Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 13, 2013 | Nov. 13, 2013 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'COVENANT TRANSPORTATION GROUP INC | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 12,514,588 | 2,350,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000928658 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $10,526 | $6,846 |
Accounts receivable, net of allowance of $1,650 in 2013 and $1,729 in 2012 | 76,311 | 76,220 |
Drivers' advances and other receivables, net of allowance of $1,246 in 2013 and $1,041 in 2012 | 5,126 | 3,851 |
Inventory and supplies | 4,608 | 4,550 |
Prepaid expenses | 10,320 | 8,244 |
Assets held for sale | 5,350 | 3,898 |
Deferred income taxes | 5,708 | 4,642 |
Income taxes receivable | 168 | 59 |
Total current assets | 118,117 | 108,310 |
Property and equipment, at cost | 434,536 | 419,947 |
Less: accumulated depreciation and amortization | -139,485 | -140,930 |
Net property and equipment | 295,051 | 279,017 |
Other assets, net | 11,697 | 12,905 |
Total assets | 424,865 | 400,232 |
Current liabilities: | ' | ' |
Checks outstanding in excess of bank balances | 5,216 | 8,261 |
Accounts payable | 11,919 | 10,035 |
Accrued expenses | 26,752 | 27,884 |
Current maturities of long-term debt | 41,796 | 63,636 |
Current portion of capital lease obligations | 5,950 | 2,091 |
Current portion of insurance and claims accrual | 17,236 | 16,383 |
Total current liabilities | 108,869 | 128,290 |
Long-term debt | 139,227 | 95,214 |
Long-term portion of capital lease obligations | 10,165 | 14,003 |
Insurance and claims accrual | 13,503 | 16,768 |
Deferred income taxes | 55,519 | 49,837 |
Other long-term liabilities | 1,579 | 1,447 |
Total liabilities | 328,862 | 305,559 |
Stockholders' equity: | ' | ' |
Additional paid-in-capital | 88,983 | 90,328 |
Treasury stock at cost; 954,502 shares and 1,059,643 shares as of September 30, 2013 and December 31, 2012, respectively | -12,774 | -13,955 |
Accumulated other comprehensive (loss) income | -92 | 320 |
Retained earnings | 19,718 | 17,813 |
Total stockholders' equity | 96,003 | 94,673 |
Total liabilities and stockholders' equity | 424,865 | 400,232 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 144 | 143 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $24 | $24 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts Receivable Allowance (in Dollars) | $1,650 | $1,729 |
Drivers' Advances and Other Receivables Allowance (in Dollars) | $1,246 | $1,041 |
Treasury stock shares | 954,502 | 1,059,643 |
Common Class A [Member] | ' | ' |
Par value (in Dollars per share) | $0.01 | $0.01 |
Shares authorized | 20,000,000 | 20,000,000 |
Shares issued | 13,469,090 | 13,469,090 |
Shares Outstanding | 12,514,588 | 12,409,447 |
Common Class B [Member] | ' | ' |
Par value (in Dollars per share) | $0.01 | $0.01 |
Shares authorized | 5,000,000 | 5,000,000 |
Shares issued | 2,350,000 | 2,350,000 |
Shares Outstanding | 2,350,000 | 2,350,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue: | ' | ' | ' | ' |
Freight revenue | $135,204 | $132,961 | $401,251 | $389,081 |
Fuel surcharge revenue | 35,639 | 35,466 | 106,810 | 107,678 |
Total revenue | 170,843 | 168,427 | 508,061 | 496,759 |
Operating expenses: | ' | ' | ' | ' |
Salaries, wages, and related expenses | 53,728 | 53,488 | 163,602 | 159,045 |
Fuel expense | 46,540 | 48,601 | 141,734 | 145,174 |
Operations and maintenance | 13,077 | 12,151 | 37,460 | 34,076 |
Revenue equipment rentals and purchased transportation | 26,207 | 22,641 | 75,668 | 61,819 |
Operating taxes and licenses | 2,780 | 2,863 | 8,215 | 8,297 |
Insurance and claims | 6,887 | 8,155 | 22,647 | 23,886 |
Communications and utilities | 1,363 | 1,201 | 3,899 | 3,576 |
General supplies and expenses | 3,882 | 3,976 | 12,182 | 11,575 |
Depreciation and amortization, including gains and losses on disposition of property and equipment | 10,497 | 10,706 | 31,137 | 31,251 |
Total operating expenses | 164,961 | 163,782 | 496,544 | 478,699 |
Operating income | 5,882 | 4,645 | 11,517 | 18,060 |
Other (income) expenses: | ' | ' | ' | ' |
Interest expense | 2,386 | 3,056 | 7,636 | 9,929 |
Interest income | -1 | ' | -3 | ' |
Other expense, net | ' | -4 | ' | -20 |
Other expenses, net | 2,385 | 3,052 | 7,633 | 9,909 |
Equity in income of affiliate | 1,150 | 555 | 2,180 | 1,225 |
Income before income taxes | 4,647 | 2,148 | 6,064 | 9,376 |
Income tax expense | 2,674 | 1,146 | 4,159 | 4,764 |
Net income | $1,973 | $1,002 | $1,905 | $4,612 |
Income per share: | ' | ' | ' | ' |
Basic net income per share (in Dollars per share) | $0.13 | $0.07 | $0.13 | $0.31 |
Diluted net income per share (in Dollars per share) | $0.13 | $0.07 | $0.13 | $0.31 |
Basic weighted average shares outstanding (in Shares) | 14,864 | 14,757 | 14,827 | 14,737 |
Diluted weighted average shares outstanding (in Shares) | 15,043 | 14,807 | 15,023 | 14,773 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $1,973 | $1,002 | $1,905 | $4,612 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on effective portion of fuel hedges, net of tax of $561 and $138 in 2013 and $2,513 and $2,257 in 2012, respectively | 900 | 4,032 | -222 | 3,621 |
Reclassification of fuel hedge gains into statement of operations, net of tax of $119 and $119 in 2013 and $434 and $1,401 in 2012, respectively | -191 | -697 | -190 | -2,248 |
Total other comprehensive income (loss) | 709 | 3,335 | -412 | 1,373 |
Comprehensive income | $2,682 | $4,337 | $1,493 | $5,985 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Unrealized gain (loss) on effective portion of fuel hedges, tax | $561 | $2,513 | $138 | $2,257 |
Reclassification of fuel hedge gains into statement of operations, tax | $119 | $434 | $119 | $1,401 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $143 | $24 | $90,328 | ($13,955) | $320 | $17,813 | $94,673 |
Net income | ' | ' | ' | ' | ' | 1,905 | 1,905 |
Other comprehensive loss | ' | ' | ' | ' | -412 | ' | -412 |
Stock-based employee compensation expense | ' | ' | 460 | ' | ' | ' | 460 |
Reversal of previously recognized stock-based employee compensation cost | ' | ' | -409 | ' | ' | ' | -409 |
Issuance of restricted shares | 1 | ' | -1,285 | 1,181 | ' | ' | -103 |
Income tax deficit arising from restricted share vesting | ' | ' | -111 | ' | ' | ' | -111 |
Balance at Sep. 30, 2013 | $144 | $24 | $88,983 | ($12,774) | ($92) | $19,718 | $96,003 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $1,905 | $4,612 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for losses on accounts receivable | 308 | 489 |
(Reversal)/deferred gain on sales to equity method investee | -71 | 157 |
Depreciation and amortization | 32,328 | 36,034 |
Amortization of deferred financing fees | 183 | 369 |
Deferred income tax expense | 4,762 | 5,070 |
Income tax deficit arising from restricted share vesting | -111 | ' |
Unrealized loss on ineffective portion of fuel hedges | 75 | 757 |
Casualty premium credit | ' | -4,000 |
Stock-based compensation expense | 151 | 982 |
Equity in income of affiliate | -2,180 | -1,225 |
Gain on disposition of property and equipment | -1,191 | -4,783 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and advances | 991 | -11,317 |
Prepaid expenses and other assets | -1,946 | 3,521 |
Inventory and supplies | -58 | 128 |
Insurance and claims accrual | -2,412 | 3,550 |
Accounts payable and accrued expenses | -2,763 | 6,452 |
Net cash flows provided by operating activities | 29,971 | 40,796 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -82,344 | -20,780 |
Investment in affiliated company | -500 | -1,000 |
Return of investment in affiliated company | ' | 139 |
Proceeds from disposition of property and equipment | 39,420 | 52,851 |
Net cash flows (used in)/provided by investing activities | -43,424 | 31,210 |
Cash flows from financing activities: | ' | ' |
Change in checks outstanding in excess of bank balances | -3,045 | 2,230 |
Proceeds from issuance of notes payable | 77,960 | 7,320 |
Income tax deficit arising from restricted share vesting | 111 | ' |
Repayments of notes payable | -64,697 | -62,971 |
Repayments of capital lease obligations | -1,555 | -1,492 |
Proceeds/(repayments) under revolving credit facility, net | 8,910 | -13,291 |
Payment of minimum tax withholdings on stock compensation | -203 | -6 |
Debt refinancing costs | -348 | -27 |
Net cash provided by/(used in) financing activities | 17,133 | -68,237 |
Net change in cash and cash equivalents | 3,680 | 3,769 |
Cash and cash equivalents at beginning of period | 6,846 | 3,895 |
Cash and cash equivalents at end of period | 10,526 | 7,664 |
Cash paid during the year for: | ' | ' |
Equipment purchased under capital leases | $1,576 | ' |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Note 1. Significant Accounting Policies | |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly-owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated under the Securities Act of 1933. In preparing financial statements, it is necessary for management to make assumptions and estimates affecting the amounts reported in the condensed consolidated financial statements and related notes. These estimates and assumptions are developed based upon all information available. Actual results could differ from estimated amounts. In the opinion of management, the accompanying financial statements include all adjustments which are necessary for a fair presentation of the results for the interim periods presented, such adjustments being of a normal recurring nature. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2012 condensed consolidated balance sheet was derived from our audited balance sheet as of that date. These condensed consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2012. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year. | |
Recent Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income–In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2013-02 ("ASU 2013-02"). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income ("AOCI") by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 did not change the requirements for reporting net income or other comprehensive income in the financial statements. We adopted this guidance on January 1, 2013. This accounting guidance only impacted presentation and did not have an impact on our condensed consolidated balance sheets, results of operations, comprehensive income, stockholders' equity or cash flows. Refer to Note 11. |
Note_2_Income_Per_Share
Note 2 - Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 2. Income Per Share | |||||||||||||||||
Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. The calculation of diluted income per share for the three and nine months ended September 30, 2013 excludes all unexercised options and approximately 179,278 and 195,672 unvested shares, respectively, and approximately 69,678 unvested shares for the three and nine months ended September 30, 2012, since the effect of any assumed exercise of the related awards would be anti-dilutive. Income per share is the same for both Class A and Class B shares. | |||||||||||||||||
The following table sets forth for the periods indicated the calculation of net income per share included in the condensed consolidated statements of operations: | |||||||||||||||||
(in thousands except per share data) | Three Months ended | Nine Months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 1,973 | $ | 1,002 | $ | 1,905 | $ | 4,612 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 14,864 | 14,757 | 14,827 | 14,737 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equivalent shares issuable upon conversion of unvested restricted stock | 179 | 50 | 196 | 36 | |||||||||||||
Equivalent shares issuable upon conversion of unvested employee stock options | - | - | - | - | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions | 15,043 | 14,807 | 15,023 | 14,773 | |||||||||||||
Basic income per share: | $ | 0.13 | $ | 0.07 | $ | 0.13 | $ | 0.31 | |||||||||
Diluted income per share: | $ | 0.13 | $ | 0.07 | $ | 0.13 | $ | 0.31 | |||||||||
Note_3_Segment_Information
Note 3 - Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 3. Segment Information | |||||||||||||||||
We have one reportable segment, our asset-based truckload services ("Truckload"). | |||||||||||||||||
The Truckload segment consists of three asset-based operating fleets that are aggregated because they have similar economic characteristics and meet the aggregation criteria. The three operating fleets that comprise our Truckload segment are as follows: (i) Covenant Transport, Inc. ("Covenant Transport"), our historical flagship operation, which provides expedited long haul, dedicated, temperature-controlled, and regional solo-driver service; (ii) Southern Refrigerated Transport, Inc. ("SRT"), which provides primarily long-haul and regional temperature-controlled service; and (iii) Star Transportation, Inc. ("Star"), which provides regional solo-driver and dedicated services, primarily in the southeastern United States. | |||||||||||||||||
In addition, our Covenant Transport Solutions, Inc. ("Solutions") subsidiary has several ancillary service offerings, including: (i) freight brokerage service directly and through freight brokerage agents who are paid a commission for the freight they provide; (ii) less-than-truckload consolidation services; and (iii) accounts receivable factoring. These operations consist of several operating segments, which neither individually nor in the aggregate meet the quantitative reporting thresholds. As a result, these operations are grouped in "Other" in the tables below. | |||||||||||||||||
"Unallocated Corporate Overhead" includes expenses that are incidental to our activities and are not specifically allocated to one of the segments. | |||||||||||||||||
The following tables summarize our segment information: | |||||||||||||||||
(in thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total Revenues: | |||||||||||||||||
Truckload | $ | 160,107 | $ | 161,625 | $ | 479,511 | $ | 477,800 | |||||||||
Other | 10,736 | 6,802 | 28,550 | 18,959 | |||||||||||||
Total | $ | 170,843 | $ | 168,427 | $ | 508,061 | $ | 496,759 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Truckload | $ | 6,831 | $ | 7,612 | $ | 17,969 | $ | 25,176 | |||||||||
Other | 366 | (222 | ) | 575 | (373 | ) | |||||||||||
Unallocated Corporate Overhead | (1,315 | ) | (2,745 | ) | (7,027 | ) | (6,743 | ) | |||||||||
Total | $ | 5,882 | $ | 4,645 | $ | 11,517 | $ | 18,060 | |||||||||
Note_4_Income_Taxes
Note 4 - Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 4. Income Taxes | |
Income tax expense varies from the amount computed by applying the federal corporate income tax rate of 35% to income before income taxes primarily due to state income taxes, net of federal income tax effect, adjusted for permanent differences, the most significant of which is the effect of the per diem pay structure for drivers. Drivers who meet the requirements to receive per diem are generally required to receive non-taxable per diem pay in lieu of a portion of their taxable wages. This per diem program increases our drivers' net pay per mile, after taxes, while decreasing gross pay, before taxes. As a result, salaries, wages, and employee benefits are slightly lower and our effective income tax rate is higher than the statutory rate. Generally, as pre-tax income increases, the impact of the driver per diem program on our effective tax rate decreases, because aggregate per diem pay becomes smaller in relation to pre-tax income, while in periods where earnings are at or near breakeven the impact of the per diem program on our effective tax rate is significant. Due to the partially nondeductible effect of per diem pay, our tax rate will fluctuate in future periods based on fluctuations in earnings. | |
Our liability recorded for uncertain tax positions as of September 30, 2013 decreased during the first nine months of 2013 to $2.0 million at September 30, 2013 from $2.6 million at December 31, 2012. The decrease is primarily due to the statute of limitations expiring on certain positions and the related reversal of the previously recorded reserves. | |
The carrying value of our deferred tax assets assumes that we will be able to generate, based on certain estimates and assumptions, sufficient future taxable income in certain tax jurisdictions to utilize these deferred tax benefits. If these estimates and related assumptions change in the future, we may be required to establish a valuation allowance against the carrying value of the deferred tax assets, which would result in additional income tax expense. On a periodic basis, we assess the need for adjustment of the valuation allowance. Based on forecasted taxable income resulting from the reversal of deferred tax liabilities, primarily generated by accelerated depreciation for tax purposes in prior periods, and tax planning strategies available to us, no valuation allowance has been established at September 30, 2013, except for $0.7 million related to certain state net operating loss carry-forwards. If these estimates and related assumptions change in the future, we may be required to modify our valuation allowance against the carrying value of the deferred tax assets. | |
We recognized a $0.1 million income tax deficit arising from the restricted share vesting in 2013. This resulted in a related increase in taxable income in both years and an offsetting decrease to additional paid in capital. |
Note_5_Fair_Value_of_Financial
Note 5 - Fair Value of Financial Instruments | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||
Note 5. Fair Value Measurement and Fair Value of Financial Instruments | |||||||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows: | |||||||||
● | Level 1. Observable inputs such as quoted prices in active markets; | ||||||||
● | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||
● | Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||
(in thousands) | |||||||||
Hedge derivative assets | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Fair Value of Derivatives | $ | (221 | ) | $ | 524 | ||||
Quoted Prices in Active Markets (Level 1) | - | - | |||||||
Significant Other Observable Inputs (Level 2) | $ | (221 | ) | $ | 524 | ||||
Significant Unobservable Inputs (Level 3) | - | - | |||||||
Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, commodity contracts, accounts payable, and debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Included in accounts receivable is $11.9 million of factoring receivables at September 30, 2013, net of a $0.1 million allowance for bad debts. We generally advance 80% to 90% of each receivable factored and retain the remainder as collateral for collection issues that might arise. The retained amounts are returned to the clients after the related receivable has been collected. At September 30, 2013, the retained amounts related to factored receivables totaled $0.9 million and were included in accounts payable in the condensed consolidated balance sheet. Our clients are smaller trucking companies that factor their receivables to us for a fee to facilitate faster cash flow. We evaluate each client’s customer base and only factor specific receivables that meet predefined criteria. The carrying value of the factored receivables approximates the fair value, as the receivables are generally repaid directly to us by the client’s customer within 30-40 days due to the combination of the short-term nature of the financing transaction and the underlying quality of the receivables. Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. Borrowings under our revolving credit facility approximate fair value due to the variable interest rate on that facility. Additionally, commodity contracts, which are accounted for as hedge derivatives, as discussed in Note 6, are valued based on quotes from the counterparty which were verified by comparing them to the forward rate of the specific indices upon which the contract is being settled and adjusted for counterparty credit risk using available market information and valuation methodologies. |
Note_6_Derivative_Instruments
Note 6 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' |
Note 6. Derivative Instruments | |
We engage in activities that expose us to market risks, including the effects of changes in fuel prices. Financial exposures are evaluated as an integral part of our risk management program, which seeks, from time-to-time, to reduce the potentially adverse effects that the volatility of fuel markets may have on operating results. In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we periodically enter into various derivative instruments, including forward futures swap contracts. As diesel fuel is not a traded commodity on the futures market, heating oil is used as a substitute for diesel fuel as prices for both generally move in similar directions. Under these contracts, we pay a fixed rate per gallon of heating oil and receive the monthly average price of New York heating oil per the New York Mercantile Exchange ("NYMEX"). The retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and heating oil were deemed to be highly effective based on the relevant authoritative guidance. We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes. | |
We recognize all derivative instruments at fair value on our condensed consolidated balance sheets. Our derivative instruments are designated as cash flow hedges, thus the effective portion of the gain or loss on the derivatives is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transaction affects earnings. The effective portion of the derivative represents the change in fair value of the hedge that offsets the change in fair value of the hedged item. To the extent the change in the fair value of the hedge does not perfectly offset the change in the fair value of the hedged item, the ineffective portion of the hedge is immediately recognized in our condensed consolidated statements of operations. Ineffectiveness is calculated using the cumulative dollar offset method as an estimate of the difference in the expected cash flows of the heating oil futures contracts compared to the changes in the all-in cash outflows required for the diesel fuel purchases. | |
At September 30, 2013, we had forward futures swap contracts on approximately 3.7 million gallons for the remainder of 2013 or approximately 23% of our projected remaining 2013 fuel requirements, 13.1 million gallons for 2014 or approximately 20% of our projected 2014 fuel requirements, and 3.0 million gallons for 2015 or approximately 4.7% of our projected 2015 fuel requirements. | |
The fair value of the contracts that were in effect at September 30, 2013, which had a fair value of approximately $0.2 million and are included in other long-term liabilities in the condensed consolidated balance sheet, are included in accumulated other comprehensive income, net of tax. Additionally, $0.2 million, net of tax, was reclassified from accumulated other comprehensive income into our results from operations for the three and nine months ended September 30, 2013, respectively, related to gains on contracts that expired. In addition to the amounts reclassified into our results of operations as a reduction of fuel expense we recorded $0.1 million of unfavorable ineffectiveness on the contracts that existed at September 30, 2013. The ineffectiveness was calculated using the cumulative dollar offset method as an estimate of the difference in the expected cash flows of the heating oil futures contracts compared to the changes in the all-in cash outflows required for the diesel fuel purchases. | |
Based on the amounts in accumulated other comprehensive income as of September 30, 2013 and the expected timing of the purchases of the diesel hedged, we expect to reclassify $0.2 million of gains, net of tax, on derivative instruments from accumulated other comprehensive income into our results from operations during the next twelve months due to the actual diesel fuel purchases. The amounts actually realized will be dependent on the fair values as of the date of settlement. | |
We perform both a prospective and retrospective assessment of the effectiveness of our hedge contracts at inception and quarterly, including assessing the possibility of counterparty default. If we determine that a derivative is no longer expected to be highly effective, we discontinue hedge accounting prospectively and recognize subsequent changes in the fair value of the hedge in earnings. As a result of our effectiveness assessment at inception and at September 30, 2013, we believe our hedge contracts have been and will continue to be highly effective in offsetting changes in cash flows attributable to the hedged risk. | |
Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties to the agreements. We do not expect any of the counterparties to fail to meet their obligations. Our credit exposure related to these financial instruments is represented by the fair value of contracts reported as assets. To manage credit risk, we review each counterparty's audited financial statements and credit ratings and obtain references. |
Note_7_Debt
Note 7 - Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 7. Debt | |||||||||||||||||
Current and long-term debt consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||||||||||
(in thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Current | Long- | Current | Long- | ||||||||||||||
Term | Term | ||||||||||||||||
Borrowings under Credit Facility | $ | - | $ | 8,915 | $ | - | $ | 5 | |||||||||
Revenue equipment installment notes with finance companies; weighted average interest rate of 4.5% and 5.2% at September 30, 2013, and December 31, 2012, respectively, due in monthly installments with final maturities at various dates ranging from October 2013 to May 2018, secured by related revenue equipment | 39,587 | 130,096 | 61,200 | 94,920 | |||||||||||||
Real estate note; interest rate of 2.7% at September 30, 2013, and December 31, 2012, respectively, due in monthly installments with fixed maturity at October 2013, secured by related real estate | 2,101 | - | 2,328 | - | |||||||||||||
Other note payable, interest rate of 3.0% at September 30, 2013, and December 31, 2012, with fixed maturity at November 2016 | 108 | 216 | 108 | 289 | |||||||||||||
Total debt | 41,796 | 139,227 | 63,636 | 95,214 | |||||||||||||
Capital lease obligations, secured by related revenue equipment | 5,950 | 10,165 | 2,091 | 14,003 | |||||||||||||
Total debt and capital lease obligations | $ | 47,746 | $ | 149,392 | $ | 65,727 | $ | 109,217 | |||||||||
In September 2008, we and substantially all of our subsidiaries (collectively, the "Borrowers") entered into a Third Amended and Restated Credit Facility (the "Credit Facility") with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. ("JPM," and together with the Agent, the "Lenders"). | |||||||||||||||||
The Credit Facility was originally structured as an $85.0 million revolving credit facility, with an accordion feature that, so long as no event of default existed, allowed us to request an increase in the revolving credit facility of up to $50.0 million. The Credit Facility included, within our $85.0 million revolving credit facility, a letter of credit sub facility in an aggregate amount of $85.0 million and a swing line sub facility in an aggregate amount equal to the greater of $10.0 million or 10% of the Lenders' aggregate commitments under the Credit Facility from time-to-time. | |||||||||||||||||
On January 29, 2013, we entered into an eighth amendment, which was effective December 31, 2012, to the Credit Facility which, among other things, (i) increased the revolver commitment to $95.0 million, (ii) extended the maturity date from September 2014 to September 2017, (iii) eliminated the availability block of $15.0 million, (iv) improved pricing for revolving borrowings by amending the applicable margin as set forth below (beginning January 1, 2013), (v) improved the unused line fee pricing to 0.375% per annum when availability is less than $50.0 million and 0.5% per annum when availability is at or over such amount (beginning January 1, 2013), (vi) provided that the fixed charge coverage ratio covenant will be tested only during periods that commence when availability is less than or equal to the greater of 12.5% of the revolver commitment or $11.9 million, (vii) eliminated the consolidated leverage ratio covenant, (viii) reduced the level of availability below which cash dominion applies to the greater of 15% of the revolver commitment or $14.3 million (previously this level was $75.0 million), (ix) added deemed amortization of real estate and eligible revenue equipment included in the borrowing base to the calculation of fixed charge coverage ratio, (x) amended certain types of permitted debt to afford additional flexibility, and (xi) allowed for stock repurchases in an aggregate amount not exceeding $5.0 million and the purchase of up to the remaining 51% equity interest in Transport Enterprise Leasing, LLC ("TEL"), provided that certain conditions are met. | |||||||||||||||||
In exchange for these amendments, the Borrowers agreed to pay fees of $0.3 million. Based on availability as of September 30, 2013 and December 31, 2012, there was no fixed charge coverage requirement. | |||||||||||||||||
Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent's prime rate, the federal funds rate plus 0.5%, or LIBOR plus 1.0%, plus an applicable margin ranging from 0.5% to 1.25%; while LIBOR loans accrue interest at LIBOR, plus an applicable margin ranging from 1.5% to 2.25%. The applicable rates are adjusted quarterly based on average pricing availability. The unused line fee is also adjusted quarterly between 1.5% and 2.25% based on the average daily amount by which the Lenders' aggregate revolving commitments under the Credit Facility exceed the outstanding principal amount of revolver loans and the aggregate undrawn amount of all outstanding letters of credit issued under the Credit Facility. The obligations under the Credit Facility are guaranteed by us and secured by a pledge of substantially all of our assets, with the notable exclusion of any real estate or revenue equipment pledged under other financing agreements, including revenue equipment installment notes and capital leases. | |||||||||||||||||
Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 million, minus the sum of the stated amount of all outstanding letters of credit; or (B) the sum of (i) 85% of eligible accounts receivable, plus (ii) the lesser of (a) 85% of the appraised net orderly liquidation value of eligible revenue equipment, (b) 95% of the net book value of eligible revenue equipment, or (c) 35% of the Lenders' aggregate revolving commitments under the Credit Facility, plus (iii) the lesser of (a) $25.0 million or (b) 65% of the appraised fair market value of eligible real estate. We had $8.9 million of borrowings outstanding under the Credit Facility as of September 30, 2013, of which $7.0 million were LIBOR loans and $1.9 million were base rate loans, undrawn letters of credit outstanding of approximately $39.0 million, and available borrowing capacity of $40.0 million. The interest rate on outstanding borrowings as of September 30, 2013 was 5.0% on base rate loans and 2.3% on LIBOR loans. | |||||||||||||||||
The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may be accelerated, and the Lenders' commitments may be terminated. If an event of default occurs under the Credit Facility and the Lenders cause all of the outstanding debt obligations under the Credit Facility to become due and payable, this could result in a default under other debt instruments that contain acceleration or cross-default provisions. The Credit Facility contains certain restrictions and covenants relating to, among other things, debt, dividends, liens, acquisitions and dispositions outside of the ordinary course of business, and affiliate transactions. Failure to comply with the covenants and restrictions set forth in the Credit Facility could result in an event of default. | |||||||||||||||||
Capital lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not parties to our Credit Facility. The leases in effect at September 30, 2013 terminate in October 2013 through September 2020 and contain guarantees of the residual value of the related equipment by us. As such, the residual guarantees are included in the related debt balance as a balloon payment at the end of the related term as well as included in the future minimum capital lease payments. These lease agreements require us to pay personal property taxes, maintenance, and operating expenses. | |||||||||||||||||
Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from October 2013 to May 2018. The notes contain certain requirements regarding payment, insuring of collateral, and other matters, but do not have any financial or other material covenants or events of default except certain notes totaling $157.4 million are cross-defaulted with the Credit Facility. Additional borrowings from the financial affiliates of our primary revenue equipment suppliers and other lenders are available to fund most new tractors expected to be delivered in 2013, while any other property and equipment purchases, including trailers, will be funded with a combination of notes, operating leases, capital leases, and/or from the Credit Facility. |
Note_8_StockBased_Compensation
Note 8 - Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
Note 8. Share-Based Compensation | |
On February 21, 2013, the Compensation Committee of our Board of Directors approved, subject to stockholder approval, a third amendment (the "Third Amendment") to the 2006 Omnibus Incentive Plan (the "Incentive Plan"). The Third Amendment provides that (i) the maximum aggregate number of shares of Class A common stock available for grant of awards under the Incentive Plan from and after May 29, 2013, shall not exceed 750,000, plus any remaining available shares of the 800,000 shares previously made available under the Second Amendment, and any expirations, forfeitures, cancellations, or certain other terminations of shares approved for grant under the Third Amendment or the Second Amendment previously reserved, plus any remaining expirations, forfeitures, cancellations, or certain other terminations of such shares, and (ii) re-sets the term of the Incentive Plan to expire with respect to the ability to grant new awards on March 31, 2023. The Compensation Committee also re-approved, subject to stockholder re-approval, the material terms of the performance-based goals under the Incentive Plan so that certain incentive awards granted thereunder would continue to qualify as exempt "performance-based compensation" under Internal Revenue Code Section 162(m). The Company's stockholders approved the adoption of the Third Amendment and re-approved the material terms of the performance-based goals under the Incentive Plan at the Company's 2013 Annual Meeting held on May 29, 2013. | |
The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, non-employee directors, and eligible participants under various types of options, restricted stock awards, or other equity instruments. At September 30, 2013, 759,669 of the aforementioned 1,550,000 shares were available for award following the Third Amendment. No participant in the Incentive Plan may receive awards of any type of equity instruments in any calendar-year that relates to more than 200,000 shares of our Class A common stock. No awards may be made under the Incentive Plan after March 31, 2023. To the extent available, we have issued treasury stock to satisfy all share-based incentive plans. | |
Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is stock-based compensation expense for the three months ended September 30, 2013 and 2012 of approximately $0.1 million and $0.5 million, respectively, and for the nine months ended September 30, 2013 and 2012 of less than $0.1 million and approximately $0.9 million, respectively. For the nine months ended September 30, 2013, we recorded a reversal of $0.4 million of previously recorded stock compensation expense recognized in prior periods related to performance-based restricted stock for which the Company now considers it improbable of meeting the required performance-based criteria for the potential future vesting of such securities. An additional $0.1 million of stock-based compensation was recorded in general supplies and expenses in the condensed consolidated statements of operations for the nine months ended September 30, 2013 and 2012, as it relates to the issuance of restricted stock to non-employee directors. | |
The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested in the third quarter of 2013, certain participants elected to forfeit receipt of 397 shares of Class A common stock at a weighted average per share price of $5.85 based on the closing price of our Class A common stock on the date the shares vested, in lieu of the federal and state minimum statutory tax withholding requirements. Year-to-date in fiscal 2013, we remitted approximately $0.2 million to the proper taxing authorities in satisfaction of the employees' minimum statutory withholding requirements. |
Note_9_Equity_Method_Investmen
Note 9 - Equity Method Investment | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investment [Abstract] | ' | ||||||||||||||||
Equity Method Investment | ' | ||||||||||||||||
Note 9. Equity Method Investment | |||||||||||||||||
On May 31, 2011, we acquired a 49.0% interest in TEL for $1.5 million in cash. Additionally, TEL’s majority owners were eligible to receive an earn-out of up to $4.5 million for TEL’s results through December 31, 2012, of which $1.0 million was earned based on TEL’s 2011 results and $2.9 million was earned based on TEL’s 2012 results. The earn-out payments increased our investment balance and there are no additional possible earn-out payments. | |||||||||||||||||
TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not guaranteed any of TEL’s debt and have no obligation to provide funding, services, or assets. We have an option to acquire 100% of TEL through May 31, 2016, by purchasing the majority owners’ interest based on a multiple of TEL’s average earnings before interest and taxes, adjusted for certain items including cash and debt balances as of the acquisition date. Subsequent to May 31, 2016, TEL’s majority owners have the option to acquire our interest based on the same terms detailed above. During the nine-month period ended September 30, 2013, we sold tractors and trailers to TEL for $14.4 million and reversed a net of $0.1 million gains (consisting of $0.5 million in deferred gains and $0.6 million in reversals of previously deferred gains) on the tractors and trailers sold to TEL until the equipment was subsequently sold to a third party. The deferred gains, totaling $0.7 million at September 30, 2013, are being carried as a reduction in our investment in TEL. At September 30, 2013 and December 31, 2012, we had a receivable from TEL for $1.5 million and $0.8 million, respectively, related to cash disbursements made pursuant to a cash management agreement and related to providing various maintenance services, certain back-office functions, and for miscellaneous equipment. | |||||||||||||||||
We have accounted for our investment in TEL using the equity method of accounting and thus our financial results include our proportionate share of TEL’s 2013 net income, or $2.2 million. Our investment in TEL, totaling $8.4 million and $6.1 million, at September 30, 2013 and December 31, 2012, respectively, is included in other assets in the accompanying condensed consolidated balance sheets. | |||||||||||||||||
See TEL’s summarized financial information below: | |||||||||||||||||
(in thousands) | As of September 30, | As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current Assets | $ | 5,736 | $ | 6,898 | |||||||||||||
Non-current Assets | 40,914 | 21,150 | |||||||||||||||
Current Liabilities | 2,445 | 9,988 | |||||||||||||||
Non-current Liabilities | 35,599 | 13,670 | |||||||||||||||
Total Equity | $ | 8,606 | $ | 4,390 | |||||||||||||
For the three | For the three | For the nine | For the nine | ||||||||||||||
months ended | months ended | months ended | months ended | ||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
Revenue | $ | 16,672 | $ | 11,219 | $ | 39,838 | $ | 42,242 | |||||||||
Operating Expenses | 14,256 | 10,094 | 34,631 | 39,168 | |||||||||||||
Operating Income | 2,416 | 1,125 | 5,207 | 3,074 | |||||||||||||
Net Income | $ | 2,009 | $ | 895 | $ | 4,217 | $ | 2,422 | |||||||||
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 10. Commitments and Contingencies | |
From time-to-time, we are a party to routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying condensed consolidated financial statements. | |
We had $39.0 million and $39.6 million of outstanding and undrawn letters of credit as of September 30, 2013 and December 31, 2012, respectively. The letters of credit are maintained primarily to support our insurance programs. | |
In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third party insurance and for claims outside our coverage limits. Our previous auto liability policy included a policy release premium refund of up to $4.0 million per year, if certain losses were not met and we were to commute the policy for that policy year. In the second quarter of 2012, we commuted the policy for the April 1, 2011 through March 31, 2012 policy year and as such are responsible for all claims that occurred during that policy year, excluding any claims between $10.0 million and $20.0 million, should such a claim develop. We did not commute the policy for the policy year that runs from April 1, 2012 to March 31, 2013. | |
Additionally, effective April 1, 2013, we entered into a new auto liability policy with a three-year term. The policy retains the $1.0 million per claim limit for the primary excess layer of our auto liability program, with no changes to the excess policies. Similar to the prior policy, the current policy contains a commutation option; however, this option is only available after the completion of the three-year policy term, rather than on an annual basis. |
Note_11_Accumulated_Other_Comp
Note 11 - Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Accumulated Other Comprehensive Income [Text Block] | ' | |||||||||
Note 11. Accumulated Other Comprehensive Income | ||||||||||
AOCI is comprised of net income and other adjustments, including changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. | ||||||||||
The following tables summarize the change in the components of our AOCI balance for the periods presented (in thousands; presented net of tax): | ||||||||||
Details about AOCI | Amount Reclassified | Amount Reclassified | Affected Line Item | |||||||
Components | from AOCI for the three | from AOCI for the nine | in the Statement of | |||||||
months ended | months ended | Operations | ||||||||
September 30, | September 30, | |||||||||
2013 | 2013 | |||||||||
Gains on cash flow hedges | ||||||||||
Commodity derivative contracts | $ | 310 | $ | 309 | Fuel expense | |||||
119 | 119 | Income tax expense | ||||||||
$ | 191 | $ | 190 | Net of tax | ||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income–In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2013-02 ("ASU 2013-02"). Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income ("AOCI") by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 did not change the requirements for reporting net income or other comprehensive income in the financial statements. We adopted this guidance on January 1, 2013. This accounting guidance only impacted presentation and did not have an impact on our condensed consolidated balance sheets, results of operations, comprehensive income, stockholders' equity or cash flows. Refer to Note 11. |
Note_2_Income_Per_Share_Tables
Note 2 - Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
(in thousands except per share data) | Three Months ended | Nine Months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 1,973 | $ | 1,002 | $ | 1,905 | $ | 4,612 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 14,864 | 14,757 | 14,827 | 14,737 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equivalent shares issuable upon conversion of unvested restricted stock | 179 | 50 | 196 | 36 | |||||||||||||
Equivalent shares issuable upon conversion of unvested employee stock options | - | - | - | - | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions | 15,043 | 14,807 | 15,023 | 14,773 | |||||||||||||
Basic income per share: | $ | 0.13 | $ | 0.07 | $ | 0.13 | $ | 0.31 | |||||||||
Diluted income per share: | $ | 0.13 | $ | 0.07 | $ | 0.13 | $ | 0.31 |
Note_3_Segment_Information_Tab
Note 3 - Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ' | ||||||||||||||||
(in thousands) | Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Total Revenues: | |||||||||||||||||
Truckload | $ | 160,107 | $ | 161,625 | $ | 479,511 | $ | 477,800 | |||||||||
Other | 10,736 | 6,802 | 28,550 | 18,959 | |||||||||||||
Total | $ | 170,843 | $ | 168,427 | $ | 508,061 | $ | 496,759 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Truckload | $ | 6,831 | $ | 7,612 | $ | 17,969 | $ | 25,176 | |||||||||
Other | 366 | (222 | ) | 575 | (373 | ) | |||||||||||
Unallocated Corporate Overhead | (1,315 | ) | (2,745 | ) | (7,027 | ) | (6,743 | ) | |||||||||
Total | $ | 5,882 | $ | 4,645 | $ | 11,517 | $ | 18,060 |
Note_5_Fair_Value_of_Financial1
Note 5 - Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Hedge derivative assets | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Fair Value of Derivatives | $ | (221 | ) | $ | 524 | ||||
Quoted Prices in Active Markets (Level 1) | - | - | |||||||
Significant Other Observable Inputs (Level 2) | $ | (221 | ) | $ | 524 | ||||
Significant Unobservable Inputs (Level 3) | - | - |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
(in thousands) | 30-Sep-13 | 31-Dec-12 | |||||||||||||||
Current | Long- | Current | Long- | ||||||||||||||
Term | Term | ||||||||||||||||
Borrowings under Credit Facility | $ | - | $ | 8,915 | $ | - | $ | 5 | |||||||||
Revenue equipment installment notes with finance companies; weighted average interest rate of 4.5% and 5.2% at September 30, 2013, and December 31, 2012, respectively, due in monthly installments with final maturities at various dates ranging from October 2013 to May 2018, secured by related revenue equipment | 39,587 | 130,096 | 61,200 | 94,920 | |||||||||||||
Real estate note; interest rate of 2.7% at September 30, 2013, and December 31, 2012, respectively, due in monthly installments with fixed maturity at October 2013, secured by related real estate | 2,101 | - | 2,328 | - | |||||||||||||
Other note payable, interest rate of 3.0% at September 30, 2013, and December 31, 2012, with fixed maturity at November 2016 | 108 | 216 | 108 | 289 | |||||||||||||
Total debt | 41,796 | 139,227 | 63,636 | 95,214 | |||||||||||||
Capital lease obligations, secured by related revenue equipment | 5,950 | 10,165 | 2,091 | 14,003 | |||||||||||||
Total debt and capital lease obligations | $ | 47,746 | $ | 149,392 | $ | 65,727 | $ | 109,217 |
Note_9_Equity_Method_Investmen1
Note 9 - Equity Method Investment (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investment [Abstract] | ' | ||||||||||||||||
Condensed Balance Sheet [Table Text Block] | ' | ||||||||||||||||
(in thousands) | As of September 30, | As of December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Current Assets | $ | 5,736 | $ | 6,898 | |||||||||||||
Non-current Assets | 40,914 | 21,150 | |||||||||||||||
Current Liabilities | 2,445 | 9,988 | |||||||||||||||
Non-current Liabilities | 35,599 | 13,670 | |||||||||||||||
Total Equity | $ | 8,606 | $ | 4,390 | |||||||||||||
Condensed Income Statement [Table Text Block] | ' | ||||||||||||||||
For the three | For the three | For the nine | For the nine | ||||||||||||||
months ended | months ended | months ended | months ended | ||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||||||
Revenue | $ | 16,672 | $ | 11,219 | $ | 39,838 | $ | 42,242 | |||||||||
Operating Expenses | 14,256 | 10,094 | 34,631 | 39,168 | |||||||||||||
Operating Income | 2,416 | 1,125 | 5,207 | 3,074 | |||||||||||||
Net Income | $ | 2,009 | $ | 895 | $ | 4,217 | $ | 2,422 |
Note_11_Accumulated_Other_Comp1
Note 11 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2013 | ||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||
Details about AOCI | Amount Reclassified | Amount Reclassified | Affected Line Item | |||||||
Components | from AOCI for the three | from AOCI for the nine | in the Statement of | |||||||
months ended | months ended | Operations | ||||||||
September 30, | September 30, | |||||||||
2013 | 2013 | |||||||||
Gains on cash flow hedges | ||||||||||
Commodity derivative contracts | $ | 310 | $ | 309 | Fuel expense | |||||
119 | 119 | Income tax expense | ||||||||
$ | 191 | $ | 190 | Net of tax |
Note_2_Income_Per_Share_Detail
Note 2 - Income Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 179,278 | 69,678 | 195,672 | 69,678 |
Note_2_Income_Per_Share_Detail1
Note 2 - Income Per Share (Details) - Net Income per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income (in Dollars) | $1,973 | $1,002 | $1,905 | $4,612 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share b weighted-average shares | 14,864 | 14,757 | 14,827 | 14,737 |
Equivalent shares issuable upon conversion of unvested restricted stock | 179 | 50 | 196 | 36 |
Denominator for diluted earnings per share b adjusted weighted-average shares and assumed conversions | 15,043 | 14,807 | 15,023 | 14,773 |
Basic income per share: (in Dollars per share) | $0.13 | $0.07 | $0.13 | $0.31 |
Diluted income per share: (in Dollars per share) | $0.13 | $0.07 | $0.13 | $0.31 |
Note_3_Segment_Information_Det
Note 3 - Segment Information (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Note_3_Segment_Information_Det1
Note 3 - Segment Information (Details) - Segment Summary (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total Revenues: | ' | ' | ' | ' |
Revenues | $170,843 | $168,427 | $508,061 | $496,759 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income (Loss) | 5,882 | 4,645 | 11,517 | 18,060 |
Operating Segments [Member] | Truckload [Member] | ' | ' | ' | ' |
Total Revenues: | ' | ' | ' | ' |
Revenues | 160,107 | 161,625 | 479,511 | 477,800 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income (Loss) | 6,831 | 7,612 | 17,969 | 25,176 |
Operating Segments [Member] | Other Segments [Member] | ' | ' | ' | ' |
Total Revenues: | ' | ' | ' | ' |
Revenues | 10,736 | 6,802 | 28,550 | 18,959 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income (Loss) | 366 | -222 | 575 | -373 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating Income (Loss) | ($1,315) | ($2,745) | ($7,027) | ($6,743) |
Note_4_Income_Taxes_Details
Note 4 - Income Taxes (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Note 4 - Income Taxes (Details) [Line Items] | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ' |
Liability for Uncertain Tax Positions, Current | $2,000,000 | $2,600,000 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 111,000 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Note 4 - Income Taxes (Details) [Line Items] | ' | ' |
Deferred Tax Assets, Valuation Allowance | $700,000 | ' |
Note_5_Fair_Value_of_Financial2
Note 5 - Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Note 5 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Trade Receivables Held-for-sale, Net | $11.90 |
Allowance for Doubtful Accounts Receivable | 0.1 |
Collateral for Collection Issues [Member] | ' |
Note 5 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Accounts Payable | $0.90 |
Note_5_Fair_Value_of_Financial3
Note 5 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 5 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Hedge derivative assets | ($221) | $524 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 5 - Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Hedge derivative assets | ($221) | $524 |
Note_6_Derivative_Instruments_
Note 6 - Derivative Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Gallons of Diesel [Member] | Gallons of Diesel [Member] | Gallons of Diesel [Member] | Gallons of Diesel [Member] | |||
Note 6 - Derivative Instruments (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, Number of Instruments Held | ' | ' | 3,700,000 | 3,000,000 | 13,100,000 | ' |
Percent of Projected Fuel Requirements | ' | ' | ' | 4.70% | 20.00% | 23.00% |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral (in Dollars) | $0.20 | $0.20 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (in Dollars) | 0.2 | 0.2 | ' | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value (in Dollars) | 0.1 | 0.1 | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months (in Dollars) | ' | $0.20 | ' | ' | ' | ' |
Note_7_Debt_Details
Note 7 - Debt (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Jan. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Federal Funds Rate [Member] | LIBOR [Member] | Base Rate Loans [Member] | LIBOR [Member] | LIBOR [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||
Base Rate Loans [Member] | Base Rate Loans [Member] | LIBOR [Member] | LIBOR [Member] | ||||||||||
Note 7 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | $85 | $95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fee Amount (in Dollars) | 0.3 | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | 1.50% | 0.50% | 2.25% | 1.25% |
Debtor-in-Possession Financing, Fee on Unused Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 2.25% |
Line of Credit Facility, Amount Outstanding (in Dollars) | 8.9 | ' | ' | ' | ' | ' | 1.9 | 7 | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount (in Dollars) | 39 | ' | ' | 39.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | 5.00% | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | ' | ' | ' |
Debt, Secured with a Cross Default Feature (in Dollars) | $157.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Debt_Details_Current_an
Note 7 - Debt (Details) - Current and Long-term Debt (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Current debt | $41,796 | $63,636 |
Long-term debt | 139,227 | 95,214 |
Capital lease obligations, secured by related revenue equipment | 5,950 | 2,091 |
Capital lease obligations, secured by related revenue equipment | 10,165 | 14,003 |
Total debt and capital lease obligations | 47,746 | 65,727 |
Total debt and capital lease obligations | 149,392 | 109,217 |
Line of Credit [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Long-term debt | 8,915 | 5 |
Revenue Equipment Installment Notes [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Current debt | 39,587 | 61,200 |
Long-term debt | 130,096 | 94,920 |
Real Estate Note [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Current debt | 2,101 | 2,328 |
Other Note Payable [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Current debt | 108 | 108 |
Long-term debt | $216 | $289 |
Note_7_Debt_Details_Current_an1
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) | Sep. 30, 2013 | Dec. 31, 2012 |
Revenue Equipment Installment Notes [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Weighted average interest rate, current | 4.50% | 5.20% |
Weighted average interest rate, long-term | 4.50% | 5.20% |
Real Estate Note [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Weighted average interest rate, current | 2.70% | 2.70% |
Weighted average interest rate, long-term | 2.70% | 2.70% |
Other Note Payable [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Weighted average interest rate, current | 3.00% | 3.00% |
Weighted average interest rate, long-term | 3.00% | 3.00% |
Note_8_StockBased_Compensation1
Note 8 - Stock-Based Compensation (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | 29-May-13 | 29-May-13 | Sep. 30, 2012 | |
Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | General Supplies and Expenses [Member] | General Supplies and Expenses [Member] | Common Class A [Member] | Third Amendment [Member] | Second Amendment [Member] | Single Participant [Member] | |||
Note 8 - Stock-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 800,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 759,669 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '200,000 |
Allocated Share-based Compensation Expense | ' | ' | ($100,000) | $500,000 | $100,000 | $900,000 | $100,000 | $100,000 | ' | ' | ' | ' |
Reversal of Previous Stock Compensation Expense | -409,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 397 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $5.85 | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | $203,000 | $6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_9_Equity_Method_Investmen2
Note 9 - Equity Method Investment (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 31-May-16 | 31-May-11 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Scenario, Forecast [Member] | Transport Enterprise Leasing, LLC [Member] | Transport Enterprise Leasing, LLC [Member] | Transport Enterprise Leasing, LLC [Member] | Transport Enterprise Leasing, LLC [Member] | Earnout [Member] | Maximum [Member] | |||||
Note 9 - Equity Method Investment (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 100.00% | 49.00% | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 |
Payments to Acquire Businesses and Interest in Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' |
Gain (Loss) on Sale of Equity Investments | ' | ' | ' | ' | ' | ' | 14,400,000 | ' | ' | ' | ' |
Equity Method Investment, Net Sales Proceeds | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' |
Equity Method Investment, Deferred Gain on Sale | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | ' | ' | -71,000 | 157,000 | ' | ' | ' | ' | 600,000 | ' | ' |
Deferred Gain on Sale of Property | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' |
Due from Related Parties | ' | ' | ' | ' | ' | ' | 1,500,000 | 800,000 | ' | ' | ' |
Income (Loss) from Equity Method Investments | 1,150,000 | 555,000 | 2,180,000 | 1,225,000 | ' | ' | 2,200,000 | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | $8,400,000 | $6,100,000 | ' | ' | ' |
Note_9_Equity_Method_Investmen3
Note 9 - Equity Method Investment (Details) - TELbs Summarized Financial Information - Balance Sheets (TEL [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
TEL [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Current Assets | $5,736 | $6,898 |
Non-current Assets | 40,914 | 21,150 |
Current Liabilities | 2,445 | 9,988 |
Non-current Liabilities | 35,599 | 13,670 |
Total Equity | $8,606 | $4,390 |
Note_9_Equity_Method_Investmen4
Note 9 - Equity Method Investment (Details) - TELbs Summarized Financial Information - Income Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Operating Income | $5,882 | $4,645 | $11,517 | $18,060 |
TEL [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue | 16,672 | 11,219 | 39,838 | 42,242 |
Operating Expenses | 14,256 | 10,094 | 34,631 | 39,168 |
Operating Income | 2,416 | 1,125 | 5,207 | 3,074 |
Net Income | $2,009 | $895 | $4,217 | $2,422 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingent Liabilities (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2012 |
In Millions, unless otherwise specified | Maximum [Member] | Maximum [Member] | Minimum [Member] | |||
Note 10 - Commitments and Contingent Liabilities (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | $39 | ' | $39.60 | ' | ' | ' |
undefined | ' | ' | ' | 4 | ' | ' |
Policyholder Benefits and Claims Incurred, Direct | ' | ' | ' | ' | 20 | 10 |
Self Insurance Reserve | ' | $1 | ' | ' | ' | ' |
Note_11_Accumulated_Other_Comp2
Note 11 - Accumulated Other Comprehensive Income (Details) - Components of AOCI (Commodity Contract [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Commodity Contract [Member] | ' | ' |
Gains on cash flow hedges | ' | ' |
Commodity derivative contracts | $310 | $309 |
119 | 119 | |
$191 | $190 |