Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 09, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | COVENANT TRANSPORTATION GROUP INC | ||
Entity Central Index Key | 0000928658 | ||
Trading Symbol | cvti | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 157.2 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | $0.01 Par Value Class A common stock | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 2,350,000 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 16,166,822 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 43,591 | $ 23,127 |
Accounts receivable, net of allowance of $1,944 in 2019 and $1,985 in 2018 | 167,825 | 151,093 |
Drivers' advances and other receivables, net of allowance of $692 in 2019 and $626 in 2018 | 8,507 | 16,675 |
Inventory and supplies | 4,210 | 4,067 |
Prepaid expenses | 11,707 | 11,579 |
Assets held for sale | 12,010 | 2,559 |
Income taxes receivable | 5,403 | 1,109 |
Other short-term assets | 1,132 | 1,435 |
Total current assets | 254,385 | 211,644 |
Property and equipment, at cost | 725,383 | 638,770 |
Less: accumulated depreciation and amortization | (208,180) | (188,175) |
Net property and equipment | 517,203 | 450,595 |
Goodwill | 42,518 | 41,598 |
Other intangibles, net | 29,615 | 32,538 |
Other assets, net | 37,919 | 37,149 |
Total assets | 881,640 | 773,524 |
Current liabilities: | ||
Checks outstanding in excess of bank balances | 592 | 1,857 |
Accounts payable | 25,745 | 22,101 |
Accrued expenses | 31,840 | 49,503 |
Current maturities of long-term debt | 54,377 | 28,710 |
Current portion of finance lease obligations | 7,258 | 5,374 |
Current portion of operating lease obligations | 19,460 | |
Current portion of insurance and claims accrual | 21,800 | 19,787 |
Other short-term liabilities | 185 | |
Total current liabilities | 161,257 | 127,332 |
Long-term debt | 200,177 | 166,635 |
Long-term portion of finance lease obligations | 26,010 | 35,119 |
Long-term portion of operating lease obligations | 40,882 | |
Insurance and claims accrual | 20,295 | 22,193 |
Deferred income taxes | 80,330 | 77,467 |
Other long-term liabilities | 2,578 | 1,636 |
Total liabilities | 531,529 | 430,382 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Additional paid-in-capital | 141,885 | 142,177 |
Accumulated other comprehensive income | (1,014) | 204 |
Retained earnings | 209,043 | 200,566 |
Total stockholders' equity | 350,111 | 343,142 |
Total liabilities and stockholders' equity | 881,640 | 773,524 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 173 | 171 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 24 | $ 24 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable allowance | $ 1,944 | $ 1,985 |
Driver's advances and other receivables, allowance | $ 692 | $ 626 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 16,165,145 | 16,015,708 |
Common stock, shares outstanding (in shares) | 16,165,145 | 16,015,708 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenue | $ 894,528 | $ 885,455 | $ 705,007 |
Operating expenses: | |||
Salaries, wages, and related expenses | 321,997 | 304,447 | 241,784 |
Fuel expense | 115,307 | 121,264 | 103,139 |
Operations and maintenance | 59,505 | 55,505 | 48,774 |
Revenue equipment rentals and purchased transportation | 204,655 | 183,645 | 141,954 |
Operating taxes and licenses | 13,024 | 11,831 | 9,878 |
Insurance and claims | 47,724 | 43,333 | 33,155 |
Communications and utilities | 6,969 | 7,061 | 6,938 |
General supplies and expenses | 30,434 | 23,227 | 14,783 |
Depreciation and amortization, including gains and losses on disposition of property and equipment | 78,879 | 76,156 | 76,447 |
Total operating expenses | 878,494 | 826,469 | 676,852 |
Operating income | 16,034 | 58,986 | 28,155 |
Interest expense, net | 11,110 | 8,708 | 8,258 |
Income from equity method investment | (7,017) | (7,732) | (3,400) |
Income before income taxes | 11,941 | 58,010 | 23,297 |
Income tax expense (benefit) | 3,464 | 15,507 | (32,142) |
Net income | $ 8,477 | $ 42,503 | $ 55,439 |
Income per share: | |||
Basic income per share (in dollars per share) | $ 0.46 | $ 2.32 | $ 3.03 |
Diluted income per share (in dollars per share) | $ 0.45 | $ 2.30 | $ 3.02 |
Basic weighted average shares outstanding (in shares) | 18,435 | 18,340 | 18,279 |
Diluted weighted average shares outstanding (in shares) | 18,635 | 18,469 | 18,372 |
Cargo and Freight [Member] | |||
Revenues | |||
Revenue | $ 800,401 | $ 779,729 | $ 626,809 |
Fuel Surcharge [Member] | |||
Revenues | |||
Revenue | $ 94,127 | $ 105,726 | $ 78,198 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 8,477 | $ 42,503 | $ 55,439 |
Other comprehensive income: | |||
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $437, $377, and $51 in 2019, 2018 and 2017, respectively | (1,278) | 993 | 149 |
Reclassification of cash flow hedge gains (losses) into statement of operations, net of tax of ($5), $408, and $1,719 in 2019, 2018 and 2017, respectively | 15 | (1,076) | 2,784 |
Unrealized holding gain (loss) on investments classified as available-for-sale | 45 | (6) | |
Total other comprehensive (loss) income | (1,218) | (89) | 2,933 |
Comprehensive income | $ 7,259 | $ 42,414 | $ 58,372 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ 437 | $ 377 | $ 51 |
Reclassification of cash flow hedge gains (losses) into statement of operations, tax | $ (5) | $ 408 | $ 1,719 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2016 | $ 170 | $ 24 | $ 137,912 | $ (1,084) | $ (2,640) | $ 102,032 | $ 236,414 |
Net income | 55,439 | 55,439 | |||||
Other comprehensive income (loss) | 2,933 | 2,933 | |||||
Stock-based employee compensation expense | 951 | 951 | |||||
Issuance of restricted shares, net | 1 | (1,621) | 1,084 | (536) | |||
Balance at Dec. 31, 2017 | 171 | 24 | 137,242 | 293 | 157,471 | 295,201 | |
Net income | 42,503 | 42,503 | |||||
Other comprehensive income (loss) | (89) | (89) | |||||
Stock-based employee compensation expense | 4,802 | 4,802 | |||||
Issuance of restricted shares, net | 133 | 133 | |||||
Balance at Dec. 31, 2018 | 171 | 24 | 142,177 | 204 | 200,566 | 343,142 | |
Effect of adoption of ASU 2014-09 | 592 | 592 | |||||
Net income | 8,477 | 8,477 | |||||
Other comprehensive income (loss) | (1,218) | (1,218) | |||||
Stock-based employee compensation expense | 819 | 819 | |||||
Issuance of restricted shares, net | 2 | (1,111) | (1,109) | ||||
Balance at Dec. 31, 2019 | $ 173 | $ 24 | $ 141,885 | $ (1,014) | $ 209,043 | $ 350,111 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 8,477 | $ 42,503 | $ 55,439 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for losses on accounts receivable | 255 | 507 | 454 |
Reversal of gain on sales to equity method investee | (7) | (189) | (179) |
Depreciation and amortization | 80,529 | 75,859 | 72,422 |
Amortization of deferred financing fees | 147 | 148 | 242 |
Deferred income tax expense (benefit) | 3,454 | 13,840 | (23,023) |
Income tax (expense) benefit arising from restricted share vesting and stock options exercised | (105) | (44) | 457 |
Stock-based compensation expense | 819 | 5,177 | 1,201 |
Equity in income of affiliate | (7,017) | (7,732) | (3,400) |
Return on investment in affiliated company | 1,225 | 1,960 | 1,960 |
(Gain) loss on disposition of property and equipment | (2,829) | 298 | 4,024 |
Return on investment in available-for-sale securities | 13 | (13) | |
Changes in operating assets and liabilities: | |||
Receivables and advances | (6,706) | (27,199) | (23,670) |
Prepaid expenses and other assets | 487 | (2,127) | 1,768 |
Inventory and supplies | (143) | 168 | (252) |
Insurance and claims accrual | 945 | 2,412 | (1,165) |
Operating lease right-of-use asset amortization | 553 | ||
Accounts payable and accrued expenses | (16,066) | 19,232 | (3,425) |
Net cash flows provided by operating activities | 64,031 | 124,800 | 82,853 |
Cash flows from investing activities: | |||
Acquisition of Landair Holdings, Inc., net of cash acquired | (105,946) | ||
Purchase of available-for-sale securities | (1,365) | (1,496) | |
Acquisition of property and equipment | (138,273) | (75,142) | (110,802) |
Proceeds from disposition of property and equipment | 46,609 | 61,687 | 48,749 |
Net cash flows used by investing activities | (93,029) | (120,897) | (62,053) |
Cash flows from financing activities: | |||
Change in checks outstanding in excess of bank balances | (1,265) | 1,857 | (189) |
Proceeds from issuance of notes payable | 107,251 | 100,811 | 121,210 |
Repayments of notes payable | (44,278) | (89,569) | (122,676) |
Repayments of finance lease obligations | (7,225) | (3,883) | (7,416) |
Proceeds under revolving credit facility | 1,734,338 | 1,598,213 | 1,271,669 |
Repayments under revolving credit facility | (1,738,249) | (1,603,309) | (1,274,847) |
Payment of minimum tax withholdings on stock compensation | (1,110) | (242) | (785) |
Debt refinancing costs | (10) | (160) | |
Net cash flows provided by (used in) financing activities | 49,462 | 3,868 | (13,194) |
Net change in cash and cash equivalents | 20,464 | 7,771 | 7,606 |
Cash and cash equivalents at beginning of year | 23,127 | 15,356 | 7,750 |
Cash and cash equivalents at end of year | 43,591 | 23,127 | 15,356 |
Supplemental disclosure of cash flow information: | |||
Interest, net of capitalized interest | 11,026 | 8,568 | 8,268 |
Income taxes | 752 | (5,388) | (2,222) |
Equipment purchased under finance leases | $ 19,638 | $ 9,953 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Covenant Transportation Group, Inc., a Nevada holding company, together with its wholly owned subsidiaries offers transportation and logistics services to customers throughout the continental United States. Segment Realignment In 2019, not four ● Non-dedicated truckload services ("Highway Services"), which consists of two two ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Freight brokerage, transportation management services ("TMS"), and warehousing services (“Managed Freight”), which consists of three three ● Accounts receivable factoring services (“Factoring”), which assists current and potential capacity providers with improving their cash flows through secured invoice factoring services. The following table summarizes our revenue by our four first December 31, 2019, 2018, 2017: Year ended December 31, (in thousands) 2019 2018 2017 Revenues: Highway Services: Expedited $ 262,764 $ 317,244 $ 314,579 OTR 93,757 152,064 153,413 Total Highway Services 356,521 469,308 467,992 Dedicated 342,473 257,739 144,845 Managed Freight: Brokerage 102,479 102,730 79,630 TMS 36,136 27,036 9,412 Warehousing 47,779 23,580 - Total Managed Freight 186,394 153,346 89,042 Factoring 9,140 5,062 3,128 Total revenues $ 894,528 $ 885,455 $ 705,007 Principles of Consolidation The consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest ( 49% not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Highway Services and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice prior to the adoption of ASU 2014 09 January 1, 2018. Revenue generated by our Managed Freight and Factoring segments is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third not Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business. We perform ongoing credit evaluations and generally do not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2019, 2018, 2017 ten 45% 49% 49% 2019 2018, one 10% 2017, two 33 32 2019 2018 Included in accounts receivable is $86.6 $53.6 December 31, 2019 2018 $0.5 $0.4 85% 95% December 31, 2019 $1.8 30–40 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2019, 2018, 2017 Years ended December 31: Beginning balance January 1, Additional provisions to (reversal of) allowance Write-offs and other adjustments Ending balance December 31, 2019 $ 1,985 $ 255 $ (296 ) $ 1,944 2018 $ 1,456 $ 507 $ 22 $ 1,985 2017 $ 1,345 $ 454 $ (343 ) $ 1,456 Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recovered through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors (excluding day cabs) over five 15% seven ten 25 not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 84 A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from 5 15 Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2019 ● auto liability - $1.0 ● workers' compensation - $1.3 ● cargo - $0.3 ● employee medical - $0.4 ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We accrue the estimated cost of the uninsured portion of pending claims and an estimate for allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third $0.3 $3.0 December 31, 2019 2018 $2.1 $5.1 December 31, 2019 2018 may one We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% Effective April 2018, three $9.0 $18.0 $30.0 36 March 31, 2021. $14.0 April 1, 2021. October 1, 2014 March 31, 2018, 42 zero $5.2 not no December 31, 2019 Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was $0.1 2019 $ 0.1 2018 2017, Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. 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. 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 December 31, 2019 14 Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 8. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one 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 earnings per share includes approximately 0.2 December 31, 2019, 2018, 2017 The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the three December 31: (in thousands except per share data) 2019 2018 2017 Numerator: Net income $ 8,477 $ 42,503 $ 55,439 Denominator: Denominator for basic income per share – weighted-average shares 18,435 18,340 18,279 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 200 129 93 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,635 18,469 18,372 Net income per share: Basic income per share $ 0.46 $ 2.32 $ 3.03 Diluted income per share $ 0.45 $ 2.30 $ 3.02 Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service and performance conditions or a combination of the conditions. Performance-based awards vest contingent upon meeting certain performance criteria established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. Recent Accounting Pronouncements Accounting Standards adopted In May 2014 2014 09, five January 1, 2018. As permitted by the guidance, we elected the modified retrospective approach and thus recognized the cumulative effect of adoption of $0.6 first 2018 Based on our review of our customer shipping arrangements and the related guidance, we have concluded that we will recognize revenue from loads proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice. Revenue will be recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Our recognition of revenue under the new standard approximates our recognition of revenue under the prior standard, as there will generally be a consistent amount of freight in process at the beginning and end of the period; however, seasonality and the day on which the period ends may In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the initial recognition of operating lease assets of $40.1 $41.0 $15.3 $25.7 Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note 2 - Liquidity
Note 2 - Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Liquidity Disclosure1 [Text Block] | 2. LIQUIDITY Our business requires significant capital investments over the short-term and the long-term. We generally finance our capital requirements with borrowings under our Credit Facility, cash flows from operations, long-term operating leases, finance leases, secured installment notes with finance companies, and proceeds from the sale of our used revenue equipment. We had working capital (total current assets less total current liabilities) of $93.1 $84.3 December 31, 2019 2018 As of December 31, 2019 no $35.2 $59.8 not |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 3. STOCK-BASED COMPENSATION Our Third Amended and Restated 2006 May 8, 2019, 750,000 162 2017 March 31, 2029, 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 share awards, or other equity instruments. At December 31, 2019 477,245 2,300,000 No may 200,000 No may March 31, 2023. Included in salaries, wages, and related expenses within the consolidated statements of operations is stock-based compensation expense of $0.4 $4.8 $1.0 2019, 2018, 2017 $ 0.4 2019 2018 $0.3 2017 2019, 2018, 2017 no $ 0.1 2019 2018 $0.3 2017 The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows the participant 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 deliver to us 62,255 11,052 31,297 $17.75 $21.89 $25.09 2019, 2018, 2017 $1.1 $0.2 $0.8 2019, 2018, 2017 The following table summarizes our restricted share award activity for the fiscal years ended December 31, 2019, 2018, 2017 Number of Weighted stock average grant awards date fair (in thousands) value Unvested at December 31, 2016 265 $ 18.63 Granted 434 $ 16.69 Vested (96 ) $ 12.78 Forfeited (16 ) $ 19.25 Unvested at December 31, 2017 587 $ 18.14 Granted 153 $ 30.32 Vested (35 ) $ 25.97 Forfeited (30 ) $ 27.58 Unvested at December 31, 2018 675 $ 20.08 Granted 351 $ 15.42 Vested (191 ) $ 19.22 Forfeited (48 ) $ 19.33 Unvested at December 31, 2019 787 $ 18.25 The unvested shares at December 31, 2019 250,112 2020 2026 537,348 December 31, 2019 534,086 not 3,262 December 31, 2019 2022 less than $0.1 The fair value of restricted share awards that vested in 2019, 2018, 2017 $3.4 $0.7 $2.4 December 31, 2019 $3.3 250,112 3,262 2019 2022 20 not There were no December 31, 2019, 2018, 2017 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY AND EQUIPMENT A summary of property and equipment, at cost, as of December 31, 2019 2018 (in thousands) Estimated Useful Lives (Years) 2019 2018 Revenue equipment 3-10 $ 588,828 $ 504,192 Communications equipment 5-10 6,189 3,850 Land and improvements 0-15 23,398 25,240 Buildings and leasehold improvements 7-40 75,471 75,134 Construction in-progress - 400 3,121 Other 2-10 31,097 27,233 $ 725,383 $ 638,770 Depreciation expense was $77.6 $74.4 $71.4 2019, 2018, 2017 $1.7 2019 $0.3 $4.0 2018 2017, We lease certain revenue equipment under finance and operating leases with terms of approximately 48 84 December 31, 2019 2018 $55.0 $55.4 $21.0 $15.6 December 31, 2019 2018 $5.5 $5.4 $2.6 2019, 2018, 2017 7. Leases |
Note 5 - Goodwill, Other Intang
Note 5 - Goodwill, Other Intangible, and Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. GOODWILL, OTHER INTANGIBLE, AND OTHER ASSETS On July 3, 2018, 100% 2019, $0.9 2019. June 30, 2019. The Company conducted its annual impairment assessments and tests of goodwill for each reporting unit as of October 1, 2019. first not not not If the estimation of fair value indicates that impairment potentially exists, the Company will then measure the amount of the impairment, if any. Goodwill impairment exists when the estimated implied fair value of goodwill is less than its carrying value. Changes in strategy or market conditions could significantly impact these fair value estimates and require adjustments to recorded asset balances. A summary of indefinite-lived goodwill and other intangible assets, by reportable operating segment as of December 31, 2019 2018 (in thousands) December 31, 2019 Gross/net goodwill Dedicated $ 15,320 Managed Freight 27,198 Total goodwill $ 42,518 (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 1,998 (200 ) 1,798 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 486 (146 ) 340 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 14,128 (1,766 ) 12,362 Total customer relationships: 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 (in thousands) December 31, 2018 Gross/net goodwill Goodwill $ 41,598 (in thousands) December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 (140 ) 1,260 54 Customer relationships 28,200 (1,175 ) 27,025 138 Total other intangible assets $ 34,000 $ (1,462 ) $ 32,538 The above finite-lived intangible assets have a weighted average remaining life of 128 140 December 31, 2019 2018 $2.9 $1.5 $0.2 2019, 2018, 2017 five (In thousands) 2020 $ 2,923 2021 2,923 2022 2,923 2023 2,783 2024 2,643 Thereafter 15,420 A summary of other assets as of December 31, 2019 2018 (in thousands) 2019 2018 Investment in TEL $ 31,906 $ 26,106 Other assets, net 6,013 11,043 Total other assets, net $ 37,919 $ 37,149 Additionally, the Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount may not |
Note 6 - Debt
Note 6 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. DEBT Current and long-term debt consisted of the following at December 31, 2019 2018 (in thousands) December 31, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.7% at December 31, 2019, and 3.7% December 31, 2018, due in monthly installments with final maturities at various dates ranging from January 2020 to July 2023, secured by related revenue equipment 53,431 177,514 27,809 139,115 Real estate notes; interest rate of 3.3% at December 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,093 22,670 1,048 23,763 Deferred loan costs (147 ) (7 ) (147 ) (154 ) Total debt 54,377 200,177 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 7,258 26,010 5,374 35,119 Principal portion of operating lease obligations, secured by related equipment 19,460 40,882 - - Total debt and lease obligations $ 81,095 $ 267,069 $ 34,084 $ 201,754 We and substantially all of our subsidiaries (collectively, the "Borrowers") are parties to 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 is a $95.0 no $50.0 $95.0 $95.0 $10.0 10% September 2021. 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%, 1.0%, 0.5% 1.0%; 1.5% 2.0%. 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 85% 85% 95% 35% $25.0 75% no December 31, 2019 $35.2 $59.8 December 31, 2019 2018 no 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 may 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 January 2020 July 2023 not $204.7 2020, In August 2015, $28.0 third 4.2%. As of December 31, 2019 7 (in thousands) 2020 $ 54,524 2021 71,231 2022 82,150 2023 27,703 2024 1,294 Thereafter 17,806 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. LEASES We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include one Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not December 31, 2019 January 2020 November 2024 not A summary of our lease obligations for the twelve December 31, 2019 (dollars in thousands) Twelve Months Ended December 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 5,469 Interest on lease liabilities 1,107 Operating lease cost 24,393 Variable lease cost 326 Total lease cost $ 31,295 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 7,226 Operating cash flows for operating leases $ 24,393 Financing cash flows for finance leases $ 1,107 Right-of-use assets obtained in exchange for new finance lease liabilities $ - Right-of-use assets obtained in exchange for new operating lease liabilities $ 37,080 Weighted-average remaining lease term—finance leases 2.9 years Weighted-average remaining lease term—operating leases 3.4 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.2 % At December 31, 2019 $58.8 $35.6 December 31, 2018, $42.5 $40.5 Our future minimum lease payments as of December 31, 2019 (in thousands) Operating Finance 2020 $ 21,991 $ 8,185 2021 18,223 7,719 2022 16,014 9,269 2023 7,293 9,080 2024 439 1,390 Thereafter 1,992 - Total minimum lease payments $ 65,952 $ 35,643 Less: amount representing interest (5,610 ) (2,375 ) Present value of minimum lease payments 60,342 33,268 Less: current portion (19,460 ) (7,258 ) Lease obligations, long-term $ 40,882 $ 26,010 Certain leases contain cross-default provisions with other financing agreements and additional charges if the unit's mileage exceeds certain thresholds defined in the lease agreement. Rental expense is summarized as follows for each of the three December 31: (in thousands) 2019 2018 2017 Revenue equipment rentals $ 20,989 $ 14,682 $ 12,055 Building and lot rentals 2,898 1,339 448 Other equipment rentals 506 881 261 Total rental expense $ 24,393 $ 16,902 $ 12,764 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES Income tax expense (benefit) for the years ended December 31, 2019, 2018, 2017 (in thousands) 2019 2018 2017 Federal, current $ (1,174 ) $ - $ (7,780 ) Federal, deferred 3,976 14,117 (28,055 ) State, current 1,077 1,410 (1,737 ) State, deferred (415 ) (20 ) 5,430 Income tax expense (benefit) $ 3,464 $ 15,507 $ (32,142 ) Income tax expense (benefit) for the years ended December 31, 2019, 2018, 2017 (in thousands) 2019 2018 2017 Computed "expected" income tax expense $ 2,508 $ 12,182 $ 8,154 State income taxes, net of federal income tax effect (351 ) 2,610 862 831(b) election (393 ) (200 ) (290 ) Per diem allowances 1,450 1,446 2,145 Tax contingency accruals 601 (57 ) (43 ) Valuation allowance, net 321 - (1,167 ) Tax credits (377 ) (968 ) (1,352 ) Impact of Tax Act remeasurement - - (40,123 ) Excess tax benefits on share-based compensation 105 50 (457 ) Change in prior year estimates (420 ) - - Other, net 20 444 129 Income tax expense (benefit) $ 3,464 $ 15,507 $ (32,142 ) Income tax expense varies from the amount computed by applying the applicable federal corporate income tax rate of 21 2019 2018 35% 2017 The temporary differences and the approximate tax effects that give rise to our net deferred tax liability at December 31, 2019 2018 (in thousands) 2019 2018 Deferred tax assets: Insurance and claims $ 10,269 $ 9,593 Net operating loss carryovers 25,849 10,260 Tax credits 10,942 11,985 Leased liability 15,668 - Capital lease obligation 8,483 - State bonus 6,576 5,938 Other 2,160 2,412 Valuation allowance (385 ) (63 ) Total deferred tax assets 79,562 40,125 Deferred tax liabilities: Property and equipment (97,066 ) (87,939 ) Investment in partnership (36,669 ) (26,066 ) Deferred fuel hedge - (73 ) ROU Asset- leases (15,280 ) - Other (449 ) (569 ) Sec. 481(a) - capital leases (7,462 ) - Prepaid expenses (2,966 ) (2,945 ) Total deferred tax liabilities (159,892 ) (117,592 ) Net deferred tax liability $ (80,330 ) $ (77,467 ) The net deferred tax liability of $80.3 not may December 31, 2019 $0.4 may As of December 31, 2019 $0.9 $0.1 December 31, 2018 $2.7 $0.9 $0.1 2018 $0.8 $0.1 2019 2017 The following tables summarize the annual activity related to our gross unrecognized tax benefits (in thousands) for the years ended December 31, 2019, 2018, 2017 2019 2018 2017 Balance as of January 1, $ 1,796 $ 1,924 $ 2,051 Increases related to prior year tax positions 2,969 4 19 Decreases related to prior year positions - (9 ) (10 ) Increases related to current year tax positions 287 - - Decreases related to settlements with taxing authorities (4,200 ) - - Decreases related to lapsing of statute of limitations (29 ) (123 ) (136 ) Balance as of December 31, $ 823 $ 1,796 $ 1,924 If recognized, approximately $0.9 $2.5 December 31, 2019 2018 Our 2015 2018 December 31, 2019, 2013 2019 not not 2022. Our federal net operating loss of $103.9 $1.4 2037, $102.5 $10.4 $2.1 2028 2022, Our federal tax credits of $10.4 2028. $1.2 2021. $115.7 $0.6 2021 2029 |
Note 9 - Equity Method Investme
Note 9 - Equity Method Investment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | 9. We own a 49.0% not no May 2016, 51% May 31, 2016, no December 31, 2019 2018 2017 none less than $0.1 $0.1 $9.4 $8.2 $0.5 $10.5 $ 1.8 none 2019 2018, 2017, $0.6 $0.9 $0.1 2019 2018 2017, less than $0.1 $0.2 December 31, 2019 2018 49 third $ 0.2 December 31, 2019 2018 December 31, 2019 2018 $1.3 $7.2 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 net income, which amounted to $7.0 2019 $7.7 2018 $3.4 2017 $1.2 2019 $2.0 2018 2017 $31.9 $26.1 December 31, 2019 2018 $4.9 See TEL's summarized financial information below. (in thousands) As of the years ended December 31, 2019 2018 Current Assets $ 28,577 $ 25,877 Non-current Assets 346,014 273,987 Current Liabilities 85,751 78,530 Non-current Liabilities 232,992 176,389 Total Equity $ 55,848 $ 44,945 (in thousands) As of the years ended December 31, 2019 2018 2017 Revenue $ 110,298 $ 108,801 $ 84,865 Cost of Sales 20,404 37,307 37,343 Operating Expenses 65,058 47,281 35,525 Operating Income 24,836 24,213 11,997 Net Income $ 13,403 $ 16,496 $ 6,954 |
Note 10 - Deferred Profit Shari
Note 10 - Deferred Profit Sharing Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 10. DEFERRED PROFIT SHARING EMPLOYEE BENEFIT PLAN We have a deferred profit sharing and savings plan under which all of our employees with at least six may may $1.9 2019 $1.7 2018 $0.9 2017 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. RELATED PARTY TRANSACTIONS Other than those associated with TEL, there are no 9 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENT LIABILITIES From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and/or 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 consolidated financial statements. Our Covenant Transport subsidiary is a defendant in a lawsuit filed on November 9, 2018 October 31, 2014 not no December 31, 2019. On February 28, 2019, August 1, 2019, not no December 31, 2019. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not We had $35.2 $36.3 December 31, 2019 2018 We had commitments outstanding at December 31, 2019 $68.4 2020 December 31, 2018 $156.3 |
Note 13 - Segment Information
Note 13 - Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. SEGMENT INFORMATION As discussed in Note 1, 2019 four With respect to the four ● Highway Services: Includes the Company’s Expedited and OTR services, which are typically ad-hoc and do not ● Expedited services primarily involves high service freight with delivery standards, such as 1,000 22 15 two ● OTR services provide customers with one ● Dedicated: Specializes in providing customers with committed capacity over extended contract periods using equipment either owned or leased by the Company. ● Managed Freight: Includes the Company’s Brokerage, TMS and Warehousing services. ● Brokerage services provide logistics capacity by outsourcing the carriage of customers' freight to contractual third ● TMS provides comprehensive logistics services on a contractual basis to customers who prefer to outsource their logistics needs. ● Warehousing services provides day-to-day warehouse management services to customers who have chosen to outsource this function. ● Factoring services assist freight capacity providers with improving cash flows by purchasing accounts receivables at a discount and collecting them directly from the end consumer. These changes impacted the company’s reportable segments but did not The following table summarizes our segment information for 2019, 2018, 2017: (in thousands) Year Ended December 31, 2019 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 356,521 $ 342,473 $ 186,394 $ 9,140 $ 894,528 Intersegment revenue 10,302 - - - 10,302 Operating (loss) income (1,098 ) 1,026 8,848 7,258 16,034 Depreciation and amortization (1) 38,325 37,944 2,583 27 78,879 Year Ended December 31, 2018 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 469,308 $ 257,739 $ 153,346 $ 5,062 $ 885,455 Intersegment revenue 7,298 - - - 7,298 Operating income 32,693 12,699 10,135 3,459 58,986 Depreciation and amortization (1) 46,931 28,515 695 15 76,156 Year Ended December 31, 2017 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 467,992 $ 144,845 $ 89,042 $ 3,128 $ 705,007 Intersegment revenue 6,009 - - - 6,009 Operating income 14,323 5,244 6,388 2,200 28,155 Depreciation and amortization (1) 56,925 19,498 11 13 76,447 ( 1 Includes gains and losses on disposition of equipment. (in thousands) For the years ended December 31, 2019 2018 2017 Total external revenues for reportable segments $ 894,528 $ 885,455 $ 705,007 Intersegment revenues for reportable segments 10,302 7,298 6,009 Elimination of intersegment revenues (10,302 ) (7,298 ) (6,009 ) Total consolidated revenues $ 894,528 $ 885,455 $ 705,007 |
Note 14 - Quarterly Results of
Note 14 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2019 2019 2019 2019 Total revenue $ 219,181 $ 219,298 $ 222,914 $ 233,135 Operating income (loss) 5,426 8,844 (1,931 ) 3,695 Net income (loss) 4,433 6,071 (3,189 ) 1,162 Basic income (loss) per share 0.24 0.33 (0.17 ) 0.06 Diluted income (loss) per share 0.24 0.33 (0.17 ) 0.05 (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2018 2018 2018 2018 Total revenue $ 173,566 $ 196,318 $ 243,303 $ 272,268 Operating income 6,425 14,065 16,181 22,315 Net income 4,417 9,971 11,614 16,501 Basic income per share 0.24 0.54 0.63 0.91 Diluted income per share 0.24 0.54 0.63 0.89 92 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segment Realignment In 2019, not four ● Non-dedicated truckload services ("Highway Services"), which consists of two two ● Dedicated contract truckload services (“Dedicated”), which consists of our truckload business that involves longer-term contracts that allocate a specified number of tractors and trailers to a specific customer, with fixed and variable compensation. ● Freight brokerage, transportation management services ("TMS"), and warehousing services (“Managed Freight”), which consists of three three ● Accounts receivable factoring services (“Factoring”), which assists current and potential capacity providers with improving their cash flows through secured invoice factoring services. The following table summarizes our revenue by our four first December 31, 2019, 2018, 2017: Year ended December 31, (in thousands) 2019 2018 2017 Revenues: Highway Services: Expedited $ 262,764 $ 317,244 $ 314,579 OTR 93,757 152,064 153,413 Total Highway Services 356,521 469,308 467,992 Dedicated 342,473 257,739 144,845 Managed Freight: Brokerage 102,479 102,730 79,630 TMS 36,136 27,036 9,412 Warehousing 47,779 23,580 - Total Managed Freight 186,394 153,346 89,042 Factoring 9,140 5,062 3,128 Total revenues $ 894,528 $ 885,455 $ 705,007 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a holding company incorporated in the state of Nevada in 1994, References in this report to "it," "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Equity Method Investments [Policy Text Block] | Investment in Transport Enterprise Leasing, LLC Transport Enterprise Leasing, LLC ("TEL") is a tractor and trailer equipment leasing company and used equipment reseller. We evaluated our investment in TEL to determine whether it should be recorded on a consolidated basis. Our percentage of ownership interest ( 49% not not 49% On a periodic basis, we assess whether there are any indicators that the fair value of our investment in TEL may no |
Revenue [Policy Text Block] | Revenue Recognition Revenue, drivers' wages, and other direct operating expenses generated by our Highway Services and Dedicated reportable segments are recognized proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice prior to the adoption of ASU 2014 09 January 1, 2018. Revenue generated by our Managed Freight and Factoring segments is recognized upon completion of the services provided. Revenue is recorded on a gross basis, without deducting third not |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make decisions based upon estimates, assumptions, and factors we consider as relevant to the circumstances. Such decisions include the selection of applicable accounting principles and the use of judgment in their application, the results of which impact reported amounts and disclosures. Changes in future economic conditions or other business circumstances may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Accounts Receivable and Concentration of Credit Risk We extend credit to our customers in the normal course of business. We perform ongoing credit evaluations and generally do not Accounts receivable are comprised of a diversified customer base that mitigates the level of concentration of credit risk. During 2019, 2018, 2017 ten 45% 49% 49% 2019 2018, one 10% 2017, two 33 32 2019 2018 Included in accounts receivable is $86.6 $53.6 December 31, 2019 2018 $0.5 $0.4 85% 95% December 31, 2019 $1.8 30–40 The following table provides a summary (in thousands) of the activity in the allowance for doubtful accounts for 2019, 2018, 2017 Years ended December 31: Beginning balance January 1, Additional provisions to (reversal of) allowance Write-offs and other adjustments Ending balance December 31, 2019 $ 1,985 $ 255 $ (296 ) $ 1,944 2018 $ 1,456 $ 507 $ 22 $ 1,985 2017 $ 1,345 $ 454 $ (343 ) $ 1,456 |
Inventory, Policy [Policy Text Block] | Inventories and Supplies Inventories and supplies consist of parts, tires, fuel, and supplies. Tires on new revenue equipment are capitalized as a component of the related equipment cost when the tractor or trailer is placed in service and recovered through depreciation over the life of the vehicle. Replacement tires and parts on hand at year end are recorded at the lower of cost or net realizable value with cost determined using the first first |
Assets Held for Sale Policy [Policy Text Block] | Assets Held for Sale Assets held for sale include property and revenue equipment no no twelve |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors (excluding day cabs) over five 15% seven ten 25 not We lease certain revenue equipment under finance and operating leases with terms of approximately 48 84 A portion of our tractors are protected by non-binding indicative trade-in values or binding trade-back agreements with the manufacturers. The remainder of our tractors and substantially all of our owned trailers are subject to fluctuations in market prices for used revenue equipment. Moreover, our trade-back agreements are contingent upon reaching acceptable terms for the purchase of new equipment. Declines in the price of used revenue equipment or failure to reach agreement for the purchase of new tractors with the manufacturers issuing trade-back agreements could result in impairment of, or losses on the sale of, revenue equipment. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets We classify intangible assets into two may may not may not We determine the useful lives of our identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors we consider when determining useful lives include the contractual term of any agreement, the history of the asset, our long-term strategy for the use of the asset, any laws or other local regulations which could impact the useful life of the asset, and other economic factors, including competition and specific market conditions. Intangible assets that are deemed to have finite lives are amortized, generally on a straight-line basis, over their useful lives, ranging from 5 15 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Pursuant to applicable accounting standards, revenue equipment and other long-lived assets are tested for impairment whenever an event occurs that indicates an impairment may |
Insurance And Other Claims [Policy Text Block] | Insurance and Other Claims The primary claims arising against us consist of auto liability (personal injury and property damage), workers' compensation, cargo, commercial liability, and employee medical expenses. At December 31, 2019 ● auto liability - $1.0 ● workers' compensation - $1.3 ● cargo - $0.3 ● employee medical - $0.4 ● physical damage - 100% Due to our significant self-insured retention amounts, we have exposure to fluctuations in the number and severity of claims and to variations between our estimated and actual ultimate payouts. We accrue the estimated cost of the uninsured portion of pending claims and an estimate for allocated loss adjustment expenses including legal and other direct costs associated with a claim. Estimates require judgments concerning the nature and severity of the claim, historical trends, advice from third In addition to estimates within our self-insured retention layers, we also must make judgments concerning claims where we have third third $0.3 $3.0 December 31, 2019 2018 $2.1 $5.1 December 31, 2019 2018 may one We also make judgments regarding the ultimate benefit versus risk of commuting certain periods within our auto liability policy. If we commute a policy, we assume 100% Effective April 2018, three $9.0 $18.0 $30.0 36 March 31, 2021. $14.0 April 1, 2021. October 1, 2014 March 31, 2018, 42 zero $5.2 not no December 31, 2019 |
Interest Capitalization, Policy [Policy Text Block] | Interest We capitalize interest on major projects during construction. Interest is capitalized based on the average interest rate on related debt. Capitalized interest was $0.1 2019 $0.1 2018 2017, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, available-for-sale securities, accounts payable, debt, and interest rate swaps. 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. 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 December 31, 2019 14 |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the net liability after offsetting our deferred tax assets and liabilities in the deferred income taxes line in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income, except for when a valuation allowance has been provided as discussed in Note 8. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not 50% not not no Our policy is to recognize income tax benefit arising from the exercise of stock options and restricted share vesting based on the ordering provisions of the tax law as prescribed by the Internal Revenue Code, including indirect tax effects, if any. |
Lessee, Leases [Policy Text Block] | Lease Accounting At the commencement date of a new lease agreement with contractual terms longer than twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, which are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Finance lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not may not Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not |
Stockholders' Equity, Policy [Policy Text Block] | Capital Structure The shares of Class A and B common stock are substantially identical except that the Class B shares are entitled to two one |
Earnings Per Share, Policy [Policy Text Block] | 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 earnings per share includes approximately 0.2 December 31, 2019, 2018, 2017 The following table sets forth the calculation of net income per share included in the consolidated statements of operations for each of the three December 31: (in thousands except per share data) 2019 2018 2017 Numerator: Net income $ 8,477 $ 42,503 $ 55,439 Denominator: Denominator for basic income per share – weighted-average shares 18,435 18,340 18,279 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 200 129 93 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,635 18,469 18,372 Net income per share: Basic income per share $ 0.46 $ 2.32 $ 3.03 Diluted income per share $ 0.45 $ 2.30 $ 3.02 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Employee Compensation We issue several types of stock-based compensation, including awards that vest based on service and performance conditions or a combination of the conditions. Performance-based awards vest contingent upon meeting certain performance criteria established by the Compensation Committee of the Board of Directors. All awards require future service. For performance-based awards, determining the appropriate amount to expense in each period is based on likelihood and timing of achieving the stated targets for performance-based awards and requires judgment, including forecasting future financial results. The estimates are revised periodically based on the probability and timing of achieving the required performance and adjustments are made as appropriate. Awards that are only subject to time vesting provisions are amortized using the straight-line method. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards adopted In May 2014 2014 09, five January 1, 2018. As permitted by the guidance, we elected the modified retrospective approach and thus recognized the cumulative effect of adoption of $0.6 first 2018 Based on our review of our customer shipping arrangements and the related guidance, we have concluded that we will recognize revenue from loads proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice. Revenue will be recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Our recognition of revenue under the new standard approximates our recognition of revenue under the prior standard, as there will generally be a consistent amount of freight in process at the beginning and end of the period; however, seasonality and the day on which the period ends may In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the initial recognition of operating lease assets of $40.1 $41.0 $15.3 $25.7 Accounting Standards not In June 2016, 2016 13, Financial Instruments - Measurement of Credit Losses on Financial Instruments January 1, 2023, |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, (in thousands) 2019 2018 2017 Revenues: Highway Services: Expedited $ 262,764 $ 317,244 $ 314,579 OTR 93,757 152,064 153,413 Total Highway Services 356,521 469,308 467,992 Dedicated 342,473 257,739 144,845 Managed Freight: Brokerage 102,479 102,730 79,630 TMS 36,136 27,036 9,412 Warehousing 47,779 23,580 - Total Managed Freight 186,394 153,346 89,042 Factoring 9,140 5,062 3,128 Total revenues $ 894,528 $ 885,455 $ 705,007 |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Years ended December 31: Beginning balance January 1, Additional provisions to (reversal of) allowance Write-offs and other adjustments Ending balance December 31, 2019 $ 1,985 $ 255 $ (296 ) $ 1,944 2018 $ 1,456 $ 507 $ 22 $ 1,985 2017 $ 1,345 $ 454 $ (343 ) $ 1,456 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) 2019 2018 2017 Numerator: Net income $ 8,477 $ 42,503 $ 55,439 Denominator: Denominator for basic income per share – weighted-average shares 18,435 18,340 18,279 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 200 129 93 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,635 18,469 18,372 Net income per share: Basic income per share $ 0.46 $ 2.32 $ 3.03 Diluted income per share $ 0.45 $ 2.30 $ 3.02 |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Weighted stock average grant awards date fair (in thousands) value Unvested at December 31, 2016 265 $ 18.63 Granted 434 $ 16.69 Vested (96 ) $ 12.78 Forfeited (16 ) $ 19.25 Unvested at December 31, 2017 587 $ 18.14 Granted 153 $ 30.32 Vested (35 ) $ 25.97 Forfeited (30 ) $ 27.58 Unvested at December 31, 2018 675 $ 20.08 Granted 351 $ 15.42 Vested (191 ) $ 19.22 Forfeited (48 ) $ 19.33 Unvested at December 31, 2019 787 $ 18.25 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (in thousands) Estimated Useful Lives (Years) 2019 2018 Revenue equipment 3-10 $ 588,828 $ 504,192 Communications equipment 5-10 6,189 3,850 Land and improvements 0-15 23,398 25,240 Buildings and leasehold improvements 7-40 75,471 75,134 Construction in-progress - 400 3,121 Other 2-10 31,097 27,233 $ 725,383 $ 638,770 |
Note 5 - Goodwill, Other Inta_2
Note 5 - Goodwill, Other Intangible, and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (in thousands) December 31, 2019 Gross/net goodwill Dedicated $ 15,320 Managed Freight 27,198 Total goodwill $ 42,518 (in thousands) December 31, 2018 Gross/net goodwill Goodwill $ 41,598 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) December 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name: Dedicated $ 2,402 $ (240 ) $ 2,162 Managed Freight 1,998 (200 ) 1,798 Total trade name 4,400 (440 ) 3,960 162 Non-Compete agreement: Dedicated 914 (274 ) 640 Managed Freight 486 (146 ) 340 Total non-compete agreement 1,400 (420 ) 980 42 Customer relationships: Dedicated 14,072 (1,759 ) 12,313 Managed Freight 14,128 (1,766 ) 12,362 Total customer relationships: 28,200 (3,525 ) 24,675 126 Total other intangible assets $ 34,000 $ (4,385 ) $ 29,615 (in thousands) December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining Life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 (140 ) 1,260 54 Customer relationships 28,200 (1,175 ) 27,025 138 Total other intangible assets $ 34,000 $ (1,462 ) $ 32,538 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In thousands) 2020 $ 2,923 2021 2,923 2022 2,923 2023 2,783 2024 2,643 Thereafter 15,420 |
Schedule of Other Assets [Table Text Block] | (in thousands) 2019 2018 Investment in TEL $ 31,906 $ 26,106 Other assets, net 6,013 11,043 Total other assets, net $ 37,919 $ 37,149 |
Note 6 - Debt (Tables)
Note 6 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) December 31, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.7% at December 31, 2019, and 3.7% December 31, 2018, due in monthly installments with final maturities at various dates ranging from January 2020 to July 2023, secured by related revenue equipment 53,431 177,514 27,809 139,115 Real estate notes; interest rate of 3.3% at December 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,093 22,670 1,048 23,763 Deferred loan costs (147 ) (7 ) (147 ) (154 ) Total debt 54,377 200,177 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 7,258 26,010 5,374 35,119 Principal portion of operating lease obligations, secured by related equipment 19,460 40,882 - - Total debt and lease obligations $ 81,095 $ 267,069 $ 34,084 $ 201,754 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (in thousands) 2020 $ 54,524 2021 71,231 2022 82,150 2023 27,703 2024 1,294 Thereafter 17,806 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Twelve Months Ended December 31, 2019 Finance lease cost: Amortization of right-of-use assets $ 5,469 Interest on lease liabilities 1,107 Operating lease cost 24,393 Variable lease cost 326 Total lease cost $ 31,295 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 7,226 Operating cash flows for operating leases $ 24,393 Financing cash flows for finance leases $ 1,107 Right-of-use assets obtained in exchange for new finance lease liabilities $ - Right-of-use assets obtained in exchange for new operating lease liabilities $ 37,080 Weighted-average remaining lease term—finance leases 2.9 years Weighted-average remaining lease term—operating leases 3.4 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.2 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2020 $ 21,991 $ 8,185 2021 18,223 7,719 2022 16,014 9,269 2023 7,293 9,080 2024 439 1,390 Thereafter 1,992 - Total minimum lease payments $ 65,952 $ 35,643 Less: amount representing interest (5,610 ) (2,375 ) Present value of minimum lease payments 60,342 33,268 Less: current portion (19,460 ) (7,258 ) Lease obligations, long-term $ 40,882 $ 26,010 |
Schedule of Rent Expense [Table Text Block] | (in thousands) 2019 2018 2017 Revenue equipment rentals $ 20,989 $ 14,682 $ 12,055 Building and lot rentals 2,898 1,339 448 Other equipment rentals 506 881 261 Total rental expense $ 24,393 $ 16,902 $ 12,764 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) 2019 2018 2017 Federal, current $ (1,174 ) $ - $ (7,780 ) Federal, deferred 3,976 14,117 (28,055 ) State, current 1,077 1,410 (1,737 ) State, deferred (415 ) (20 ) 5,430 Income tax expense (benefit) $ 3,464 $ 15,507 $ (32,142 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (in thousands) 2019 2018 2017 Computed "expected" income tax expense $ 2,508 $ 12,182 $ 8,154 State income taxes, net of federal income tax effect (351 ) 2,610 862 831(b) election (393 ) (200 ) (290 ) Per diem allowances 1,450 1,446 2,145 Tax contingency accruals 601 (57 ) (43 ) Valuation allowance, net 321 - (1,167 ) Tax credits (377 ) (968 ) (1,352 ) Impact of Tax Act remeasurement - - (40,123 ) Excess tax benefits on share-based compensation 105 50 (457 ) Change in prior year estimates (420 ) - - Other, net 20 444 129 Income tax expense (benefit) $ 3,464 $ 15,507 $ (32,142 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2019 2018 Deferred tax assets: Insurance and claims $ 10,269 $ 9,593 Net operating loss carryovers 25,849 10,260 Tax credits 10,942 11,985 Leased liability 15,668 - Capital lease obligation 8,483 - State bonus 6,576 5,938 Other 2,160 2,412 Valuation allowance (385 ) (63 ) Total deferred tax assets 79,562 40,125 Deferred tax liabilities: Property and equipment (97,066 ) (87,939 ) Investment in partnership (36,669 ) (26,066 ) Deferred fuel hedge - (73 ) ROU Asset- leases (15,280 ) - Other (449 ) (569 ) Sec. 481(a) - capital leases (7,462 ) - Prepaid expenses (2,966 ) (2,945 ) Total deferred tax liabilities (159,892 ) (117,592 ) Net deferred tax liability $ (80,330 ) $ (77,467 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2019 2018 2017 Balance as of January 1, $ 1,796 $ 1,924 $ 2,051 Increases related to prior year tax positions 2,969 4 19 Decreases related to prior year positions - (9 ) (10 ) Increases related to current year tax positions 287 - - Decreases related to settlements with taxing authorities (4,200 ) - - Decreases related to lapsing of statute of limitations (29 ) (123 ) (136 ) Balance as of December 31, $ 823 $ 1,796 $ 1,924 |
Note 9 - Equity Method Invest_2
Note 9 - Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Equity Method Investments, Balance Sheet [Table Text Block] | (in thousands) As of the years ended December 31, 2019 2018 Current Assets $ 28,577 $ 25,877 Non-current Assets 346,014 273,987 Current Liabilities 85,751 78,530 Non-current Liabilities 232,992 176,389 Total Equity $ 55,848 $ 44,945 |
Equity Method Investments [Table Text Block] | (in thousands) As of the years ended December 31, 2019 2018 2017 Revenue $ 110,298 $ 108,801 $ 84,865 Cost of Sales 20,404 37,307 37,343 Operating Expenses 65,058 47,281 35,525 Operating Income 24,836 24,213 11,997 Net Income $ 13,403 $ 16,496 $ 6,954 |
Note 13 - Segment Information (
Note 13 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Year Ended December 31, 2019 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 356,521 $ 342,473 $ 186,394 $ 9,140 $ 894,528 Intersegment revenue 10,302 - - - 10,302 Operating (loss) income (1,098 ) 1,026 8,848 7,258 16,034 Depreciation and amortization (1) 38,325 37,944 2,583 27 78,879 Year Ended December 31, 2018 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 469,308 $ 257,739 $ 153,346 $ 5,062 $ 885,455 Intersegment revenue 7,298 - - - 7,298 Operating income 32,693 12,699 10,135 3,459 58,986 Depreciation and amortization (1) 46,931 28,515 695 15 76,156 Year Ended December 31, 2017 Highway Services Dedicated Managed Freight Factoring Consolidated Total revenue from external customers $ 467,992 $ 144,845 $ 89,042 $ 3,128 $ 705,007 Intersegment revenue 6,009 - - - 6,009 Operating income 14,323 5,244 6,388 2,200 28,155 Depreciation and amortization (1) 56,925 19,498 11 13 76,447 (in thousands) For the years ended December 31, 2019 2018 2017 Total external revenues for reportable segments $ 894,528 $ 885,455 $ 705,007 Intersegment revenues for reportable segments 10,302 7,298 6,009 Elimination of intersegment revenues (10,302 ) (7,298 ) (6,009 ) Total consolidated revenues $ 894,528 $ 885,455 $ 705,007 |
Note 14 - Quarterly Results o_2
Note 14 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2019 2019 2019 2019 Total revenue $ 219,181 $ 219,298 $ 222,914 $ 233,135 Operating income (loss) 5,426 8,844 (1,931 ) 3,695 Net income (loss) 4,433 6,071 (3,189 ) 1,162 Basic income (loss) per share 0.24 0.33 (0.17 ) 0.06 Diluted income (loss) per share 0.24 0.33 (0.17 ) 0.05 (in thousands except per share amounts) Mar. 31, June 30, Sep. 30, Dec. 31, Quarters ended 2018 2018 2018 2018 Total revenue $ 173,566 $ 196,318 $ 243,303 $ 272,268 Operating income 6,425 14,065 16,181 22,315 Net income 4,417 9,971 11,614 16,501 Basic income per share 0.24 0.54 0.63 0.91 Diluted income per share 0.24 0.54 0.63 0.89 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2016USD ($) | |
Number of Reportable Segments | 4 | |||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 167,825 | $ 151,093 | $ 167,825 | |||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,944 | $ 1,985 | $ 1,456 | 1,944 | $ 1,345 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years 240 days | 11 years 240 days | ||||||
Insurance Policy Primary Occurence Limit | $ 1,000 | 1,000 | ||||||
Workers Compensation Self Insurance Per Claim | 1,300 | |||||||
Cargo Losses Purchased Coverage per Claim | 300 | |||||||
Employee Annual Insuarnce Deductible Per Claim | $ 400 | |||||||
Physical Damage Coverage | 100.00% | |||||||
Drivers Advances And Other Receivables Net Of Allowance | $ 8,507 | $ 16,675 | 8,507 | |||||
Liability for Claims and Claims Adjustment Expense, Single Loss Limit | $ 9,000 | |||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Limit per Policy Year | 18,000 | |||||||
Liability for Claims and Claims Adjustment Expense, Aggregate Three Year Limit | 30,000 | |||||||
Auto Policy Release Premium Refund | 14,000 | |||||||
Interest Costs Capitalized | $ 100 | 100 | $ 100 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0.2 | |||||||
Operating Lease, Liability, Total | $ 60,342 | 60,342 | ||||||
Operating Lease, Liability, Current | 19,460 | 19,460 | ||||||
Operating Lease, Liability, Noncurrent | $ 40,882 | $ 40,882 | ||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 600 | |||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 40,100 | |||||||
Operating Lease, Liability, Total | 41,000 | |||||||
Operating Lease, Liability, Current | 15,300 | |||||||
Operating Lease, Liability, Noncurrent | $ 25,700 | |||||||
Tractors [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Property, Plant and Equipment, Salvage Value, Percentage | 15.00% | 15.00% | ||||||
Refrigerated Trailers [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% | 25.00% | ||||||
Dry Van Trailers [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% | 25.00% | ||||||
Collateral for Collection Issues [Member] | ||||||||
Accounts Payable, Total | $ 1,800 | $ 1,800 | ||||||
Minimum [Member] | ||||||||
Cash Advance For Factoring Receivables Percentage | 85.00% | |||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Auto Policy Release Premium Refund | 0 | |||||||
Minimum [Member] | Revenue Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Capital Leases of Lessee, Term of Contract | 4 years | |||||||
Maximum [Member] | ||||||||
Cash Advance For Factoring Receivables Percentage | 95.00% | |||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||
Auto Policy Release Premium Refund | $ 5,200 | |||||||
Maximum [Member] | Revenue Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||
Capital Leases of Lessee, Term of Contract | 7 years | |||||||
Factoring Receivables [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 86,600 | 53,600 | 86,600 | |||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 500 | 400 | 500 | |||||
Receivables from Insurers [Member] | ||||||||
Drivers Advances And Other Receivables Net Of Allowance | 300 | 3,000 | 300 | |||||
Self Insurance [Member] | ||||||||
Other Assets, Total | $ 2,100 | $ 5,100 | $ 2,100 | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||||
Number of Major Customers | 1 | 1 | 2 | 10 | ||||
Concentration Risk, Percentage | 45.00% | 49.00% | 49.00% | |||||
Transport Enterprise Leasing LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Revenue by Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 233,135 | $ 222,914 | $ 219,298 | $ 219,181 | $ 272,268 | $ 243,303 | $ 196,318 | $ 173,566 | $ 894,528 | $ 885,455 | $ 705,007 | ||
Highway Services [Member] | |||||||||||||
Revenue | 356,521 | 469,308 | 467,992 | ||||||||||
Highway Services [Member] | Expedited [Member] | |||||||||||||
Revenue | 262,764 | 317,244 | 314,579 | ||||||||||
Highway Services [Member] | Over the Road [Member] | |||||||||||||
Revenue | 93,757 | 152,064 | 153,413 | ||||||||||
Dedicated [Member] | |||||||||||||
Revenue | 342,473 | 257,739 | 144,845 | ||||||||||
Managed Freight [Member] | |||||||||||||
Revenue | 186,394 | 153,346 | 89,042 | ||||||||||
Managed Freight [Member] | Brokerage [Member] | |||||||||||||
Revenue | 102,479 | 102,730 | 79,630 | ||||||||||
Managed Freight [Member] | Transportation Management Services [Member] | |||||||||||||
Revenue | 36,136 | 27,036 | 9,412 | ||||||||||
Managed Freight [Member] | Warehouse [Member] | |||||||||||||
Revenue | 47,779 | 23,580 | |||||||||||
Factoring [Member] | |||||||||||||
Revenue | $ 9,140 | $ 5,062 | $ 3,128 | ||||||||||
[1] | Includes $40.1 million one-time benefit related to the Tax Act. |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 1,985 | $ 1,456 | $ 1,345 |
Provision for losses on accounts receivable | 255 | 507 | 454 |
Write-offs and other adjustments | (296) | 22 | (343) |
Ending balance | $ 1,944 | $ 1,985 | $ 1,456 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||||
Net income | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ 16,501 | $ 11,614 | $ 9,971 | $ 4,417 | $ 8,477 | $ 42,503 | $ 55,439 | ||
Denominator: | |||||||||||||
Denominator for basic income per share – weighted-average shares (in shares) | 18,435 | 18,340 | 18,279 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Equivalent shares issuable upon conversion of unvested restricted shares (in shares) | 200 | 129 | 93 | ||||||||||
Diluted weighted average shares outstanding (in shares) | 18,635 | 18,469 | 18,372 | ||||||||||
Income per share: | |||||||||||||
Basic income per share (in dollars per share) | $ 0.06 | $ (0.17) | $ 0.33 | $ 0.24 | $ 0.91 | $ 0.63 | $ 0.54 | $ 0.24 | $ 0.46 | $ 2.32 | $ 3.03 | ||
Diluted income per share (in dollars per share) | $ 0.05 | $ (0.17) | $ 0.33 | $ 0.24 | $ 0.89 | $ 0.63 | $ 0.54 | $ 0.24 | $ 0.45 | $ 2.30 | $ 3.02 | ||
[1] | Includes $40.1 million one-time benefit related to the Tax Act. |
Note 2 - Liquidity (Details Tex
Note 2 - Liquidity (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Working Capital (Deficit) | $ 93,100 | $ 84,300 |
Long-term Line of Credit, Total | 0 | |
Letters of Credit Outstanding, Amount | 35,200 | $ 36,300 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 59,800 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 750,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 477,245 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,300,000 | ||||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year | 200,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | ||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net, Total | $ 100 | $ 100 | $ 300 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,110 | $ 242 | $ 785 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 787,000 | 675,000 | 587,000 | 265,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 240 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | 0 | ||
Services Provided [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 250,112 | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 537,348 | ||||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 534,086 | ||||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 3,262 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 3,300 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,400 | $ 700 | $ 2,400 | ||
Common Class A [Member] | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 62,255 | 11,052 | 31,297 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 17.75 | $ 21.89 | $ 25.09 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,100 | $ 200 | $ 800 | ||
Salaries Wages And Related Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | 400 | 4,800 | 1,000 | ||
General Supplies and Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | $ 400 | $ 400 | $ 300 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of stock awards, unvested, beginning of period (in shares) | 675 | 587 | 265 |
Weighted average grant date fair value, unvested, beginning of period (in dollars per share) | $ 20.08 | $ 18.14 | $ 18.63 |
Granted (in shares) | 351 | 153 | 434 |
Granted, weighted average grant date fair value (in dollars per share) | $ 15.42 | $ 30.32 | $ 16.69 |
Vested (in shares) | (191) | (35) | (96) |
Vested, weighted average grant date fair value (in dollars per share) | $ 19.22 | $ 25.97 | $ 12.78 |
Forfeited (in shares) | (48) | (30) | (16) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 19.33 | $ 27.58 | $ 19.25 |
Number of stock awards, unvested, end of period (in shares) | 787 | 675 | 587 |
Weighted average grant date fair value, unvested, end of period (in dollars per share) | $ 18.25 | $ 20.08 | $ 18.14 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 77.6 | $ 74.4 | $ 71.4 |
Capital Leased Assets, Gross, Total | 55 | 55.4 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 21 | 15.6 | |
Capital Leases, Income Statement, Amortization Expense | $ 5.5 | 5.4 | 2.6 |
Revenue Equipment [Member] | Minimum [Member] | |||
Capital Leases of Lessee, Term of Contract | 4 years | ||
Revenue Equipment [Member] | Maximum [Member] | |||
Capital Leases of Lessee, Term of Contract | 7 years | ||
Net in Depreciation and Amortization Expense [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 1.7 | $ (0.3) | $ (4) |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment, at Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, plant, and equipment, gross | $ 725,383 | $ 638,770 |
Revenue Equipment [Member] | ||
Property, plant, and equipment, gross | $ 588,828 | 504,192 |
Revenue Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 3 years | |
Revenue Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 10 years | |
Office Equipment [Member] | ||
Property, plant, and equipment, gross | $ 6,189 | 3,850 |
Office Equipment [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 5 years | |
Office Equipment [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 1 year | |
Land and Land Improvements [Member] | ||
Property, plant, and equipment, gross | $ 23,398 | 25,240 |
Land and Land Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 0 years | |
Land and Land Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 15 years | |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | $ 75,471 | 75,134 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 40 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 400 | 3,121 |
Property, Plant and Equipment, Other Types [Member] | ||
Property, plant, and equipment, gross | $ 31,097 | $ 27,233 |
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | ||
Estimated useful lives (Year) | 2 years | |
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | ||
Estimated useful lives (Year) | 10 years |
Note 5 - Goodwill, Other Inta_3
Note 5 - Goodwill, Other Intangible, and Other Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 03, 2018 | |
Goodwill, Period Increase (Decrease), Total | $ 0.9 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years 240 days | 11 years 240 days | ||
Amortization of Intangible Assets, Total | $ 2.9 | $ 1.5 | $ 0.2 | |
Landair Holdings Inc [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 5 - Goodwill, Other Inta_4
Note 5 - Goodwill, Other Intangible, and Other Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 42,518 | $ 41,598 |
Dedicated [Member] | ||
Goodwill | 15,320 | |
Managed Freight [Member] | ||
Goodwill | $ 27,198 |
Note 5 - Goodwill, Other Inta_5
Note 5 - Goodwill, Other Intangible, and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Gross | $ 34,000 | $ 34,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,385) | (1,462) |
Finite-Lived Intangible Assets, Net | $ 29,615 | $ 32,538 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years 240 days | 11 years 240 days |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | $ 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (440) | (147) |
Finite-Lived Intangible Assets, Net | $ 3,960 | $ 4,253 |
Finite-Lived Intangible Asset, Useful Life (Year) | 162 years | 14 years 180 days |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 2,402 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (240) | |
Finite-Lived Intangible Assets, Net | 2,162 | |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,998 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (200) | |
Finite-Lived Intangible Assets, Net | 1,798 | |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,400 | $ 1,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (420) | (140) |
Finite-Lived Intangible Assets, Net | $ 980 | $ 1,260 |
Finite-Lived Intangible Asset, Useful Life (Year) | 42 years | 4 years 180 days |
Noncompete Agreements [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 914 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (274) | |
Finite-Lived Intangible Assets, Net | 640 | |
Noncompete Agreements [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 486 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (146) | |
Finite-Lived Intangible Assets, Net | 340 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | $ 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,525) | (1,175) |
Finite-Lived Intangible Assets, Net | $ 24,675 | $ 27,025 |
Finite-Lived Intangible Asset, Useful Life (Year) | 126 years | 11 years 180 days |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,759) | |
Finite-Lived Intangible Assets, Net | 12,313 | |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 14,128 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,766) | |
Finite-Lived Intangible Assets, Net | $ 12,362 |
Note 5 - Goodwill, Other Inta_6
Note 5 - Goodwill, Other Intangible, and Other Assets - Expected Future Amortization (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 2,923 |
2021 | 2,923 |
2022 | 2,923 |
2023 | 2,783 |
2024 | 2,643 |
Thereafter | $ 15,420 |
Note 5 - Goodwill, Other Inta_7
Note 5 - Goodwill, Other Intangible, and Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investments | $ 31,906 | $ 26,106 |
Other assets, net | 6,013 | 11,043 |
Total other assets, net | $ 37,919 | $ 37,149 |
Note 6 - Debt (Details Textual)
Note 6 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2015 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | ||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 50,000 | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
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% | ||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 35.00% | ||
Line of Credit Facility, Revolver Commitment, Amount | $ 25,000 | ||
Percent of Appraised Fair Market Value of Eligible Real Estate | 75.00% | ||
Long-term Line of Credit, Total | $ 0 | ||
Letters of Credit Outstanding, Amount | 35,200 | $ 36,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | 59,800 | ||
Fixed Charge Coverage Requirement | 0 | $ 0 | |
Debt, Secured with a Cross Default Feature | $ 204,700 | ||
Interest Rate Swap [Member] | |||
Derivative, Fixed Interest Rate | 4.20% | ||
Variable Rate Note [Member] | |||
Debt Instrument, Face Amount | $ 28,000 | ||
Federal Funds Rate [Member] | Base Rate Loans [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Applicable Margin [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Applicable Margin [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 95,000 | ||
Swing Line Sub Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | ||
Percent of Aggregate Commitments under Credit Facility | 10.00% |
Note 6 - Debt - Current and Lon
Note 6 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings under Credit Facility, current | ||
Borrowings under Credit Facility, noncurrent | 3,911 | |
Debt, current | 54,377 | 28,710 |
Debt, noncurrent | 200,177 | 166,635 |
Deferred loan costs, current | (147) | (147) |
Deferred loan costs, noncurrent | (7) | (154) |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 7,258 | 5,374 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 26,010 | 35,119 |
Operating Lease, Liability, Current | 19,460 | |
Operating Lease, Liability, Noncurrent | 40,882 | |
Total debt and lease obligations, current | 81,095 | 34,084 |
Total debt and lease obligations, noncurrent | 267,069 | 201,754 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 53,431 | 27,809 |
Debt, noncurrent | 177,514 | 139,115 |
Real Estate Note [Member] | ||
Debt, current | 1,093 | 1,048 |
Debt, noncurrent | $ 22,670 | $ 23,763 |
Note 6 - Debt - Current and L_2
Note 6 - Debt - Current and Long-term Debt (Details) (Parentheticals) | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 3.70% | 3.70% |
Real Estate Note [Member] | ||
Interest rate | 3.30% | 4.10% |
Note 6 - Debt - Future Debt Pay
Note 6 - Debt - Future Debt Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 54,524 |
2021 | 71,231 |
2022 | 82,150 |
2023 | 27,703 |
2024 | 1,294 |
Thereafter | $ 17,806 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - Net Property and Equipment [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 58.8 | $ 42.5 |
Finance Lease, Right-of-Use Asset | $ 35.6 | $ 40.5 |
Note 7 - Leases - Lease Obligat
Note 7 - Leases - Lease Obligations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Amortization of right-of-use assets | $ 5,469 |
Interest on lease liabilities | 1,107 |
Operating lease cost | 24,393 |
Variable lease cost | 326 |
Total lease cost | 31,295 |
Operating cash flows for finance leases | 7,226 |
Operating cash flows for operating leases | 24,393 |
Financing cash flows for finance leases | 1,107 |
Right-of-use assets obtained in exchange for new finance lease liabilities | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 37,080 |
Weighted-average remaining lease term—finance leases (Year) | 2 years 328 days |
Weighted-average remaining lease term—operating leases (Year) | 3 years 146 days |
Weighted-average discount rate—finance leases | 3.00% |
Weighted-average discount rate—operating leases | 5.20% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020, Operating | $ 21,991 | |
2020, Finance | 8,185 | |
2021, Operating | 18,223 | |
2021, Finance | 7,719 | |
2022, Operating | 16,014 | |
2022, Finance | 9,269 | |
2023, Operating | 7,293 | |
2023, Finance | 9,080 | |
2024, Operating | 439 | |
2024, Finance | 1,390 | |
Thereafter, Operating | 1,992 | |
Thereafter, Finance | ||
Total minimum lease payments, Operating | 65,952 | |
Total minimum lease payments, Finance | 35,643 | |
Less: amount representing interest, Operating | (5,610) | |
Less: amount representing interest, Finance | (2,375) | |
Present value of minimum lease payments, Operating | 60,342 | |
Present value of minimum lease payments, Finance | 33,268 | |
Less: current portion, Operating | (19,460) | |
Less: current portion, Finance | (7,258) | (5,374) |
Lease obligations, long-term, Operating | 40,882 | |
Lease obligations, long-term, Finance | $ 26,010 | $ 35,119 |
Note 7 - Leases - Summary of Re
Note 7 - Leases - Summary of Rental Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease and rental expense | $ 24,393 | $ 16,902 | $ 12,764 |
Revenue Equipment [Member] | |||
Lease and rental expense | 20,989 | 14,682 | 12,055 |
Land and Building [Member] | |||
Lease and rental expense | 2,898 | 1,339 | 448 |
Other Machinery and Equipment [Member] | |||
Lease and rental expense | $ 506 | $ 881 | $ 261 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Deferred Tax Liabilities, Net, Total | $ 80,330 | $ 77,467 | |
Deferred Tax Assets, Valuation Allowance, Total | 385 | 63 | |
Liability for Uncertainty in Income Taxes, Current | 900 | 2,700 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 100 | 900 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 800 | 100 | $ 100 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 900 | $ 2,500 | |
Charitable Contributions Carryforward | 2,100 | ||
Alternative Minimum Tax Credit Carry Forward [Member] | |||
Tax Credit Carryforward, Amount | 1,200 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 115,700 | ||
Tax Credit Carryforward, Amount | 600 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards, Total | 103,900 | ||
Operating Loss Carryforwards, Subject to Expiration | 1,400 | ||
Operating Loss Carryforwards, Not Subject to Expiration | 102,500 | ||
Tax Credit Carryforward, Amount | 10,400 | ||
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | State and Local Jurisdiction [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 400 |
Note 8 - Income Taxes - Compone
Note 8 - Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal, current | $ (1,174) | $ (7,780) | |
Federal, deferred | 3,976 | 14,117 | (28,055) |
State, current | 1,077 | 1,410 | (1,737) |
State, deferred | (415) | (20) | 5,430 |
Income tax expense (benefit) | $ 3,464 | $ 15,507 | $ (32,142) |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Computed "expected" income tax expense | $ 2,508 | $ 12,182 | $ 8,154 |
State income taxes, net of federal income tax effect | (351) | 2,610 | 862 |
831(b) election | (393) | (200) | (290) |
Per diem allowances | 1,450 | 1,446 | 2,145 |
Tax contingency accruals | 601 | (57) | (43) |
Valuation allowance, net | 321 | (1,167) | |
Tax credits | (377) | (968) | (1,352) |
Impact of Tax Act remeasurement | (40,123) | ||
Excess tax benefits on share-based compensation | 105 | 50 | (457) |
Change in prior year estimates | (420) | ||
Other, net | 20 | 444 | 129 |
Income tax expense (benefit) | $ 3,464 | $ 15,507 | $ (32,142) |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Insurance and claims | $ 10,269 | $ 9,593 |
Net operating loss carryovers | 25,849 | 10,260 |
Tax credits | 10,942 | 11,985 |
Leased liability | 15,668 | |
Capital lease obligation | 8,483 | |
State bonus | 6,576 | 5,938 |
Other | 2,160 | 2,412 |
Valuation allowance | (385) | (63) |
Total deferred tax assets | 79,562 | 40,125 |
Deferred tax liabilities: | ||
Property and equipment | (97,066) | (87,939) |
Investment in partnership | (36,669) | (26,066) |
Deferred fuel hedge | (73) | |
ROU Asset- leases | (15,280) | |
Other | (449) | (569) |
Sec. 481(a) - capital leases | (7,462) | |
Prepaid expenses | (2,966) | (2,945) |
Total deferred tax liabilities | (159,892) | (117,592) |
Net deferred tax liability | $ (80,330) | $ (77,467) |
Note 8 - Income Taxes - Unrecog
Note 8 - Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 1,796 | $ 1,924 | $ 2,051 |
Increases related to prior year tax positions | 2,969 | 4 | 19 |
Decreases related to prior year positions | (9) | (10) | |
Increases related to current year tax positions | 287 | ||
Decreases related to settlements with taxing authorities | (4,200) | ||
Decreases related to lapsing of statute of limitations | (29) | (123) | (136) |
Balance | $ 823 | $ 1,796 | $ 1,924 |
Note 9 - Equity Method Invest_3
Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 46,609 | $ 61,687 | $ 48,749 |
Payments to Acquire Property, Plant, and Equipment, Total | 138,273 | 75,142 | 110,802 |
Reversal of Deferred Gains of Sale of Property | (7) | (189) | (179) |
Income (Loss) from Equity Method Investments, Total | 7,017 | 7,732 | 3,400 |
Equity Method Investments | $ 31,906 | $ 26,106 | |
Transport Enterprise Leasing LLC [Member] | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |
Option to Acquire Interest in Equity Method Investment, Percentage of Ownership | 51.00% | ||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 0 | $ 100 | 100 |
Revenue from Related Parties | 9,400 | 8,200 | 500 |
Payments to Acquire Property, Plant, and Equipment, Total | 10,500 | 1,800 | 0 |
Payments for Rent | 600 | 900 | 100 |
Reversal of Deferred Gains of Sale of Property | 100 | 200 | |
Proceeds from Equity Method Investment, Distribution | 1,200 | 2,000 | 200 |
Due from Related Parties, Total | 1,300 | 7,200 | |
Income (Loss) from Equity Method Investments, Total | 7,000 | 7,700 | $ 3,400 |
Equity Method Investments | 31,900 | 26,100 | |
Equity Method Investment, Aggregate Cost | 4,900 | ||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||
Deferred Gain on Sale of Property | $ 200 | $ 200 |
Note 9 - Equity Method Invest_4
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | $ 28,577 | $ 25,877 |
Non-current Assets | 346,014 | 273,987 |
Current Liabilities | 85,751 | 78,530 |
Non-current Liabilities | 232,992 | 176,389 |
Total Equity | $ 55,848,000 | $ 44,945,000 |
Note 9 - Equity Method Invest_5
Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 110,298 | $ 108,801 | $ 84,865 |
Cost of Sales | 20,404 | 37,307 | 37,343 |
Operating Expenses | 65,058 | 47,281 | 35,525 |
Operating Income | 24,836 | 24,213 | 11,997 |
Net Income | $ 13,403 | $ 16,496 | $ 6,954 |
Note 10 - Deferred Profit Sha_2
Note 10 - Deferred Profit Sharing Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Cost | $ 1.9 | $ 1.7 | $ 0.9 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Letters of Credit Outstanding, Amount | $ 35,200 | $ 36,300 |
Revenue Equipment [Member] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 68,400 | $ 156,300 |
Note 13 - Segment Information_2
Note 13 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Asset-based Operating Fleets Aggregated in a Segment | 4 |
Note 13 - Segment Information -
Note 13 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenue | $ 233,135 | $ 222,914 | $ 219,298 | $ 219,181 | $ 272,268 | $ 243,303 | $ 196,318 | $ 173,566 | $ 894,528 | $ 885,455 | $ 705,007 | |||
Operating (loss) income | $ 3,695 | $ (1,931) | $ 8,844 | $ 5,426 | $ 22,315 | $ 16,181 | $ 14,065 | $ 6,425 | 16,034 | 58,986 | 28,155 | |||
Operating Segments [Member] | ||||||||||||||
Revenue | 894,528 | 885,455 | 705,007 | |||||||||||
Operating (loss) income | 16,034 | 58,986 | 28,155 | |||||||||||
Depreciation and amortization (1) | [2] | 78,879 | 76,156 | 76,447 | ||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Revenue | 10,302 | 7,298 | 6,009 | |||||||||||
Consolidation, Eliminations [Member] | ||||||||||||||
Revenue | (10,302) | (7,298) | (6,009) | |||||||||||
Highway Services [Member] | ||||||||||||||
Revenue | 356,521 | 469,308 | 467,992 | |||||||||||
Highway Services [Member] | Operating Segments [Member] | ||||||||||||||
Revenue | 356,521 | 469,308 | 467,992 | |||||||||||
Operating (loss) income | (1,098) | 32,693 | 14,323 | |||||||||||
Depreciation and amortization (1) | [2] | 38,325 | 46,931 | 56,925 | ||||||||||
Highway Services [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenue | 10,302 | 7,298 | 6,009 | |||||||||||
Dedicated [Member] | ||||||||||||||
Revenue | 342,473 | 257,739 | 144,845 | |||||||||||
Dedicated [Member] | Operating Segments [Member] | ||||||||||||||
Revenue | 342,473 | 257,739 | 144,845 | |||||||||||
Operating (loss) income | 1,026 | 12,699 | 5,244 | |||||||||||
Depreciation and amortization (1) | [2] | 37,944 | 28,515 | 19,498 | ||||||||||
Dedicated [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenue | ||||||||||||||
Managed Freight [Member] | ||||||||||||||
Revenue | 186,394 | 153,346 | 89,042 | |||||||||||
Managed Freight [Member] | Operating Segments [Member] | ||||||||||||||
Revenue | 186,394 | 153,346 | 89,042 | |||||||||||
Operating (loss) income | 8,848 | 10,135 | 6,388 | |||||||||||
Depreciation and amortization (1) | [2] | 2,583 | 695 | 11 | ||||||||||
Managed Freight [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenue | ||||||||||||||
Factoring [Member] | ||||||||||||||
Revenue | 9,140 | 5,062 | 3,128 | |||||||||||
Factoring [Member] | Operating Segments [Member] | ||||||||||||||
Revenue | 9,140 | 5,062 | 3,128 | |||||||||||
Operating (loss) income | 7,258 | 3,459 | 2,200 | |||||||||||
Depreciation and amortization (1) | [2] | 27 | 15 | 13 | ||||||||||
Factoring [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Revenue | ||||||||||||||
[1] | Includes $40.1 million one-time benefit related to the Tax Act. | |||||||||||||
[2] | Includes gains and losses on disposition of equipment. |
Note 14 - Quarterly Results o_3
Note 14 - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | [1] | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 233,135 | $ 222,914 | $ 219,298 | $ 219,181 | $ 272,268 | $ 243,303 | $ 196,318 | $ 173,566 | $ 894,528 | $ 885,455 | $ 705,007 | ||
Operating income (loss) | 3,695 | (1,931) | 8,844 | 5,426 | 22,315 | 16,181 | 14,065 | 6,425 | 16,034 | 58,986 | 28,155 | ||
Net income | $ 1,162 | $ (3,189) | $ 6,071 | $ 4,433 | $ 16,501 | $ 11,614 | $ 9,971 | $ 4,417 | $ 8,477 | $ 42,503 | $ 55,439 | ||
Basic income (loss) per share (in dollars per share) | $ 0.06 | $ (0.17) | $ 0.33 | $ 0.24 | $ 0.91 | $ 0.63 | $ 0.54 | $ 0.24 | $ 0.46 | $ 2.32 | $ 3.03 | ||
Diluted income (loss) per share (in dollars per share) | $ 0.05 | $ (0.17) | $ 0.33 | $ 0.24 | $ 0.89 | $ 0.63 | $ 0.54 | $ 0.24 | $ 0.45 | $ 2.30 | $ 3.02 | ||
[1] | Includes $40.1 million one-time benefit related to the Tax Act. |