Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 24, 2017 | |
Entity Information [Line Items] | ||
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 | |
Entity Common Stock, Shares Outstanding | 29,772,242 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 12,423 | $ 8,511 |
Accounts receivable, less allowance of $2,898 in 2017 and $1,714 in 2016 | 132,100 | 116,602 |
Other current assets | 13,319 | 11,157 |
Total current assets | 157,842 | 136,270 |
Property and equipment | 383,890 | 379,021 |
Less accumulated depreciation and amortization | 192,109 | 178,816 |
Total property and equipment, net | 191,781 | 200,205 |
Goodwill and other acquired intangibles: | ||
Goodwill | 191,535 | 184,675 |
Other acquired intangibles, net of accumulated amortization of $68,971 in 2017 and $61,334 in 2016 | 113,562 | 106,650 |
Total net goodwill and other acquired intangibles | 305,097 | 291,325 |
Other assets | 14,448 | 13,491 |
Total assets | 669,168 | 641,291 |
Current liabilities: | ||
Accounts payable | 22,377 | 18,012 |
Accrued expenses | 35,354 | 31,903 |
Current portion of debt and capital lease obligations | 466 | 28,012 |
Total current liabilities | 58,197 | 77,927 |
Long-term debt and capital lease obligations, less current portion | 40,696 | 725 |
Other long-term liabilities | 22,681 | 21,699 |
Deferred income taxes | 42,004 | 41,871 |
Shareholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock, $0.01 par value: Authorized shares - 50,000,000, Issued and outstanding shares - 29,532,362 in 2017 and 30,090,335 in 2016 | 295 | 301 |
Additional paid-in capital | 191,352 | 179,512 |
Retained earnings | 313,943 | 319,256 |
Total shareholders' equity | 505,590 | 499,069 |
Total liabilities and shareholders' equity | $ 669,168 | $ 641,291 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Accounts receivable, allowance | $ 2,898 | $ 1,714 |
Other acquired intangibles, accumulated amortization | $ 68,971 | $ 61,334 |
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued shares (in shares) | 29,532,362 | 30,090,335 |
Common stock, outstanding shares (in shares) | 29,532,362 | 30,090,335 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenue | $ 280,201 | $ 249,552 | $ 794,700 | $ 717,737 |
Operating expenses: | ||||
Purchased transportation | 123,326 | 105,039 | 342,017 | 300,783 |
Salaries, wages and employee benefits | 64,882 | 60,161 | 191,282 | 175,857 |
Operating leases | 16,809 | 16,215 | 47,205 | 44,684 |
Depreciation and amortization | 10,326 | 9,399 | 30,578 | 28,409 |
Insurance and claims | 7,844 | 7,170 | 21,379 | 19,213 |
Fuel expense | 4,096 | 3,416 | 11,448 | 9,375 |
Other operating expenses | 26,020 | 23,452 | 70,895 | 65,218 |
Impairment of goodwill, intangibles and other assets | 0 | 0 | 0 | 42,442 |
Total operating expenses | 253,303 | 224,852 | 714,804 | 685,981 |
Income from operations | 26,898 | 24,700 | 79,896 | 31,756 |
Other income (expense): | ||||
Interest expense | (288) | (216) | (806) | (1,230) |
Other, net | (2) | (4) | (11) | (149) |
Total other income (expense) | (290) | (220) | (817) | (1,379) |
Income before income taxes | 26,608 | 24,480 | 79,079 | 30,377 |
Income tax expense | 8,453 | 12,549 | 27,131 | 15,413 |
Net income and comprehensive income | $ 18,155 | $ 11,931 | $ 51,948 | $ 14,964 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.60 | $ 0.39 | $ 1.72 | $ 0.49 |
Diluted (in dollars per share) | 0.60 | 0.39 | 1.71 | 0.49 |
Common Stock [Member] | ||||
Dividends per share: | ||||
Dividends per share (in dollars per share) | $ 0.15 | $ 0.12 | $ 0.45 | $ 0.36 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net income | $ 51,948 | $ 14,964 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 30,578 | 28,409 |
Impairment of goodwill, intangible and other assets | 0 | 42,442 |
Share-based compensation expense | 5,965 | 6,204 |
Loss on disposal of property and equipment | 701 | 201 |
Provision for loss on receivables | 1,788 | 268 |
Provision for revenue adjustments | 2,131 | 1,570 |
Deferred income tax | 132 | 661 |
Excess tax benefit for stock options exercised | 0 | (137) |
Changes in operating assets and liabilities | ||
Accounts receivable | (19,417) | (8,000) |
Other current assets | (1,411) | (1,354) |
Accounts payable and accrued expenses | 5,296 | 9,380 |
Net cash provided by operating activities | 77,711 | 94,608 |
Investing activities: | ||
Proceeds from disposal of property and equipment | 1,497 | 1,795 |
Purchases of property and equipment | (13,610) | (28,725) |
Acquisition of business, net of cash acquired | (22,500) | (11,800) |
Other | (73) | (673) |
Net cash used in investing activities | (34,686) | (39,403) |
Financing activities: | ||
Payments of debt and capital lease obligations | (42,715) | (41,825) |
Proceeds from senior credit facility | 55,000 | 0 |
Proceeds from exercise of stock options | 5,642 | 7,041 |
Payments of cash dividends | (13,584) | (10,987) |
Repurchase of common stock (repurchase program) | (41,983) | (29,986) |
Common stock issued under employee stock purchase plan | 226 | 215 |
Excess tax benefit for stock options exercised | 0 | 137 |
Cash settlement of share-based awards for minimum tax withholdings | (1,699) | (1,800) |
Net cash used in financing activities | (39,113) | (77,205) |
Net increase (decrease) in cash | 3,912 | (22,000) |
Cash at beginning of period | 8,511 | 33,312 |
Cash at end of period | $ 12,423 | $ 11,312 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Forward Air Corporation is a leading asset-light freight and logistics company. 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 11). 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 and Southeast, with a smaller operational presence in the Southwest. 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 unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by United States generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company’s operating results are subject to seasonal trends when measured on a quarterly basis; therefore operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . For further information, refer to the consolidated financial statements and notes thereto included in the Forward Air Corporation Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited condensed consolidated financial statements of the Company include Forward Air Corporation and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to the prior period financial information to conform to the current year presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 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, and we elected, to account for forfeitures as they occur rather than on an estimated basis. We adopted this guidance in January 2017 and the elimination of APIC pools resulted in approximately $147 of income tax benefit during the nine months ended September 30, 2017 . This guidance has been applied prospectively and no prior periods have been adjusted. 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. As permitted by the guidance, we will implement the use of full retrospective presentation. While evaluating principal versus agent relationships under the new standard, we determined that we will transition certain revenue streams from an agent to principal relationship. This will cause these revenue streams and their associated costs to be recognized on a gross basis that have historically been netted. This would increase revenue and expenses by approximately $46,000 for the nine months ended September 30, 2017 and $33,000 for the same period of 2016 and would have no impact on operating income. In addition, 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 at each period end. While the timing of revenue recognition will be accelerated, due to the short duration of our transit times and relatively low dollar value of individual shipments, the anticipated impact on our consolidated financial position, revenue and results from operations is not expected to be significant. |
Acquisitions and Goodwill
Acquisitions and Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions and Goodwill | Acquisitions and Goodwill Acquisition of Atlantic, Triumph and Ace As part of the Company's strategy to expand its Intermodal operations, in May 2017, we acquired certain assets of Atlantic Trucking Company, Inc., Heavy Duty Equipment Leasing, LLC, Atlantic Logistics, LLC and Transportation Holdings, Inc. (together referred to as “Atlantic” in this note) for $22,500 and a potential earnout of $1,000 . The acquisition was funded by a combination of cash on hand and funds from our revolving credit facility. Atlantic was a privately held provider of intermodal, drayage and related services headquartered in Charleston, South Carolina. It also has terminal operations in Atlanta, Charlotte, Houston, Jacksonville, Memphis, Nashville, Norfolk and Savannah. These locations allow Intermodal to significantly expand its footprint in the southeastern region. During the year ended December 31, 2016, Atlantic generated approximately $62,300 in revenue. In August 2016, we also acquired certain assets of Triumph Transport, Inc. and Triumph Repair Service, Inc. (together referred to as “Triumph”) for $10,100 and an earnout of $1,250 paid in September 2017. The assets, liabilities, and operating results of Triumph have been included in the Company's consolidated financial statements from the date of acquisition and have been assigned to the Intermodal reportable segment. In January 2016, the Company also acquired certain assets of Ace Cargo, LLC ("Ace") for $1,700 . The assets, liabilities, and operating results of Atlantic, Triumph and Ace have been included in the Company's consolidated financial statements from the respective dates of acquisition and have been assigned to the Intermodal reportable segment. During the third quarter of 2017, Atlantic contributed $14,745 in revenue and $1,119 in operating income. Allocations of Purchase Prices The following table presents the allocations of the Atlantic, Triumph and Ace purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Atlantic Triumph & Ace May 7, 2017 2016 Tangible assets: Property and equipment $ 1,821 $ 1,294 Total tangible assets 1,821 1,294 Intangible assets: Non-compete agreements 1,150 139 Customer relationships 13,400 5,335 Goodwill 6,860 6,282 Total intangible assets 21,410 11,756 Total assets acquired 23,231 13,050 Liabilities assumed: Other liabilities 590 1,250 Debt and capital lease obligations 141 — Total liabilities assumed 731 1,250 Net assets acquired $ 22,500 $ 11,800 The above purchase price allocation for Atlantic is preliminary, as the Company is still in the process of finalizing the valuation of the acquired assets and liabilities assumed. The above estimated fair values of assets acquired and liabilities assumed for Atlantic are based on the information that was available as of the acquisition date through the date of this filing. The acquired definite-lived intangible assets have the following useful lives: Useful Lives Atlantic Triumph & Ace Customer relationships 15 years 15 years Non-compete agreements 5 years 5 years The fair value of the non-compete agreements and customer relationships assets were estimated using an income approach (level 3). Under this method, an intangible asset's fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To 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 believes that the level and timing of cash flows appropriately reflect market participant assumptions. Cash flows were assumed to extend through the remaining economic useful life of each class of intangible asset. Escrow Funds In 2015, the Company acquired CLP Towne Inc. (“Towne”) resulting in Towne becoming an indirect, wholly-owned subsidiary of the Company. At the time of acquisition $16,500 of the total purchase price was placed into an escrow account, to settle any shortfall in Towne’s net working capital and to be available for a period of time to settle certain possible claims against Towne’s common stockholders for indemnification. During the second quarter of 2017, we received $2,525 from this escrow for reimbursement of various claims. Approximately $1,621 was credited to operating leases and other operating expenses to offset related costs incurred in previous periods. The remaining $904 was used to establish reserves for various pending claims. Goodwill The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of June 30, 2017 and no impairment charges were required. 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 reporting 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 this estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the 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. We have five reporting units - Expedited LTL, TLX Forward Air, Intermodal, Pool Distribution and Total Quality, Inc. ("TQI"). The TLX Forward Air and the TQI reporting units are assigned to the Truckload Premium Services reporting segment. Currently, there is no goodwill assigned to the TLX Forward Air reporting unit. In 2016, 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 Company reduced TQI's projected cash flows and as a result the estimate of TQI's fair value no longer exceeded the respective carrying value. As a result of these assessments, the Company concluded that an impairment loss was probable and could be reasonably estimated for the TQI reporting unit, which is included in the TLS reportable segment. Consequently, the Company recorded a goodwill impairment charge of $25,686 for the TQI reporting unit during the three months ended June 30, 2016. The following is a summary of the changes to goodwill for the nine months ended September 30, 2017 . Approximately $112,391 of goodwill is deductible for tax purposes. Expedited LTL TLS Pool Distribution Intermodal Total Accumulated Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2016 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 62,198 $ — $ 184,675 Atlantic Acquisition — — — — — — 6,860 — 6,860 Ending balance, September 30, 2017 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 69,058 $ — $ 191,535 Intangibles and Other Long-Lived Assets Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment is recognized on assets classified as held and used when the sum of undiscounted estimated cash flows expected to result from the use of the asset is less than the carrying value. If such measurement indicates a possible impairment, the estimated fair value of the asset is compared to its net book value to measure the impairment charge, if any. In conjunction with the June 30, 2016 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 then estimated the current market values of the customer relationship and non-compete assets using an income approach (level 3). As a result of these estimates the Company recorded an impairment charge of $16,501 related to TQI customer relationships during the three months ended June 30, 2016. In addition, during the three months ended June 30, 2016, the Company also 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 cost to sell the facility. |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Payments | 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 employee grants only in connection with new employment or promotions. Forms of share-based compensation granted to employees by the Company include stock options, non-vested shares of common stock (“non-vested share”), and performance shares. The Company also typically makes a single annual grant of non-vested shares to non-employee directors in conjunction with the annual election of non-employee directors to the Board of Directors. Share-based compensation is based on the grant date fair value of the instrument and is recognized ratably over the requisite service period, or vesting period. All share-based compensation expense is recognized in salaries, wages and employee benefits. Employee Activity - Stock Options Stock option grants to employees generally expire seven years from the grant date and typically vest ratably over a three -year period. The Company used the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The weighted-average fair value of options granted and assumptions used to estimate their fair value during the nine months ended September 30, 2017 and 2016 were as follows: Three months ended September 30, September 30, Expected dividend yield 1.3 % — % Expected stock price volatility 28.7 % — % Weighted average risk-free interest rate 2.0 % — % Expected life of options (years) 6.0 0 Weighted average grant date fair value $ 14 $ — Nine months ended September 30, September 30, Expected dividend yield 1.3 % 1.0 % Expected stock price volatility 28.7 % 29.0 % Weighted average risk-free interest rate 2.0 % 1.3 % Expected life of options (years) 6.0 6.0 Weighted average grant date fair value $ 13 $ 12 The following tables summarize the Company’s employee stock option activity and related information: Three months ended September 30, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at June 30, 2017 507 $ 44 Granted 5 54 Exercised (18 ) 41 Forfeited (22 ) 47 Outstanding at September 30, 2017 472 $ 44 $ 3,963 4.5 Exercisable at September 30, 2017 255 $ 42 $ 2,671 3.3 Three months ended September 30, September 30, Share-based compensation for options $ 294 $ 377 Tax benefit for option compensation $ 105 $ 140 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,909 $ 2,036 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Nine months ended September 30, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at December 31, 2016 564 $ 41 Granted 123 48 Exercised (169 ) 34 Forfeited (46 ) 46 Outstanding at September 30, 2017 472 $ 44 $ 3,963 4.5 Exercisable at September 30, 2017 255 $ 42 $ 2,671 3.3 Nine months ended September 30, September 30, Share-based compensation for options $ 993 $ 1,101 Tax benefit for option compensation $ 354 $ 407 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,909 $ 2,036 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Employee Activity - Non-vested Shares Non-vested share grants to employees vest ratably over a three -year period. The non-vested shares’ fair values were estimated using closing market prices on the day of grant. The following tables summarize the Company’s employee non-vested share activity and related information: Three months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 232 $ 47 Granted 1 54 Vested — — Forfeited (4 ) 47 Outstanding and non-vested at September 30, 2017 229 $ 47 $ 10,658 Three months ended September 30, September 30, Share-based compensation for non-vested shares $ 1,243 $ 1,176 Tax benefit for non-vested share compensation $ 444 $ 434 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 7,410 $ 7,147 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Nine months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 222 $ 45 Granted 127 48 Vested (104 ) 45 Forfeited (16 ) 47 Outstanding and non-vested at September 30, 2017 229 $ 47 $ 10,658 Nine months ended September 30, September 30, Share-based compensation for non-vested shares $ 3,762 $ 3,434 Tax benefit for non-vested share compensation $ 1,343 $ 1,270 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 7,410 $ 7,147 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Employee Activity - Performance Shares The Company annually grants performance shares to key employees. Under the terms of the performance share agreements, following the end of a three-year performance period, 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's total shareholder return outperforms 30% or less of the peer group, but the number of shares issued may be doubled if the Company's total shareholder return performs better than 90% of the peer group. The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo estimate were as follows: Nine months ended September 30, September 30, Expected stock price volatility 24.7 % 22.3 % Weighted average risk-free interest rate 1.4 % 0.8 % The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: Three months ended September 30, 2017 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 72 $ 57 Granted 1 54 Forfeited (4 ) $ 57 Outstanding and non-vested at September 30, 2017 69 $ 57 $ 3,956 Three months ended September 30, September 30, Share-based compensation for performance shares $ 249 $ 367 Tax benefit for performance share compensation $ 88 $ 136 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,740 $ 2,076 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 Nine months ended September 30, 2017 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 80 $ 55 Granted 26 56 Additional shares awarded based on performance — — Vested — — Forfeited (37 ) 51 Outstanding and non-vested at September 30, 2017 69 $ 57 $ 3,956 Nine months ended September 30, September 30, Share-based compensation for performance shares $ 689 $ 1,080 Tax benefit for performance share compensation $ 246 $ 400 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,740 $ 2,076 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 Employee Activity - Employee Stock Purchase Plan Under the 2005 Employee Stock Purchase Plan (the “ESPP”), which has been approved by shareholders, the Company is authorized to issue up to a remaining 376,625 shares of common stock to employees of the Company. 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. For the nine months ended September 30, 2017, participants under the plan purchased 5,188 shares at an average price of $43.59 per share. For the nine months ended September 30, 2016, participants under the plan purchased 5,592 shares at an average price of $38.50 per share. The weighted-average fair value of each purchase right under the ESPP granted for the nine months ended September 30, 2017, which is equal to the discount from the market value of the common stock at the end of each six month purchase period, was $9.69 per share. The weighted-average fair value of each purchase right under the ESPP granted for the nine months ended September 30, 2016, which is equal to the discount from the market value of the common stock at the end of each six month purchase period, was $6.03 per share. Share-based compensation expense of $51 and $34 was recognized during the nine months ended September 30, 2017 and 2016, respectively. Non-employee Director Activity - Non-vested Shares Grants of non-vested shares to non-employee directors vest ratably over the elected term to the Board of Directors, or approximately one year. The following tables summarize the Company’s non-employee non-vested share activity and related information: Three months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 10 $ 51 Granted 4 54 Vested — — Forfeited (1 ) $ 51 Outstanding and non-vested at September 30, 2017 13 $ 52 $ 656 Three months ended September 30, September 30, Share-based compensation for non-vested shares $ 153 $ 173 Tax benefit for non-vested share compensation $ 54 $ 64 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 430 $ 419 Weighted average period over which unrecognized compensation will be recognized (years) 0.6 Nine months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 16 $ 44 Granted 14 52 Vested (16 ) 44 Forfeited (1 ) 51 Outstanding and non-vested at September 30, 2017 13 $ 52 $ 656 Nine months ended September 30, September 30, Share-based compensation for non-vested shares $ 470 $ 555 Tax benefit for non-vested share compensation $ 167 $ 198 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 430 $ 419 Weighted average period over which unrecognized compensation will be recognized (years) 0.6 |
Senior Credit Facility
Senior Credit Facility | 9 Months Ended |
Sep. 30, 2017 | |
Senior Credit Facility [Abstract] | |
Senior Credit Facility | Senior Credit Facility On September 29, 2017, the Company, entered into a five -year senior unsecured revolving credit facility (the “Facility”) with a maximum aggregate principal amount of $150,000 , with a sublimit of $30,000 for letters of credit and a sublimit of $30,000 for swing line loans. The Facility may be increased by up to $100,000 to a maximum aggregate principal amount of $250,000 pursuant to the terms of the credit agreement, subject to the lenders’ agreement to increase their commitments or the addition of new lenders extending such commitments. Such increases to the Facility may be in the form of additional revolving credit loans, term loans or a combination thereof, and are contingent upon there being no events of default under the Facility and satisfaction of other conditions precedent and are subject to the other limitations set forth in the credit agreement. The Facility is scheduled to mature in September 2022 and may be used to refinance existing indebtedness of the Company and for working capital, capital expenditures and other general corporate purposes. The Facility refinances the Company’s existing obligations for its unsecured credit facility under the credit agreement dated as of February 4, 2015, as amended, which has been terminated as of the date of the new Facility. Unless the Company elects otherwise under the credit agreement, interest on borrowings under the Facility is based on the highest of (a) the federal funds rate (not less than 0%) 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 0.3% to 0.8% with respect to the Facility depending on the Company’s ratio of consolidated funded indebtedness to earnings before interest, taxes, depreciation and amortization, 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 and its subsidiaries, without the approval of the required lenders, to engage in certain mergers, consolidations, asset sales, dividends and stock repurchases, investments, and other transactions or to incur liens or indebtedness in excess of agreed thresholds, as set forth in the credit agreement. As of September 30, 2017 , we had $40,500 in borrowings outstanding under the revolving credit facility, $8,677 utilized for outstanding letters of credit and $100,823 of available borrowing capacity under the revolving credit facility. The interest rate on the outstanding borrowing under the revolving credit facility was 2.6% at September 30, 2017. Our new facility is replacing our previously existing unsecured credit facility, which had 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 previous revolving credit facility was scheduled to expire in February 2020. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share The following table sets forth the computation of basic and diluted net income per share: Three months ended Nine months ended September 30, September 30, September 30, September 30, Numerator: Net income and comprehensive income $ 18,155 $ 11,931 $ 51,948 $ 14,964 Income allocated to participating securities (145 ) (93 ) (419 ) (114 ) Numerator for basic and diluted income per share - net income $ 18,010 $ 11,838 $ 51,529 $ 14,850 Denominator (in thousands): Denominator for basic income per share - weighted-average shares 29,855 30,191 29,977 30,316 Effect of dilutive stock options (in thousands) 52 117 62 151 Effect of dilutive performance shares (in thousands) 33 30 30 29 Denominator for diluted income per share - adjusted weighted-average shares 29,940 30,338 30,069 30,496 Basic net income per share $ 0.60 $ 0.39 $ 1.72 $ 0.49 Diluted net income per share $ 0.60 $ 0.39 $ 1.71 $ 0.49 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: September 30, September 30, Anti-dilutive stock options (in thousands) 172 309 Anti-dilutive performance shares (in thousands) — — Anti-dilutive non-vested shares and deferred stock units (in thousands) — — Total anti-dilutive shares (in thousands) 172 309 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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 2010. For the three and nine months ended September 30, 2017 and 2016, the effective income tax rates varied from the statutory federal income tax rate of 35.0%, primarily as a result of the effect of state income taxes, net of the federal benefit, and permanent differences between book and tax net income. The combined federal and state effective tax rate for the nine months ended September 30, 2017 was 34.3% compared to a rate of 50.7% for the same period in 2016. The higher effective tax rate for the first nine months of 2016 was primarily due to the TQI goodwill impairment (Note 3) that was not deductible for tax purposes. The effective tax rate for 2017 was also lower due to a change in the estimated tax benefit from a technology credit and the implementation of new FASB guidance that requires we recognize the income tax effects of awards when the awards vest or are settled. Previously any income tax effect was recognized in additional paid in capital. See further discussion in the "Impact of Recent Accounting Pronouncements" section of this document. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |
Financial Instruments | Financial Instruments 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 revolving credit facility 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: September 30, 2017 Carrying Value Fair Value Capital leases $ 954 $ 935 The Company's fair value estimates for the above financial instruments are classified within level 3 of the fair value hierarchy. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity During the fourth quarter of 2016 and each quarter of 2017, our Board of Directors declared a cash dividend of $0.15 per share of common stock. During the first, second and third quarters of 2016, the Company's Board of Directors declared a cash dividend of $0.12 per share of common stock. 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. On July 21, 2016, our Board of Directors approved a stock repurchase authorization for up to three million shares of the Company’s common stock. During the three months ended September 30, 2017 , we repurchased 579,769 for $29,988 , or $51.72 per share. During the nine months ended September 30, 2017, we repurchased 826,633 for $41,983 , or $50.79 per share. During the three months ended September 30, 2016, we repurchased 222,388 for $9,996 , or $44.95 per share. During the nine months ended September 30, 2016, we repurchased 676,773 shares for $29,986 , or an average of $44.31 per share. The repurchases made for the three and nine months ended September 30, 2016 were made under a previous share repurchase plan approved by our Board of Directors on February 7, 2014. This plan was canceled and replaced on July 21, 2016. As of September 30, 2017, 1,939,851 shares remain to be purchased under the 2016 Plan. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies [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 business, financial condition or results of operations. The primary claims in the Company’s business relate to workers’ compensation, property damage, vehicle liability and 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. 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 should 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. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates in 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. 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 of the Forward Air Corporation Annual Report on Form 10-K for the year ended December 31, 2016 . For workers compensation and vehicle claims each segment is charged an insurance premium and is also charged a deductible that corresponds with our corporate deductibles. However, any losses beyond our deductibles and any loss development factors applied to our outstanding claims as a result of actuarial analysis are not passed to the segments, but reported at the corporate level. Segment data includes intersegment revenues and shared costs. Costs of the corporate headquarters, shared services and shared assets, such as trailers, are allocated to the segments based on usage. The cost basis of shared assets are not allocated. Beginning in the first quarter of 2017, a trailer expense allocation was included in Pool's 2017 results from operations. 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 three and nine months ended September 30, 2017 and 2016. Three months ended September 30, 2017 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 155,006 $ 43,865 $ 39,122 $ 42,208 $ — $ 280,201 Intersegment revenues 697 2,076 58 84 (2,915 ) — Depreciation and amortization 5,438 1,546 1,652 1,690 — 10,326 Share-based compensation expense 1,604 101 90 144 — 1,939 Interest expense 1 — — 12 275 288 Income from operations 23,204 136 681 3,480 (603 ) 26,898 Total assets 633,914 59,657 53,201 145,394 (222,998 ) 669,168 Capital expenditures 8,372 7 239 330 — 8,948 Three months ended September 30, 2016 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 143,753 $ 41,927 $ 36,305 $ 27,567 $ — $ 249,552 Intersegment revenues 584 283 132 12 (1,011 ) — Depreciation and amortization 5,470 1,470 1,472 987 — 9,399 Share-based compensation expense 1,792 98 84 119 — 2,093 Interest expense 385 — — 12 (181 ) 216 Income (loss) from operations 21,014 2,038 66 3,041 (1,459 ) 24,700 Total assets 634,028 52,465 46,327 128,048 (219,355 ) 641,513 Capital expenditures 11,915 36 722 11 — 12,684 Nine months ended September 30, 2017 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 446,658 $ 128,666 $ 113,639 $ 105,737 $ — $ 794,700 Intersegment revenues 1,913 4,246 199 116 (6,474 ) — Depreciation and amortization 16,521 4,694 5,067 4,296 — 30,578 Share-based compensation expense 4,980 281 297 407 — 5,965 Interest expense 2 — — 36 768 806 Income (loss) from operations 64,596 3,699 3,672 9,133 (1,204 ) 79,896 Total assets 633,914 59,657 53,201 145,394 (222,998 ) 669,168 Capital expenditures 12,640 15 524 431 — 13,610 Nine months ended September 30, 2016 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 421,194 $ 119,574 $ 100,726 $ 76,243 $ — $ 717,737 Intersegment revenues 2,216 696 427 148 (3,487 ) — Depreciation and amortization 16,278 4,944 4,434 2,753 — 28,409 Share-based compensation expense 5,353 260 251 340 — 6,204 Interest expense 1,345 — — 66 (181 ) 1,230 Income (loss) from operations 63,026 (36,679 ) (191 ) 8,170 (2,570 ) 31,756 Total assets 634,028 52,465 46,327 128,048 (219,355 ) 641,513 Capital expenditures 24,487 1,821 2,275 142 — 28,725 |
Acquisitions and Goodwill (Tabl
Acquisitions and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill [Line Items] | |
Schedule of Purchase Price Allocation [Table Text Block] | The following table presents the allocations of the Atlantic, Triumph and Ace purchase prices to the assets acquired and liabilities assumed based on their estimated fair values and resulting residual goodwill (in thousands): Atlantic Triumph & Ace May 7, 2017 2016 Tangible assets: Property and equipment $ 1,821 $ 1,294 Total tangible assets 1,821 1,294 Intangible assets: Non-compete agreements 1,150 139 Customer relationships 13,400 5,335 Goodwill 6,860 6,282 Total intangible assets 21,410 11,756 Total assets acquired 23,231 13,050 Liabilities assumed: Other liabilities 590 1,250 Debt and capital lease obligations 141 — Total liabilities assumed 731 1,250 Net assets acquired $ 22,500 $ 11,800 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | The acquired definite-lived intangible assets have the following useful lives: Useful Lives Atlantic Triumph & Ace Customer relationships 15 years 15 years Non-compete agreements 5 years 5 years |
Business Acquisition, Pro Forma Information [Table Text Block] | |
Schedule of Goodwill [Table Text Block] | The following is a summary of the changes to goodwill for the nine months ended September 30, 2017 . Approximately $112,391 of goodwill is deductible for tax purposes. Expedited LTL TLS Pool Distribution Intermodal Total Accumulated Accumulated Accumulated Accumulated Goodwill Impairment Goodwill Impairment Goodwill Impairment Goodwill Impairment Net Beginning balance, December 31, 2016 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 62,198 $ — $ 184,675 Atlantic Acquisition — — — — — — 6,860 — 6,860 Ending balance, September 30, 2017 $ 97,593 $ — $ 45,164 $ (25,686 ) $ 12,359 $ (6,953 ) $ 69,058 $ — $ 191,535 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Employee Non-vested Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following tables summarize the Company’s employee non-vested share activity and related information: Three months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 232 $ 47 Granted 1 54 Vested — — Forfeited (4 ) 47 Outstanding and non-vested at September 30, 2017 229 $ 47 $ 10,658 Three months ended September 30, September 30, Share-based compensation for non-vested shares $ 1,243 $ 1,176 Tax benefit for non-vested share compensation $ 444 $ 434 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 7,410 $ 7,147 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Nine months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 222 $ 45 Granted 127 48 Vested (104 ) 45 Forfeited (16 ) 47 Outstanding and non-vested at September 30, 2017 229 $ 47 $ 10,658 Nine months ended September 30, September 30, Share-based compensation for non-vested shares $ 3,762 $ 3,434 Tax benefit for non-vested share compensation $ 1,343 $ 1,270 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 7,410 $ 7,147 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 |
Key Employee Performance Share Based Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo estimate were as follows: Nine months ended September 30, September 30, Expected stock price volatility 24.7 % 22.3 % Weighted average risk-free interest rate 1.4 % 0.8 % The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information: Three months ended September 30, 2017 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 72 $ 57 Granted 1 54 Forfeited (4 ) $ 57 Outstanding and non-vested at September 30, 2017 69 $ 57 $ 3,956 Three months ended September 30, September 30, Share-based compensation for performance shares $ 249 $ 367 Tax benefit for performance share compensation $ 88 $ 136 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,740 $ 2,076 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 Nine months ended September 30, 2017 Weighted- Aggregate Performance Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 80 $ 55 Granted 26 56 Additional shares awarded based on performance — — Vested — — Forfeited (37 ) 51 Outstanding and non-vested at September 30, 2017 69 $ 57 $ 3,956 Nine months ended September 30, September 30, Share-based compensation for performance shares $ 689 $ 1,080 Tax benefit for performance share compensation $ 246 $ 400 Unrecognized compensation cost for performance shares, net of estimated forfeitures $ 1,740 $ 2,076 Weighted average period over which unrecognized compensation will be recognized (years) 1.8 |
Nonemployee Director Nonvested Shares Granted Member | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following tables summarize the Company’s non-employee non-vested share activity and related information: Three months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at June 30, 2017 10 $ 51 Granted 4 54 Vested — — Forfeited (1 ) $ 51 Outstanding and non-vested at September 30, 2017 13 $ 52 $ 656 Three months ended September 30, September 30, Share-based compensation for non-vested shares $ 153 $ 173 Tax benefit for non-vested share compensation $ 54 $ 64 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 430 $ 419 Weighted average period over which unrecognized compensation will be recognized (years) 0.6 Nine months ended September 30, 2017 Weighted- Aggregate Non-vested Average Grant Date Shares Grant Date Fair Value (000) Fair Value (000) Outstanding and non-vested at December 31, 2016 16 $ 44 Granted 14 52 Vested (16 ) 44 Forfeited (1 ) 51 Outstanding and non-vested at September 30, 2017 13 $ 52 $ 656 Nine months ended September 30, September 30, Share-based compensation for non-vested shares $ 470 $ 555 Tax benefit for non-vested share compensation $ 167 $ 198 Unrecognized compensation cost for non-vested shares, net of estimated forfeitures $ 430 $ 419 Weighted average period over which unrecognized compensation will be recognized (years) 0.6 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | The weighted-average fair value of options granted and assumptions used to estimate their fair value during the nine months ended September 30, 2017 and 2016 were as follows: Three months ended September 30, September 30, Expected dividend yield 1.3 % — % Expected stock price volatility 28.7 % — % Weighted average risk-free interest rate 2.0 % — % Expected life of options (years) 6.0 0 Weighted average grant date fair value $ 14 $ — Nine months ended September 30, September 30, Expected dividend yield 1.3 % 1.0 % Expected stock price volatility 28.7 % 29.0 % Weighted average risk-free interest rate 2.0 % 1.3 % Expected life of options (years) 6.0 6.0 Weighted average grant date fair value $ 13 $ 12 The following tables summarize the Company’s employee stock option activity and related information: Three months ended September 30, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at June 30, 2017 507 $ 44 Granted 5 54 Exercised (18 ) 41 Forfeited (22 ) 47 Outstanding at September 30, 2017 472 $ 44 $ 3,963 4.5 Exercisable at September 30, 2017 255 $ 42 $ 2,671 3.3 Three months ended September 30, September 30, Share-based compensation for options $ 294 $ 377 Tax benefit for option compensation $ 105 $ 140 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,909 $ 2,036 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 Nine months ended September 30, 2017 Weighted- Weighted- Aggregate Average Average Intrinsic Remaining Options Exercise Value Contractual (000) Price (000) Term Outstanding at December 31, 2016 564 $ 41 Granted 123 48 Exercised (169 ) 34 Forfeited (46 ) 46 Outstanding at September 30, 2017 472 $ 44 $ 3,963 4.5 Exercisable at September 30, 2017 255 $ 42 $ 2,671 3.3 Nine months ended September 30, September 30, Share-based compensation for options $ 993 $ 1,101 Tax benefit for option compensation $ 354 $ 407 Unrecognized compensation cost for options, net of estimated forfeitures $ 1,909 $ 2,036 Weighted average period over which unrecognized compensation will be recognized (years) 1.9 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: Three months ended Nine months ended September 30, September 30, September 30, September 30, Numerator: Net income and comprehensive income $ 18,155 $ 11,931 $ 51,948 $ 14,964 Income allocated to participating securities (145 ) (93 ) (419 ) (114 ) Numerator for basic and diluted income per share - net income $ 18,010 $ 11,838 $ 51,529 $ 14,850 Denominator (in thousands): Denominator for basic income per share - weighted-average shares 29,855 30,191 29,977 30,316 Effect of dilutive stock options (in thousands) 52 117 62 151 Effect of dilutive performance shares (in thousands) 33 30 30 29 Denominator for diluted income per share - adjusted weighted-average shares 29,940 30,338 30,069 30,496 Basic net income per share $ 0.60 $ 0.39 $ 1.72 $ 0.49 Diluted net income per share $ 0.60 $ 0.39 $ 1.71 $ 0.49 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: September 30, September 30, Anti-dilutive stock options (in thousands) 172 309 Anti-dilutive performance shares (in thousands) — — Anti-dilutive non-vested shares and deferred stock units (in thousands) — — Total anti-dilutive shares (in thousands) 172 309 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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: September 30, 2017 Carrying Value Fair Value Capital leases $ 954 $ 935 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 three and nine months ended September 30, 2017 and 2016. Three months ended September 30, 2017 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 155,006 $ 43,865 $ 39,122 $ 42,208 $ — $ 280,201 Intersegment revenues 697 2,076 58 84 (2,915 ) — Depreciation and amortization 5,438 1,546 1,652 1,690 — 10,326 Share-based compensation expense 1,604 101 90 144 — 1,939 Interest expense 1 — — 12 275 288 Income from operations 23,204 136 681 3,480 (603 ) 26,898 Total assets 633,914 59,657 53,201 145,394 (222,998 ) 669,168 Capital expenditures 8,372 7 239 330 — 8,948 Three months ended September 30, 2016 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 143,753 $ 41,927 $ 36,305 $ 27,567 $ — $ 249,552 Intersegment revenues 584 283 132 12 (1,011 ) — Depreciation and amortization 5,470 1,470 1,472 987 — 9,399 Share-based compensation expense 1,792 98 84 119 — 2,093 Interest expense 385 — — 12 (181 ) 216 Income (loss) from operations 21,014 2,038 66 3,041 (1,459 ) 24,700 Total assets 634,028 52,465 46,327 128,048 (219,355 ) 641,513 Capital expenditures 11,915 36 722 11 — 12,684 Nine months ended September 30, 2017 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 446,658 $ 128,666 $ 113,639 $ 105,737 $ — $ 794,700 Intersegment revenues 1,913 4,246 199 116 (6,474 ) — Depreciation and amortization 16,521 4,694 5,067 4,296 — 30,578 Share-based compensation expense 4,980 281 297 407 — 5,965 Interest expense 2 — — 36 768 806 Income (loss) from operations 64,596 3,699 3,672 9,133 (1,204 ) 79,896 Total assets 633,914 59,657 53,201 145,394 (222,998 ) 669,168 Capital expenditures 12,640 15 524 431 — 13,610 Nine months ended September 30, 2016 Expedited LTL Truckload Premium Pool Distribution Intermodal Eliminations & other Consolidated External revenues $ 421,194 $ 119,574 $ 100,726 $ 76,243 $ — $ 717,737 Intersegment revenues 2,216 696 427 148 (3,487 ) — Depreciation and amortization 16,278 4,944 4,434 2,753 — 28,409 Share-based compensation expense 5,353 260 251 340 — 6,204 Interest expense 1,345 — — 66 (181 ) 1,230 Income (loss) from operations 63,026 (36,679 ) (191 ) 8,170 (2,570 ) 31,756 Total assets 634,028 52,465 46,327 128,048 (219,355 ) 641,513 Capital expenditures 24,487 1,821 2,275 142 — 28,725 |
Description of Business and B22
Description of Business and Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Number of principal reporting segments | 4 |
Recent Accounting Pronounceme23
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Additional Paid-in Capital [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (147) | |
Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 46,000 | $ 33,000 |
Acquisitions and Goodwill (Deta
Acquisitions and Goodwill (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | May 07, 2017USD ($) | Aug. 29, 2016USD ($) | Jan. 25, 2016USD ($) | Mar. 09, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 112,391 | $ 112,391 | |||||||
Carrying value of goodwill | 191,535 | 191,535 | $ 184,675 | ||||||
Goodwill, Acquired During Period | $ 6,860 | ||||||||
Impairment of Intangible Assets, Finite-lived | $ 16,501 | ||||||||
Escrow Reimbursements Received | $ 2,525 | ||||||||
Recovery of Direct Costs | 1,621 | ||||||||
Liability for Unpaid Claims and Claims Adjustment Expense, Adjustments | $ 904 | ||||||||
Number of Reporting Units | 5 | ||||||||
Atlantic [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Business Acquisition, Cash Paid | $ 22,500 | ||||||||
Business Combination, Contingent Consideration, Liability | 1,000 | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 62,300 | ||||||||
Operating Revenue Since Acquisition Date | 14,745 | ||||||||
Carrying value of goodwill | 6,860 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,821 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Total Tangible Assets | 1,821 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 21,410 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 23,231 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 590 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Capital Lease Obligation | 141 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 731 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Total Liabilities Assumed, Net Total Assets | 22,500 | ||||||||
Business Combination, Pro Forma Information, Operating Income of Acquiree since Acquisition Date, Actual | 1,119 | ||||||||
Towne [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Escrow Deposit | $ 16,500 | ||||||||
Triumph & Ace [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Carrying value of goodwill | $ 6,282 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 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, Assets | 13,050 | ||||||||
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 Total Liabilities Assumed, Net Total Assets | 11,800 | ||||||||
Triumph [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Business Acquisition, Cash Paid | 10,100 | ||||||||
Business Combination, Contingent Consideration, Liability | 1,250 | ||||||||
Expedited LTL [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Carrying value of goodwill | 97,593 | $ 97,593 | 97,593 | ||||||
Truckload Expedited [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Carrying value of goodwill | 45,164 | 45,164 | 45,164 | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | (25,686) | (25,686) | (25,686) | ||||||
Other Asset Impairment Charges | $ 255 | ||||||||
Pool Distribution [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Carrying value of goodwill | 12,359 | 12,359 | 12,359 | ||||||
Goodwill, Impaired, Accumulated Impairment Loss | (6,953) | (6,953) | (6,953) | ||||||
Intermodal [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Carrying value of goodwill | $ 69,058 | 69,058 | $ 62,198 | ||||||
Goodwill, Acquired During Period | $ 6,860 | ||||||||
Ace [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Business Acquisition, Cash Paid | $ 1,700 | ||||||||
Noncompete Agreements [Member] | Atlantic [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,150 | ||||||||
Noncompete Agreements [Member] | Triumph & Ace [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 | ||||||||
Customer Relationships [Member] | Atlantic [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 | $ 13,400 | ||||||||
Customer Relationships [Member] | Triumph & Ace [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 |
Share-Based Payments - Stock Op
Share-Based Payments - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,939 | $ 2,093 | $ 5,965 | $ 6,204 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 294 | 377 | 993 | 1,101 |
Tax benefit related to share-based expense | 105 | 140 | 354 | 407 |
Unrecognized share-based compensation, net of estimated forfeitures | $ 1,909 | $ 2,036 | $ 1,909 | $ 2,036 |
Weighted average period over which unrecognized compensation will be recognized (years) | 1 year 10 months 11 days | 1 year 10 months 11 days | ||
Employee activity - stock options [Abstract] | ||||
Stock option grants expire (in years) | 7 years | |||
Grants, vesting period (in years) | 3 years | |||
Expected dividend yield (in hundredths) | 1.30% | 1.30% | 1.00% | |
Expected stock price volatility | 28.70% | 28.70% | 29.00% | |
Weighted Average Risk Free Interest Rate | 2.00% | 2.00% | 1.30% | |
Expected life of options (in years) | 6 years 11 days | 6 years 11 days | 6 years 11 days | |
Weighted-average fair value of options (dollars per share) | $ 14 | $ 13 | $ 12 | |
Outstanding, beginning of period (in shares) | 507 | 564 | ||
Granted (in shares) | 5 | 123 | ||
Exercised (in shares) | (18) | (169) | ||
Forfeited (in shares) | (22) | (46) | ||
Outstanding, end of period (in shares) | 472 | 472 | ||
Exercisable, end of period (in shares) | 255 | 255 | ||
Outstanding, beginning of period (in dollars per share) | $ 44 | $ 41 | ||
Grants in Period (in dollars per share) | 54 | 48 | ||
Exercises in Period (in dollars per share) | 41 | 34 | ||
Forfeited in period (in dollars per share) | 47 | 46 | ||
Outstanding, end of period (in dollars per share) | 44 | 44 | ||
Exercisable, end of period (in dollars per share) | $ 42 | $ 42 | ||
Aggregate Intrinsic Value Outstanding, end of period | $ 3,963 | $ 3,963 | ||
Aggregate Intrinsic Value Exercisable, end of period | $ 2,671 | $ 2,671 | ||
Weighted-average remaining contractual term Outstanding, end of period (in years) | 4 years 6 months 11 days | 4 years 6 months 11 days | ||
Weighted-average remaining contractual term Exercisable, end of period (in years) | 3 years 3 months 11 days | 3 years 3 months 11 days |
Share-Based Payments - Employee
Share-Based Payments - Employee Activity Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,939 | $ 2,093 | $ 5,965 | $ 6,204 |
Employee Non-vested Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grants, vesting period (in years) | 3 years | |||
Outstanding and non-vested, beginning of period (in shares) | 232 | 222 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1 | 127 | ||
Shares Vested in Period | 0 | (104) | ||
Shares Forfeited in Period | (4) | (16) | ||
Outstanding and non-vested, end of period (in shares) | 229 | 229 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $ 47 | $ 45 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 54 | 48 | ||
Vested in Period, Weighed-average grant date fair value | 0 | 45 | ||
Forfeited in period (in dollars per share) | 47 | 47 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $ 47 | $ 47 | ||
Outstanding and non-vested, aggregate grant date fair value | $ 10,658 | $ 10,658 | ||
Share-based compensation expense | 1,243 | 1,176 | 3,762 | 3,434 |
Tax benefit related to share-based expense | 444 | 434 | 1,343 | 1,270 |
Unrecognized share-based compensation, net of estimated forfeitures | $ 7,410 | $ 7,147 | $ 7,410 | $ 7,147 |
Weighted average period over which unrecognized compensation will be recognized (years) | 1 year 10 months 11 days | 1 year 10 months 11 days |
Share-Based Payments - Employ27
Share-Based Payments - Employee Activity Performance Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,939 | $ 2,093 | $ 5,965 | $ 6,204 |
Key Employee Performance Share Based Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period of Share Price Performance Comparison to Peer Group | 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% | |||
Expected Stock Price Volatility Rate | 24.70% | 22.30% | ||
Weighted Average Risk Free Interest Rate | 1.40% | 0.80% | ||
Outstanding and non-vested, beginning of period (in shares) | 72 | 80 | ||
Grants in Period | 1 | 26 | ||
Shares Forfeited in Period | (4) | (37) | ||
Outstanding and non-vested, end of period (in shares) | 69 | 69 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $ 57 | $ 55 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 54 | 56 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | 57 | 51 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $ 57 | $ 57 | ||
Outstanding and non-vested, aggregate grant date fair value | $ 3,956 | $ 3,956 | ||
Share-based compensation expense | 249 | 367 | 689 | $ 1,080 |
Tax benefit related to share-based expense | 88 | 136 | 246 | 400 |
Unrecognized share-based compensation, net of estimated forfeitures | $ 1,740 | $ 2,076 | $ 1,740 | $ 2,076 |
Weighted average period over which unrecognized compensation will be recognized (years) | 1 year 9 months 11 days | 1 year 9 months 11 days |
Share-Based Payments Share-Base
Share-Based Payments Share-Based Payments - Employee Stock Purchase Plan (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Share-based compensation expense | $ | $ 1,939 | $ 2,093 | $ 5,965 | $ 6,204 |
Employee Stock Purchase Plan [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 376,625 | 376,625 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 90.00% | |||
Number of Large Lump Sum Contributions Related to ESPP Stock Purchases | 2 | 2 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | shares | 5,188 | 5,592 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 43.59 | $ 38.50 | $ 43.59 | $ 38.50 |
Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 9.69 | $ 6.03 | ||
Share-based compensation expense | $ | $ 51 | $ 34 |
Share-Based Payments - Non-empl
Share-Based Payments - Non-employee Director Non-vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Non-Employee Director Shares, Vesting Period (in years) | 1 year | |||
Share-based compensation expense | $ 1,939 | $ 2,093 | $ 5,965 | $ 6,204 |
Nonemployee Director Nonvested Shares Granted Member | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and non-vested, beginning of period (in shares) | 10 | 16 | ||
Grants in Period | 4 | 14 | ||
Shares Vested in Period | 0 | (16) | ||
Shares Forfeited in Period | (1) | (1) | ||
Outstanding and non-vested, end of period (in shares) | 13 | 13 | ||
Outstanding and non-vested, weighted-average grant date fair value, beginning of period | $ 51 | $ 44 | ||
Grants in Period, Weighted Average Grant Date Fair Value | 54 | 52 | ||
Vested in Period, Weighed-average grant date fair value | 0 | 44 | ||
Forfeited in Period, Weighted Average Grant Date Fair Value | 51 | 51 | ||
Outstanding and non-vested, weighted-average grant date fair value, end of period | $ 52 | $ 52 | ||
Outstanding and non-vested, aggregate grant date fair value | $ 656 | $ 656 | ||
Share-based compensation expense | 153 | 173 | 470 | 555 |
Tax benefit related to share-based expense | 54 | 64 | 167 | 198 |
Unrecognized share-based compensation, net of estimated forfeitures | $ 430 | $ 419 | $ 430 | $ 419 |
Weighted average period over which unrecognized compensation will be recognized (years) | 7 months 11 days | 7 months 11 days |
Senior Credit Facility (Details
Senior Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Feb. 04, 2015 | |
Debt Instrument [Line Items] | |||||
Line of Credit Facility Term, In Years | 5 | ||||
Credit facility amount | $ 250,000 | $ 275,000 | |||
Additional borrowing capacity of credit facility | 100,000 | ||||
Base reference rate of credit facilities | LIBOR | ||||
Interest rate spread above LIBOR as of reporting period (in hundredths) | 1.00% | ||||
Proceeds from senior credit facility | $ 55,000 | $ 0 | |||
Letters of Credit Outstanding, Amount | $ 8,677 | 8,677 | |||
Available borrowing capacity | 100,823 | 100,823 | |||
Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | 30,000 | ||||
Swing line loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 30,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | 150,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 150,000 | $ 150,000 | |||
Debt Instrument, Basis Spread on Variable Rate, Minimum | 0.30% | ||||
Debt Instrument, Basis Spread on Variable Rate, Maximum | 0.80% | ||||
Proceeds from senior credit facility | $ 40,500 | ||||
Line of Credit Facility, Interest Rate at Period End | 2.60% | 2.60% | |||
Federal funds [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate spread above LIBOR as of reporting period (in hundredths) | 0.50% | ||||
Term loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility amount | $ 125,000 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share, Basic, Two Class Method [Abstract] | ||||
Net income and comprehensive income | $ 18,155 | $ 11,931 | $ 51,948 | $ 14,964 |
Income allocated to participating securities | (145) | (93) | (419) | (114) |
Numerator for basic and diluted income per share - net income | $ 18,010 | $ 11,838 | $ 51,529 | $ 14,850 |
Denominator for basic income per share - weighted-average shares | 29,855 | 30,191 | 29,977 | 30,316 |
Denominator for diluted income per share - adjusted weighted-average shares | 29,940 | 30,338 | 30,069 | 30,496 |
Basic income per share (dollars per share) | $ 0.60 | $ 0.39 | $ 1.72 | $ 0.49 |
Diluted income per share (dollars per share) | $ 0.60 | $ 0.39 | $ 1.71 | $ 0.49 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 172 | 309 | ||
Equity Option [Member] | ||||
Earnings Per Share, Basic, Two Class Method [Abstract] | ||||
Effect of dilutive stock options and non-vested shares | 52 | 117 | 62 | 151 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 172 | 309 | ||
Key Employee Performance Share Based Plan [Member] | ||||
Earnings Per Share, Basic, Two Class Method [Abstract] | ||||
Effect of dilutive stock options and non-vested shares | 33 | 30 | 30 | 29 |
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 0 | 0 | ||
Nonvested Shares and Deferred Stock Units [Member] | ||||
Earnings Per Share, Basic, Two Class Method [Abstract] | ||||
Total number anti-dilutive options, non-vested shares, and performance shares excluded from income per diluted share computation | 0 | 0 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effective statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate, Continuing Operations | 34.30% | 50.70% |
Financial Instruments - Fair Va
Financial Instruments - Fair Value (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Base reference rate of credit facilities | LIBOR |
Interest rate spread above LIBOR as of reporting period (in hundredths) | 1.00% |
Other debt and capital leases | $ 935 |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Other debt and capital leases | $ 954 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jul. 21, 2016 | |
Shareholders' Equity [Line Items] | ||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 3,000,000 | |||||||||
Stock Repurchased and Retired During Period, Shares | 579,769 | 222,388 | 826,633 | 676,773 | ||||||
Stock Repurchased and Retired During Period, In Total Dollars | $ 29,988,000 | $ 9,996,000 | $ 41,983,000 | $ 29,986,000 | ||||||
Stock repurchased, common stock acquired, average cost per share | $ 51.72 | $ 44.95 | $ 50.79 | $ 44.31 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,939,851 | 1,939,851 | ||||||||
Common Stock [Member] | ||||||||||
Shareholders' Equity [Line Items] | ||||||||||
Dividends per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.45 | $ 0.36 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
External revenues | $ 280,201 | $ 249,552 | $ 794,700 | $ 717,737 | |
Depreciation and amortization | 10,326 | 9,399 | 30,578 | 28,409 | |
Share-based compensation expense | 1,939 | 2,093 | 5,965 | 6,204 | |
Interest expense | 288 | 216 | 806 | 1,230 | |
Operating Income (Loss) | 26,898 | 24,700 | 79,896 | 31,756 | |
Total assets | 669,168 | 641,513 | 669,168 | 641,513 | $ 641,291 |
Capital expenditures | 8,948 | 12,684 | $ 13,610 | 28,725 | |
Number of reportable segments | 4 | ||||
Expedited LTL [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 155,006 | 143,753 | $ 446,658 | 421,194 | |
Intersegment revenues | 697 | 584 | 1,913 | 2,216 | |
Depreciation and amortization | 5,438 | 5,470 | 16,521 | 16,278 | |
Share-based compensation expense | 1,604 | 1,792 | 4,980 | 5,353 | |
Interest expense | 1 | 385 | 2 | 1,345 | |
Operating Income (Loss) | 23,204 | 21,014 | 64,596 | 63,026 | |
Total assets | 633,914 | 634,028 | 633,914 | 634,028 | |
Capital expenditures | 8,372 | 11,915 | 12,640 | 24,487 | |
Truckload Expedited [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 43,865 | 41,927 | 128,666 | 119,574 | |
Intersegment revenues | 2,076 | 283 | 4,246 | 696 | |
Depreciation and amortization | 1,546 | 1,470 | 4,694 | 4,944 | |
Share-based compensation expense | 101 | 98 | 281 | 260 | |
Operating Income (Loss) | 136 | 2,038 | 3,699 | (36,679) | |
Total assets | 59,657 | 52,465 | 59,657 | 52,465 | |
Capital expenditures | 7 | 36 | 15 | 1,821 | |
Pool Distribution [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 39,122 | 36,305 | 113,639 | 100,726 | |
Intersegment revenues | 58 | 132 | 199 | 427 | |
Depreciation and amortization | 1,652 | 1,472 | 5,067 | 4,434 | |
Share-based compensation expense | 90 | 84 | 297 | 251 | |
Operating Income (Loss) | 681 | 66 | 3,672 | (191) | |
Total assets | 53,201 | 46,327 | 53,201 | 46,327 | |
Capital expenditures | 239 | 722 | 524 | 2,275 | |
Intermodal [Member] | |||||
Segment Reporting Information [Line Items] | |||||
External revenues | 42,208 | 27,567 | 105,737 | 76,243 | |
Intersegment revenues | 84 | 12 | 116 | 148 | |
Depreciation and amortization | 1,690 | 987 | 4,296 | 2,753 | |
Share-based compensation expense | 144 | 119 | 407 | 340 | |
Interest expense | 12 | 12 | 36 | 66 | |
Operating Income (Loss) | 3,480 | 3,041 | 9,133 | 8,170 | |
Total assets | 145,394 | 128,048 | 145,394 | 128,048 | |
Capital expenditures | 330 | 11 | 431 | 142 | |
Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Intersegment revenues | (2,915) | (1,011) | (6,474) | (3,487) | |
Interest expense | 275 | (181) | 768 | (181) | |
Operating Income (Loss) | (603) | (1,459) | (1,204) | (2,570) | |
Total assets | $ (222,998) | $ (219,355) | $ (222,998) | $ (219,355) |