Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
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 | ' | 12,606,928 | 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-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $19,351,000 | $9,263,000 |
Accounts receivable, net of allowance of $1,918 in 2014 and $1,736 in 2013 | 82,159,000 | 81,242,000 |
Drivers' advances and other receivables, net of allowance of $1,393 in 2014 and $1,337 in 2013 | 6,316,000 | 5,356,000 |
Inventory and supplies | 4,708,000 | 4,718,000 |
Prepaid expenses | 11,374,000 | 10,418,000 |
Assets held for sale | 7,532,000 | 7,073,000 |
Deferred income taxes | 4,631,000 | 5,234,000 |
Income taxes receivable | 1,021,000 | 146,000 |
Total current assets | 137,092,000 | 123,450,000 |
Property and equipment, at cost | 441,271,000 | 462,376,000 |
Less: accumulated depreciation and amortization | -121,147,000 | -132,768,000 |
Net property and equipment | 320,124,000 | 329,608,000 |
Other assets, net | 14,670,000 | 13,364,000 |
Total assets | 471,886,000 | 466,422,000 |
Current liabilities: | ' | ' |
Checks outstanding in excess of bank balances | 2,496,000 | 2,918,000 |
Accounts payable | 12,431,000 | 8,322,000 |
Accrued expenses | 28,769,000 | 28,185,000 |
Current maturities of long-term debt | 37,202,000 | 44,070,000 |
Current portion of capital lease obligations | 9,251,000 | 8,732,000 |
Current portion of insurance and claims accrual | 17,402,000 | 17,151,000 |
Total current liabilities | 107,551,000 | 109,378,000 |
Long-term debt | 173,849,000 | 169,491,000 |
Long-term portion of capital lease obligations | 11,199,000 | 13,186,000 |
Insurance and claims accrual | 13,584,000 | 13,601,000 |
Deferred income taxes | 61,389,000 | 59,077,000 |
Other long-term liabilities | 1,270,000 | 1,329,000 |
Total liabilities | 368,842,000 | 366,062,000 |
Stockholders' equity: | ' | ' |
Additional paid-in-capital | 88,397,000 | 88,620,000 |
Treasury stock at cost; 862,162 shares and 909,387 shares as of June 30, 2014 and December 31, 2013, respectively | -11,871,000 | -12,319,000 |
Accumulated other comprehensive income | 886,000 | 833,000 |
Retained earnings | 25,463,000 | 23,057,000 |
Total stockholders' equity | 103,044,000 | 100,360,000 |
Total liabilities and stockholders' equity | 471,886,000 | 466,422,000 |
Common Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 145,000 | 145,000 |
Common Class B [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $24,000 | $24,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable allowance (in Dollars) | $1,918 | $1,736 |
Drivers' advances and other receivables, allowance (in Dollars) | $1,393 | $1,337 |
Treasury stock shares | 862,162 | 909,387 |
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 | 12,606,928 | 12,559,703 |
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 (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue: | ' | ' | ' | ' |
Freight revenue | $137,678 | $135,991 | $263,951 | $264,165 |
Fuel surcharge revenue | 35,976 | 36,497 | 70,660 | 73,054 |
Total revenue | 173,654 | 172,488 | 334,611 | 337,219 |
Operating expenses: | ' | ' | ' | ' |
Salaries, wages, and related expenses | 56,141 | 54,800 | 109,015 | 109,874 |
Fuel expense | 41,915 | 46,559 | 85,091 | 95,194 |
Operations and maintenance | 11,533 | 12,522 | 23,564 | 24,383 |
Revenue equipment rentals and purchased transportation | 27,612 | 26,776 | 52,946 | 49,461 |
Operating taxes and licenses | 2,562 | 2,662 | 5,308 | 5,435 |
Insurance and claims | 7,578 | 7,450 | 13,684 | 15,761 |
Communications and utilities | 1,427 | 1,252 | 2,864 | 2,536 |
General supplies and expenses | 4,529 | 4,393 | 8,338 | 8,300 |
Depreciation and amortization, including gains and losses on disposition of property and equipment | 11,301 | 9,724 | 24,391 | 20,640 |
Total operating expenses | 164,598 | 166,138 | 325,201 | 331,584 |
Operating income | 9,056 | 6,350 | 9,410 | 5,635 |
Other (income) expenses: | ' | ' | ' | ' |
Interest expense | 2,722 | 2,617 | 5,473 | 5,250 |
Interest income | -4 | -2 | -8 | -1 |
Other expenses, net | 2,718 | 2,615 | 5,465 | 5,249 |
Equity in income of affiliate | 850 | 550 | 1,650 | 1,030 |
Income before income taxes | 7,188 | 4,285 | 5,595 | 1,416 |
Income tax expense | 3,408 | 2,394 | 3,189 | 1,484 |
Net income (loss) | $3,780 | $1,891 | $2,406 | ($68) |
Income (loss) per share: | ' | ' | ' | ' |
Basic net income (loss) per share (in Dollars per share) | $0.25 | $0.13 | $0.16 | $0 |
Diluted net income (loss) per share (in Dollars per share) | $0.25 | $0.13 | $0.16 | $0 |
Basic weighted average shares outstanding (in Shares) | 14,930 | 14,852 | 14,922 | 14,809 |
Diluted weighted average shares outstanding (in Shares) | 15,179 | 15,052 | 15,176 | 14,809 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $3,780 | $1,891 | $2,406 | ($68) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on effective portion of fuel hedges, net of tax of $787 and $259 in 2014 and $951 and $700 in 2013, respectively | 1,263 | -1,526 | 417 | -1,122 |
Reclassification of fuel hedge (gain) loss into statement of operations, net of tax of $122 and $227 in 2014 and $108 and $0 in 2013, respectively | -196 | 282 | -364 | 1 |
Total other comprehensive income (loss) | 1,067 | -1,244 | 53 | -1,121 |
Comprehensive income (loss) | $4,847 | $647 | $2,459 | ($1,189) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Unrealized gain (loss) on effective portion of fuel hedges, tax | $787 | $259 | $951 | $700 |
Reclassification of fuel hedge (gain) loss into statement of operations, tax | $122 | $227 | $108 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements 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 | |||||||
Balances at December 31, 2013 at Dec. 31, 2013 | $145 | $24 | $88,620 | ($12,319) | $833 | $23,057 | $100,360 |
Net income | ' | ' | ' | ' | ' | 2,406 | 2,406 |
Other comprehensive income | ' | ' | ' | ' | 53 | ' | 53 |
Reversal of previously recognized stock based employee compensation expense | ' | ' | -141 | ' | ' | ' | -141 |
Stock-based employee compensation expense | ' | ' | 294 | ' | ' | ' | 294 |
Issuance of restricted shares | ' | ' | -521 | 448 | ' | ' | -73 |
Income tax benefit arising from restricted share vesting | ' | ' | 145 | ' | ' | ' | 145 |
Balances at June 30, 2014 at Jun. 30, 2014 | $145 | $24 | $88,397 | ($11,871) | $886 | $25,463 | $103,044 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $2,406 | ($68) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Provision for losses on accounts receivable | 426 | 141 |
(Reversal) deferred gain on sales to equity method investee | -72 | 285 |
Depreciation and amortization | 24,970 | 21,576 |
Amortization of deferred financing fees | 123 | 122 |
Deferred income tax benefit | 3,028 | 2,052 |
Income tax (benefit) deficit arising from restricted share vesting | -145 | 111 |
Unrealized (gain) loss on ineffective portion of fuel hedges | -20 | 75 |
Stock-based compensation expense | 253 | 9 |
Equity in income of affiliate | -1,650 | -1,030 |
Gain on disposition of property and equipment | -579 | -936 |
Changes in operating assets and liabilities: | ' | ' |
Receivables and advances | -3,122 | -10,546 |
Prepaid expenses and other assets | -933 | -2,948 |
Inventory and supplies | 10 | -120 |
Insurance and claims accrual | 234 | 7,936 |
Accounts payable and accrued expenses | 191 | -2,401 |
Net cash flows provided by operating activities | 25,120 | 14,258 |
Cash flows from investing activities: | ' | ' |
Acquisition of property and equipment | -59,417 | -44,613 |
Return on investment (investment) in affiliated company | 307 | -500 |
Proceeds from disposition of property and equipment | 48,540 | 26,875 |
Net cash flows used in investing activities | -10,570 | -18,238 |
Cash flows from financing activities: | ' | ' |
Change in checks outstanding in excess of bank balances | -422 | -479 |
Proceeds from issuance of notes payable | 36,063 | 42,556 |
Income tax benefit (deficit) arising from restricted share vesting | 145 | -111 |
Repayments of notes payable | -48,385 | -46,752 |
Repayments of capital lease obligations | -1,468 | -1,028 |
Proceeds under revolving credit facility, net | 9,813 | 12,549 |
Payment of minimum tax withholdings on stock compensation | -174 | -200 |
Debt refinancing costs | -34 | -347 |
Net cash used in financing activities | -4,462 | 6,188 |
Net change in cash and cash equivalents | 10,088 | 2,208 |
Cash and cash equivalents at beginning of period | 9,263 | 6,846 |
Cash and cash equivalents at end of period | $19,351 | $9,054 |
Note_1_Significant_Accounting_
Note 1 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
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, 2013 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, 2013. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year. |
Note_2_Income_Loss_Per_Share
Note 2 - Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 2. Income (Loss) Per Share | |||||||||||||||||
Basic income (loss) 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 (loss) 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 (loss) per share for the three and six months ended June 30, 2014 and 2013 excludes all unexercised options and 32,857 and 199,638 unvested shares, respectively, since the effect of any assumed exercise of the related awards would be anti-dilutive. Income (loss) 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 loss per share included in the condensed consolidated statements of operations: | |||||||||||||||||
(in thousands except per share data) | Three Months ended | Six Months ended | |||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 3,780 | $ | 1,891 | $ | 2,406 | $ | (68 | ) | ||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 14,930 | 14,852 | 14,922 | 14,809 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equivalent shares issuable upon conversion of unvested restricted stock | 249 | 200 | 254 | - | |||||||||||||
Equivalent shares issuable upon conversion of unvested employee stock options | - | - | - | - | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions | 15,179 | 15,052 | 15,176 | 14,809 | |||||||||||||
Basic income (loss) per share: | $ | 0.25 | $ | 0.13 | $ | 0.16 | $ | (0.00 | ) | ||||||||
Diluted income (loss) per share: | $ | 0.25 | $ | 0.13 | $ | 0.16 | $ | (0.00 | ) | ||||||||
Note_3_Segment_Information
Note 3 - Segment Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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, regional, and intermodal 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 service offerings ancillary to our Truckload operations, including: (i) freight brokerage service 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 or qualitative reporting thresholds. As a result, these operations are grouped in "Other" in the table below. | |||||||||||||||||
"Unallocated Corporate Overhead" includes expenses that are incidental to our activities and are not specifically allocated to one of the segments. | |||||||||||||||||
The following table summarizes our segment information: | |||||||||||||||||
(in thousands) | Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total Revenues: | |||||||||||||||||
Truckload | $ | 160,338 | $ | 161,884 | $ | 310,593 | $ | 319,405 | |||||||||
Other | 13,316 | 10,604 | 24,018 | 17,814 | |||||||||||||
Total | $ | 173,654 | $ | 172,488 | $ | 334,611 | $ | 337,219 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Truckload | $ | 12,065 | $ | 7,967 | $ | 12,515 | $ | 11,138 | |||||||||
Other | 565 | 475 | 1,106 | 208 | |||||||||||||
Unallocated Corporate Overhead | (3,574 | ) | (2,092 | ) | (4,211 | ) | (5,711 | ) | |||||||||
Total | $ | 9,056 | $ | 6,350 | $ | 9,410 | $ | 5,635 | |||||||||
Note_4_Income_Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
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 (loss) 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 and elect 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 or loss 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 June 30, 2014 has not changed significantly in amount or composition since December 31, 2013. | |
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, a valuation allowance has been established at June 30, 2014, for $0.9 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. |
Note_5_Fair_Value_Measurements
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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 | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Fair Value of Derivatives | $ | 1,516 | $ | 1,412 | |||||
Quoted Prices in Active Markets (Level 1) | - | - | |||||||
Significant Other Observable Inputs (Level 2) | $ | 1,516 | $ | 1,412 | |||||
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 $12.8 million of factoring receivables at June 30, 2014, net of a $0.2 million allowance for bad debts. We 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 June 30, 2014, the retained amounts related to factored receivables totaled $1.3 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. The carrying amount of our long-term debt approximates its fair value. 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 | 6 Months Ended |
Jun. 30, 2014 | |
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 loss 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 June 30, 2014, we had forward futures swap contracts on approximately 6.8 million gallons for the remainder of 2014, or approximately 24.8% of our projected remaining 2014 fuel requirements, approximately 11.0 million gallons for 2015, or approximately 20.0% of our projected 2015 fuel requirements, and approximately 4.5 million gallons for 2016, or approximately 8.2% of our projected 2016 fuel requirements. | |
The fair value of the contracts that were in effect at June 30, 2014, which had a fair value of approximately $1.5 million, are included in other long-term assets in the condensed consolidated balance sheet and are included in accumulated other comprehensive income, net of tax. Additionally, $0.3 million and $0.6 million were reclassified from accumulated other comprehensive income into our results from operations as a reduction in fuel expense for the three and six months ended June 30, 2014, 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 less than $0.1 million of favorable ineffectiveness on the contracts that existed at June 30, 2014. 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. The calculation of ineffectiveness excludes approximately $0.1 million from the assessment of hedge ineffectiveness as a result of the related contracts being in an under hedged position as of the date of the calculation. | |
Based on the amounts in accumulated other comprehensive income as of June 30, 2014, and the expected timing of the purchases of the diesel hedged, we expect to reclassify approximately $0.6 million of gains 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 June 30, 2014, 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 7. Debt | |||||||||||||||||
Current and long-term debt consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||
Current | Long-Term | Current | Long-Term | ||||||||||||||
Borrowings under Credit Facility | $ | - | $ | 16,823 | $ | - | $ | 7,010 | |||||||||
Revenue equipment installment notes with finance companies; weighted average interest rate of 4.0% and 4.7% at June 30, 2014 and December 31, 2013, respectively, due in monthly installments with final maturities at various dates ranging from July 2014 to December 2021, secured by related revenue equipment | 36,918 | 153,206 | 43,745 | 158,596 | |||||||||||||
Real estate note; interest rate of 2.5 % and 2.4% at June 30, 2014 and December 31, 2013, due in monthly installments with fixed maturity at December 2018, secured by related real estate | 176 | 3,679 | 217 | 3,693 | |||||||||||||
Other note payable, interest rate of 3.0% at June 30, 2014 and December 31, 2013, respectively, with fixed maturity at November 2016 | 108 | 142 | 108 | 192 | |||||||||||||
Total debt | 37,202 | 173,850 | 44,070 | 169,491 | |||||||||||||
Principal portion of capital lease obligations, secured by related revenue equipment | 9,251 | 11,199 | 8,732 | 13,186 | |||||||||||||
Total debt and capital lease obligations | $ | 46,453 | $ | 185,049 | $ | 52,802 | $ | 182,677 | |||||||||
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. | |||||||||||||||||
In January 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 June 30, 2014 and December 31, 2013, 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 $16.8 million of borrowings outstanding under the Credit Facility as of June 30, 2014, undrawn letters of credit outstanding of approximately $37.2 million, and available borrowing capacity of $35.7 million. The interest rate on outstanding borrowings as of June 30, 2014, was 5.0% on $3.8 million of base rate loans and 2.3% on $13.0 million of 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 June 30, 2014 terminate in July 2014 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 July 2014 to December 2021. 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 $176.8 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 2014, 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 | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
Note 8. Share-Based Compensation | |
In February 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 (i) provides that 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 to the Incentive Plan (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 June 30, 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 June 30, 2014, 674,591 of the aforementioned 1,550,000 shares were available for award under the amended Incentive Plan. 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 June 30, 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 for the three months ended June 30, 2014 and 2013, is stock-based compensation expense of approximately $0.2 million and benefit of $0.3 million, respectively, and expense of $0.2 million and benefit of $0.1 million for the six months ended June 30, 2014 and 2013, respectively. The 2014 and 2013 amounts include the reversal of approximately $0.1 million and $0.4 million, respectively, of previously recorded stock compensation expense recognized in prior periods related to performance-based restricted stock for which the Company has determined it is 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 three and six months ended June 30, 2014 and 2013, 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, certain participants elected to forfeit receipt of 15,388 shares of Class A common stock at a weighted average per share price of $11.28 based on the closing price of our Class A common stock on the dates the shares vested in 2014, in lieu of the federal and state minimum statutory tax withholding requirements. We remitted $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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investment [Abstract] | ' | ||||||||||||||||
Equity Method Investment | ' | ||||||||||||||||
Note 9. Equity Method Investment | |||||||||||||||||
In May 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 $2.4 million was earned based on TEL’s 2012 results. The earn-out payments increased our investment balance and there are no additional possible earn-outs. | |||||||||||||||||
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 six-month period ended June 30, 2014, we sold tractors and trailers to TEL totaling $4.9 million and reversed $0.1 million in previously deferred gains on the tractors and trailers sold to TEL for equipment that was subsequently sold to a third party. The deferred gains, totaling $0.8 million at June 30, 2014, are being carried as a reduction in our investment in TEL. At June 30, 2014 and December 31, 2013, we had a receivable from TEL for $1.8 million and $1.9 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 2014 net income, or $1.7 million. Our investment in TEL, totaling $10.2 million and $8.7 million, at June 30, 2014 and December 31, 2013, respectively, is included in other assets in the accompanying condensed consolidated balance sheets. | |||||||||||||||||
See TEL’s summarized financial information below. | |||||||||||||||||
(in thousands) | As of June 30, | As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current Assets | $ | 11,317 | $ | 9,160 | |||||||||||||
Non-current Assets | 44,965 | 40,296 | |||||||||||||||
Current Liabilities | 2,487 | 13,456 | |||||||||||||||
Non-current Liabilities | 41,096 | 26,101 | |||||||||||||||
Total Equity | $ | 12,699 | $ | 9,899 | |||||||||||||
For the three months | For the three months | For the six months | For the six months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||||||
Revenue | $ | 23,242 | $ | 12,837 | $ | 40,889 | $ | 23,166 | |||||||||
Operating Expenses | 20,956 | 11,355 | 36,493 | 20,375 | |||||||||||||
Operating Income | 2,286 | 1,482 | 4,396 | 2,791 | |||||||||||||
Net Income | $ | 1,766 | $ | 1,197 | $ | 3,427 | $ | 2,208 | |||||||||
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
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 $35.7 million and $39.0 million of outstanding and undrawn letters of credit as of June 30, 2014 and December 31, 2013, respectively. The letters of credit are maintained primarily to support our insurance programs. | |
Effective April 1, 2013, we entered into an 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. |
Note_11_Accumulated_Other_Comp
Note 11 - Accumulated Other Comprehensive Income | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Comprehensive Income (Loss) Note [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 Components | Amount Reclassified from AOCI for the three months ended June 30, 2014 | Amount Reclassified from AOCI for the six months ended June 30, 2014 | Affected Line Item in the Statement of Operations | |||||||
Gains on cash flow hedges | ||||||||||
Commodity derivative contracts | $ | (318 | ) | $ | (591 | ) | Fuel expense | |||
122 | 227 | Income tax expense | ||||||||
$ | (196 | ) | $ | (364 | ) | Net of tax | ||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
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, 2013 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, 2013. Results of operations in interim periods are not necessarily indicative of results to be expected for a full year. |
Note_2_Income_Loss_Per_Share_T
Note 2 - Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
(in thousands except per share data) | Three Months ended | Six Months ended | |||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 3,780 | $ | 1,891 | $ | 2,406 | $ | (68 | ) | ||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 14,930 | 14,852 | 14,922 | 14,809 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Equivalent shares issuable upon conversion of unvested restricted stock | 249 | 200 | 254 | - | |||||||||||||
Equivalent shares issuable upon conversion of unvested employee stock options | - | - | - | - | |||||||||||||
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions | 15,179 | 15,052 | 15,176 | 14,809 | |||||||||||||
Basic income (loss) per share: | $ | 0.25 | $ | 0.13 | $ | 0.16 | $ | (0.00 | ) | ||||||||
Diluted income (loss) per share: | $ | 0.25 | $ | 0.13 | $ | 0.16 | $ | (0.00 | ) |
Note_3_Segment_Information_Tab
Note 3 - Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
(in thousands) | Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total Revenues: | |||||||||||||||||
Truckload | $ | 160,338 | $ | 161,884 | $ | 310,593 | $ | 319,405 | |||||||||
Other | 13,316 | 10,604 | 24,018 | 17,814 | |||||||||||||
Total | $ | 173,654 | $ | 172,488 | $ | 334,611 | $ | 337,219 | |||||||||
Operating Income (Loss): | |||||||||||||||||
Truckload | $ | 12,065 | $ | 7,967 | $ | 12,515 | $ | 11,138 | |||||||||
Other | 565 | 475 | 1,106 | 208 | |||||||||||||
Unallocated Corporate Overhead | (3,574 | ) | (2,092 | ) | (4,211 | ) | (5,711 | ) | |||||||||
Total | $ | 9,056 | $ | 6,350 | $ | 9,410 | $ | 5,635 |
Note_5_Fair_Value_Measurements1
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||
(in thousands) | |||||||||
Hedge derivative assets | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Fair Value of Derivatives | $ | 1,516 | $ | 1,412 | |||||
Quoted Prices in Active Markets (Level 1) | - | - | |||||||
Significant Other Observable Inputs (Level 2) | $ | 1,516 | $ | 1,412 | |||||
Significant Unobservable Inputs (Level 3) | - | - |
Note_7_Debt_Tables
Note 7 - Debt (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
(in thousands) | 30-Jun-14 | 31-Dec-13 | |||||||||||||||
Current | Long-Term | Current | Long-Term | ||||||||||||||
Borrowings under Credit Facility | $ | - | $ | 16,823 | $ | - | $ | 7,010 | |||||||||
Revenue equipment installment notes with finance companies; weighted average interest rate of 4.0% and 4.7% at June 30, 2014 and December 31, 2013, respectively, due in monthly installments with final maturities at various dates ranging from July 2014 to December 2021, secured by related revenue equipment | 36,918 | 153,206 | 43,745 | 158,596 | |||||||||||||
Real estate note; interest rate of 2.5 % and 2.4% at June 30, 2014 and December 31, 2013, due in monthly installments with fixed maturity at December 2018, secured by related real estate | 176 | 3,679 | 217 | 3,693 | |||||||||||||
Other note payable, interest rate of 3.0% at June 30, 2014 and December 31, 2013, respectively, with fixed maturity at November 2016 | 108 | 142 | 108 | 192 | |||||||||||||
Total debt | 37,202 | 173,850 | 44,070 | 169,491 | |||||||||||||
Principal portion of capital lease obligations, secured by related revenue equipment | 9,251 | 11,199 | 8,732 | 13,186 | |||||||||||||
Total debt and capital lease obligations | $ | 46,453 | $ | 185,049 | $ | 52,802 | $ | 182,677 |
Note_9_Equity_Method_Investmen1
Note 9 - Equity Method Investment (Tables) (Transport Enterprise Leasing, LLC [Member]) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Balance Sheet [Member] | ' | ||||||||||||||||
Note 9 - Equity Method Investment (Tables) [Line Items] | ' | ||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||
(in thousands) | As of June 30, | As of December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current Assets | $ | 11,317 | $ | 9,160 | |||||||||||||
Non-current Assets | 44,965 | 40,296 | |||||||||||||||
Current Liabilities | 2,487 | 13,456 | |||||||||||||||
Non-current Liabilities | 41,096 | 26,101 | |||||||||||||||
Total Equity | $ | 12,699 | $ | 9,899 | |||||||||||||
Income Statement [Member] | ' | ||||||||||||||||
Note 9 - Equity Method Investment (Tables) [Line Items] | ' | ||||||||||||||||
Equity Method Investments [Table Text Block] | ' | ||||||||||||||||
For the three months | For the three months | For the six months | For the six months | ||||||||||||||
ended | ended | ended | ended | ||||||||||||||
30-Jun-14 | 30-Jun-13 | 30-Jun-14 | 30-Jun-13 | ||||||||||||||
Revenue | $ | 23,242 | $ | 12,837 | $ | 40,889 | $ | 23,166 | |||||||||
Operating Expenses | 20,956 | 11,355 | 36,493 | 20,375 | |||||||||||||
Operating Income | 2,286 | 1,482 | 4,396 | 2,791 | |||||||||||||
Net Income | $ | 1,766 | $ | 1,197 | $ | 3,427 | $ | 2,208 |
Note_11_Accumulated_Other_Comp1
Note 11 - Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ' | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||
Details about AOCI Components | Amount Reclassified from AOCI for the three months ended June 30, 2014 | Amount Reclassified from AOCI for the six months ended June 30, 2014 | Affected Line Item in the Statement of Operations | |||||||
Gains on cash flow hedges | ||||||||||
Commodity derivative contracts | $ | (318 | ) | $ | (591 | ) | Fuel expense | |||
122 | 227 | Income tax expense | ||||||||
$ | (196 | ) | $ | (364 | ) | Net of tax |
Note_2_Income_Loss_Per_Share_D
Note 2 - Income (Loss) Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 32,857 | 199,638 | 32,857 | 199,638 |
Note_2_Income_Loss_Per_Share_D1
Note 2 - Income (Loss) Per Share (Details) - Calculation of Net Loss Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income (loss) (in Dollars) | $3,780 | $1,891 | $2,406 | ($68) |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share b weighted-average shares | 14,930 | 14,852 | 14,922 | 14,809 |
Equivalent shares issuable upon conversion of unvested restricted stock | 249 | 200 | 254 | ' |
Denominator for diluted earnings per share b adjusted weighted-average shares and assumed conversions | 15,179 | 15,052 | 15,176 | 14,809 |
Basic income (loss) per share: (in Dollars per share) | $0.25 | $0.13 | $0.16 | $0 |
Diluted income (loss) per share: (in Dollars per share) | $0.25 | $0.13 | $0.16 | $0 |
Note_3_Segment_Information_Det
Note 3 - Segment Information (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Note 3 - Segment Information (Details) [Line Items] | ' |
Number of Reportable Segments | 1 |
Truckload [Member] | ' |
Note 3 - Segment Information (Details) [Line Items] | ' |
Number of Operating Segments | 3 |
Note_3_Segment_Information_Det1
Note 3 - Segment Information (Details) - Segment Information (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total Revenues: | ' | ' | ' | ' |
Total revenue | $173,654 | $172,488 | $334,611 | $337,219 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating income (loss) | 9,056 | 6,350 | 9,410 | 5,635 |
Operating Segments [Member] | Truckload [Member] | ' | ' | ' | ' |
Total Revenues: | ' | ' | ' | ' |
Total revenue | 160,338 | 161,884 | 310,593 | 319,405 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating income (loss) | 12,065 | 7,967 | 12,515 | 11,138 |
Operating Segments [Member] | Other Segments [Member] | ' | ' | ' | ' |
Total Revenues: | ' | ' | ' | ' |
Total revenue | 13,316 | 10,604 | 24,018 | 17,814 |
Operating Income (Loss): | ' | ' | ' | ' |
Operating income (loss) | 565 | 475 | 1,106 | 208 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Operating Income (Loss): | ' | ' | ' | ' |
Operating income (loss) | ($3,574) | ($2,092) | ($4,211) | ($5,711) |
Note_4_Income_Taxes_Details
Note 4 - Income Taxes (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Note 4 - Income Taxes (Details) [Line Items] | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
State and Local Jurisdiction [Member] | ' |
Note 4 - Income Taxes (Details) [Line Items] | ' |
Deferred Tax Assets, Valuation Allowance | 0.9 |
Note_5_Fair_Value_Measurements2
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Trade Receivables | $12.80 |
Allowance for Doubtful Accounts Receivable | 0.2 |
Collateral for Collection Issues [Member] | ' |
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) [Line Items] | ' |
Accounts Payable | $1.30 |
Note_5_Fair_Value_Measurements3
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Fair Value of Derivatives | $1,516 | $1,412 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Fair Value of Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Fair Value of Derivatives | 1,516 | 1,412 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 5 - Fair Value Measurements and Fair Value of Financial Instruments (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' |
Fair Value of Derivatives | $0 | $0 |
Note_6_Derivative_Instruments_
Note 6 - Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Note 6 - Derivative Instruments (Details) [Line Items] | ' | ' |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | $1.50 | $1.50 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.3 | 0.6 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | ' | 0.1 |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | ' | 0.1 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | ' | $0.60 |
Gallons of Diesel [Member] | Fuel Requirements 2014 [Member] | ' | ' |
Note 6 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative, Number of Instruments Held | 6,800,000 | 6,800,000 |
Percent of Projected Fuel Requirements | ' | 24.80% |
Fuel Requirements 2015 [Member] | Gallons of Diesel [Member] | ' | ' |
Note 6 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative, Number of Instruments Held | 11,000,000 | 11,000,000 |
Percent of Projected Fuel Requirements | ' | 20.00% |
Fuel Requirements 2016 [Member] | Gallons of Diesel [Member] | ' | ' |
Note 6 - Derivative Instruments (Details) [Line Items] | ' | ' |
Derivative, Number of Instruments Held | 4,500,000 | 4,500,000 |
Percent of Projected Fuel Requirements | ' | 8.20% |
Note_7_Debt_Details
Note 7 - Debt (Details) (USD $) | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||||||
Jan. 29, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2008 | Jan. 29, 2013 | 31-May-11 | Jan. 29, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jan. 29, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Jan. 29, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | |
Transport Enterprise Leasing, LLC [Member] | Transport Enterprise Leasing, LLC [Member] | Eighth Amendment [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | Base Rate Loans [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR Loans [Member] | Letter of Credit [Member] | Swing Line Sub Facility [Member] | When Availability Is Less Than $50 Million [Member] | When Availability Is At Least $50 Million [Member] | Testing of Fixed Charge Coverage Ratio Covenant [Member] | Cash Dominion Applies [Member] | Cash Dominion Applies [Member] | Maximum [Member] | Minimum [Member] | |||||
Eighth Amendment [Member] | Federal Funds Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Applicable Margin [Member] | Applicable Margin [Member] | Applicable Margin [Member] | Applicable Margin [Member] | ||||||||||||||||||
Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||||||
Note 7 - Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | ' | ' | ' | $85,000,000 | ' | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $85,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Maximum Increase In Borrowing Capacity (in Dollars) | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Aggregate Commitments Under Credit Facility | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Availability Block Removed (in Dollars) | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | 12.50% | ' | ' | 2.25% | 1.50% |
Line Of Credit Facility, Revolver Commitment Amount (in Dollars) | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | 14,300,000 | 75,000,000 | ' | ' |
Line Of Credit Facility, Availability As Percentage Of Revolver Commitment | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' |
Maximum Stock Repurchase Aggregate Amount Allowed Pursuant To Credit Facility Agreement (in Dollars) | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 51.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Fee Amount (in Dollars) | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | 1.25% | 0.50% | ' | 2.25% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Of Eligible Accounts Receivable | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Appraised Net Orderly Liquidation Value of Eligible Revenue Equipment | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Net Book Value of Eligible Revenue Equipment | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Of Appraised Fair Market Value Of Eligible Real Estate | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit (in Dollars) | ' | 16,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount (in Dollars) | ' | 37,200,000 | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | ' | 35,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Secured with a Cross Default Feature (in Dollars) | ' | $176,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Debt_Details_Current_an
Note 7 - Debt (Details) - Current and Long-term Debt (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Borrowings under Credit Facility | $0 | $0 |
Borrowings under Credit Facility | 16,823 | 7,010 |
Notes payable, current | 37,202 | 44,070 |
Notes payable, long-term | 173,849 | 169,491 |
Principal portion of capital lease obligations, secured by related revenue equipment | 9,251 | 8,732 |
Principal portion of capital lease obligations, secured by related revenue equipment | 11,199 | 13,186 |
Total debt and capital lease obligations | 46,453 | 52,802 |
Total debt and capital lease obligations | 185,049 | 182,677 |
Revenue Equipment Installment Notes [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Notes payable, current | 36,918 | 43,745 |
Notes payable, long-term | 153,206 | 158,596 |
Real Estate Note [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Notes payable, current | 176 | 217 |
Notes payable, long-term | 3,679 | 3,693 |
Other Note Payable [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt [Line Items] | ' | ' |
Notes payable, current | 108 | 108 |
Notes payable, long-term | $142 | $192 |
Note_7_Debt_Details_Current_an1
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) | Jun. 30, 2014 | Dec. 31, 2013 |
Revenue Equipment Installment Notes [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Interest rate on notes payable, current | 4.00% | 4.70% |
Interest rate on notes payable, long-term | 4.00% | 4.70% |
Real Estate Note [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Interest rate on notes payable, current | 2.50% | 2.40% |
Interest rate on notes payable, long-term | 2.50% | 2.40% |
Other Note Payable [Member] | ' | ' |
Note 7 - Debt (Details) - Current and Long-term Debt (Parentheticals) [Line Items] | ' | ' |
Interest rate on notes payable, current | 3.00% | 3.00% |
Interest rate on notes payable, long-term | 3.00% | 3.00% |
Note_8_StockBased_Compensation1
Note 8 - Stock-Based Compensation (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | 29-May-13 | 29-May-13 | |
Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | Salaries, Wages, and Related Expenses [Member] | Other Operating Income (Expense) [Member] | Other Operating Income (Expense) [Member] | Common Class A [Member] | Performance Shares [Member] | Performance Shares [Member] | Third Amendment [Member] | Second Amendment [Member] | |||
Restricted Stock [Member] | Restricted Stock [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) | 674,591 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Number Of Shares Of Class A Common Stock Awarded To Any Participant In The Incentive Plan In Any Calendar Year (in Shares) | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | $200,000 | ($300,000) | $200,000 | ($100,000) | $100,000 | $100,000 | ' | ' | ' | ' | ' |
Reversal of Previous Stock Compensation Expense | -141,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 400,000 | ' | ' |
Shares Paid for Tax Withholding for Share Based Compensation (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,388 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $11.28 | ' | ' | ' | ' |
Payments Related to Tax Withholding for Share-based Compensation | $174,000 | $200,000 | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' | ' |
Note_9_Equity_Method_Investmen2
Note 9 - Equity Method Investment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-11 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-11 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Based On 2011 Results [Member] | Based On 2012 Results [Member] | 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] | ||||||
Transport Enterprise Leasing, LLC [Member] | Transport Enterprise Leasing, LLC [Member] | Reduction In TEI Investment [Member] | |||||||||||
Note 9 - Equity Method Investment (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Income (Loss) from Equity Method Investments | 850,000 | 550,000 | 1,650,000 | 1,030,000 | ' | ' | 2,400,000 | ' | ' | ' | 1,700,000 | ' | ' |
Accrued Liabilities, Current | 28,769,000 | ' | 28,769,000 | ' | 28,185,000 | ' | ' | ' | ' | ' | ' | ' | 0 |
Option To Acquire Interest In Equity Method Investment, Percentage of Ownership | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | 48,540,000 | 26,875,000 | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' |
Deferred Gain on Sale of Property | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | 100,000 | ' | ' |
Due from Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,900,000 | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,200,000 | $8,700,000 | ' |
Note_9_Equity_Method_Investmen3
Note 9 - Equity Method Investment (Details) - TELbs Summarized Financial Information - Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
TELbs Summarized Financial Information - Balance Sheets [Abstract] | ' | ' |
Current Assets | $11,317 | $9,160 |
Non-current Assets | 44,965 | 40,296 |
Current Liabilities | 2,487 | 13,456 |
Non-current Liabilities | 41,096 | 26,101 |
Total Equity | $12,699 | $9,899 |
Note_9_Equity_Method_Investmen4
Note 9 - Equity Method Investment (Details) - TELbs Summarized Financial Information - Income Statement (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
TELbs Summarized Financial Information - Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $23,242 | $12,837 | $40,889 | $23,166 |
Operating Expenses | 20,956 | 11,355 | 36,493 | 20,375 |
Operating Income | 2,286 | 1,482 | 4,396 | 2,791 |
Net Income | $1,766 | $1,197 | $3,427 | $2,208 |
Note_10_Commitments_and_Contin1
Note 10 - Commitments and Contingent Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Letters of Credit Outstanding, Amount | $37.20 | $39 |
Self Insurance Reserve | $1 | ' |
Note_11_Accumulated_Other_Comp2
Note 11 - Accumulated Other Comprehensive Income (Details) - Components of AOCI (Reclassification out of Accumulated Other Comprehensive Income [Member], Commodity Contract [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Gains on cash flow hedges | ' | ' |
($196) | ($364) | |
Fuel Expense [Member] | ' | ' |
Gains on cash flow hedges | ' | ' |
Commodity derivative contracts | -318 | -591 |
Income Tax Expense [Member] | ' | ' |
Gains on cash flow hedges | ' | ' |
$122 | $227 |