (5,415 ) — Depreciation and amortization 21,721 5,811 3,601 — 31,133 Share-based compensation expense 6,470 176 35 — 6,681 Interest expense 602 2 6 — 610 Interest income 8 — — — 8 Income tax expense 31,792 2,203 921 — 34,916 Net income 53,985 3,790 3,394 — 61,169 Total assets 604,578 45,428 88,788 (199,485 ) 539,309 Capital expenditures 26,170 7,133 6,184 — 39,487 Year ended December 31, 2013 Forward Air FASI TQI Eliminations Consolidated External revenues $ 497,993 $ 112,766 $ 41,722 $ — $ 652,481 Intersegment revenues 3,075 645 120 (3,840 ) — Depreciation and amortization 16,222 4,945 2,412 — 23,579 Share-based compensation expense 5,959 140 79 — 6,178 Interest expense 513 8 11 — 532 Interest income 36 — 1 — 37 Income tax expense 26,981 846 1,628 — 29,455 Net income 51,251 1,255 1,961 — 54,467 Total assets 478,790 42,049 85,490 (100,060 ) 506,269 Capital expenditures 25,017 6,901 3,521 — 35,439 |
Quarterly Results of Operatio31
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Results of Operations (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of the quarterly results of operations for the years ended December 31, 2015 and 2014 : 2015 March 31 June 30 September 30 December 31 Operating revenue $ 205,918 $ 249,694 $ 247,093 $ 256,420 Income from operations 8,248 19,908 24,601 29,015 Net income 4,836 11,824 15,687 23,228 Net income per share: Basic $ 0.16 $ 0.38 $ 0.51 $ 0.75 Diluted $ 0.16 $ 0.38 $ 0.50 $ 0.75 2014 March 31 June 30 September 30 December 31 Operating revenue $ 171,569 $ 193,852 $ 201,477 $ 214,061 Income from operations 16,271 27,595 26,906 25,634 Net income 10,202 17,178 16,744 17,045 Net income per share: Basic $ 0.33 $ 0.56 $ 0.55 $ 0.56 Diluted $ 0.33 $ 0.55 $ 0.54 $ 0.55 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Days | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Line Items] | |||
Number of principal reporting segments | 3 | ||
Forward Air number of categories of service | 3 | ||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ (369) | $ (404) | |
Amount Reclassified from Current Deferred Tax Asset to Non-current Deferred Tax Liability | 2,496 | ||
Accounting Policies, Use of Estimates [Abstract] | |||
Minimum number of days past due for receivable reserve | Days | 90 | ||
Average monthly revenue adjustments | $ 399 | ||
Average monthly revenue | $ 79,927 | ||
Average monthly revenue adjustments as a percentage of monthly revenue | 0.50% | ||
Number of days in revenue adjustment reserve, minimum | Days | 35 | ||
Number of days in revenue adjustment reserve, maximum | Days | 110 | ||
Self insurance limit on individual vehicle and general claims | $ 500 | ||
Self insurance limit on workers' compensation claims and health insurance claims | 250 | ||
Self Insurance limit on Ohio workers' compensation and health insurance claims | $ 500 | ||
Accounting Policies, Cash and Cash Equivalents [Abstract] | |||
Maximum term for liquid investments to be considered cash equivalents, in months | 3 | ||
Accounting Policies, Property and Equipment [Abstract] | |||
Depreciation | $ 26,252 | 22,616 | $ 17,817 |
Accounting Policies, Software Development [Abstract] | |||
Capitalized software development costs | 14,866 | 13,246 | |
Capitalized computer software, accumulated amortization | 10,584 | 9,065 | |
Capitalized Computer Software, Amortization | $ 1,526 | $ 1,464 | $ 1,228 |
Accounting Policies, Share-based Payments [Abstract] | |||
Period from grant date of stock options to expiration (in years) | 7 years | ||
Software and Software Development Costs [Member] | |||
Accounting Policies, Property and Equipment [Abstract] | |||
Property and equipment, useful life | 5 years | ||
Capitalized software future estimated amortization expense | |||
2,016 | $ 1,439 | ||
2,017 | 1,119 | ||
2,018 | 861 | ||
2,019 | 569 | ||
2,020 | 220 | ||
Total | $ 4,208 | ||
Stock Option [Member] | |||
Accounting Policies, Share-based Payments [Abstract] | |||
Share-based awards, vesting period | 3 years | ||
Black-Scholes option pricing model assumptions [Abstract] | |||
Expected dividend yield (in hundredths) | 1.00% | 1.20% | 1.20% |
Expected stock price volatility | 33.30% | 38.50% | 43.70% |
Weighted average risk-free interest rate | 1.60% | 1.60% | 0.90% |
Expected life of options (in years) | 5 years 10 months 11 days | 5 years 3 months 12 days | 5 years 2 months 12 days |
Key Employee Performance Share Based Plan [Member] | |||
Accounting Policies, Share-based Payments [Abstract] | |||
Share-based awards, vesting period | 3 years | ||
Black-Scholes option pricing model assumptions [Abstract] | |||
Expected stock price volatility | 23.50% | 32.50% | 34.50% |
Weighted average risk-free interest rate | 1.00% | 0.70% | 0.40% |
Employee Stock Purchase Plan [Member] | |||
Black-Scholes option pricing model assumptions [Abstract] | |||
Percentage of share price for shares issued under the ESPP (in hundredths) | 90.00% | ||
Purchase Period for Employee Stock Purchase Plan | 6 months | ||
Number of large lump sum contributions related to ESPP stock purchases | 2 | ||
Forward Air [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 50.00% | ||
Forward Air Intermodal Drayage Operations [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 10.00% | ||
FASI [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 25.00% | ||
TQI Pharmaceutical Operations [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 10.00% | ||
TQI Non-Pharmaceutical Operations [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 50.00% | ||
Minimum [Member] | Building [Member] | |||
Accounting Policies, Property and Equipment [Abstract] | |||
Property and equipment, useful life | 30 years | ||
Minimum [Member] | Equipment [Member] | |||
Accounting Policies, Property and Equipment [Abstract] | |||
Property and equipment, useful life | 3 years | ||
Maximum [Member] | Building [Member] | |||
Accounting Policies, Property and Equipment [Abstract] | |||
Property and equipment, useful life | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Accounting Policies, Property and Equipment [Abstract] | |||
Property and equipment, useful life | 10 years |
Acquisitions, Goodwill and Ot33
Acquisitions, Goodwill and Other Long-Lived Assets (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Mar. 31, 2013USD ($) | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Mar. 09, 2015USD ($) | Nov. 30, 2014USD ($) | Feb. 02, 2014USD ($) | Mar. 04, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||||||
Goodwill, Net | $ 205,609 | $ 144,412 | $ 205,609 | $ 144,412 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 61,878 | 90,172 | $ 45,328 | ||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 156 | 170 | 156 | 170 | |||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 371 | 414 | 371 | 414 | |||||||||||||
Operating Income (Loss) | 29,015 | $ 24,601 | $ 19,908 | $ 8,248 | 25,634 | $ 26,906 | $ 27,595 | $ 16,271 | 81,772 | 96,406 | 84,355 | ||||||
Net income (loss) | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 17,045 | $ 16,744 | $ 17,178 | $ 10,202 | $ 55,575 | $ 61,169 | $ 54,467 | ||||||
Basic (in dollars per share) | $ / shares | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.56 | $ 0.55 | $ 0.56 | $ 0.33 | $ 1.80 | $ 1.99 | $ 1.81 | ||||||
Diluted (in dollars per share) | $ / shares | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.55 | $ 0.54 | $ 0.55 | $ 0.33 | $ 1.78 | $ 1.96 | $ 1.77 | ||||||
Business Acquisition, Pro Forma Revenue | $ 993,352 | $ 1,017,005 | $ 964,673 | ||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 79,465 | 89,650 | 67,529 | ||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 53,096 | $ 56,092 | $ 30,363 | ||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 1.72 | $ 1.82 | $ 1 | ||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 1.70 | $ 1.79 | $ 0.98 | ||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 125,000 | $ 0 | $ 0 | ||||||||||||||
Long-term Debt, Description | 2 year | ||||||||||||||||
Forward Air [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Goodwill, Net | $ 155,039 | $ 93,842 | $ 155,039 | 93,842 | |||||||||||||
Towne [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | $ 1,355 | ||||||||||||||||
Business Acquisition, Cash Paid | 61,878 | ||||||||||||||||
Escrow Deposit | 16,500 | ||||||||||||||||
Business Combination, Acquisition Related Costs | $ 9,197 | ||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 24,068 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,916 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,095 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 614 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 29,693 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 66,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 127,197 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 28,920 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 3,886 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 59,544 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 2,662 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 95,012 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 156,890 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 61,878 | ||||||||||||||||
Number of service points | 61 | ||||||||||||||||
Number of independent contractor tractors | 525 | ||||||||||||||||
Other Revenue, Net | 230,000 | ||||||||||||||||
Severance Costs | $ 2,624 | ||||||||||||||||
Restructuring Charges | 11,722 | ||||||||||||||||
Increase (Decrease) in Restructuring Reserve | (6,346) | ||||||||||||||||
Restructuring Reserve | 6,731 | $ 6,731 | |||||||||||||||
Towne [Member] | Customer Relationships [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||||||||
Towne [Member] | Goodwill [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 61,197 | ||||||||||||||||
RGL and MMT [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 287 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 287 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 7,888 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 1,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,000 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 8,175 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 7,175 | ||||||||||||||||
RGL and MMT [Member] | Noncompete Agreements [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 92 | ||||||||||||||||
RGL and MMT [Member] | Customer Relationships [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 3,590 | ||||||||||||||||
RGL and MMT [Member] | Goodwill [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,206 | ||||||||||||||||
MMT [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Acquisition, Cash Paid | 5,825 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,000 | ||||||||||||||||
RGL [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Acquisition, Cash Paid | $ 1,350 | ||||||||||||||||
CST [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Logistics revenue | 52,061 | ||||||||||||||||
Other revenues | 20,253 | ||||||||||||||||
Business Acquisition, Cash Paid | $ 82,998 | ||||||||||||||||
Escrow Deposit | 10,000 | ||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 9,339 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 101 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,132 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 35 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 11,607 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 89,140 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 6,535 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 11,215 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 17,750 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 100,747 | ||||||||||||||||
Operating Income (Loss) | 7,525 | ||||||||||||||||
Net income (loss) | $ 4,586 | ||||||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.15 | ||||||||||||||||
Diluted (in dollars per share) | $ / shares | $ 0.15 | ||||||||||||||||
Business Acquisition, Transaction Costs | 900 | $ 900 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 82,997 | ||||||||||||||||
CST [Member] | Noncompete Agreements [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 930 | ||||||||||||||||
CST [Member] | Trade Names [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 500 | ||||||||||||||||
CST [Member] | Customer Relationships [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 36,000 | ||||||||||||||||
CST [Member] | Goodwill [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 51,710 | ||||||||||||||||
TQI [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Logistics revenue | $ 41,842 | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||||||||||
Goodwill, Net | 45,164 | $ 45,164 | $ 45,164 | $ 45,164 | |||||||||||||
Business Acquisition, Cash Paid | $ 45,328 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability | $ 0 | $ 0 | 615 | ||||||||||||||
Escrow Deposit | 4,500 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000 | ||||||||||||||||
Fair Value Inputs, Discount Rate | 10.90% | ||||||||||||||||
Business Combination, Acquisition Related Costs | $ 943 | ||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 5,639 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,093 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,103 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 728 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 947 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 13,510 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 68,934 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 4,725 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,735 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 20,113 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 10,543 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 37,116 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 82,444 | ||||||||||||||||
Unrecognized Tax Benefits, Increase Resulting from Acquisition | $ 1,120 | ||||||||||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 853 | ||||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 174 | ||||||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 93 | ||||||||||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 728 | ||||||||||||||||
Operating Income (Loss) | 3,600 | ||||||||||||||||
Net income (loss) | $ 1,961 | ||||||||||||||||
Basic (in dollars per share) | $ / shares | $ 0.07 | ||||||||||||||||
Diluted (in dollars per share) | $ / shares | $ 0.06 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 45,328 | ||||||||||||||||
TQI [Member] | Noncompete Agreements [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 470 | ||||||||||||||||
TQI [Member] | Trade Names [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | ||||||||||||||||
TQI [Member] | Customer Relationships [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 22,300 | ||||||||||||||||
TQI [Member] | Goodwill [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 45,164 | ||||||||||||||||
Towne possible net working capital shortfall [Member] | Towne [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Escrow Deposit | 2,000 | ||||||||||||||||
Towne potential claims [Member] | Towne [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Escrow Deposit | $ 14,500 |
Acquisitions, Goodwill and Ot34
Acquisitions, Goodwill and Other Long-Lived Assets Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 99,248 | ||
Goodwill, Acquired During Period | 61,197 | ||
Goodwill, Net | 205,609 | $ 144,412 | |
Amortization expense of acquired intangible assets | 10,905 | 8,517 | $ 5,762 |
FASI [Member] | |||
Goodwill [Line Items] | |||
Accumulated impairment loss | (6,953) | (6,953) | |
Goodwill, Net | 12,359 | 12,359 | |
TQI [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Net | $ 45,164 | 45,164 | |
TQI [Member] | Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Weighted average useful lives of acquired intangible assets | 15 years | ||
TQI [Member] | Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Weighted average useful lives of acquired intangible assets | 5 years | ||
TQI [Member] | Trade Names [Member] | |||
Goodwill [Line Items] | |||
Weighted average useful lives of acquired intangible assets | 5 years | ||
Forward Air [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquired During Period | $ 61,197 | ||
Goodwill, Net | $ 155,039 | $ 93,842 |
Acquisitions, Goodwill and Ot35
Acquisitions, Goodwill and Other Long-Lived Assets Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 179,012 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,016 | 10,695 | |
Year 2,017 | 10,551 | |
Year 2,018 | 8,789 | |
Year 2,019 | 8,486 | |
Year 2,020 | 8,456 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 51,212 | $ 40,307 |
Intangible Assets, Net (Excluding Goodwill) | 127,800 | $ 72,705 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 174,240 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,016 | 10,156 | |
Year 2,017 | 10,041 | |
Year 2,018 | 8,536 | |
Year 2,019 | 8,456 | |
Year 2,020 | $ 8,456 | |
Finite-Lived Intangible Asset, Useful Life | 15 years 10 months 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 47,773 | |
Intangible Assets, Net (Excluding Goodwill) | 126,467 | |
Noncompete Agreements [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 3,272 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,016 | 318 | |
Year 2,017 | 310 | |
Year 2,018 | 220 | |
Year 2,019 | 30 | |
Year 2,020 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life | 5 years 3 months 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,393 | |
Intangible Assets, Net (Excluding Goodwill) | 879 | |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 1,500 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,016 | 221 | |
Year 2,017 | 200 | |
Year 2,018 | 33 | |
Year 2,019 | 0 | |
Year 2,020 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life | 4 years 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,046 | |
Intangible Assets, Net (Excluding Goodwill) | $ 454 |
Debt and Capital Lease Obliga36
Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 04, 2015 | |
Line of Credit Facility [Line Items] | ||||
Credit facility term (in years) | 5 | |||
Senior credit facility amount | $ 275,000 | |||
Base reference rate of credit facilities | LIBOR | |||
Utilized for outstanding letters of credit | $ 11,048 | |||
Available borrowing capacity | 138,952 | |||
Proceeds from Issuance of Long-term Debt | 125,000 | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Senior credit facility amount | $ 150,000 | |||
Basis spread on variable rate minimum (in hundredths) | 0.30% | |||
Basis spread on variable rate maximum (in hundredths) | 0.80% | |||
Term loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Senior credit facility amount | $ 125,000 | |||
Basis spread on variable rate minimum (in hundredths) | 0.10% | |||
Basis spread on variable rate maximum (in hundredths) | 0.60% | |||
Proceeds from Issuance of Long-term Debt | $ 125,000 | |||
Term Loan, Quarterly Payment Percentage | 11.10% | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.50% | |||
Other Long-term Debt | $ 83,338 | |||
Other Long-term Debt, Current | 55,556 | |||
Other Long-term Debt, Noncurrent | $ 27,782 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 25,000 | |||
Swing line loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 15,000 | |||
Federal funds [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
LIBOR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Debt and Capital Lease Obliga37
Debt and Capital Lease Obligations - Capital Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Leases, Future Minimum Payments Due [Abstract] | |||
2,016 | $ 395 | ||
2,017 | 395 | ||
2,018 | 391 | ||
2,019 | 325 | ||
2,020 | 60 | ||
Thereafter | 0 | ||
Total | 1,566 | ||
Less amounts representing interest | 161 | ||
Present value of net minimum lease payments (including current portion of $331) | 1,405 | ||
Interest Paid | 2,017 | $ 495 | $ 482 |
Equipment [Member] | |||
Capital Lease Obligations [Abstract] | |||
Equipment | 635 | 793 | |
Accumulated amortization | (105) | (253) | |
Capital leases, net | $ 530 | $ 540 |
Shareholders' Equity, Stock Opt
Shareholders' Equity, Stock Options and Net Income per Share - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 19, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | May. 31, 2008 | |
Preferred Stock [Abstract] | |||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Preferred stock par value per share | $ 0.01 | $ 0.01 | |||||
Cash Dividends [Abstract] | |||||||
Quarterly cash dividend per share, common stock | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.10 | |||
Repurchase of Common Stock [Abstract] | |||||||
Repurchase of common stock (repurchase program) | $ 19,992 | $ 39,972 | $ 354 | ||||
Common Stock [Member] | |||||||
Repurchase of Common Stock [Abstract] | |||||||
Share repurchase program, authorized shares | 2,000,000 | 2,000,000 | |||||
Stock Repurchased During Period, Shares | 422,404 | 881,979 | 8,675 | ||||
Repurchase of common stock (repurchase program) | $ 19,992 | $ 39,972 | $ 354 | ||||
Treasury stock acquired, average cost per share | $ 47.33 | $ 45.32 | $ 40.84 | ||||
Remaining shares authorized under share repurchase program | 695,617 | ||||||
Share-based Compensation [Abstract] | |||||||
Number of shares authorized under the plan | 7,500,000 | 4,500,000 | |||||
Additional authorized shares for employee stock awards | 537,400 | 3,000,000 | |||||
Minimum [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation [Abstract] | |||||||
Expected life of options (in years) | 7 years | ||||||
Option award vesting period | 1 year | ||||||
Maximum [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation [Abstract] | |||||||
Expected life of options (in years) | 10 years | ||||||
Option award vesting period | 5 years |
Shareholders' Equity, Stock O39
Shareholders' Equity, Stock Options and Net Income per Share - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 7,486 | $ 6,681 | $ 6,178 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year (shares) | 1,363 | 1,732 | 2,874 |
Granted (shares) | 96 | 106 | 118 |
Exercise of stock options (in shares) | (659) | (450) | (1,260) |
Forfeited (shares) | (14) | (25) | |
Outstanding at end of year (shares) | 786 | 1,363 | 1,732 |
Exercisable at end of year | 586 | 1,160 | 1,514 |
Weighted Average Outstanding at beginning of year (per share) | $ 28 | $ 27 | $ 26 |
Weighted average exercise price for options granted in the period | 50 | 43 | 38 |
Weighted average exercise price for options exercised in the period | 26 | 28 | 26 |
Weighted average exercise price for options forfeited in the period | 29 | 37 | |
Weighted Average Outstanding at end of year (per share) | 32 | 28 | 27 |
Weighted average exercise price for options exercisable at year end | 28 | 26 | 26 |
Weighted-average fair value of options granted during the year (dollars per share) | $ 15 | $ 14 | $ 14 |
Aggregate intrinsic value of options exercised | $ 16,191 | $ 7,259 | $ 15,477 |
Average aggregate intrinsic value for options outstanding | 13,001 | ||
Average aggregate instrinsic value for exercisable options | 12,332 | ||
Share-based compensation | 1,386 | 1,302 | 1,410 |
Tax benefit related to share-based compensation expense | 542 | $ 497 | $ 508 |
Unrecognized compensation cost | $ 1,728 | ||
Non-employee Director Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year (shares) | 8 | 26 | 29 |
Exercise of stock options (in shares) | (8) | (18) | (3) |
Outstanding at end of year (shares) | 8 | 26 | |
Weighted Average Outstanding at beginning of year (per share) | $ 26 | $ 23 | $ 23 |
Weighted average exercise price for options exercised in the period | $ 26 | 22 | 20 |
Weighted Average Outstanding at end of year (per share) | $ 26 | $ 23 | |
Aggregate intrinsic value of options exercised | $ 208 | $ 412 | $ 54 |
Non-employee Director Activity - Options [Abstract] | |||
Term of options issued under the plan | 10 years | ||
Exercise Price Range 22.47 thru 22.87 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 326 | ||
Exercisable at end of year | 326 | ||
Weighted Average Outstanding at end of year (per share) | $ 22.50 | ||
Weighted average exercise price for options exercisable at year end | 22.50 | ||
Range of exercise price, lower range limit | 22.47 | ||
Range of exercise price, upper range limit | $ 22.87 | ||
Weighted average remaining contractual life | 1 year 11 days | ||
Exercise Price Range 24.98 thru 28.61 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 96 | ||
Exercisable at end of year | 96 | ||
Weighted Average Outstanding at end of year (per share) | $ 28.42 | ||
Weighted average exercise price for options exercisable at year end | 28.42 | ||
Range of exercise price, lower range limit | 24.98 | ||
Range of exercise price, upper range limit | $ 28.61 | ||
Weighted average remaining contractual life | 2 years 1 month 11 days | ||
Exercise Price Range 36.55 thru 38.23 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 160 | ||
Exercisable at end of year | 128 | ||
Weighted Average Outstanding at end of year (per share) | $ 36.91 | ||
Weighted average exercise price for options exercisable at year end | 36.84 | ||
Range of exercise price, lower range limit | 36.55 | ||
Range of exercise price, upper range limit | $ 38.23 | ||
Weighted average remaining contractual life | 3 years 8 months 11 days | ||
Exercise Price Range 41.80 thru 45.97 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 118 | ||
Exercisable at end of year | 36 | ||
Weighted Average Outstanding at end of year (per share) | $ 43.22 | ||
Weighted average exercise price for options exercisable at year end | 43.13 | ||
Range of exercise price, lower range limit | 41.80 | ||
Range of exercise price, upper range limit | $ 45.97 | ||
Weighted average remaining contractual life | 5 years 3 months 11 days | ||
Exercise Price Range 50.71 thru 52.03 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 86 | ||
Weighted Average Outstanding at end of year (per share) | $ 50.79 | ||
Range of exercise price, lower range limit | 50.71 | ||
Range of exercise price, upper range limit | $ 52.03 | ||
Weighted average remaining contractual life | 6 years 1 month 11 days | ||
Exercise Price Range 22.47 thru 52.03 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 786 | ||
Exercisable at end of year | 586 | ||
Weighted Average Outstanding at end of year (per share) | $ 32.37 | ||
Weighted average exercise price for options exercisable at year end | 27.87 | ||
Range of exercise price, lower range limit | 22.47 | ||
Range of exercise price, upper range limit | $ 52.03 | ||
Weighted average remaining contractual life | 2 years 10 months 11 days |
Shareholders' Equity, Stock O40
Shareholders' Equity, Stock Options and Net Income per Share - Employee Activity Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 7,486 | $ 6,681 | $ 6,178 |
Employee Non-vested Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based awards, vesting period | 3 years | ||
Outstanding at beginning of year (shares) | 190 | 186 | 168 |
Granted (shares) | 100 | 99 | 98 |
Vested (shares) | (93) | (94) | (68) |
Forfeited (shares) | (6) | (1) | (12) |
Outstanding at end of year (shares) | 191 | 190 | 186 |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 40 | $ 35 | $ 33 |
Weighted Average Grant Date Fair Value | 51 | 42 | 37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 39 | 43 | 37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | 45 | 37 | 36 |
Weighted average grant date fair value non-vested shares at end of year | $ 46 | $ 40 | $ 35 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 8,773 | $ 7,585 | $ 6,588 |
Grant date fair value of shares that vested during the year | 4,694 | 4,008 | 2,503 |
Share-based compensation | 4,070 | 3,626 | 3,058 |
Tax benefit related to share-based compensation expense | 1,591 | $ 1,385 | $ 1,165 |
Unrecognized compensation cost | $ 5,085 |
Shareholders' Equity, Stock O41
Shareholders' Equity, Stock Options and Net Income per Share - Employee Activity - Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Activity - Performance Shares [Line Items] | |||
Share-based compensation | $ 7,486 | $ 6,681 | $ 6,178 |
Key Employee Performance Share Based Plan [Member] | |||
Employee Activity - Performance Shares [Line Items] | |||
Share-based awards, vesting period | 3 years | ||
Minimum percentage of peer group by which Company share price must outperform before incremental performance shares are issued | 30.00% | ||
Percentage of Peer Group By Which Company Share Price Must Outperform Before Maximum Incremental Shares Are Issued | 90.00% | ||
Outstanding at beginning of year (shares) | 74 | 88 | 62 |
Granted (shares) | 27 | 23 | 26 |
Additional shares awarded based on performance | 19 | ||
Vested (shares) | (24) | (56) | |
Outstanding at end of year (shares) | 77 | 74 | 88 |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 44 | $ 37 | $ 36 |
Weighted average fair value of performance shares | 67 | 48 | 40 |
Stock Issued During Period, Weighted Average Grant Date Fair Value | 30 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 45 | 30 | |
Weighted average grant date fair value non-vested shares at end of year | $ 52 | $ 44 | $ 37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 4,016 | $ 3,279 | $ 3,278 |
Share-based compensation | 1,308 | 1,098 | 1,055 |
Tax benefit related to share-based compensation expense | 512 | $ 419 | $ 402 |
Unrecognized compensation cost | $ 1,726 |
Shareholders' Equity Stock Opti
Shareholders' Equity Stock Options and Net Income per Share - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||
Share-based compensation | $ 7,486 | $ 6,681 | $ 6,178 |
Employee Stock Purchase Plan [Member] | |||
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||
Number of shares authorized under the plan | 392,987 | ||
Common stock issued under employee stock purchase plan (in shares) | 10,805 | 8,530 | 8,800 |
Weighted average price of shares purchased (dollars per share) | $ 41.55 | $ 41.51 | $ 33.68 |
Purchase Period for Employee Stock Purchase Plan | 6 months | ||
Weighted Average Grant Date Fair Value | $ 5.82 | $ 7.74 | $ 7.52 |
Share-based compensation | $ 61 | $ 66 | $ 66 |
Shareholders' Equity, Stock O43
Shareholders' Equity, Stock Options and Net Income per Share - Non-employee Director Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-Vested Shares [Line Items] | |||
Share-based compensation | $ 7,486 | $ 6,681 | $ 6,178 |
Nonemployee Director Nonvested Shares Granted [Member] | |||
Non-Vested Shares [Line Items] | |||
Non-vested share vesting period | 1 year | ||
Outstanding at beginning of year (shares) | 15 | 15 | 20 |
Granted (shares) | 14 | 15 | 15 |
Vested (shares) | (14) | (15) | (20) |
Outstanding at end of year (shares) | 15 | 15 | 15 |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 44 | $ 38 | $ 32 |
Weighted Average Grant Date Fair Value | 51 | 44 | 38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 43 | 38 | 32 |
Weighted average grant date fair value non-vested shares at end of year | $ 51 | $ 44 | $ 38 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 740 | $ 650 | $ 560 |
Grant date fair value of shares that vested during the year | 727 | 632 | 762 |
Share-based compensation | 661 | 589 | 589 |
Tax benefit related to share-based compensation expense | 259 | $ 225 | $ 225 |
Unrecognized compensation cost | $ 286 |
Shareholders' Equity, Stock O44
Shareholders' Equity, Stock Options and Net Income per Share - Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income and comprehensive income | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 17,045 | $ 16,744 | $ 17,178 | $ 10,202 | $ 55,575 | $ 61,169 | $ 54,467 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (369) | (404) | |||||||||
Numerator for net income and comprehensive income to common shareholders | $ 55,206 | $ 60,765 | $ 54,467 | ||||||||
Denominator for basic income per share - weighted-average shares | 30,728 | 30,599 | 30,135 | ||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 31,040 | 31,072 | 30,762 | ||||||||
Basic net income per share | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.56 | $ 0.55 | $ 0.56 | $ 0.33 | $ 1.80 | $ 1.99 | $ 1.81 |
Diluted net income per share | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.55 | $ 0.54 | $ 0.55 | $ 0.33 | $ 1.78 | $ 1.96 | $ 1.77 |
Total number anti-dilutive options and non-vested shares excluded from income per diluted share computation | 208 | 99 | 192 | ||||||||
Equity Option [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 277 | 431 | 615 | ||||||||
Total number anti-dilutive options and non-vested shares excluded from income per diluted share computation | 184 | 99 | 192 | ||||||||
Key Employee Performance Share Based Plan [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 35 | 42 | 12 | ||||||||
Total number anti-dilutive options and non-vested shares excluded from income per diluted share computation | 24 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: [Abstract] | |||
Federal | $ 8,319 | $ 33,631 | $ 22,466 |
State | 1,242 | 4,306 | 2,133 |
Current Income Tax Expense (Benefit) | 9,561 | 37,937 | 24,599 |
Deferred: [Abstract] | |||
Federal | 12,477 | (2,102) | 4,367 |
State | 2,054 | (919) | 489 |
Deferred Income Tax Expense (Benefit) | 14,531 | (3,021) | 4,856 |
Income tax expense (benefit) | 24,092 | 34,916 | 29,455 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 5,413 | 2,109 | 3,612 |
Income tax provision [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ||
Tax expense at the statutory rate | $ 27,883 | 33,630 | 29,373 |
State income taxes, net of federal benefit | 2,178 | 1,879 | 1,876 |
Non-deductible transaction costs | 394 | ||
Qualified stock options | (120) | (96) | (908) |
Meals and entertainment | 216 | 186 | 139 |
Deferred tax asset valuation allowance | (11) | 39 | (85) |
Federal qualified property deductions | (6,066) | ||
Federal income tax credits | (732) | (533) | (1,023) |
Other | 350 | (189) | 83 |
Income tax expense (benefit) | 24,092 | 34,916 | 29,455 |
Deferred Tax Liabilities and Assets [Abstract] | |||
Accrued expenses | 11,952 | 6,313 | |
Allowance for doubtful accounts | 936 | 1,002 | |
Share-based compensation | 5,242 | 5,698 | |
Accruals for income tax contingencies | 268 | 300 | |
Impairment of goodwill and other intangible assets | 216 | 534 | |
Net operating loss carryforwards | 13,620 | 280 | |
Total deferred tax assets | 32,234 | 14,127 | |
Valuation allowance | (284) | (273) | |
Total deferred tax assets, net of valuation allowance | 31,950 | 13,854 | |
Tax over book depreciation | 28,027 | 19,222 | |
Intangible assets | 25,399 | 3,639 | |
Prepaid expenses deductible when paid | 5,018 | 2,488 | |
Goodwill | 13,382 | 11,189 | |
Deferred Tax Liabilities, Gross | 71,826 | 36,538 | |
Net deferred tax liabilities | (39,876) | (22,684) | |
Federal net operating loss | 36,034 | ||
Operating Loss Carryforwards, State and Local | 23,595 | 6,500 | |
Balance sheet classification of deferred income taxes [Abstract] | |||
Deferred tax liabilites, noncurrent | (39,876) | (22,684) | |
Income taxes paid | 25,264 | 30,087 | 25,168 |
Increase (Decrease) in valuation allowance for state loss carryforwards | 11 | 39 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | 771 | 1,339 | 277 |
Additions for tax positions of current year | 66 | 66 | 209 |
Additions for tax positions of prior years | 63 | 853 | |
Reductions for settlement with state taxing authorities | (64) | (697) | |
Balance at end of year | 773 | 771 | $ 1,339 |
Income tax penalties accrued | 156 | 170 | |
Interest on income taxes accrued | $ 371 | $ 414 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Years | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leased Assets [Line Items] | |||
Operating lease renewal option, minimum (in years) | Years | 1 | ||
Operating lease renewal option, maximum (in years) | Years | 10 | ||
Operating lease original term, for tractors, trucks and trailers, minimum (in years) | 3 years | ||
Operating lease original term, for tractors, trucks and trailers, maximum (in years) | 5 years | ||
Sublease rental income | $ 1,611 | $ 980 | $ 914 |
Expected future sublease rental income | 159 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,016 | 34,817 | ||
2,017 | 27,433 | ||
2,018 | 18,988 | ||
2,019 | 12,211 | ||
2,020 | 6,645 | ||
Thereafter | 1,091 | ||
Total | $ 101,185 |
Commitments and Contingencies47
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to purchase trailers, vehicles and forklifts | $ 17,667 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Days | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan minimum number of days of employee service required | Days | 90 | ||
Defined Contribution Plan Minimum Hours of Service | 1,000 | ||
Defined contribution plan, minimum age requirement | 21 | ||
Defined contribution plan, minimum employee contribution of annual compensation | 2.00% | ||
Defined contribution plan, maximum employee contribution of annual compensation | 80.00% | ||
Defined contribution plan, employer match percentage | 25.00% | ||
Defined contribution plan, maximum employee contribution matched by employer | 6.00% | ||
Defined contribution plan, percentage at which employees vest annually in employer contributions | 20.00% | ||
Defined Contribution Plan Minimum Years of Service Before Vesting Of Employer Contributions | 2 years | ||
Defined Benefit Plan, Contributions by Employer | $ | $ 1,178 | $ 895 | $ 823 |
Financial Instruments Financial
Financial Instruments Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 11,048 | |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable | 1,405 | $ 1,551 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable | $ 1,434 | $ 1,578 |
Segment Reporting (Details)
Segment Reporting (Details) $ 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 ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 3 | ||||||||||
External revenues | $ 256,420 | $ 247,093 | $ 249,694 | $ 205,918 | $ 214,061 | $ 201,477 | $ 193,852 | $ 171,569 | $ 959,125 | $ 780,959 | $ 652,481 |
Depreciation and amortization | 37,157 | 31,133 | 23,579 | ||||||||
Other Noncash Income | 7,486 | 6,681 | 6,178 | ||||||||
Interest expense | 2,047 | 610 | 532 | ||||||||
Interest income | 25 | 8 | 37 | ||||||||
Income tax expense (benefit) | 24,092 | 34,916 | 29,455 | ||||||||
Net income (loss) | 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | 17,045 | $ 16,744 | $ 17,178 | $ 10,202 | 55,575 | 61,169 | 54,467 |
Total assets | 700,171 | 539,309 | 700,171 | 539,309 | 506,269 | ||||||
Additions to Other Assets, Amount | 40,495 | 39,487 | 35,439 | ||||||||
Forward Air [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 788,248 | 608,118 | 497,993 | ||||||||
Revenue from Related Parties | 4,623 | 4,219 | 3,075 | ||||||||
Depreciation and amortization | 27,069 | 21,721 | 16,222 | ||||||||
Other Noncash Income | 7,200 | 6,470 | 5,959 | ||||||||
Interest expense | 2,042 | 602 | 513 | ||||||||
Interest income | 25 | 8 | 36 | ||||||||
Income tax expense (benefit) | 21,235 | 31,792 | 26,981 | ||||||||
Net income (loss) | 51,976 | 53,985 | 51,251 | ||||||||
Total assets | 759,680 | 604,578 | 759,680 | 604,578 | 478,790 | ||||||
Additions to Other Assets, Amount | 30,540 | 26,170 | 25,017 | ||||||||
FASI [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 128,826 | 124,382 | 112,766 | ||||||||
Revenue from Related Parties | 1,169 | 831 | 645 | ||||||||
Depreciation and amortization | 6,085 | 5,811 | 4,945 | ||||||||
Other Noncash Income | 220 | 176 | 140 | ||||||||
Interest expense | 2 | 8 | |||||||||
Income tax expense (benefit) | 1,673 | 2,203 | 846 | ||||||||
Net income (loss) | 2,383 | 3,790 | 1,255 | ||||||||
Total assets | 46,970 | 45,428 | 46,970 | 45,428 | 42,049 | ||||||
Additions to Other Assets, Amount | 3,983 | 7,133 | 6,901 | ||||||||
TQI [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 42,051 | 48,459 | 41,722 | ||||||||
Revenue from Related Parties | 322 | 365 | 120 | ||||||||
Depreciation and amortization | 4,003 | 3,601 | 2,412 | ||||||||
Other Noncash Income | 66 | 35 | 79 | ||||||||
Interest expense | 5 | 6 | 11 | ||||||||
Interest income | 1 | ||||||||||
Income tax expense (benefit) | 1,184 | 921 | 1,628 | ||||||||
Net income (loss) | 1,216 | 3,394 | 1,961 | ||||||||
Total assets | 89,312 | 88,788 | 89,312 | 88,788 | 85,490 | ||||||
Additions to Other Assets, Amount | 5,972 | 6,184 | 3,521 | ||||||||
Business Intersegment, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from Related Parties | (6,114) | (5,415) | (3,840) | ||||||||
Total assets | $ (195,791) | $ (199,485) | $ (195,791) | $ (199,485) | $ (100,060) |
Quarterly Results of Operatio51
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenue | $ 256,420 | $ 247,093 | $ 249,694 | $ 205,918 | $ 214,061 | $ 201,477 | $ 193,852 | $ 171,569 | $ 959,125 | $ 780,959 | $ 652,481 |
Income from operations | 29,015 | 24,601 | 19,908 | 8,248 | 25,634 | 26,906 | 27,595 | 16,271 | 81,772 | 96,406 | 84,355 |
Net income | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 17,045 | $ 16,744 | $ 17,178 | $ 10,202 | $ 55,575 | $ 61,169 | $ 54,467 |
Net income per share: | |||||||||||
Basic | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.56 | $ 0.55 | $ 0.56 | $ 0.33 | $ 1.80 | $ 1.99 | $ 1.81 |
Diluted | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.55 | $ 0.54 | $ 0.55 | $ 0.33 | $ 1.78 | $ 1.96 | $ 1.77 |
Schedule II - Valuation and Q52
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $ 2,689 | $ 2,836 | $ 2,153 | $ 1,763 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 4,837 | 2,745 | 2,869 | ||
Valuation Allowances and Reserves, Deductions | 4,984 | 2,062 | 2,479 | ||
Allowance for Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 1,310 | 2,155 | 1,583 | 1,149 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 33 | 241 | 423 | ||
Valuation Allowances and Reserves, Deductions | [1] | 878 | (331) | (11) | |
Allowance for revenue adjustments [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | [2] | 1,095 | 408 | 336 | 295 |
Valuation Allowances and Reserves, Charged to Cost and Expense | [2] | 4,793 | 2,465 | 2,531 | |
Valuation Allowances and Reserves, Deductions | [2],[3] | 4,106 | 2,393 | 2,490 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 284 | 273 | 234 | $ 319 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 11 | $ 39 | $ (85) | ||
[1] | Represents uncollectible accounts written off, net of recoveries | ||||
[2] | Represents an allowance for adjustments to accounts receivable due to disputed rates, accessorial charges and other aspects of previously billed shipments. | ||||
[3] | Represents adjustments to billed accounts receivable |