Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 30,229,809 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,324,483,176 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 8,511 | $ 33,312 |
Accounts receivable, less allowance of $1,714 in 2016 and $2,405 in 2015 | 116,602 | 109,165 |
Inventories | 1,306 | 1,310 |
Prepaid expenses and other current assets | 9,851 | 10,794 |
Income tax receivable | 0 | 18,876 |
Total current assets | 136,270 | 173,457 |
Property and equipment: | ||
Land | 16,928 | 16,998 |
Buildings | 65,857 | 66,502 |
Equipment | 273,463 | 241,391 |
Leasehold improvements | 10,694 | 9,228 |
Construction in progress | 12,079 | 9,028 |
Total property and equipment | 379,021 | 343,147 |
Less accumulated depreciation and amortization | 178,816 | 155,859 |
Net property and equipment | 200,205 | 187,288 |
Goodwill and other acquired intangibles: | ||
Goodwill | 184,675 | 205,609 |
Other acquired intangibles, net of accumulated amortization of $61,334 in 2016 and $51,212 in 2015 | 106,650 | 127,800 |
Total net goodwill and other acquired intangibles | 291,325 | 333,409 |
Other assets | 13,491 | 5,778 |
Total assets | 641,291 | 699,932 |
Current liabilities: | ||
Accounts payable | 18,012 | 23,334 |
Accrued payroll and related items | 11,522 | 10,051 |
Insurance and claims accruals | 10,122 | 8,935 |
Payables to owner-operators | 5,597 | 7,901 |
Collections on behalf of customers | 349 | 517 |
Other accrued expenses | 4,243 | 2,419 |
Income taxes payable | 70 | 0 |
Current portion of capital lease obligations | 347 | 331 |
Current portion of long-term debt | 27,665 | 55,556 |
Total current liabilities | 77,927 | 109,044 |
Capital lease obligations, less current portion | 725 | 1,074 |
Long-term debt, less current portion | 0 | 27,543 |
Other long-term liabilities | 21,699 | 12,340 |
Deferred income taxes | 41,871 | 39,876 |
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 - 30,090,335 in 2016 and 30,543,864 in 2015 | 301 | 305 |
Additional paid-in capital | 179,512 | 160,855 |
Retained earnings | 319,256 | 348,895 |
Total shareholders' equity | 499,069 | 510,055 |
Total liabilities and shareholders' equity | $ 641,291 | $ 699,932 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Balance Sheet [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 1,714 | $ 2,405 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 61,334 | $ 51,212 |
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 | 30,090,335 | 30,543,864 |
Common Stock, Shares, Outstanding | 30,090,335 | 30,543,864 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 982,530 | $ 959,125 | $ 780,959 |
Operating expenses: | |||
Purchased transportation | 413,355 | 408,769 | 334,576 |
Salaries, wages and employee benefits | 242,002 | 240,604 | 182,105 |
Operating leases | 60,492 | 66,272 | 33,994 |
Depreciation and amortization | 38,210 | 37,157 | 31,133 |
Insurance and claims | 25,392 | 21,483 | 15,736 |
Fuel expense | 13,233 | 15,903 | 20,148 |
Other operating expenses | 87,425 | 87,165 | 66,861 |
Impairment of goodwill and other intangible assets | 42,442 | 0 | 0 |
Total operating expenses | 922,551 | 877,353 | 684,553 |
Income from operations | 59,979 | 81,772 | 96,406 |
Other income (expense): | |||
Interest expense | (1,597) | (2,047) | (610) |
Other, net | 4 | (58) | 289 |
Total other expense | (1,593) | (2,105) | (321) |
Income before income taxes | 58,386 | 79,667 | 96,085 |
Income taxes | 30,716 | 24,092 | 34,916 |
Net income and comprehensive income | $ 27,670 | $ 55,575 | $ 61,169 |
Net income per share: | |||
Basic (in dollars per share) | $ 0.91 | $ 1.80 | $ 1.99 |
Diluted (in dollars per share) | 0.90 | 1.78 | 1.96 |
Dividends per share (in dollars per share) | $ 0.51 | $ 0.48 | $ 0.48 |
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, 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 | 30,255,000 | |||
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 | ||
Net and comprehensive income | $ 27,670 | 27,670 | ||
Exercise of stock options | 8,148 | $ 3 | 8,145 | |
Exercise of stock options (in shares) | 346,000 | |||
Common stock issued under employee stock purchase plan | 442 | 442 | ||
Common stock issued under employee stock purchase plan (in shares) | 11,000 | |||
Share-based compensation | 8,334 | 8,334 | ||
Dividends | (15,529) | (6) | 15,535 | |
Cash settlement of share-based awards for minimum tax withholdings | (1,800) | (1,800) | ||
Cash settlement of share-based awards for minimum tax withholdings (in shares) | (42,000) | |||
Stock repurchases | (39,983) | $ (9) | (39,974) | |
Stock repurchases, shares | (910,000) | |||
Vesting of previously non-vested shares | $ 2 | (2) | ||
Vesting of previously non-vested shares (in shares) | 141,000 | |||
Tax benefit for stock options exercised | 1,732 | 1,732 | ||
Balance at Dec. 31, 2016 | $ 499,069 | $ 301 | $ 179,512 | $ 319,256 |
Balance, shares (in shares) at Dec. 31, 2016 | 30,090,335 | 30,090,000 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends per share (in dollars per share) | $ 0.51 | $ 0.48 | $ 0.48 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net income | $ 27,670 | $ 55,575 | $ 61,169 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 38,210 | 37,157 | 31,133 |
Impairment of goodwill, intangible and other assets | 42,442 | 0 | 0 |
Share-based compensation | 8,334 | 7,486 | 6,681 |
Loss (gain) on disposal of property and equipment | 291 | (181) | (383) |
Provision for loss on receivables | 258 | 33 | 241 |
Provision for revenue adjustments | 2,020 | 4,793 | 2,465 |
Deferred income taxes | 3,525 | 14,531 | (3,021) |
Tax benefit for stock options exercised | (1,732) | (5,413) | (2,109) |
Changes in operating assets and liabilities, net of acquisition of business | |||
Accounts receivable | (9,715) | 5,403 | (12,193) |
Prepaid expenses and other assets | 283 | (1,378) | (280) |
Accounts payable and accrued expenses | (1,413) | (17,513) | (199) |
Income taxes | 20,177 | (14,771) | 8,156 |
Net cash provided by operating activities | 130,350 | 85,722 | 91,660 |
Investing activities: | |||
Proceeds from disposal of property and equipment | 1,929 | 1,720 | 1,947 |
Purchases of property and equipment | (42,186) | (40,495) | (39,487) |
Acquisition of business, net of cash acquired | (11,800) | (61,878) | (90,172) |
Other | (336) | (265) | 2 |
Net cash used in investing activities | (52,393) | (100,918) | (127,710) |
Financing activities: | |||
Proceeds from term loan | 0 | 125,000 | 0 |
Payments of debt and capital lease obligations | (55,768) | (101,352) | (9,736) |
Proceeds from exercise of stock options | 8,148 | 14,313 | 13,235 |
Payments of cash dividends | (15,529) | (14,821) | (14,795) |
Repurchase of common stock (repurchase program) | (39,983) | (19,992) | (39,972) |
Common stock issued under employee stock purchase plan | 442 | 449 | 354 |
Cash settlement of share-based awards for minimum tax withholdings | (1,800) | (1,931) | (1,083) |
Tax benefit for stock options exercised | 1,732 | 5,413 | 2,109 |
Net cash (used in) provided by financing activities | (102,758) | 7,079 | (49,888) |
Net decrease in cash | (24,801) | (8,117) | (85,938) |
Cash at beginning of period | 33,312 | 41,429 | 127,367 |
Cash at end of period | $ 8,511 | $ 33,312 | $ 41,429 |
Accounting Policies (Notes)
Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Accounting Policies Basis of Presentation and Principles of Consolidation Forward Air Corporation's (“the Company”, “We”, “Our”) services can be classified into four principal reportable segments: Expedited LTL, Truckload Premium Services (“TLS”), Intermodal and Pool Distribution ("Pool") (See note 10). Through the Expedited LTL segment, we operate a comprehensive national network to provide expedited regional, inter-regional and national less-than-truckload ("LTL") services. Expedited LTL offers customers local pick-up and delivery and other services including shipment consolidation and deconsolidation, warehousing, customs brokerage and other handling. Through our TLS segment, we provide expedited truckload brokerage, dedicated fleet services, as well as high security and temperature-controlled logistics services in the United States and Canada. Our Intermodal segment provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Intermodal also offers dedicated contract and CFS warehouse and handling services. Today, Intermodal operates primarily in the Midwest, with a smaller operational presence in the Southwest and Southeast. In our Pool Distribution segment, we provide high-frequency handling and distribution of time sensitive product to numerous destinations within a specific geographic region. We offer this service throughout the Mid-Atlantic, Southeast, Midwest and Southwest United States. 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 Expedited LTL, 10.0% for Intermodal, 25.0% for Pool and up to 50.0% for TLS. 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 2016, average revenue adjustments per month were approximately $168 on average revenue per month of approximately $81,878 ( 0.2% 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 - 65 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 appropriateness. 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 $750 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. As of December 31, 2016, we have recognized an insurance proceeds receivable and claims payable of $6,711 for open vehicle and workers’ compensation claims in excess of our stop-loss limits. 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, 2016 , 2015 and 2014 was $28,088 , $26,252 and $22,616 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). See additional discussion in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. 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. See additional discussion in Note 2, Acquisition, Goodwill and Other Long-Lived Assets. 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, 2016 and 2015 the Company had $16,268 and $14,866 , respectively, of capitalized software development costs included in property and equipment. Accumulated amortization on these assets was $10,716 and $10,584 at December 31, 2016 and 2015 , respectively. Included in depreciation expense is amortization of capitalized software development costs. Amortization of capitalized software development for the years ended December 31, 2016 , 2015 and 2014 was $1,658 , $1,526 and $1,464 respectively. As of December 31, 2016 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2017 $ 1,719 2018 1,400 2019 1,142 2020 849 2021 368 Total $ 5,478 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 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 “ASC 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 $212 and $369 in 2016 and 2015, 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 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 has generally issued non-vested shares. 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 % 1.0 % 1.2 % Expected stock price volatility 28.9 % 33.3 % 38.5 % Weighted average risk-free interest rate 1.3 % 1.6 % 1.6 % Expected life of options (years) 5.8 5.9 5.3 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 historical experience, and are 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 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 22.3 % 23.5 % 32.5 % Weighted average risk-free interest rate 0.8 % 1.0 % 0.7 % Under the 2005 Employee Stock Purchase Plan (the “ESPP”), 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 March 2016, the Financial Accounting Standards Board ("FASB") issued guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital ("APIC") pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective in 2017 with early adoption permitted. We plan to adopt this guidance in January 2017 and while the elimination of APIC pools will result in increased volatility of our effective tax rate, the overall impact is expected to be minimal. In February 2016, the FASB, issued ASU 2016-02, Leases, which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial statements. 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 full retrospective or modified retrospective adoption approach with a cumulative effect adjustment recorded in either scenario as necessary upon transition. Based on a review of our customer shipping arrangements, we currently believe the implementation of this standard will change our revenue recognition policy from recognizing revenue upon shipment completion to recognizing revenue over time based on the progress toward completion of shipments in transit as of each period end. While the timing of revenue recognition will be accelerated, due to the short duration of our transit times the anticipated impact on our consolidated financial position, revenue, results from operations and related disclosures is expected to be minor. At this time we have not determined our transition method. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Long-Lived Assets (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 3. 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 LTL 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 provided the Expedited LTL segment with opportunities to expand its service points and service offerings, such as pick up and delivery services. Additional benefits of the acquisition included increased linehaul network shipping density and a significant increase to our owner operator fleet, both of which are key to the profitability of Expedited LTL. 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 included in the Expedited LTL reportable segment. As the operations of Towne were fully integrated into the existing Expedited LTL network and operations, the Company is not able to provide the revenue and operating results of Towne which are 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. During 2015, the Company vacated certain duplicate facilities under long-term non-cancelable leases and recorded contract termination costs. The following is a summary of the vacated facility reserve: Balance at December 31, 2015 $ 6,731 Reserves for vacated facilities 990 Payments (4,058 ) Balance at December 31, 2016 $ 3,663 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 $82,997 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. For the acquisition of CST, the Company incurred total transaction costs related to the acquisitions of approximately $900 , which were expensed during the year ended December 31, 2014. 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 have been included in the Company's consolidated financial statements from the date of acquisition and are included in the Intermodal reportable segment. The results of CST 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 Intermodal revenue $ 72,314 Operating income 7,525 Net income 4,586 Net income per share Basic $ 0.15 Diluted $ 0.15 As part of our strategy to scale Intermodal operations, we have executed several smaller acquisitions in the Intermodal market. In September 2014, we 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 earn out was fully settled in 2016. In January 2016, the Company also acquired certain assets of Ace Cargo, LLC ("Ace") for $1,700 , and in August 2016, we acquired certain assets of Triumph Transport, Inc. and Triumph Repair Service, Inc. (together referred to as “Triumph”) for $10,100 and a potential earnout of $1,250 . These acquisitions provided an opportunity for our Intermodal operations to expand into additional Midwest markets. The assets, liabilities, and operating results of these collective acquisitions have been included in the Company's consolidated financial statements from their dates of acquisition and have been included in the Intermodal reportable segment. Allocations of Purchase Prices The following table presents the allocations of the previously discussed purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Towne CST Ace & Triumph RGL & MMT March 9, 2015 February 2, 2014 January & August 2016 September & November 2014 Tangible assets: Accounts receivable $ 24,068 $ 9,339 $ — $ — Prepaid expenses and other current assets 2,916 101 — — Property and equipment 2,095 2,132 1,294 287 Other assets 614 35 — — Deferred income taxes — — — — Total tangible assets 29,693 11,607 1,294 287 Intangible assets: Non-compete agreements — 930 139 92 Trade name — 500 — — Customer relationships 66,000 36,000 5,335 3,590 Goodwill 59,666 51,710 6,282 4,206 Total intangible assets 125,666 89,140 11,756 7,888 Total assets acquired 155,359 100,747 13,050 8,175 Liabilities assumed: Current liabilities 28,920 6,535 — 1,000 Other liabilities 3,886 — 1,250 — Debt and capital lease obligations 59,544 11,215 — — Deferred income taxes 1,131 — — — Total liabilities assumed 93,481 17,750 1,250 1,000 Net assets acquired $ 61,878 $ 82,997 $ 11,800 7,175 The acquired definite-live intangible assets have the following useful lives: Useful Lives Towne CST Ace & Triumph RGL & MMT Customer relationships 20 years 15 years 15 years 15 years Non-competes - 5 years 5 years 5 years Trade names - 2 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 estimate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believed the level and timing of cash flows appropriately reflected 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. 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 and CST acquisition occurred as of January 1, 2014 (in thousands, except per share data). Year ended December 31, December 31, December 31, Operating revenue $ 982,530 $ 993,352 $ 1,017,005 Income from operations 59,979 79,465 89,650 Net income 27,670 53,096 56,092 Net income per share Basic $ 0.91 $ 1.72 $ 1.82 Diluted $ 0.90 $ 1.70 $ 1.79 Goodwill The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of June 30, 2016. The first step of the goodwill impairment test is the Company's assessment of 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 estimates 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 estimates 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 the estimation of fair value indicates the impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the estimated 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. Our 2016 assessments and calculations for Expedited LTL, Intermodal and Pool Distribution indicated that, as of June 30, 2016, the fair value of each reporting unit exceeded the carrying value. However, due to the financial performance of the Total Quality, Inc. ("TQI") reporting unit falling notably short of previous projections, declining revenue from significant customers and strategic initiatives not having the required impact on financial results, the estimate of TQI's fair value no longer exceeded the respective carrying value. As a result, the Company recorded a goodwill impairment charge of $25,686 for the TQI reporting unit during the year ended December 31, 2016. The following is a summary of the changes in goodwill for the year ended December 31, 2016. Approximately $105,531 of goodwill is deductible for tax purposes. Expedited LTL Truckload Premium Pool Distribution Intermodal Total Accumulated Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2015 $ 99,123 $ — $ 45,164 $ — $ 12,359 $ (6,953 ) $ 55,916 $ — $ 205,609 Ace & Triumph acquisitions — — — — — — 6,282 — 6,282 TQI Impairment — — — (25,686 ) — — — — (25,686 ) Adjustment of Towne acquisition (1,530 ) — — — — — — — (1,530 ) Ending balance, December 31, 2016 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 62,198 $ — $ 184,675 Other Acquired Intangibles Through acquisitions, the Company acquired customer relationships, non-compete agreements and trade names having weighted-average useful lives of 16.0 , 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, 2016, 2015 and 2014 was $10,122 , $10,905 and $8,517 , respectively. As of December 31, 2016, definite-lived intangible assets are comprised of the following: Acquired Intangibles Accumulated Amortization Accumulated Impairment Net Acquired Intangibles Customer relationships $ 179,575 $ 57,390 $ 16,501 $ 105,684 Non-compete agreements 3,410 2,677 — 733 Trade name 1,500 1,267 — 233 Total $ 184,485 $ 61,334 $ 16,501 $ 106,650 The estimated amortization expense for the next five years on definite-lived intangible assets as of December 31, 2016 is as follows: 2017 2018 2019 2020 2021 Customer relationships $ 8,995 $ 7,490 $ 7,410 $ 7,410 $ 7,267 Non-compete agreements 244 232 58 28 15 Trade name 200 33 — — — Total $ 9,439 $ 7,755 $ 7,468 $ 7,438 $ 7,282 Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate 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. In conjunction with the TQI goodwill impairment assessment the Company determined there were indicators that TQI's customer relationship and non-compete intangible assets were impaired, as the undiscounted cash flows associated with the applicable assets no longer exceeded the related assets' net book values. The Company estimated the current market values of the customer relationship and non-compete assets 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 estimate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believed the level and timing of cash flows appropriately reflected market participant assumptions. As a result of these estimates the Company recorded an impairment charge of $16,501 related to TQI customer relationships. In addition, during the year ended December 31, 2016, the Company discontinued use of an owned maintenance facility and began efforts to sell the property. In conjunction with these actions, the Company incurred a $255 impairment charge that was estimated using current offers received to sell the property less estimated selling costs. |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, the Company had no borrowings outstanding under the revolving credit facility. At December 31, 2016, the Company had utilized $7,514 of availability for outstanding letters of credit and had $142,486 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 2.0% at December 31, 2016. The remaining balance on the term loan was $27,788 as of December 31, 2016 and will be paid in March 2017. Capital Leases Primarily 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 $ 635 Accumulated amortization (307 ) (105 ) $ 328 $ 530 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, 2016: 2017 $ 395 2018 391 2019 325 2020 60 2021 — Thereafter — Total 1,171 Less amounts representing interest 99 Present value of net minimum lease payments (including current portion of $347) $ 1,072 Interest Payments Interest payments during 2016, 2015 and 2014 were $1,770 , $2,017 and $495 , respectively. No interest was capitalized during the years ended December 31, 2016, 2015 and 2014. |
Shareholder's Equity, Stock Opt
Shareholder's Equity, Stock Options and Net Income per Share (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 the fourth quarter of 2016 , the Company’s Board of Directors declared a cash dividend of $0.15 per share of Common Stock. During the first, second and third quarters of 2016 and each quarter of 2015 and 2014, the Company's Board of Directors declared a cash dividend of $0.12 per share of Common Stock. On February 7, 2017, the Company’s Board of Directors declared a $0.15 per share dividend that will be paid in the first quarter of 2017. 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 Stock 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. During the years ended December 31, 2016, 2015 and 2014, we repurchased 676,773 shares of common stock for $29,986 , or $44.31 per share, 422,404 shares of common stock for $19,992 , or $47.33 per share and 881,979 shares of common stock for $39,972 , or $45.32 per share, respectively. On July 21, 2016, our Board of Directors canceled the Company's 2014 repurchase plan and approved a stock repurchase plan that authorized the repurchase of up to 3,000,000 shares of the Company's Common Stock. Under the 2016 repurchase plan, during the year ended December 31, 2016, we repurchased 233,516 shares of Common Stock for $9,997 , or $42.80 per share. As of December 31, 2016 , 2,766,484 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”). 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 . Options issued under these plans have seven to ten -year terms and vested over a one to five year period. In May 2016, with the approval of shareholders, the Company adopted the 2016 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) to reserve for issuance 2,000,000 common shares. With the adoption of the Omnibus Plan, no further awards will be issued under the 1999 Amended Plan. As of December 31, 2016, there were approximately 1,976,119 shares remaining available for grant under the Omnibus Plan. Employee Activity - Options The following tables summarize the Company’s employee stock option activity and related information for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 786 $ 32 1,363 $ 28 1,732 $ 27 Granted 137 44 96 50 106 43 Exercised (346 ) 24 (659 ) 26 (450 ) 28 Forfeited (13 ) 35 (14 ) 29 (25 ) 37 Outstanding at end of year 564 $ 41 786 $ 32 1,363 $ 28 Exercisable at end of year 331 $ 37 586 $ 28 1,160 $ 26 Weighted-average fair value of options granted during the year $ 12 $ 15 $ 14 Aggregate intrinsic value for options exercised $ 7,803 $ 16,191 $ 7,259 Average aggregate intrinsic value for options outstanding $ 2,305 Average aggregate intrinsic value for exercisable options $ 2,516 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 - 22.47 14 0.1 $ 22.47 14 $ 22.47 28.61 - 28.61 76 1.1 28.61 76 28.61 36.55 - 37.14 138 2.6 36.87 138 36.87 41.32 - 43.67 210 5.3 43.15 56 42.48 44.49 - 48.32 40 5.2 45.93 18 45.20 50.71 - 52.03 86 5.1 50.79 29 50.79 $ 22.47 - 52.03 564 3.9 $ 40.52 331 $ 37.00 Year ended December 31, December 31, December 31, Shared-based compensation for options $ 1,473 $ 1,386 $ 1,302 Tax benefit for option compensation $ 546 $ 542 $ 497 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,784 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 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 2016 2015 2014 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 191 $ 46 190 $ 40 186 $ 35 Granted 134 44 100 51 99 42 Vested (94 ) 44 (93 ) 39 (94 ) 43 Forfeited (9 ) 45 (6 ) 45 (1 ) 37 Outstanding and non-vested at end of year 222 $ 45 191 $ 46 190 $ 40 Aggregate grant date fair value $ 10,108 $ 8,773 $ 7,585 Total fair value of shares vested during the year $ 4,064 $ 4,694 $ 4,008 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 4,614 $ 4,070 $ 3,626 Tax benefit for non-vested share compensation $ 1,712 $ 1,591 $ 1,385 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 5,900 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 Employee Activity – Performance shares In 2016, 2015 and 2014, 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 total shareholder return as compared to the total shareholder return of a selected peer group. No shares may be issued if the Company total shareholder return outperforms 30% or less of the peer group, but the number of shares issued may be doubled if the Company total shareholder return 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 2016 2015 2014 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 77 $ 52 74 $ 44 88 $ 37 Granted 29 49 27 67 23 48 Additional shares awarded based on performance 7 40 — — 19 30 Vested (33 ) 40 (24 ) 45 (56 ) 30 Forfeited — — — — — — Outstanding and non-vested at end of year 80 $ 55 77 $ 52 74 $ 44 Aggregate grant date fair value $ 4,373 $ 4,016 $ 3,279 Year ended December 31, December 31, December 31, Shared-based compensation for performance shares $ 1,447 $ 1,308 $ 1,098 Tax benefit for performance share compensation $ 537 $ 512 $ 419 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,709 Weighted average period over which unrecognized compensation will be recognized (years) 1.7 Employee Activity – Employee Stock Purchase Plan Under the ESPP, at December 31, 2016, the Company is authorized to issue up to a remaining 381,813 shares of Common Stock to employees of the Company. For the years ended December 31, 2016, 2015 and 2014, participants under the ESPP purchased 11,174 , 10,805 , and 8,530 shares, respectively, at an average price of $39.50 , $41.55 , and $41.51 per share, respectively. The weighted-average fair value of each purchase right under the ESPP granted for the years ended December 31, 2016, 2015 and 2014, which is equal to the discount from the market value of the Common Stock at the end of each six month purchase period, was $6.46 , $5.82 , and $7.74 per share, respectively. Share-based compensation expense of $72 , $61 , and $66 was recognized in salaries, wages and employee benefits, during the years ended December 31, 2016, 2015 and 2014, respectively. Non-employee Directors – Non-vested shares In May 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. In May 2016, with the approval of shareholders, the Company further amended the Amended Plan to reserve for issuance an additional 160,000 common shares, increasing the total number of reserved common shares and shares available for grant under the Amended Plan to 360,000 and 159,259 , respectively. The following tables summarize the Company's non-employee non-vested share activity and related information: Year ended 2016 2015 2014 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 $ 51 15 $ 44 15 $ 38 Granted 16 44 14 51 15 44 Vested (15 ) 51 (14 ) 43 (15 ) 38 Forfeited — — — — — — Outstanding and non-vested at end of year 16 $ 44 15 $ 51 15 $ 44 Aggregate grant date fair value $ 688 $ 740 $ 650 Total fair value of shares vested during the year $ 639 $ 727 $ 632 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 728 $ 661 $ 589 Tax benefit for non-vested share compensation $ 263 $ 259 $ 225 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 246 Weighted average period over which unrecognized compensation will be recognized (years) 0.4 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 and 2014: 2015 2014 Weighted- Weighted- Average Average Options Exercise Options Exercise (000) Price (000) Price Outstanding at beginning of year 8 $ 26 26 $ 23 Granted — — — — Exercised (8 ) 26 (18 ) 22 Forfeited — — — — Outstanding and exercisable at end of year — $ — 8 $ 26 Aggregate intrinsic value for options exercised $ 208 $ 412 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: 2016 2015 2014 Numerator: Net income and comprehensive income $ 27,670 $ 55,575 $ 61,169 Income allocated to participating securities (212 ) (369 ) (404 ) Numerator for basic and diluted income per share - net income 27,458 55,206 60,765 Denominator: Denominator for basic net income per share - weighted-average shares (in thousands) 30,283 30,728 30,599 Effect of dilutive stock options (in thousands) 130 277 431 Effect of dilutive performance shares (in thousands) 31 35 42 Denominator for diluted net income per share - adjusted weighted-average shares (in thousands) 30,444 31,040 31,072 Basic net income per share $ 0.91 $ 1.80 $ 1.99 Diluted net income per share $ 0.90 $ 1.78 $ 1.96 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: 2016 2015 2014 Anti-dilutive stock options (in thousands) 310 184 99 Anti-dilutive performance shares (in thousands) — 24 — Total anti-dilutive shares (in thousands) 310 208 99 |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: 2016 2015 2014 Current: Federal $ 24,139 $ 8,319 $ 33,631 State 3,052 1,242 4,306 27,191 9,561 37,937 Deferred: Federal 3,256 12,477 (2,102 ) State 269 2,054 (919 ) 3,525 14,531 (3,021 ) $ 30,716 $ 24,092 $ 34,916 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, 2016 , 2015 and 2014 were $1,732 , $5,413 and $2,109 , 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: 2016 2015 2014 Tax expense at the statutory rate $ 20,435 $ 27,883 $ 33,630 State income taxes, net of federal benefit 2,229 2,178 1,879 Non-deductible transaction costs — 394 — Incentive stock options (88 ) (120 ) (96 ) Other permanent differences 474 216 186 TQI goodwill impairment 8,990 — — Deferred tax asset valuation allowance (2 ) (11 ) 39 Federal qualified property deductions (1,311 ) (6,066 ) — Federal income tax credits — (732 ) (533 ) Other (11 ) 350 (189 ) $ 30,716 $ 24,092 $ 34,916 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 $ 9,647 $ 11,952 Allowance for doubtful accounts 662 936 Share-based compensation 5,005 5,242 Accruals for income tax contingencies 252 268 Net operating loss carryforwards 10,231 13,620 Total deferred tax assets 25,797 32,018 Valuation allowance (282 ) (284 ) Total deferred tax assets, net of valuation allowance 25,515 31,734 Deferred tax liabilities: Tax over book depreciation 29,416 28,027 Intangible assets 17,588 25,399 Prepaid expenses deductible when paid 4,862 5,018 Goodwill 15,520 13,166 Total deferred tax liabilities 67,386 71,610 Net deferred tax liabilities $ (41,871 ) $ (39,876 ) Total income tax payments, net of refunds, during fiscal years 2016 , 2015 and 2014 were $10,628 , $25,264 and $30,087 , respectively. As a result of the Towne acquisition the Company has approximately $27,050 and $36,034 of federal net operating losses as of December 31, 2016 and 2015 respectively, 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, 2016 and 2015 , the Company had state net operating loss carryforwards of $18,155 and $23,595 , respectively, that will expire between 2016 and 2030. 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 decreased $2 during 2016, but the valuation allowance increased $11 during 2015. 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 2012. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: Liability for Unrecognized Tax Benefits 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 Reductions for settlement with state taxing authorities (247 ) Additions for tax positions of current year 56 Balance at December 31, 2016 $ 582 Included in the liability for unrecognized tax benefits at December 31, 2016 and December 31, 2015 are tax positions of $582 and $773 , 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, 2016 and December 31, 2015 , are accrued penalties of $103 and $156 , respectively. The liability for unrecognized tax benefits at December 31, 2016 and December 31, 2015 also included accrued interest of $184 and $371 , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2016 | |
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 $1,517 , $1,611 and $980 in 2016, 2015 and 2014, respectively. In 2017, the Company expects to receive aggregate future minimum rental payments under noncancellable subleases of approximately $1,011 . Noncancellable subleases expire between 2017 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, 2016: 2017 $ 36,106 2018 27,320 2019 19,449 2020 12,604 2021 5,454 Thereafter 2,990 Total $ 103,923 |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, the Company had commitments to purchase forklifts and other equipment for approximately $2,122 during 2017. |
Employee Benefit Plan (Notes)
Employee Benefit Plan (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 , 2015 and 2014 were approximately $1,056 , $1,178 and $895 , respectively. |
Financial Instruments (Notes)
Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments Disclosure [Text Block] | Financial Instruments Off Balance Sheet Risk At December 31, 2016, the Company had letters of credit outstanding totaling $7,514 . 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 $ 1,072 $ 1,139 $ 1,405 $ 1,434 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, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has four reportable segments based on information available to and used by the chief operating decision maker. Expedited LTL operates a comprehensive national network that provides expedited regional, inter-regional and national LTL services. The TLS segment provides expedited truckload brokerage, dedicated fleet services and high security and temperature-controlled logistics services. The Intermodal segment primarily provides first- and last-mile high value intermodal container drayage services both to and from seaports and railheads. Pool Distribution provides high-frequency handling and distribution of time sensitive product to numerous destinations. During the first quarter of 2016, the Company changed its reportable segments to separate its truckload and intermodal businesses from our Expedited LTL service and to aggregate reporting for truckload services into a single segment. The Company previously reported three segments: Forward Air, Forward Air Solutions and Total Quality, Inc. Consequently, the Company now reports four segments: Expedited LTL, Truckload Premium Services, Intermodal and Pool Distribution. All prior year segment amounts have been restated to reflect this new reporting structure. Except for certain insurance activity, the accounting policies of the segments are the same as those described in the summary of significant accounting policies disclosed in Note 1. For workers compensation and vehicle claims each segment is charged an insurance premium and is also charged a deductible that corresponds with the our corporate deductibles disclosed in Note 1. However, any losses beyond our deductibles and any loss development factors applied to our outstanding claims as a result of actuary analysis are not passed to the segments, but kept at the corporate level. Segment data includes intersegment revenues. Costs of the corporate headquarters and shared services are allocated to the segments based on usage. The expense associated with shared operating assets, such as trailers, are allocated between operating segments based on usage. However, asset basis is not allocated. The Company evaluates the performance of its segments based on income from operations. The Company’s business is conducted in the U.S. and Canada. The following tables summarize segment information about results from operations 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, 2016 , 2015 and 2014 . Year ended December 31, 2016 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 567,711 $ 163,254 $ 148,054 $ 103,511 $ — $ 982,530 Intersegment revenues 3,067 1,018 607 160 (4,852 ) — Depreciation and amortization 21,919 6,441 5,975 3,876 (1 ) 38,210 Share-based compensation expense 7,209 332 334 459 — 8,334 Impairment of goodwill and other intangible assets — 42,442 — — — 42,442 Interest expense 1,687 3 — 83 (176 ) 1,597 Income (loss) from operations 83,518 (35,405 ) 3,633 10,956 (2,723 ) 59,979 Total assets 632,698 53,695 50,271 129,714 (225,087 ) 641,291 Capital expenditures 37,501 1,828 2,637 220 — 42,186 Year ended December 31, 2015 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 573,476 $ 152,251 $ 128,826 $ 103,977 $ 595 $ 959,125 Intersegment revenues 3,550 1,080 1,169 315 (6,114 ) — Depreciation and amortization 21,125 6,206 6,003 3,773 50 37,157 Share-based compensation expense 6,088 840 300 258 — 7,486 Interest expense 1,959 5 — 83 — 2,047 Income (loss) from operations 79,193 13,288 3,820 11,949 (26,478 ) 81,772 Total assets 641,360 89,312 46,970 118,081 (195,791 ) 699,932 Capital expenditures 29,995 5,972 3,983 545 — 40,495 Year ended December 31, 2014 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 456,230 $ 131,478 $ 117,429 $ 75,822 $ — $ 780,959 Intersegment revenues 2,673 1,788 831 123 (5,415 ) — Depreciation and amortization 16,580 5,405 5,754 3,365 29 31,133 Share-based compensation expense 5,561 717 259 144 — 6,681 Interest expense 523 6 2 79 — 610 Income (loss) from operations 75,754 8,986 4,543 7,428 (305 ) 96,406 Total assets 494,522 88,789 45,428 110,055 (199,485 ) 539,309 Capital expenditures 25,764 6,184 7,133 406 — 39,487 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : 2016 March 31 June 30 September 30 December 31 Operating revenue 229,548 238,637 249,552 264,793 Income from operations 21,404 (14,348 ) 24,700 28,223 Net income 13,099 (10,066 ) 11,931 12,706 Net income per share: Basic $ 0.43 $ (0.33 ) $ 0.39 $ 0.42 Diluted $ 0.43 $ (0.33 ) $ 0.39 $ 0.42 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 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Allowance for doubtful accounts $ 1,310 $ 258 $ — $ 259 (2) $ 1,309 Allowance for revenue adjustments (1) 1,095 2,020 — 2,710 (3) 405 Income tax valuation 284 (2 ) — — 282 2,689 2,276 — 2,969 1,996 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 (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, 2016 | |
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 Expedited LTL, 10.0% for Intermodal, 25.0% for Pool and up to 50.0% for TLS. 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 2016, average revenue adjustments per month were approximately $168 on average revenue per month of approximately $81,878 ( 0.2% 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 - 65 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 appropriateness. 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 $750 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, 2016 , 2015 and 2014 was $28,088 , $26,252 and $22,616 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, 2016 and 2015 the Company had $16,268 and $14,866 , respectively, of capitalized software development costs included in property and equipment. Accumulated amortization on these assets was $10,716 and $10,584 at December 31, 2016 and 2015 , respectively. Included in depreciation expense is amortization of capitalized software development costs. Amortization of capitalized software development for the years ended December 31, 2016 , 2015 and 2014 was $1,658 , $1,526 and $1,464 respectively. As of December 31, 2016 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2017 $ 1,719 2018 1,400 2019 1,142 2020 849 2021 368 Total $ 5,478 |
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 “ASC 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 $212 and $369 in 2016 and 2015, 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 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 has generally issued non-vested shares. 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 % 1.0 % 1.2 % Expected stock price volatility 28.9 % 33.3 % 38.5 % Weighted average risk-free interest rate 1.3 % 1.6 % 1.6 % Expected life of options (years) 5.8 5.9 5.3 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 historical experience, and are 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 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 22.3 % 23.5 % 32.5 % Weighted average risk-free interest rate 0.8 % 1.0 % 0.7 % Under the 2005 Employee Stock Purchase Plan (the “ESPP”), 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, 2016 | |
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, 2016 | |
Software and Software Development Costs [Member] | |
Software Development, Schedule of Expected Amortization Expense [Table Text Block] | As of December 31, 2016 the estimated amortization expense for the next five years of capitalized software development costs is as follows: 2017 $ 1,719 2018 1,400 2019 1,142 2020 849 2021 368 Total $ 5,478 |
Accounting Policies Stock Optio
Accounting Policies Stock Option Assumptions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 % 1.0 % 1.2 % Expected stock price volatility 28.9 % 33.3 % 38.5 % Weighted average risk-free interest rate 1.3 % 1.6 % 1.6 % Expected life of options (years) 5.8 5.9 5.3 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 historical experience, and are 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 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 22.3 % 23.5 % 32.5 % Weighted average risk-free interest rate 0.8 % 1.0 % 0.7 % |
Acquisitions, Goodwill and Ot24
Acquisitions, Goodwill and Other Long-Lived Assets Acquisitions, Goodwill and Other Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill [Line Items] | |
Vacated Facility Reserve [Table Text Block] | The following is a summary of the vacated facility reserve: Balance at December 31, 2015 $ 6,731 Reserves for vacated facilities 990 Payments (4,058 ) Balance at December 31, 2016 $ 3,663 |
Purchase Price Allocation [Table Text Block] | The following table presents the allocations of the previously discussed purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Towne CST Ace & Triumph RGL & MMT March 9, 2015 February 2, 2014 January & August 2016 September & November 2014 Tangible assets: Accounts receivable $ 24,068 $ 9,339 $ — $ — Prepaid expenses and other current assets 2,916 101 — — Property and equipment 2,095 2,132 1,294 287 Other assets 614 35 — — Deferred income taxes — — — — Total tangible assets 29,693 11,607 1,294 287 Intangible assets: Non-compete agreements — 930 139 92 Trade name — 500 — — Customer relationships 66,000 36,000 5,335 3,590 Goodwill 59,666 51,710 6,282 4,206 Total intangible assets 125,666 89,140 11,756 7,888 Total assets acquired 155,359 100,747 13,050 8,175 Liabilities assumed: Current liabilities 28,920 6,535 — 1,000 Other liabilities 3,886 — 1,250 — Debt and capital lease obligations 59,544 11,215 — — Deferred income taxes 1,131 — — — Total liabilities assumed 93,481 17,750 1,250 1,000 Net assets acquired $ 61,878 $ 82,997 $ 11,800 7,175 |
Business Acquisition, Pro Forma Information [Table Text Block] | The acquired definite-live intangible assets have the following useful lives: Useful Lives Towne CST Ace & Triumph RGL & MMT Customer relationships 20 years 15 years 15 years 15 years Non-competes - 5 years 5 years 5 years Trade names - 2 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 estimate fair value, the Company used cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believed the level and timing of cash flows appropriately reflected 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. 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 and CST acquisition occurred as of January 1, 2014 (in thousands, except per share data). Year ended December 31, December 31, December 31, Operating revenue $ 982,530 $ 993,352 $ 1,017,005 Income from operations 59,979 79,465 89,650 Net income 27,670 53,096 56,092 Net income per share Basic $ 0.91 $ 1.72 $ 1.82 Diluted $ 0.90 $ 1.70 $ 1.79 |
Schedule of Goodwill [Table Text Block] | The following is a summary of the changes in goodwill for the year ended December 31, 2016. Approximately $105,531 of goodwill is deductible for tax purposes. Expedited LTL Truckload Premium Pool Distribution Intermodal Total Accumulated Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2015 $ 99,123 $ — $ 45,164 $ — $ 12,359 $ (6,953 ) $ 55,916 $ — $ 205,609 Ace & Triumph acquisitions — — — — — — 6,282 — 6,282 TQI Impairment — — — (25,686 ) — — — — (25,686 ) Adjustment of Towne acquisition (1,530 ) — — — — — — — (1,530 ) Ending balance, December 31, 2016 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 62,198 $ — $ 184,675 |
Definite-Lived Intangible Assets [Member] | |
Goodwill [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2016, definite-lived intangible assets are comprised of the following: Acquired Intangibles Accumulated Amortization Accumulated Impairment Net Acquired Intangibles Customer relationships $ 179,575 $ 57,390 $ 16,501 $ 105,684 Non-compete agreements 3,410 2,677 — 733 Trade name 1,500 1,267 — 233 Total $ 184,485 $ 61,334 $ 16,501 $ 106,650 The estimated amortization expense for the next five years on definite-lived intangible assets as of December 31, 2016 is as follows: 2017 2018 2019 2020 2021 Customer relationships $ 8,995 $ 7,490 $ 7,410 $ 7,410 $ 7,267 Non-compete agreements 244 232 58 28 15 Trade name 200 33 — — — Total $ 9,439 $ 7,755 $ 7,468 $ 7,438 $ 7,282 |
CST [Member] | |
Goodwill [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The assets, liabilities, and operating results of CST have been included in the Company's consolidated financial statements from the date of acquisition and are included in the Intermodal reportable segment. The results of CST 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 Intermodal revenue $ 72,314 Operating income 7,525 Net income 4,586 Net income per share Basic $ 0.15 Diluted $ 0.15 |
Debt and Capital Lease Obliga25
Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 635 Accumulated amortization (307 ) (105 ) $ 328 $ 530 |
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, 2016: 2017 $ 395 2018 391 2019 325 2020 60 2021 — Thereafter — Total 1,171 Less amounts representing interest 99 Present value of net minimum lease payments (including current portion of $347) $ 1,072 |
Shareholder's Equity, Stock O26
Shareholder's Equity, Stock Options and Net Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 Numerator: Net income and comprehensive income $ 27,670 $ 55,575 $ 61,169 Income allocated to participating securities (212 ) (369 ) (404 ) Numerator for basic and diluted income per share - net income 27,458 55,206 60,765 Denominator: Denominator for basic net income per share - weighted-average shares (in thousands) 30,283 30,728 30,599 Effect of dilutive stock options (in thousands) 130 277 431 Effect of dilutive performance shares (in thousands) 31 35 42 Denominator for diluted net income per share - adjusted weighted-average shares (in thousands) 30,444 31,040 31,072 Basic net income per share $ 0.91 $ 1.80 $ 1.99 Diluted net income per share $ 0.90 $ 1.78 $ 1.96 |
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: 2016 2015 2014 Anti-dilutive stock options (in thousands) 310 184 99 Anti-dilutive performance shares (in thousands) — 24 — Total anti-dilutive shares (in thousands) 310 208 99 |
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, 2016 , 2015 and 2014 : 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Options Exercise Options Exercise Options Exercise (000) Price (000) Price (000) Price Outstanding at beginning of year 786 $ 32 1,363 $ 28 1,732 $ 27 Granted 137 44 96 50 106 43 Exercised (346 ) 24 (659 ) 26 (450 ) 28 Forfeited (13 ) 35 (14 ) 29 (25 ) 37 Outstanding at end of year 564 $ 41 786 $ 32 1,363 $ 28 Exercisable at end of year 331 $ 37 586 $ 28 1,160 $ 26 Weighted-average fair value of options granted during the year $ 12 $ 15 $ 14 Aggregate intrinsic value for options exercised $ 7,803 $ 16,191 $ 7,259 Average aggregate intrinsic value for options outstanding $ 2,305 Average aggregate intrinsic value for exercisable options $ 2,516 |
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 - 22.47 14 0.1 $ 22.47 14 $ 22.47 28.61 - 28.61 76 1.1 28.61 76 28.61 36.55 - 37.14 138 2.6 36.87 138 36.87 41.32 - 43.67 210 5.3 43.15 56 42.48 44.49 - 48.32 40 5.2 45.93 18 45.20 50.71 - 52.03 86 5.1 50.79 29 50.79 $ 22.47 - 52.03 564 3.9 $ 40.52 331 $ 37.00 |
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 $ 1,473 $ 1,386 $ 1,302 Tax benefit for option compensation $ 546 $ 542 $ 497 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,784 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 |
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 2016 2015 2014 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 191 $ 46 190 $ 40 186 $ 35 Granted 134 44 100 51 99 42 Vested (94 ) 44 (93 ) 39 (94 ) 43 Forfeited (9 ) 45 (6 ) 45 (1 ) 37 Outstanding and non-vested at end of year 222 $ 45 191 $ 46 190 $ 40 Aggregate grant date fair value $ 10,108 $ 8,773 $ 7,585 Total fair value of shares vested during the year $ 4,064 $ 4,694 $ 4,008 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 4,614 $ 4,070 $ 3,626 Tax benefit for non-vested share compensation $ 1,712 $ 1,591 $ 1,385 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 5,900 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 |
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 2016 2015 2014 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 77 $ 52 74 $ 44 88 $ 37 Granted 29 49 27 67 23 48 Additional shares awarded based on performance 7 40 — — 19 30 Vested (33 ) 40 (24 ) 45 (56 ) 30 Forfeited — — — — — — Outstanding and non-vested at end of year 80 $ 55 77 $ 52 74 $ 44 Aggregate grant date fair value $ 4,373 $ 4,016 $ 3,279 Year ended December 31, December 31, December 31, Shared-based compensation for performance shares $ 1,447 $ 1,308 $ 1,098 Tax benefit for performance share compensation $ 537 $ 512 $ 419 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,709 Weighted average period over which unrecognized compensation will be recognized (years) 1.7 |
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 2016 2015 2014 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 $ 51 15 $ 44 15 $ 38 Granted 16 44 14 51 15 44 Vested (15 ) 51 (14 ) 43 (15 ) 38 Forfeited — — — — — — Outstanding and non-vested at end of year 16 $ 44 15 $ 51 15 $ 44 Aggregate grant date fair value $ 688 $ 740 $ 650 Total fair value of shares vested during the year $ 639 $ 727 $ 632 Year ended December 31, December 31, December 31, Shared-based compensation for non-vested shares $ 728 $ 661 $ 589 Tax benefit for non-vested share compensation $ 263 $ 259 $ 225 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 246 Weighted average period over which unrecognized compensation will be recognized (years) 0.4 |
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 and 2014: 2015 2014 Weighted- Weighted- Average Average Options Exercise Options Exercise (000) Price (000) Price Outstanding at beginning of year 8 $ 26 26 $ 23 Granted — — — — Exercised (8 ) 26 (18 ) 22 Forfeited — — — — Outstanding and exercisable at end of year — $ — 8 $ 26 Aggregate intrinsic value for options exercised $ 208 $ 412 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, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following: 2016 2015 2014 Current: Federal $ 24,139 $ 8,319 $ 33,631 State 3,052 1,242 4,306 27,191 9,561 37,937 Deferred: Federal 3,256 12,477 (2,102 ) State 269 2,054 (919 ) 3,525 14,531 (3,021 ) $ 30,716 $ 24,092 $ 34,916 |
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: 2016 2015 2014 Tax expense at the statutory rate $ 20,435 $ 27,883 $ 33,630 State income taxes, net of federal benefit 2,229 2,178 1,879 Non-deductible transaction costs — 394 — Incentive stock options (88 ) (120 ) (96 ) Other permanent differences 474 216 186 TQI goodwill impairment 8,990 — — Deferred tax asset valuation allowance (2 ) (11 ) 39 Federal qualified property deductions (1,311 ) (6,066 ) — Federal income tax credits — (732 ) (533 ) Other (11 ) 350 (189 ) $ 30,716 $ 24,092 $ 34,916 |
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 $ 9,647 $ 11,952 Allowance for doubtful accounts 662 936 Share-based compensation 5,005 5,242 Accruals for income tax contingencies 252 268 Net operating loss carryforwards 10,231 13,620 Total deferred tax assets 25,797 32,018 Valuation allowance (282 ) (284 ) Total deferred tax assets, net of valuation allowance 25,515 31,734 Deferred tax liabilities: Tax over book depreciation 29,416 28,027 Intangible assets 17,588 25,399 Prepaid expenses deductible when paid 4,862 5,018 Goodwill 15,520 13,166 Total deferred tax liabilities 67,386 71,610 Net deferred tax liabilities $ (41,871 ) $ (39,876 ) |
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, 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 Reductions for settlement with state taxing authorities (247 ) Additions for tax positions of current year 56 Balance at December 31, 2016 $ 582 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016: 2017 $ 36,106 2018 27,320 2019 19,449 2020 12,604 2021 5,454 Thereafter 2,990 Total $ 103,923 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 1,072 $ 1,139 $ 1,405 $ 1,434 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of segment information | The following tables summarize segment information about results from operations 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, 2016 , 2015 and 2014 . Year ended December 31, 2016 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 567,711 $ 163,254 $ 148,054 $ 103,511 $ — $ 982,530 Intersegment revenues 3,067 1,018 607 160 (4,852 ) — Depreciation and amortization 21,919 6,441 5,975 3,876 (1 ) 38,210 Share-based compensation expense 7,209 332 334 459 — 8,334 Impairment of goodwill and other intangible assets — 42,442 — — — 42,442 Interest expense 1,687 3 — 83 (176 ) 1,597 Income (loss) from operations 83,518 (35,405 ) 3,633 10,956 (2,723 ) 59,979 Total assets 632,698 53,695 50,271 129,714 (225,087 ) 641,291 Capital expenditures 37,501 1,828 2,637 220 — 42,186 Year ended December 31, 2015 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 573,476 $ 152,251 $ 128,826 $ 103,977 $ 595 $ 959,125 Intersegment revenues 3,550 1,080 1,169 315 (6,114 ) — Depreciation and amortization 21,125 6,206 6,003 3,773 50 37,157 Share-based compensation expense 6,088 840 300 258 — 7,486 Interest expense 1,959 5 — 83 — 2,047 Income (loss) from operations 79,193 13,288 3,820 11,949 (26,478 ) 81,772 Total assets 641,360 89,312 46,970 118,081 (195,791 ) 699,932 Capital expenditures 29,995 5,972 3,983 545 — 40,495 Year ended December 31, 2014 Expedited LTL Truckload Premium Services Pool Distribution Intermodal Eliminations & Other Consolidated External revenues $ 456,230 $ 131,478 $ 117,429 $ 75,822 $ — $ 780,959 Intersegment revenues 2,673 1,788 831 123 (5,415 ) — Depreciation and amortization 16,580 5,405 5,754 3,365 29 31,133 Share-based compensation expense 5,561 717 259 144 — 6,681 Interest expense 523 6 2 79 — 610 Income (loss) from operations 75,754 8,986 4,543 7,428 (305 ) 96,406 Total assets 494,522 88,789 45,428 110,055 (199,485 ) 539,309 Capital expenditures 25,764 6,184 7,133 406 — 39,487 |
Quarterly Results of Operatio31
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 : 2016 March 31 June 30 September 30 December 31 Operating revenue 229,548 238,637 249,552 264,793 Income from operations 21,404 (14,348 ) 24,700 28,223 Net income 13,099 (10,066 ) 11,931 12,706 Net income per share: Basic $ 0.43 $ (0.33 ) $ 0.39 $ 0.42 Diluted $ 0.43 $ (0.33 ) $ 0.39 $ 0.42 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 |
Accounting Policies (Details)
Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Days | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Line Items] | |||
Number of principal reporting segments | 4 | 3 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ (212) | $ (369) | $ (404) |
Accounting Policies, Use of Estimates [Abstract] | |||
Minimum number of days past due for receivable reserve | Days | 90 | ||
Average monthly revenue adjustments | $ 168 | ||
Average monthly revenue | $ 81,878 | ||
Average monthly revenue adjustments as a percentage of monthly revenue | 0.20% | ||
Number of days in revenue adjustment reserve, minimum | Days | 35 | ||
Number of days in revenue adjustment reserve, maximum | Days | 65 | ||
Self insurance limit on individual vehicle and general claims | $ 750 | ||
Self insurance limit on workers' compensation claims and health insurance claims | 250 | ||
Self Insurance limit on Ohio workers' compensation and health insurance claims | 500 | ||
Insurance Settlements Receivable | $ 6,711 | ||
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 | $ 28,088 | 26,252 | 22,616 |
Accounting Policies, Software Development [Abstract] | |||
Capitalized software development costs | 16,268 | 14,866 | |
Capitalized computer software, accumulated amortization | 10,716 | 10,584 | |
Capitalized Computer Software, Amortization | $ 1,658 | $ 1,526 | $ 1,464 |
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 | |||
2,017 | $ 1,719 | ||
2,018 | 1,400 | ||
2,019 | 1,142 | ||
2,020 | 849 | ||
2,021 | 368 | ||
Total | $ 5,478 | ||
Stock Option [Member] | |||
Accounting Policies, Share-based Payments [Abstract] | |||
Period from grant date of stock options to expiration (in years) | 7 years | ||
Share-based awards, vesting period | 3 years | ||
Black-Scholes option pricing model assumptions [Abstract] | |||
Expected dividend yield (in hundredths) | 1.00% | 1.00% | 1.20% |
Expected stock price volatility | 28.90% | 33.30% | 38.50% |
Weighted average risk-free interest rate | 1.30% | 1.60% | 1.60% |
Expected life of options (in years) | 5 years 9 months 11 days | 5 years 10 months 11 days | 5 years 3 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 | 22.30% | 23.50% | 32.50% |
Weighted average risk-free interest rate | 0.80% | 1.00% | 0.70% |
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 | ||
Expedited LTL [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 50.00% | ||
Intermodal [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 10.00% | ||
Pool Distribution [Member] | |||
Accounting Policies, Use of Estimates [Abstract] | |||
Reserve percentage for past due accounts receivable | 25.00% | ||
Truckload Premium Services [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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Aug. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Mar. 09, 2015USD ($) | Nov. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Feb. 02, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||||||
Impairment of Intangible Assets, Finite-lived | $ 16,501 | ||||||||||||||||
Other Asset Impairment Charges | 255 | ||||||||||||||||
Goodwill, Net | $ 184,675 | $ 205,609 | 184,675 | $ 205,609 | |||||||||||||
Goodwill, Impairment Loss | 25,686 | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 11,800 | 61,878 | $ 90,172 | ||||||||||||||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 103 | 156 | 103 | 156 | |||||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 184 | 371 | 184 | 371 | |||||||||||||
Operating Income (Loss) | 28,223 | $ 24,700 | $ (14,348) | $ 21,404 | 29,015 | $ 24,601 | $ 19,908 | $ 8,248 | 59,979 | 81,772 | 96,406 | ||||||
Net income (loss) | $ 12,706 | $ 11,931 | $ (10,066) | $ 13,099 | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 27,670 | $ 55,575 | $ 61,169 | ||||||
Basic (in dollars per share) | $ / shares | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.91 | $ 1.80 | $ 1.99 | ||||||
Diluted (in dollars per share) | $ / shares | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.90 | $ 1.78 | $ 1.96 | ||||||
Business Acquisition, Pro Forma Revenue | $ 982,530 | $ 993,352 | $ 1,017,005 | ||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 59,979 | 79,465 | 89,650 | ||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 27,670 | $ 53,096 | $ 56,092 | ||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.91 | $ 1.72 | $ 1.82 | ||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.90 | $ 1.70 | $ 1.79 | ||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 125,000 | $ 0 | ||||||||||||||
Long-term Debt, Description | 2 year | ||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Impairment of Intangible Assets, Finite-lived | $ 16,501 | ||||||||||||||||
Towne [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restructuring Liabilities | $ 6,731 | $ 6,731 | |||||||||||||||
Business Acquisition, Cash Paid | $ 61,878 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 59,544 | ||||||||||||||||
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 | 125,666 | ||||||||||||||||
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, Deferred Tax Liabilities | 1,131 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 93,481 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 155,359 | ||||||||||||||||
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 | $ 990 | $ 11,722 | |||||||||||||||
Increase (Decrease) in Restructuring Reserve | (4,058) | ||||||||||||||||
Restructuring Reserve | $ 3,663 | $ 3,663 | |||||||||||||||
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 | 59,666 | ||||||||||||||||
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] | |||||||||||||||||
Intermodal revenue | 72,314 | ||||||||||||||||
Business Acquisition, Cash Paid | $ 82,997 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 11,215 | ||||||||||||||||
Escrow Deposit | 10,000 | ||||||||||||||||
Business Combination, Acquisition Related Costs | 900 | ||||||||||||||||
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, 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 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 | ||||||||||||||||
Triumph & Ace [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | $ 1,294 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 1,294 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 11,756 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,250 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,250 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Assets | 13,050 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 11,800 | ||||||||||||||||
Triumph & Ace [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 | 139 | ||||||||||||||||
Triumph & Ace [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 | 5,335 | ||||||||||||||||
Triumph & Ace [Member] | Goodwill [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,282 | ||||||||||||||||
TQI [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Goodwill, Impairment Loss | $ 25,686 | ||||||||||||||||
Ace [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Acquisition, Cash Paid | $ 1,700 | ||||||||||||||||
Triumph [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Business Acquisition, Cash Paid | 10,100 | ||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 1,250 | ||||||||||||||||
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 Impairment of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Impairment Loss | $ 25,686 |
TQI [Member] | |
Goodwill [Line Items] | |
Goodwill, Impairment Loss | $ 25,686 |
Acquisitions, Goodwill and Ot35
Acquisitions, Goodwill and Other Long-Lived Assets Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 105,531 | ||
Goodwill, Net | 184,675 | $ 205,609 | |
Goodwill, Acquired During Period | 6,282 | ||
Goodwill, Impairment Loss | (25,686) | ||
Goodwill, Purchase Accounting Adjustments | (1,530) | ||
Amortization expense of acquired intangible assets | 10,122 | 10,905 | $ 8,517 |
TQI [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (25,686) | ||
Expedited LTL [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Net | 97,593 | 99,123 | |
Goodwill, Purchase Accounting Adjustments | (1,530) | ||
Truckload Premium Services [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Net | 45,164 | 45,164 | |
Accumulated impairment loss | (25,686) | ||
Goodwill, Impairment Loss | (25,686) | ||
Pool Distribution [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Net | 12,359 | 12,359 | |
Accumulated impairment loss | (6,953) | (6,953) | |
Intermodal [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Net | 62,198 | $ 55,916 | |
Goodwill, Acquired During Period | $ 6,282 | ||
Triumph & Ace [Member] | Customer Relationships [Member] | |||
Goodwill [Line Items] | |||
Weighted average useful lives of acquired intangible assets | 15 years | ||
Triumph & Ace [Member] | Noncompete Agreements [Member] | |||
Goodwill [Line Items] | |||
Weighted average useful lives of acquired intangible assets | 5 years |
Acquisitions, Goodwill and Ot36
Acquisitions, Goodwill and Other Long-Lived Assets Estimated Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 184,485 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,017 | 9,439 | |
Year 2,018 | 7,755 | |
Year 2,019 | 7,468 | |
Year 2,020 | 7,438 | |
Year 2,021 | 7,282 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 61,334 | $ 51,212 |
Impairment of Intangible Assets, Finite-lived | 16,501 | |
Intangible Assets, Net (Excluding Goodwill) | 106,650 | $ 127,800 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 179,575 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,017 | 8,995 | |
Year 2,018 | 7,490 | |
Year 2,019 | 7,410 | |
Year 2,020 | 7,410 | |
Year 2,021 | $ 7,267 | |
Finite-Lived Intangible Asset, Useful Life | 16 years 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 57,390 | |
Impairment of Intangible Assets, Finite-lived | 16,501 | |
Intangible Assets, Net (Excluding Goodwill) | 105,684 | |
Noncompete Agreements [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 3,410 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,017 | 244 | |
Year 2,018 | 232 | |
Year 2,019 | 58 | |
Year 2,020 | 28 | |
Year 2,021 | $ 15 | |
Finite-Lived Intangible Asset, Useful Life | 5 years 3 months 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,677 | |
Intangible Assets, Net (Excluding Goodwill) | 733 | |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | 1,500 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Year 2,017 | 200 | |
Year 2,018 | 33 | |
Year 2,019 | 0 | |
Year 2,020 | 0 | |
Year 2,021 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life | 4 years 11 days | |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,267 | |
Intangible Assets, Net (Excluding Goodwill) | $ 233 |
Debt and Capital Lease Obliga37
Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 7,514 | |||
Available borrowing capacity | 142,486 | |||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 125,000 | $ 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 | 2.00% | |||
Other Long-term Debt | $ 27,788 | |||
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 Obliga38
Debt and Capital Lease Obligations - Capital Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leases, Future Minimum Payments Due [Abstract] | |||
2,017 | $ 395 | ||
2,018 | 391 | ||
2,019 | 325 | ||
2,020 | 60 | ||
2,021 | 0 | ||
Thereafter | 0 | ||
Total | 1,171 | ||
Less amounts representing interest | 99 | ||
Present value of net minimum lease payments (including current portion of $331) | 1,072 | ||
Interest Paid | 1,770 | $ 2,017 | $ 495 |
Equipment [Member] | |||
Capital Lease Obligations [Abstract] | |||
Equipment | 635 | 635 | |
Accumulated amortization | (307) | (105) | |
Capital leases, net | $ 328 | $ 530 |
Shareholders' Equity, Stock Opt
Shareholders' Equity, Stock Options and Net Income per Share - Common and Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 21, 2016 | Feb. 07, 2014 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | May 31, 2016 | Dec. 31, 2008 | May 31, 2008 |
Preferred Stock [Abstract] | |||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||||
Preferred stock par value per share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Cash Dividends [Abstract] | |||||||||||
Quarterly cash dividend per share, common stock | $ 0.15 | $ 0.15 | $ 0.12 | $ 0.12 | $ 0.12 | ||||||
Repurchase of Common Stock [Abstract] | |||||||||||
Repurchase of common stock (repurchase program) | $ 39,983 | $ 19,992 | $ 39,972 | ||||||||
Common Stock [Member] | |||||||||||
Share-based Compensation [Abstract] | |||||||||||
Number of shares authorized under the plan | 7,500,000 | 7,500,000 | 4,500,000 | ||||||||
Additional authorized shares for employee stock awards | 1,976,119 | 1,976,119 | 2,000,000 | 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 | ||||||||||
2014 Stock Repurchase Plan [Member] | Common Stock [Member] | |||||||||||
Repurchase of Common Stock [Abstract] | |||||||||||
Share repurchase program, authorized shares | 2,000,000 | ||||||||||
Stock Repurchased During Period, Shares | 676,773 | 422,404 | 881,979 | ||||||||
Repurchase of common stock (repurchase program) | $ 29,986 | $ 19,992 | $ 39,972 | ||||||||
Treasury stock acquired, average cost per share | $ 44.31 | $ 47.33 | $ 45.32 | ||||||||
2016 Stock Repurchase Plan [Member] | Common Stock [Member] | |||||||||||
Repurchase of Common Stock [Abstract] | |||||||||||
Share repurchase program, authorized shares | 3,000,000 | ||||||||||
Stock Repurchased During Period, Shares | 233,516 | ||||||||||
Repurchase of common stock (repurchase program) | $ 9,997 | ||||||||||
Treasury stock acquired, average cost per share | $ 42.80 | ||||||||||
Remaining shares authorized under share repurchase program | 2,766,484 |
Shareholders' Equity, Stock O40
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 8,334 | $ 7,486 | $ 6,681 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year (shares) | 786 | 1,363 | 1,732 |
Granted (shares) | 137 | 96 | 106 |
Exercise of stock options (in shares) | (346) | (659) | (450) |
Forfeited (shares) | (13) | (14) | (25) |
Outstanding at end of year (shares) | 564 | 786 | 1,363 |
Exercisable at end of year | 331 | 586 | 1,160 |
Weighted Average Outstanding at beginning of year (per share) | $ 32 | $ 28 | $ 27 |
Weighted average exercise price for options granted in the period | 44 | 50 | 43 |
Weighted average exercise price for options exercised in the period | 24 | 26 | 28 |
Weighted average exercise price for options forfeited in the period | 35 | 29 | 37 |
Weighted Average Outstanding at end of year (per share) | 41 | 32 | 28 |
Weighted average exercise price for options exercisable at year end | 37 | 28 | 26 |
Weighted-average fair value of options granted during the year (dollars per share) | $ 12 | $ 15 | $ 14 |
Aggregate intrinsic value of options exercised | $ 7,803 | $ 16,191 | $ 7,259 |
Average aggregate intrinsic value for options outstanding | 2,305 | ||
Average aggregate instrinsic value for exercisable options | 2,516 | ||
Share-based compensation | 1,473 | 1,386 | 1,302 |
Tax benefit related to share-based compensation expense | 546 | $ 542 | $ 497 |
Unrecognized compensation cost | $ 1,784 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 11 days | ||
Non-employee Director Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at beginning of year (shares) | 0 | 8 | 26 |
Exercise of stock options (in shares) | (8) | (18) | |
Outstanding at end of year (shares) | 0 | 8 | |
Weighted Average Outstanding at beginning of year (per share) | $ 0 | $ 26 | $ 23 |
Weighted average exercise price for options exercised in the period | 26 | 22 | |
Weighted Average Outstanding at end of year (per share) | $ 0 | $ 26 | |
Aggregate intrinsic value of options exercised | $ 208 | $ 412 | |
Term of options issued under the plan | 10 years | ||
Exercise Price Range 22.47 thru 22.47 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 14 | ||
Exercisable at end of year | 14 | ||
Weighted Average Outstanding at end of year (per share) | $ 22.47 | ||
Weighted average exercise price for options exercisable at year end | 22.47 | ||
Range of exercise price, lower range limit | 22.47 | ||
Range of exercise price, upper range limit | $ 22.47 | ||
Weighted average remaining contractual life | 1 month 12 days | ||
Exercise Price Range 28.61 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) | 76 | ||
Exercisable at end of year | 76 | ||
Weighted Average Outstanding at end of year (per share) | $ 28.61 | ||
Weighted average exercise price for options exercisable at year end | 28.61 | ||
Range of exercise price, lower range limit | 28.61 | ||
Range of exercise price, upper range limit | $ 28.61 | ||
Weighted average remaining contractual life | 1 year 1 month 11 days | ||
Exercise Price Range 36.55 thru 37.14 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 138 | ||
Exercisable at end of year | 138 | ||
Weighted Average Outstanding at end of year (per share) | $ 36.87 | ||
Weighted average exercise price for options exercisable at year end | 36.87 | ||
Range of exercise price, lower range limit | 36.55 | ||
Range of exercise price, upper range limit | $ 37.14 | ||
Weighted average remaining contractual life | 2 years 7 months 11 days | ||
Exercise Price Range 41.32 thru 43.67 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 210 | ||
Exercisable at end of year | 56 | ||
Weighted Average Outstanding at end of year (per share) | $ 43.15 | ||
Weighted average exercise price for options exercisable at year end | 42.48 | ||
Range of exercise price, lower range limit | 41.32 | ||
Range of exercise price, upper range limit | $ 43.67 | ||
Weighted average remaining contractual life | 5 years 3 months 11 days | ||
Exercise Price Range 44.49 thru 48.32 [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding at end of year (shares) | 40 | ||
Exercisable at end of year | 18 | ||
Weighted Average Outstanding at end of year (per share) | $ 45.93 | ||
Weighted average exercise price for options exercisable at year end | 45.20 | ||
Range of exercise price, lower range limit | 44.49 | ||
Range of exercise price, upper range limit | $ 48.32 | ||
Weighted average remaining contractual life | 5 years 2 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 | ||
Exercisable at end of year | 29 | ||
Weighted Average Outstanding at end of year (per share) | $ 50.79 | ||
Weighted average exercise price for options exercisable at year end | 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 | 5 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) | 564 | ||
Exercisable at end of year | 331 | ||
Weighted Average Outstanding at end of year (per share) | $ 40.52 | ||
Weighted average exercise price for options exercisable at year end | 37 | ||
Range of exercise price, lower range limit | 22.47 | ||
Range of exercise price, upper range limit | $ 52.03 | ||
Weighted average remaining contractual life | 3 years 10 months 11 days |
Shareholders' Equity, Stock O41
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 8,334 | $ 7,486 | $ 6,681 |
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) | 191 | 190 | 186 |
Granted (shares) | 134 | 100 | 99 |
Vested (shares) | (94) | (93) | (94) |
Forfeited (shares) | (9) | (6) | (1) |
Outstanding at end of year (shares) | 222 | 191 | 190 |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 46 | $ 40 | $ 35 |
Weighted Average Grant Date Fair Value | 44 | 51 | 42 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 44 | 39 | 43 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | 45 | 45 | 37 |
Weighted average grant date fair value non-vested shares at end of year | $ 45 | $ 46 | $ 40 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 10,108 | $ 8,773 | $ 7,585 |
Grant date fair value of shares that vested during the year | 4,064 | 4,694 | 4,008 |
Share-based compensation | 4,614 | 4,070 | 3,626 |
Tax benefit related to share-based compensation expense | 1,712 | $ 1,591 | $ 1,385 |
Unrecognized compensation cost | $ 5,900 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 11 days |
Shareholders' Equity, Stock O42
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Activity - Performance Shares [Line Items] | |||
Share-based compensation | $ 8,334 | $ 7,486 | $ 6,681 |
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) | 77 | 74 | 88 |
Granted (shares) | 29 | 27 | 23 |
Additional shares awarded based on performance | 7 | 19 | |
Vested (shares) | (33) | (24) | (56) |
Outstanding at end of year (shares) | 80 | 77 | 74 |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 52 | $ 44 | $ 37 |
Weighted average fair value of performance shares | 49 | 67 | 48 |
Stock Issued During Period, Weighted Average Grant Date Fair Value | 40 | 30 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 40 | 45 | 30 |
Weighted average grant date fair value non-vested shares at end of year | $ 55 | $ 52 | $ 44 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 4,373 | $ 4,016 | $ 3,279 |
Share-based compensation | 1,447 | 1,308 | 1,098 |
Tax benefit related to share-based compensation expense | 537 | $ 512 | $ 419 |
Unrecognized compensation cost | $ 1,709 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 11 days |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||
Share-based compensation | $ 8,334 | $ 7,486 | $ 6,681 |
Employee Stock Purchase Plan [Member] | |||
Schedule of Employee Stock Purchase Plan (ESPP) Disclosures [Line Items] | |||
Number of shares authorized under the plan | 381,813 | ||
Common stock issued under employee stock purchase plan (in shares) | 11,174 | 10,805 | 8,530 |
Weighted average price of shares purchased (dollars per share) | $ 39.50 | $ 41.55 | $ 41.51 |
Purchase Period for Employee Stock Purchase Plan | 6 months | ||
Weighted Average Grant Date Fair Value | $ 6.46 | $ 5.82 | $ 7.74 |
Share-based compensation | $ 72 | $ 61 | $ 66 |
Shareholders' Equity, Stock O44
Shareholders' Equity, Stock Options and Net Income per Share - Non-employee Director Non-vested Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-Vested Shares [Line Items] | ||||
Share-based compensation | $ 8,334 | $ 7,486 | $ 6,681 | |
Nonemployee Director Nonvested Shares Granted [Member] | ||||
Non-Vested Shares [Line Items] | ||||
Non-vested share vesting period | 1 year | |||
Outstanding at beginning of year (shares) | 15,000 | 15,000 | 15,000 | |
Granted (shares) | 16,000 | 14,000 | 15,000 | |
Vested (shares) | (15,000) | (14,000) | (15,000) | |
Outstanding at end of year (shares) | 16,000 | 15,000 | 15,000 | |
Weighted average grant date fair value of non-vested shares at beginning of year | $ 51 | $ 44 | $ 38 | |
Weighted Average Grant Date Fair Value | 44 | 51 | 44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 51 | 43 | 38 | |
Weighted average grant date fair value non-vested shares at end of year | $ 44 | $ 51 | $ 44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Total Fair Value | $ 688 | $ 740 | $ 650 | |
Grant date fair value of shares that vested during the year | 639 | 727 | 632 | |
Share-based compensation | 728 | 661 | 589 | |
Tax benefit related to share-based compensation expense | 263 | $ 259 | $ 225 | |
Unrecognized compensation cost | $ 246 | |||
Additional shares authorized available for grant | 160,000 | |||
Number of shares authorized under the plan | 360,000 | |||
Shares available for grant | 159,259 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 months 11 days |
Shareholders' Equity, Stock O45
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income and comprehensive income | $ 12,706 | $ 11,931 | $ (10,066) | $ 13,099 | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 27,670 | $ 55,575 | $ 61,169 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (212) | (369) | (404) | ||||||||
Numerator for net income and comprehensive income to common shareholders | $ 27,458 | $ 55,206 | $ 60,765 | ||||||||
Denominator for basic income per share - weighted-average shares | 30,283 | 30,728 | 30,599 | ||||||||
Denominator for diluted income per share - adjusted weighted-average shares | 30,444 | 31,040 | 31,072 | ||||||||
Basic net income per share | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.91 | $ 1.80 | $ 1.99 |
Diluted net income per share | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.90 | $ 1.78 | $ 1.96 |
Total number anti-dilutive options and non-vested shares excluded from income per diluted share computation | 310 | 208 | 99 | ||||||||
Equity Option [Member] | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 130 | 277 | 431 | ||||||||
Total number anti-dilutive options and non-vested shares excluded from income per diluted share computation | 310 | 184 | 99 | ||||||||
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 | 31 | 35 | 42 | ||||||||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: [Abstract] | |||
Federal | $ 24,139 | $ 8,319 | $ 33,631 |
State | 3,052 | 1,242 | 4,306 |
Current Income Tax Expense (Benefit) | 27,191 | 9,561 | 37,937 |
Deferred: [Abstract] | |||
Federal | 3,256 | 12,477 | (2,102) |
State | 269 | 2,054 | (919) |
Deferred Income Tax Expense (Benefit) | 3,525 | 14,531 | (3,021) |
Income tax expense (benefit) | 30,716 | 24,092 | 34,916 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 1,732 | 5,413 | 2,109 |
Income tax provision [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ||
Tax expense at the statutory rate | $ 20,435 | 27,883 | 33,630 |
State income taxes, net of federal benefit | 2,229 | 2,178 | 1,879 |
Non-deductible transaction costs | 394 | ||
Qualified stock options | (88) | (120) | (96) |
Meals and entertainment | 474 | 216 | 186 |
Goodwill, Impairment Loss | 25,686 | ||
Deferred tax asset valuation allowance | (2) | (11) | 39 |
Federal qualified property deductions | (1,311) | (6,066) | |
Federal income tax credits | (732) | (533) | |
Other | (11) | 350 | (189) |
Income tax expense (benefit) | 30,716 | 24,092 | 34,916 |
Deferred Tax Liabilities and Assets [Abstract] | |||
Accrued expenses | 9,647 | 11,952 | |
Allowance for doubtful accounts | 662 | 936 | |
Share-based compensation | 5,005 | 5,242 | |
Accruals for income tax contingencies | 252 | 268 | |
Net operating loss carryforwards | 10,231 | 13,620 | |
Total deferred tax assets | 25,797 | 32,018 | |
Valuation allowance | (282) | (284) | |
Total deferred tax assets, net of valuation allowance | 25,515 | 31,734 | |
Tax over book depreciation | 29,416 | 28,027 | |
Intangible assets | 17,588 | 25,399 | |
Prepaid expenses deductible when paid | 4,862 | 5,018 | |
Goodwill | 15,520 | 13,166 | |
Deferred Tax Liabilities, Gross | 67,386 | 71,610 | |
Net deferred tax liabilities | (41,871) | (39,876) | |
Federal net operating loss | 27,050 | 36,034 | |
Operating Loss Carryforwards, State and Local | 18,155 | 23,595 | |
Balance sheet classification of deferred income taxes [Abstract] | |||
Deferred tax liabilites, noncurrent | (41,871) | (39,876) | |
Income taxes paid | 10,628 | 25,264 | 30,087 |
Increase (Decrease) in valuation allowance for state loss carryforwards | 2 | 11 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | 773 | 771 | 1,339 |
Additions for tax positions of current year | 56 | 66 | 66 |
Additions for tax positions of prior years | 63 | ||
Reductions for settlement with state taxing authorities | (247) | (64) | (697) |
Balance at end of year | 582 | 773 | $ 771 |
Income tax penalties accrued | 103 | 156 | |
Interest on income taxes accrued | 184 | $ 371 | |
TQI [Member] | |||
Income tax provision [Abstract] | |||
Goodwill, Impairment Loss | $ 8,990 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Years | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 | $ 1,517 | $ 1,611 | $ 980 |
Expected future sublease rental income | 1,011 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2,017 | 36,106 | ||
2,018 | 27,320 | ||
2,019 | 19,449 | ||
2,020 | 12,604 | ||
2,021 | 5,454 | ||
Thereafter | 2,990 | ||
Total | $ 103,923 |
Commitments and Contingencies48
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments to purchase trailers, vehicles and forklifts | $ 2,122 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Days | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan Minimum Hours of Service | 1,000 | ||
Defined contribution plan, minimum employee contribution of annual compensation | 2.00% | ||
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 | $ | $ 1,056 | $ 1,178 | $ 895 |
Defined contribution plan, maximum employee contribution matched by employer | 6.00% | ||
Defined contribution plan, maximum employee contribution of annual compensation | 80.00% | ||
Defined contribution plan, employer match percentage | 25.00% | ||
Defined contribution plan, minimum age requirement | 21 | ||
Defined Contribution Plan minimum number of days of employee service required | Days | 90 |
Financial Instruments Financial
Financial Instruments Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 7,514 | |
Notes Payable | 1,139 | $ 1,434 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable | $ 1,072 | $ 1,405 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of principal reporting segments | 4 | 3 | |||||||||
External revenues | $ 264,793 | $ 249,552 | $ 238,637 | $ 229,548 | $ 256,420 | $ 247,093 | $ 249,694 | $ 205,918 | $ 982,530 | $ 959,125 | $ 780,959 |
Depreciation and amortization | 38,210 | 37,157 | 31,133 | ||||||||
Other Noncash Income | 8,334 | 7,486 | 6,681 | ||||||||
Goodwill and Intangible Asset Impairment | 42,442 | 0 | 0 | ||||||||
Interest expense | 1,597 | 2,047 | 610 | ||||||||
Income tax expense (benefit) | 30,716 | 24,092 | 34,916 | ||||||||
Net income (loss) | 12,706 | 11,931 | (10,066) | 13,099 | 23,228 | 15,687 | 11,824 | 4,836 | 27,670 | 55,575 | 61,169 |
Operating Income (Loss) | 28,223 | $ 24,700 | $ (14,348) | $ 21,404 | 29,015 | $ 24,601 | $ 19,908 | $ 8,248 | 59,979 | 81,772 | 96,406 |
Total assets | 641,291 | 699,932 | 641,291 | 699,932 | 539,309 | ||||||
Additions to Other Assets, Amount | 42,186 | 40,495 | 39,487 | ||||||||
Expedited LTL [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 567,711 | 573,476 | 456,230 | ||||||||
Revenue from Related Parties | 3,067 | 3,550 | 2,673 | ||||||||
Depreciation and amortization | 21,919 | 21,125 | 16,580 | ||||||||
Other Noncash Income | 7,209 | 6,088 | 5,561 | ||||||||
Interest expense | 1,687 | 1,959 | 523 | ||||||||
Operating Income (Loss) | 83,518 | 79,193 | 75,754 | ||||||||
Total assets | 632,698 | 641,360 | 632,698 | 641,360 | 494,522 | ||||||
Additions to Other Assets, Amount | 37,501 | 29,995 | 25,764 | ||||||||
Truckload Premium Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 163,254 | 152,251 | 131,478 | ||||||||
Revenue from Related Parties | 1,018 | 1,080 | 1,788 | ||||||||
Depreciation and amortization | 6,441 | 6,206 | 5,405 | ||||||||
Other Noncash Income | 332 | 840 | 717 | ||||||||
Goodwill and Intangible Asset Impairment | 42,442 | ||||||||||
Interest expense | 3 | 5 | 6 | ||||||||
Operating Income (Loss) | (35,405) | 13,288 | 8,986 | ||||||||
Total assets | 53,695 | 89,312 | 53,695 | 89,312 | 88,789 | ||||||
Additions to Other Assets, Amount | 1,828 | 5,972 | 6,184 | ||||||||
Pool Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 148,054 | 128,826 | 117,429 | ||||||||
Revenue from Related Parties | 607 | 1,169 | 831 | ||||||||
Depreciation and amortization | 5,975 | 6,003 | 5,754 | ||||||||
Other Noncash Income | 334 | 300 | 259 | ||||||||
Interest expense | 2 | ||||||||||
Operating Income (Loss) | 3,633 | 3,820 | 4,543 | ||||||||
Total assets | 50,271 | 46,970 | 50,271 | 46,970 | 45,428 | ||||||
Additions to Other Assets, Amount | 2,637 | 3,983 | 7,133 | ||||||||
Intermodal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 103,511 | 103,977 | 75,822 | ||||||||
Revenue from Related Parties | 160 | 315 | 123 | ||||||||
Depreciation and amortization | 3,876 | 3,773 | 3,365 | ||||||||
Other Noncash Income | 459 | 258 | 144 | ||||||||
Interest expense | 83 | 83 | 79 | ||||||||
Operating Income (Loss) | 10,956 | 11,949 | 7,428 | ||||||||
Total assets | 129,714 | 118,081 | 129,714 | 118,081 | 110,055 | ||||||
Additions to Other Assets, Amount | 220 | 545 | 406 | ||||||||
Business Intersegment, Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External revenues | 595 | ||||||||||
Revenue from Related Parties | (4,852) | (6,114) | (5,415) | ||||||||
Depreciation and amortization | (1) | 50 | 29 | ||||||||
Interest expense | (176) | ||||||||||
Operating Income (Loss) | (2,723) | (26,478) | (305) | ||||||||
Total assets | $ (225,087) | $ (195,791) | $ (225,087) | $ (195,791) | $ (199,485) |
Quarterly Results of Operatio52
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenue | $ 264,793 | $ 249,552 | $ 238,637 | $ 229,548 | $ 256,420 | $ 247,093 | $ 249,694 | $ 205,918 | $ 982,530 | $ 959,125 | $ 780,959 |
Income from operations | 28,223 | 24,700 | (14,348) | 21,404 | 29,015 | 24,601 | 19,908 | 8,248 | 59,979 | 81,772 | 96,406 |
Net income | $ 12,706 | $ 11,931 | $ (10,066) | $ 13,099 | $ 23,228 | $ 15,687 | $ 11,824 | $ 4,836 | $ 27,670 | $ 55,575 | $ 61,169 |
Net income per share: | |||||||||||
Basic | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.51 | $ 0.38 | $ 0.16 | $ 0.91 | $ 1.80 | $ 1.99 |
Diluted | $ 0.42 | $ 0.39 | $ (0.33) | $ 0.43 | $ 0.75 | $ 0.50 | $ 0.38 | $ 0.16 | $ 0.90 | $ 1.78 | $ 1.96 |
Schedule II - Valuation and Q53
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | $ 1,996 | $ 2,689 | $ 2,836 | $ 2,153 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2,276 | 4,837 | 2,745 | ||
Valuation Allowances and Reserves, Deductions | 2,969 | 4,984 | 2,062 | ||
Allowance for Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 1,309 | 1,310 | 2,155 | 1,583 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | 258 | 33 | 241 | ||
Valuation Allowances and Reserves, Deductions | [1] | 259 | 878 | (331) | |
Allowance for revenue adjustments [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | [2] | 405 | 1,095 | 408 | 336 |
Valuation Allowances and Reserves, Charged to Cost and Expense | [2] | 2,020 | 4,793 | 2,465 | |
Valuation Allowances and Reserves, Deductions | [2],[3] | 2,710 | 4,106 | 2,393 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Valuation Allowances and Reserves, Balance | 282 | 284 | 273 | $ 234 | |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ (2) | $ 11 | $ 39 | ||
[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 |