Knight Transportation 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Entity Registrant Name	KNIGHT TRANSPORTATION INC
Entity Central Index Key	929,452
Trading Symbol	knx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		80,920,787
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 12,703,000	$ 17,066,000
Trade receivables, net of allowance for doubtful accounts of $3,010 and $3,355, respectively	134,985,000	143,531,000
Notes receivable, net of allowance for doubtful notes receivable of $281 and $351, respectively	731,000	1,020,000
Prepaid expenses	23,472,000	17,423,000
Assets held for sale	18,005,000	23,248,000
Other current assets	14,251,000	13,345,000
Income tax receivable	9,713,000	19,432,000
Current deferred tax assets	3,785,000	3,187,000
Total current assets	217,645,000	238,252,000
Property and Equipment:
Revenue equipment	879,703,000	803,410,000
Land and land improvements	52,744,000	52,531,000
Buildings and building improvements	130,265,000	125,492,000
Furniture and fixtures	16,949,000	17,322,000
Shop and service equipment	16,850,000	16,653,000
Leasehold improvements	3,102,000	3,037,000
Gross property and equipment	1,099,613,000	1,018,445,000
Less: accumulated depreciation and amortization	(295,389,000)	(266,399,000)
Property and equipment, net	804,224,000	752,046,000
Notes receivable, long-term	3,459,000	4,065,000
Goodwill	47,055,000	47,067,000
Intangible assets, net	3,200,000	3,575,000
Other long-term assets, restricted cash and investments	22,339,000	37,280,000
Total long-term assets	880,277,000	844,033,000
Total assets	1,097,922,000	1,082,285,000
Current Liabilities:
Accounts payable	24,941,000	19,122,000
Accrued payroll and purchased transportation	27,961,000	34,127,000
Accrued liabilities	32,518,000	20,604,000
Claims accrual – current portion	18,747,000	18,532,000
Dividend payable – current portion	306,000	200,000
Total current liabilities	104,473,000	92,585,000
Long-term Liabilities:
Claims accrual – long-term portion	11,681,000	11,505,000
Long-term dividend payable and other liabilities	2,196,000	2,513,000
Deferred tax liabilities	144,724,000	162,007,000
Long-term debt	120,000,000	134,400,000
Total long-term liabilities	278,601,000	310,425,000
Total liabilities	$ 383,074,000	$ 403,010,000
Commitments and Contingencies (Note 6)
Shareholders' Equity:
Preferred stock, $0.01 par value; 50,000 shares authorized; none issued and outstanding	$ 0	$ 0
Common stock, $0.01 par value; 300,000 shares authorized; 80,916 and 81,842 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	809,000	818,000
Additional paid-in capital	203,073,000	185,184,000
Accumulated other comprehensive income	3,506,000	12,231,000
Retained earnings	505,165,000	479,527,000
Total Knight Transportation shareholders' equity	712,553,000	677,760,000
Noncontrolling interest	2,295,000	1,515,000
Total shareholders’ equity	714,848,000	679,275,000
Total liabilities and shareholders' equity	$ 1,097,922,000	$ 1,082,285,000

Condensed Consolidated Unaudit3

Condensed Consolidated Unaudited Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 3,010	$ 3,355
Allowance for doubtful notes receivable	$ 281	$ 351
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	80,916,000	81,842,000
Common stock, shares outstanding (in shares)	80,916,000	81,842,000

Condensed Consolidated Unaudit4

Condensed Consolidated Unaudited Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE:
Revenue, before fuel surcharge	$ 269,930	$ 227,829	$ 795,767	$ 652,333
Fuel surcharge	30,192	43,718	96,458	132,532
Total revenue	300,122	271,547	892,225	784,865
OPERATING EXPENSES:
Salaries, wages and benefits	85,514	65,296	249,921	190,779
Fuel	39,795	51,221	120,247	155,422
Operations and maintenance	20,390	17,305	62,065	51,481
Insurance and claims	8,149	7,530	25,076	22,414
Operating taxes and licenses	3,373	4,338	13,954	12,265
Communications	849	1,164	3,066	3,621
Depreciation and amortization	28,204	22,684	82,728	66,422
Purchased transportation	62,115	60,017	182,279	168,305
Miscellaneous operating expenses	5,307	2,201	18,541	4,216
Total operating expenses	253,696	231,756	757,877	674,925
Income from operations	46,426	39,791	134,348	109,940
Interest income	140	104	377	326
Interest expense	(220)	(135)	(714)	(339)
Other income	2,335	2,399	7,234	5,856
Income before income taxes	48,681	42,159	141,245	115,783
Income taxes	17,946	16,786	52,379	45,062
Net income	30,735	25,373	88,866	70,721
Net income attributable to noncontrolling interest	(452)	(273)	(1,382)	(797)
Net income attributable to Knight Transportation	$ 30,283	$ 25,100	$ 87,484	$ 69,924
Earnings per share:
Basic (in dollars per share)	$ 0.37	$ 0.31	$ 1.07	$ 0.87
Diluted (in dollars per share)	0.37	0.31	1.06	0.86
Dividends declared per share (in dollars per share)	$ 0.06	$ 0.06	$ 0.18	$ 0.18
Weighted Average Shares Outstanding – Basic (in shares)	81,127	81,035	81,678	80,802
Weighted Average Shares Outstanding – Diluted (in shares)	82,005	82,097	82,714	81,776

Condensed Consolidated Unaudit5

Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income		$ 30,735	$ 25,373	$ 88,866	$ 70,721
Other comprehensive income, net of tax:
Realized gains from available-for-sale securities reclassified to net income(1)	[1]	(1,307)	(892)	(4,093)	(1,450)
Unrealized (loss)/gain from changes in fair value of available-for-sale securities(2)	[2]	(1,365)	(700)	(4,632)	3,393
Comprehensive income		28,063	23,781	80,141	72,664
Comprehensive income attributable to noncontrolling interest		(452)	(273)	(1,382)	(797)
Comprehensive income attributable to Knight Transportation		$ 27,611	$ 23,508	$ 78,759	$ 71,867
[1]	Net of current income tax expense of $823, $552, $2,576, and $897, respectively.
[2]	Net of deferred income tax (benefit)/expense of $(875), $(433), $(3,024), and $2,100, respectively.

Condensed Consolidated Unaudit6

Condensed Consolidated Unaudited Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net of current income taxes	$ 823	$ 552	$ 2,576	$ 897
Net of deferred income taxes	$ (875)	$ (433)	$ (3,024)	$ 2,100

Condensed Consolidated Unaudit7

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 88,866,000	$ 70,721,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	82,728,000	66,422,000
Gain on sale of equipment	(12,181,000)	(13,212,000)
Gain from sale of available-for-sale securities	$ (6,669,000)	(2,347,000)
Impairment of investment in Transportation Resource Partners I		$ 1,041,000
Gain from sale of Transportation Resource Partners I	$ (122,000)
Income from investment in Transportation Resource Partners III	(443,000)	$ (3,490,000)
Non-cash compensation expense for issuance of common stock to certain members of Board of Directors	354,000	200,000
Provision for doubtful accounts and notes receivable	1,216,000	998,000
Excess tax benefits related to stock-based compensation	(3,064,000)	(1,023,000)
Stock-based compensation expense, net of forfeitures	5,288,000	2,933,000
Deferred income taxes	(12,281,000)	(12,478,000)
Changes in operating assets and liabilities:
Trade receivables	7,368,000	(10,385,000)
Other current assets	(906,000)	(1,323,000)
Prepaid expenses	(6,049,000)	$ (2,819,000)
Income tax receivable	9,719,000
Other long-term assets	(1,643,000)	$ 885,000
Accounts payable	(3,021,000)	5,095,000
Accrued liabilities and claims accrual	7,479,000	15,849,000
Net cash provided by operating activities	156,639,000	117,067,000
Cash Flows From Investing Activities:
Purchases of property and equipment	(166,790,000)	(185,892,000)
Proceeds from sale of equipment/assets held for sale	57,938,000	64,584,000
Proceeds from notes receivable	$ 1,442,000	1,426,000
Payments for notes receivable		(115,000)
Proceeds from related party notes receivable		748,000
Change in restricted cash and investments	$ (25,000)	(17,000)
Proceeds from sale of available-for-sale securities	9,339,000	4,697,000
Investment activity in Transportation Resource Partners	191,000	774,000
Net cash used in investing activities	(97,905,000)	(113,795,000)
Cash Flows From Financing Activities:
Dividends paid	(15,003,000)	$ (14,733,000)
Payments to repurchase company stock	(45,345,000)
Payments on line of credit borrowings, net	(14,400,000)	$ (1,000,000)
Excess tax benefits related to stock-based compensation	3,064,000	1,023,000
Cash distribution to noncontrolling interest holder	(603,000)	(589,000)
Proceeds from exercise of stock options	9,190,000	12,643,000
Net cash used in financing activities	(63,097,000)	(2,656,000)
Net (decrease)/increase in Cash and Cash Equivalents	(4,363,000)	616,000
Cash and Cash Equivalents, beginning of period	17,066,000	992,000
Cash and Cash Equivalents, end of period	12,703,000	1,608,000
Non-cash investing and financing transactions:
Equipment acquired included in accounts payable	8,852,000	12,491,000
Transfer from property and equipment to assets held for sale	32,800,000	43,308,000
Financing provided to independent contractors for equipment sold	571,000	1,341,000
Net dividend accrued for restricted stock units	137,000	131,000
Cash flow information:
Income taxes paid	52,000,000	58,582,000
Interest expense paid	$ 749,000	$ 345,000

Note 1 - Financial Information

Note 1 - Financial Information	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Financial Information References in this Report on Form 10-Q to "we," "us," "our," "Knight," or the "Company" or similar terms refer to Knight Transportation, Inc. and its consolidated subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated unaudited financial statements of Knight Transportation, Inc. and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America and Regulation S-X, instructions to Form 10-Q, and other relevant rules and regulations of the Securities and Exchange Commission (the "SEC"), as applicable to the preparation and presentation of interim financial information. Certain information and footnote disclosures have been omitted or condensed pursuant to such rules and regulations. We believe all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Results of operations in interim periods are not necessarily indicative of results for a full year. These condensed consolidated unaudited financial statements and notes thereto should be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014.

Note 2 - Stock-Based Compensati

Note 2 - Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 2. Stock-Based Compensation In May 2015, our shareholders approved the 2015 Omnibus Incentive Plan. This plan combines into a single plan the Company’s 2005 Executive Cash Bonus Plan (the “2005 Plan”) and the 2012 Equity Compensation Plan (the “2012 Plan”) and allows for future grants under the 2015 Omnibus Incentive Plan. Grants outstanding under the 2005 Plan and 2012 Plan will continue in force and effect and continue to be governed solely by the terms and conditions of the instrument evidencing such grants, and will be interpreted under the terms of the 2005 Plan and the 2012 Plan, as applicable. Since approval of the 2015 Omnibus Incentive Plan in May 2015, all grants of stock-based compensation are made under the 2015 Omnibus Incentive Plan. Stock-based compensation expense for the three months and nine months ended September 30, 2015, and 2014, are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Stock compensation expense for options, net of forfeitures $ 307 $ 181 $ 754 $ 453 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 1,380 866 4,534 2,480 Total stock compensation expense $ 1,687 $ 1,047 $ 5,288 $ 2,933 Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. As of September 30, 2015, we have approximately $3.5 million of unrecognized compensation expense related to unvested options. This cost is expected to be recognized over a weighted-average period of 2.0 years and a total period of 3.6 years. We have approximately $11.3 million of unrecognized compensation expense related to restricted stock unit awards, which is anticipated to be recognized over a weighted-average period of 3.7 years and a total period of 7.3 years. We also have approximately $8.1 million of unrecognized compensation cost related to unvested performance awards. That cost is expected to be recognized over a weighted-average period of 3.0 years and total period of 3.3 years. A total of 590,141 stock options were granted during the first nine months of 2015 and 394,550 stock options were granted during the first nine months of 2014. We received approximately $9.2 million in cash from the exercise of stock options during the nine months ended September 30, 2015, compared to $12.6 million for the same period in 2014. A summary of the option award activity under our equity compensation plans as of September 30, 2015, and changes during the nine months ended September 30, 2015, is presented below: Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2014 2,142,971 $ 17.80 Granted 590,141 29.81 Exercised (555,896 ) 16.49 Forfeited (93,589 ) 20.77 Outstanding as of September 30, 2015 2,083,627 21.41 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option valuation model. Listed below are the weighted-average assumptions used for the fair value computation: Nine Months Ended September 30, 2015 2014 Dividend yield (1) 0.80 % 1.06 % Expected volatility (2) 25.88 % 28.04 % Risk-free interest rate (3) 0.98 % 0.82 % Expected term (in years) (4) 2.74 2.74 Weighted-average fair value of options granted $ 5.00 $ 3.97 (1) Dividend yield – the dividend yield is based on our historical experience and future expectation of dividend payouts. (2) Expected volatility – we analyzed the volatility of our stock using historical data. (3) Risk-free interest rate – the risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the stock option award. (4) Expected term – the expected term of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and has been determined based on an analysis of historical exercise behavior. A total of 13,950 and 9,000 restricted stock unit awards were granted during the first nine months of 2015 and 2014, respectively. A summary of the restricted stock unit award activity under our equity compensation plans as of September 30, 2015, and changes during the nine months ended September 30, 2015, is presented below: Number of Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 1,073,546 $ 16.22 Granted 13,950 29.11 Vested (172,003 ) 16.14 Forfeited (15,730 ) 16.81 Unvested as of September 30, 2015 899,763 16.42 The fair value of each restricted stock unit is based on the closing market price on the date of grant. Beginning in 2014, we issued performance restricted stock units (“PRSUs”) to selected key employees that may be earned based on revenue growth and return on assets, and may then be modified based on our total shareholder return, as defined in the instrument evidencing the grant, over a three-year period. The primary award adjustment may range from 0 percent to 150 percent of the initial grant, based upon performance achieved over the three-year period. The primary award modifier, which would multiply the adjusted primary award by 75 percent to 125 percent, is measured by determining the percentile rank of the total shareholder return, as defined in the instrument evidencing the grant , of Knight common stock in relation to the total shareholder return of a peer group for the three-year period. The final award will be based on performance achieved in accordance with the scale set forth in the plan agreement. Performance restricted stock units do not earn dividend equivalents. A total of 165,720 PRSUs were granted in the nine months ended September 30, 2015, and 181,112 PRSUs were granted in the nine months ended September 30, 2014. A summary of the performance restricted stock unit award activity for the nine months ended September 30, 2015 is presented below: Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 181,112 $ 23.85 Granted 165,720 29.30 Vested - - Cancelled (5,050 ) 26.20 Unvested as of September 30, 2015 341,782 26.46 The performance measurement period for the PRSUs granted in the nine months ended September 30, 2015, is April 1, 2015 to December 31, 2017, and the performance measurement period for the PRSUs granted in the nine months ended September 30, 2014, is January 1, 2014 to December 31, 2016. These awards will vest thirteen months following the expiration of the performance measurement period. The fair value of each PRSU grant is estimated on the date of grant using the Monte Carlo Simulation valuation model. Listed below are the weighted-average assumptions used for the fair value computation: Nine Months Ended September 30, 2015 2014 Dividend yield (1) 0.80 % 1.06 % Expected volatility (2) 23.18 % 26.11 % Average peer volatility (2) 30.70 % 36.01 % Average peer correlation coefficient (3) 0.49 0.5796 Risk-free interest rate ( 4 ) 0.78 % 0.66 % Expected term ( 5 ) 2.63 2.80 Weighted-average fair value of PRSUs granted $ 29.30 $ 23.85 (1) The dividend yield, used to project stock price to the end of the performance period, is based on our historical experience and future expectation of dividend payouts. Total shareholder return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield. (2) We (or peer company) estimated volatility using our (or their) historical share price performance over the remaining performance period as of the grant date. (3) The correlation coefficients are used to model the way in which each entity tends to move in relation to each other; the correlation assumptions were developed using the same stock price data as the volatility assumptions. (4) The risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the performance award. (5) Since the Monte Carlo simulation valuation is an open form model that uses an expected life commensurate with the performance period, the expected life of the PRSUs was assumed to be the period from the grant date to the end of the performance period.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 3. Earnings Per Share A reconciliation of the basic and diluted earnings per share computations for the three months and nine months ended September 30, 2015 and 2014, respectively, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, except for per share data) Weighted average common shares outstanding – basic 81,127 81,035 81,678 80,802 Dilutive effect of stock options and unvested restricted stock units 878 1,062 1,036 974 Weighted average common shares outstanding – diluted 82,005 82,097 82,714 81,776 Net income attributable to Knight Transportation $ 30,283 $ 25,100 $ 87,484 $ 69,924 Basic Earnings Per Share $ 0.37 $ 0.31 $ 1.07 $ 0.87 Diluted Earnings per Share $ 0.37 $ 0.31 $ 1.06 $ 0.86 Certain shares of options, restricted stock units, and PRSUs (“equity awards”) were excluded from the computation of diluted earnings per share because the equity award’s exercise prices were greater than the average market price of the common shares and the sum total of assumed proceeds resulted in fewer shares repurchased than the weighted equity awards outstanding hypothetically exercised per the treasury method. The number of anti-dilutive shares are: Three Months Ended September 30, (in thousands) Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Number of anti-dilutive shares 597,076 288,334 322,036 286,159

Note 4 - Segment Information

Note 4 - Segment Information	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 4. Segment Information We have two operating segments: (i) the Trucking segment comprised of three operating units (Dry Van, Refrigerated, and Drayage), and (ii) the Logistics segment comprised of two operating units (Brokerage and Intermodal). We also provide logistics, freight management and other non-trucking services through our Logistics businesses. Through our Trucking and Logistics segment capabilities, we are able to transport, or can arrange for the transportation of, general commodities for customers throughout the United States and parts of Canada and Mexico. We, in determining our reportable segments, focus on financial information such as operating revenues and expenses, operating income, operating ratios, and other key operating statistics common in the industry. The chief operating decision makers also use this information to evaluate segment performance and allocate resources to our operations. Our segments provide transportation and related services for one another. Such services are billed at cost, and no profit is earned. Such intersegment revenues and expenses are eliminated in our consolidated results. The following table sets forth revenue and operating income between the Trucking and Logistics segments for the three months and nine months ended September 30, 2015 and 2014 (dollars in thousands). Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Revenues: $ % $ % $ % $ % Trucking Segment $ 242,046 80.6 $ 217,848 80.2 $ 722,963 81.0 $ 639,571 81.5 Logistics Segment 62,773 20.9 54,787 20.2 181,339 20.3 148,517 18.9 Subtotal 304,819 272,635 904,302 788,088 Intersegment Eliminations Trucking (38 ) 0.0 (4 ) 0.0 (116 ) 0.0 (65 ) 0.0 Intersegment Eliminations Logistics (4,659 ) (1.5) (1,084 ) (0.4) (11,961 ) (1.3) (3,158 ) (0.4) Total $ 300,122 100% $ 271,547 100% $ 892,225 100% $ 784,865 100% Operating Income: Trucking Segment $ 42,710 92.0 $ 35,514 89.3 $ 122,800 91.4 $ 100,491 91.4 Logistics Segment 3,716 8.0 4,277 10.7 11,548 8.6 9,449 8.6 Total $ 46,426 100% $ 39,791 100% $ 134,348 100% $ 109,940 100% Trucking Segment Information The Trucking operating units operate large, modern, company-owned tractor fleets and use independent contractors to provide various transportation solutions, including multiple stop pick-ups and deliveries, dedicated equipment and personnel, on-time expedited pick-ups and deliveries, specialized driver training and other truckload services. Revenues are generally set at a predetermined rate per mile or per load for the Trucking services. In addition, revenue streams are also generated by charging for tractor and trailer detention, loading and unloading activities, dedicated services, and other specialized services, as well as through the collection of fuel surcharges to mitigate the impact of increases in the cost of fuel. The primary measure we use to evaluate the profitability of our Trucking segment is operating ratio, measured both on a GAAP basis (operating expenses expressed as a percentage of revenue) and on a non-GAAP basis that many in our industry use (Trucking operating expenses, net of Trucking fuel surcharge revenue, expressed as a percentage of Trucking revenue, excluding Trucking fuel surcharge revenue). We believe the second method allows us to more effectively compare periods while excluding the potentially volatile effect of changes in fuel prices. Non-GAAP operating ratio is not a substitute for or superior to, and should be considered in addition to, the GAAP operating ratio. Pursuant to the requirements of the SEC's Regulation G, the tables below compare our operating ratio using both methods. The following table sets forth the Trucking segment operating ratio on a GAAP basis (dollars in thousands). GAAP Presentation: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Trucking Segment $ % $ % $ % $ % Revenue $ 242,046 $ 217,848 $ 722,963 $ 639,571 Operating expenses 199,336 82.4 182,334 83.7 600,163 83.0 539,080 84.3 Operating income $ 42,710 $ 35,514 $ 122,800 $ 100,491 The following table sets forth the Trucking segment operating ratio as if fuel surcharges are excluded from total revenue and instead reported as a reduction of operating expenses, excluding intersegment activity (dollars in thousands). Non-GAAP Presentation (1) Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended S eptember 30, 2015 Nine Months Ended September 30, 2014 Trucking Segment $ % $ % $ % $ % Revenue $ 242,046 $ 217,848 $ 722,963 $ 639,571 Less: Trucking fuel surcharge revenue (30,192 ) (43,718 ) (96,458 ) (132,532 ) Less: Intersegment transactions (38 ) (4 ) (116 ) (65 ) Revenue, net of fuel surcharge and intersegment transactions 211,816 174,126 626,389 506,974 Operating expenses 199,336 182,334 600,163 539,080 Less: Trucking fuel surcharge revenue (30,192 ) (43,718 ) (96,458 ) (132,532 ) Less: Intersegment transactions (38 ) (4 ) (116 ) (65 ) Operating expenses, net of fuel surcharge and intersegment transactions 169,106 79.8 138,612 79.6 503,589 80.4 406,483 80.2 Operating income $ 42,710 $ 35,514 $ 122,800 $ 100,491 (1) These items represent non-GAAP financial measures and are not substitutes for or superior to, and should be considered in addition to, the GAAP financial measures presented in the previous table. Although we believe that this non-GAAP presentation of our operating ratio can make an evaluation of our operating performance more consistent because it removes items that, in our opinion, do not reflect our core operating performance, other companies in the transportation industry may define the non-GAAP operating ratio differently. As a result, it may be difficult to use non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Our Trucking segment requires substantial capital expenditures for purchases of new revenue equipment. Total depreciation and amortization expense for the Trucking segment was approximately $27.2 million and $21.5 million for the three months ended September 30, 2015 and 2014, respectively. Depreciation and amortization expense for the Trucking segment was approximately $79.7 million and $62.9 million for the nine months ended September 30, 2015 and 2014, respectively. Logistics Segment Information Logistics revenue is generated primarily by our Brokerage and Intermodal operating units, which charge a predetermined rate per mile or per load for arranging freight transportation for our customers. We also provide logistics, freight management and other non-trucking services to our customers through our Logistics business. Additional revenue is generated by offering specialized logistics solutions (including, but not limited to, origin management, surge volumes, disaster relief, special projects, and other logistics needs). Our Logistics revenue is mainly affected by the rates we obtain from customers, the freight volumes that we ship through our third-party capacity providers, and our ability to secure qualified third-party capacity providers to transport customer freight. The following table sets forth the Logistics segment revenue, operating expenses, and operating income (dollars in thousands). Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Logistics Segment $ % $ % $ % $ % Revenue $ 62,773 $ 54,787 $ 181,339 $ 148,517 Operating expenses 59,057 94.1 50,510 92.2 169,791 93.6 139,068 93.6 Operating income $ 3,716 $ 4,277 $ 11,548 $ 9,449 The following table sets forth the Logistics segment revenue, operating expenses, and operating income, excluding intersegment transactions (dollars in thousands). Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Logistics Segment $ % $ % $ % $ % Revenue $ 62,773 $ 54,787 $ 181,339 $ 148,517 Less: Intersegment transactions (4,659 ) (1,084 ) (11,961 ) (3,158 ) Revenue excluding intersegment transactions 58,114 53,703 169,378 145,359 Operating expenses 59,057 50,510 169,791 139,068 Less: Intersegment transactions (4,659 ) (1,084 ) (11,961 ) (3,158 ) Operating expenses excluding intersegment transactions 54,398 93.6 49,426 92.0 157,830 93.2 135,910 93.5 Operating income $ 3,716 $ 4,277 $ 11,548 $ 9,449 We primarily measure the Logistics segment's profitability by reviewing the gross margin percentage (revenue net of intersegment elimination, less purchased transportation expense, expressed as a percentage of revenue, net of intersegment elimination) and the operating ratio. The gross margin percentage can be affected by customer rates and the costs of securing third-party capacity providers. Our third-party capacity providers generally are not subject to long-term or predetermined contracted rates, and our operating results could be affected if the availability of third-party capacity providers or the rates for such providers change in the future. The following table lists the gross margin percentage for our Brokerage and Intermodal businesses combined. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Combined Brokerage and Intermodal gross margin percentage (1) 16.0% 15.2% 16.1% 14.2% (1) Gross margin percentage is based on revenue, net of intersegment eliminations. Our Logistics segment does not require significant capital expenditures and is not asset-intensive like our Trucking segment. Total Logistics segment depreciation and amortization expense is primarily attributed to equipment leased to third parties, which was approximately $1.0 million and $1.2 million for the three months ended September 30, 2015 and 2014, respectively. Depreciation and amortization expense for the Logistics segment was approximately $3.0 million and $3.6 million for the nine months ended September 30, 2015 and 2014, respectively. No segmental asset or liability information is provided as we do not prepare balance sheets by segment, and the chief operating decision makers do not review segment assets to make operating decisions.

Note 5 - Joint Ventures

Note 5 - Joint Ventures	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Joint Venture [Text Block]	Note 5. Joint Venture s In July 2014, we formed an Arizona limited liability company, Kool Trans, LLC, for the purpose of expanding our refrigerated trucking business. In October 2015, we amended the Articles of Organization to change the company name to Kold Trans, LLC. We are entitled to 80% of the profits of the entity and have effective control over the management of the entity. In accordance with ASC 810-10-15-8, Consolidation In 2010, we partnered with a non-related investor to form an Arizona limited liability company for the purpose of sourcing commercial vehicle parts. We contributed $26,000 to acquire 52% ownership of this entity. In accordance with ASC 810-10-15-8, Consolidation

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies We are a party to certain claims and pending litigation arising in the normal course of business. These proceedings primarily involve claims for personal injury, property damage, physical damage, and cargo loss incurred in the transportation of freight or for personnel matters, as well as certain class action litigation in which plaintiffs allege failure to provide meal and rest breaks, unpaid wages, unauthorized deductions, and other items. We are insured against auto liability claims under a self-insured retention ("SIR") policy with retention ranging from $1.0 million to $3.0 million per occurrence and in some years, depending on the applicable policy year, we have been responsible for aggregate losses up to $1.5 million. For the policy period March 1, 2015 to March 1, 2016, and February 1, 2014 to March 1, 2015, the SIR is $2.5 million with no additional responsibility for "aggregate" losses. We have secured excess liability coverage up to $105.0 million per occurrence. We also carry a $2.5 million aggregate deductible for any loss or losses that rise to the excess coverage layer. We are self-insured for workers' compensation claims up to a maximum limit of $500,000 per occurrence. We also maintain primary and excess coverage for employee medical expenses and hospitalization, with self-insured retention of $225,000 per claimant. We are a defendant in a class action lawsuit which was filed on May 8, 2008, in the California Superior Court for Tulare County. The plaintiffs, who are current and former drivers and who worked for us during the period of May 8, 2004 through August 6, 2015, allege claims for failure to provide meal periods, inaccurate itemized pay statements and other items under the California Labor Code. During the second quarter of 2015, we reached a preliminary settlement with the plaintiffs. Should the settlement not be approved by the court, further negotiations may take place that could result in a different settlement, or the case may continue on to trial, which could result in a judgment for a different amount. We are also a defendant in a class action lawsuit which was filed on June 10, 2010, in the Oregon Circuit Court for Multnomah County. The plaintiffs, who are current and former drivers who worked for us during the period of June 10, 2004 through June 10, 2010, allege the Company failed to pay minimum wage for attending pre-employment orientation and failed to pay minimum wage for work performed during certain pay periods after the start of employment. On July 2, 2015, the court, following a bench trial, issued a decision finding that we failed to pay minimum wage to some class members for work performed during certain pay periods and assessed statutory penalties and prejudgment interest related to our failure to comply with minimum wage obligations. A final judgment has not yet been entered. Shortly after the end of the third quarter of 2015, we reached a preliminary settlement with the plaintiffs and the current and former drivers who worked for us during the period June 11, 2010 through September 30, 2015. Should the settlement not be approved by the court, further negotiations may take place that could result in a different settlement, or a final judgment may be entered, which could result in a judgment for a different amount. As a result of the California settlement and the Oregon decision, during the second quarter of 2015, we accrued a total of $7.2 million, including the plaintiffs’ estimated attorneys’ fees and related costs and excluding attorneys’ fees and costs related to our defense, in our condensed consolidated financial statements. We had previously accrued $0.2 million as of December 31, 2014 related to these cases. Based on claims resolved this quarter, and 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 likely to have a materially adverse effect on our consolidated financial statements. At September 30, 2015, we carried a contingent liability of $3.5 million in “accrued liabilities” in the accompanying condensed consolidated balance sheet, for a one-time earn-out relating to our October 2014 acquisition of Barr-Nunn Transportation Inc. (“Barr-Nunn”). The earn-out was provided for in the stock purchase agreement in connection with the Barr-Nunn acquisition, and was subject to achievement of an operating income target for Barr-Nunn and retention of certain Barr-Nunn key personnel for the four fiscal quarters ended September 30, 2015. This contingent liability was estimated as of the date of acquisition. All contingencies were satisfied, and accordingly, the earn-out was paid in full in October 2015.

Note 7 - Dividends

Note 7 - Dividends	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Common Stock Dividends [Text Block]	Note 7. Dividends In August 2015, we announced a cash dividend of $0.06 per share of our common stock which was paid in September 2015. Future payment of cash dividends, and the amount of any such dividends, will depend upon our financial condition, results of operations, cash requirements, tax treatment, and certain corporate law requirements, as well as other factors deemed relevant by our Board of Directors.

Note 8 - Property and Equipment

Note 8 - Property and Equipment	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 8. Property and Equipment To ensure that our facilities remain modern and efficient, we periodically have facility upgrades, or new construction, in process at our various service center locations or corporate headquarters. Until these projects are completed, we consider these to be assets not yet placed in service and they are not depreciated. Once they are placed into service, we depreciate them according to our depreciation policy. At September 30, 2015 and December 31, 2014, we had approximately $8.8 million and $6.9 million, respectively, of facility construction in process assets included under "Buildings and building improvements” on the accompanying condensed consolidated balance sheets.

Note 9 - Goodwill and Intangibl

Note 9 - Goodwill and Intangibles, Net	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 9. Goodwill and Intangibles, net Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the net assets acquired. The tax benefit from the recognition on the tax return of the amortization of the excess tax goodwill over book goodwill is treated as a reduction in the book basis of goodwill. In conjunction with our acquisitions, identifiable intangible assets subject to amortization have been recorded at fair value and are being amortized over a weighted-average amortization period of 7.6 years. The gross carrying amount of these intangible assets at September 30, 2015, and December 31, 2014 was $3.7 million, and the accumulated amortization balance was $0.5 million and $0.1 million, respectively. Amortization expense associated with these intangible assets is included in “Depreciation and amortization” on the accompanying condensed consolidated statements of income. Future amortization expense for intangible assets is estimated at $0.1 million for the remainder of 2015, and $0.5 million for each of the years 2016 through 2019. The changes in the carrying amount of goodwill, and intangible assets, for the nine months ended September 30, 2015, are as follows: Goodwill Intangibles (in thousands) Balance at December 31, 2014 $ 47,067 $ 3,575 Amortization relating to deferred tax assets (12 ) - Amortization expense - (375 ) Balance at September 30, 2015 $ 47,055 $ 3,200

Note 10 - Investments and Relat

Note 10 - Investments and Related Commitments	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Investment [Text Block]	Note 10. Investments and Related Commitments In 2003, we signed a partnership agreement with Transportation Resource Partners ("TRP"), a company that makes privately negotiated equity investments. Per the original partnership agreement, we committed to invest $5.0 million in TRP. In 2006, we increased the commitment amount to $5.5 million. No gain or loss was recognized in the three months ended September 30, 2015 or 2014 from TRP investment activity. In the nine months ended September 30, 2015, we recognized a net gain of $122,000 from TRP investment activity, and a net gain of $519,000 in the same nine months of 2014. The carrying value of our investment in TRP was $477,000 at September 30, 2015 and December 31, 2014. Our investment in TRP is accounted for using the cost method, and the balance is included within "Other long-term assets, restricted cash, and investments" on the accompanying condensed consolidated balance sheets. In 2008, we formed Knight Capital Growth, LLC and committed $15.0 million to invest in a new partnership managed and operated by the managers and principals of TRP. The new partnership, Transportation Resource Partners III, LP ("TRP III"), is focused on investment opportunities similar to TRP. As of September 30, 2015, we have contributed approximately $11.0 million to TRP III, leaving an outstanding commitment of $4.0 million. Our investment in TRP III is accounted for using the equity method. For the three months ended September 30, 2015, we recorded income of approximately $204,000, for our investment in TRP III, and $1.5 million for the three months ended September 30, 2014. For the nine months ended September 30, 2015 and 2014, we recognized income of $443,000, and $3.5 million, respectively, for TRP III. The carrying value of our investment in TRP III was $5.8 million and $5.4 million as of September 30, 2015 and December 31, 2014, respectively, and is included within "Other long-term assets, restricted cash, and investments" on the accompanying condensed consolidated balance sheets. In July 2015, we committed to invest in a new partnership, TRP Capital Partners, LP. The new partnership is managed and operated by the managers and principals of TRP and TRP III, and is focused on similar investment opportunities. We committed to contribute a total of $4.9 million to the new partnership, and no contribution has been made as of September 30, 2015.

Note 11 - Marketable Equity Sec

Note 11 - Marketable Equity Securities	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	Note 11. Marketable Equity Securities We have certain marketable equity securities classified as available-for-sale securities, which are recorded at fair value with unrealized gains and losses, net of tax, as a component of "Accumulated other comprehensive income" in shareholders' equity on the accompanying condensed consolidated balance sheets. Realized gains and losses on available-for-sale securities are included in the determination of net income. We use specific identification to determine the cost of securities sold, or amounts reclassified out of accumulated other comprehensive income into earnings and included in “Other income” on the accompanying condensed consolidated statements of income. The following table shows our realized gains during the three months and nine months ended September 30, 2015 and 2014 on certain securities that were held as available-for-sale. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Realized gains Sales proceeds $ 3,151 $ 2,796 $ 9,339 $ 4,697 Cost of securities sold 1,021 1,352 2,670 2,350 Realized gain $ 2,130 $ 1,444 $ 6,669 $ 2,347 Realized gains, net of taxes $ 1,307 $ 892 $ 4,093 $ 1,450 As of September 30, 2015, our available-for-sale equity investments included in "Other long-term assets and restricted cash and investments" on the accompanying condensed consolidated balance sheets, was approximately $9.9 million, including gross unrealized gains of approximately $5.7 million or $3.5 million (net of tax). As of December 31, 2014, our available-for-sale investment balance was approximately $26.9 million, including gross unrealized gains of approximately $20.0 million or $12.2 million (net of tax).

Note 12 - Assets Held for Sale

Note 12 - Assets Held for Sale	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Other Assets Disclosure [Text Block]	Note 12. Assets Held for Sale Revenue equipment that is not utilized in continuing operations and is held for sale is classified as "Assets held for sale" on the accompanying condensed consolidated balance sheets. Assets held for sale at September 30, 2015 and December 31, 2014, totaled $18.0 million and $23.2 million, respectively. Assets held for sale are no longer subject to depreciation, and are recorded at the lower of depreciated carrying value or fair market value less selling costs. We expect to sell these assets and replace them with new assets within twelve months of being classified as "Assets held for sale."

Note 13 - Income Taxes

Note 13 - Income Taxes	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 13. Income Taxes We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. For interim reporting purposes, our income tax provisions are recorded based on the estimated annual effective tax rate. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial operations. A valuation allowance for deferred tax assets has not been deemed necessary due to our profitable operations. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We file federal and state income tax returns with varying statutes of limitations. The 2012 through 2014 tax years remain subject to examination by federal and most state tax authorities, and the 2010 through 2014 tax years remain subject to examination by some state tax authorities. We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position, results of operations and cash flows. Our policy is to recognize interest and penalties related to unrecognized tax benefits as income tax expense. We have not recorded any unrecognized tax benefits at September 30, 2015 or December 31, 2014.

Note 14 - Company Share Repurch

Note 14 - Company Share Repurchase Programs	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Treasury Stock [Text Block]	Note 14. Company Share Repurchase Programs In May 2011, our Board of Directors unanimously authorized the repurchase of 10.0 million shares of our common stock. The repurchase authorization is intended to afford flexibility to acquire shares opportunistically in future periods and does not indicate an intention to repurchase any particular number of shares within a definite timeframe. Any repurchases would be effected based upon share price and market conditions. Under the share repurchase program, we repurchased 564,016 shares for $15.0 million in the three months ended September 30, 2015, and 1,606,790 shares for $45.3 million in the nine months ended September 30, 2015. As of September 30, 2015, there were 5,831,766 shares remaining for future purchases under our repurchase program. The repurchase authorization will remain in effect until the share limit is reached or the program is terminated.

Note 15 - Fair Value Measuremen

Note 15 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 15. Fair Value Measurement s Our assets and liabilities measured at fair value are based on principles set forth in ASC 820-10, Fair Value Measurements and Disclosure Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 – Unobservable inputs, only used to the extent that observable inputs are not available, reflect our assumptions about the pricing of an asset or liability. In accordance with the fair value hierarchy described above, the following table shows the fair value of our financial assets and liabilities that are required to be measured at fair value as of September 30, 2015 and December 31, 2014. Total Total Level One Level Two Level Three Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 (in thousands) Assets: Available-for-sale securities: Equity securities - common shares $ 9,888 $ 26,884 $ 9,888 $ 26,884 - - - - Restricted cash and investments: Money market funds $ 988 $ 1,027 $ 988 $ 1,027 - - - - Trading securities: Debt securities - municipal securities $ 2,301 $ 2,237 - - $ 2,301 $ 2,237 - -

Note 16 - Notes Receivable

Note 16 - Notes Receivable	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Notes Receivable [Text Block]	Note 16. Notes Receivable We provide financing to independent contractors and third parties on equipment sold or leased under our equipment sale program. Most of the notes are collateralized and are due in weekly installments, comprised of principal and interest payments. Interest rates are determined in the contracts and generally range from 2% to 20%. The notes receivable balances are classified separately between current and long-term on the consolidated balance sheets. The current and long-term balance of our notes receivable at September 30, 2015 and December 31, 2014, are as follows: September 30, 2015 December 31, 2014 (in thousands) Notes receivable from independent contractors $ 797 $ 1,554 Notes receivable from third parties 3,674 3,882 Gross notes receivable 4,471 5,436 Allowance for doubtful notes receivable (281 ) (351 ) Total notes receivable, net of allowance 4,190 5,085 Current portion, net of allowance 731 1,020 Long-term portion $ 3,459 $ 4,065

Note 17 - Line of Credit

Note 17 - Line of Credit	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	Note 17. Line of Credit We maintain a revolving line of credit which permits revolving borrowings and letters of credit. The line of credit is maintained at $300.0 million and matures December 1, 2017. We incur interest on borrowings under the line of credit at either the prime rate or LIBOR plus 0.625%, determined by us at the time of borrowing. We had $120.0 million outstanding under the line of credit as of September 30, 2015, compared to $134.4 million as of December 31, 2014. The weighted average variable annual percentage rate ("APR") for amounts borrowed during the nine months ended September 30, 2015 was 0.89%. Borrowings under the line of credit are recorded in the "Long-term debt" line of the accompanying condensed consolidated balance sheets. As of September 30, 2015, we also utilized $27.2 million of the line of credit for letters of credit issued to various regulatory authorities in connection with our self-insurance programs. With the outstanding letters of credit and debt borrowed, we have $152.8 million available for future borrowings as of September 30, 2015. After consideration of fees incurred for the unused portion of our line of credit, our weighted average variable APR for the nine months ended September 30, 2015 was 1.10%. We are obligated to comply with certain financial and other covenants under the line of credit agreement and were in compliance with such covenants at September 30, 2015 and December 31, 2014.

Note 18 - Recent Accounting Pro

Note 18 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Note 18. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-12, Stock Compensation - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers We are currently evaluating this standard and our existing revenue recognition policies to determine which of our customer arrangements in the scope of the guidance will be affected by the new requirements and what impact they would have on our consolidated financial statements upon adoption of this standard.

Note 2 - Stock-Based Compensa26

Note 2 - Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Performance Shares [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2015 2014 Dividend yield (1) 0.80 % 1.06 % Expected volatility (2) 23.18 % 26.11 % Average peer volatility (2) 30.70 % 36.01 % Average peer correlation coefficient (3) 0.49 0.5796 Risk-free interest rate ( 4 ) 0.78 % 0.66 % Expected term ( 5 ) 2.63 2.80 Weighted-average fair value of PRSUs granted $ 29.30 $ 23.85
Restricted Stock Units (RSUs) [Member]
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 1,073,546 $ 16.22 Granted 13,950 29.11 Vested (172,003 ) 16.14 Forfeited (15,730 ) 16.81 Unvested as of September 30, 2015 899,763 16.42 Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2014 181,112 $ 23.85 Granted 165,720 29.30 Vested - - Cancelled (5,050 ) 26.20 Unvested as of September 30, 2015 341,782 26.46
Stock Compensation Plan [Member]
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2015 2014 Dividend yield (1) 0.80 % 1.06 % Expected volatility (2) 25.88 % 28.04 % Risk-free interest rate (3) 0.98 % 0.82 % Expected term (in years) (4) 2.74 2.74 Weighted-average fair value of options granted $ 5.00 $ 3.97
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Stock compensation expense for options, net of forfeitures $ 307 $ 181 $ 754 $ 453 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 1,380 866 4,534 2,480 Total stock compensation expense $ 1,687 $ 1,047 $ 5,288 $ 2,933
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2014 2,142,971 $ 17.80 Granted 590,141 29.81 Exercised (555,896 ) 16.49 Forfeited (93,589 ) 20.77 Outstanding as of September 30, 2015 2,083,627 21.41

Note 3 - Earnings Per Share (Ta

Note 3 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, except for per share data) Weighted average common shares outstanding – basic 81,127 81,035 81,678 80,802 Dilutive effect of stock options and unvested restricted stock units 878 1,062 1,036 974 Weighted average common shares outstanding – diluted 82,005 82,097 82,714 81,776 Net income attributable to Knight Transportation $ 30,283 $ 25,100 $ 87,484 $ 69,924 Basic Earnings Per Share $ 0.37 $ 0.31 $ 1.07 $ 0.87 Diluted Earnings per Share $ 0.37 $ 0.31 $ 1.06 $ 0.86
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, (in thousands) Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Number of anti-dilutive shares 597,076 288,334 322,036 286,159

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Brokerage and Intermodal [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Combined Brokerage and Intermodal gross margin percentage (1) 16.0% 15.2% 16.1% 14.2%
Logistics Segment [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Logistics Segment $ % $ % $ % $ % Revenue $ 62,773 $ 54,787 $ 181,339 $ 148,517 Operating expenses 59,057 94.1 50,510 92.2 169,791 93.6 139,068 93.6 Operating income $ 3,716 $ 4,277 $ 11,548 $ 9,449 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Logistics Segment $ % $ % $ % $ % Revenue $ 62,773 $ 54,787 $ 181,339 $ 148,517 Less: Intersegment transactions (4,659 ) (1,084 ) (11,961 ) (3,158 ) Revenue excluding intersegment transactions 58,114 53,703 169,378 145,359 Operating expenses 59,057 50,510 169,791 139,068 Less: Intersegment transactions (4,659 ) (1,084 ) (11,961 ) (3,158 ) Operating expenses excluding intersegment transactions 54,398 93.6 49,426 92.0 157,830 93.2 135,910 93.5 Operating income $ 3,716 $ 4,277 $ 11,548 $ 9,449
Trucking Segment [Member]
Notes Tables
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	GAAP Presentation: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Trucking Segment $ % $ % $ % $ % Revenue $ 242,046 $ 217,848 $ 722,963 $ 639,571 Operating expenses 199,336 82.4 182,334 83.7 600,163 83.0 539,080 84.3 Operating income $ 42,710 $ 35,514 $ 122,800 $ 100,491 Non-GAAP Presentation (1) Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended S eptember 30, 2015 Nine Months Ended September 30, 2014 Trucking Segment $ % $ % $ % $ % Revenue $ 242,046 $ 217,848 $ 722,963 $ 639,571 Less: Trucking fuel surcharge revenue (30,192 ) (43,718 ) (96,458 ) (132,532 ) Less: Intersegment transactions (38 ) (4 ) (116 ) (65 ) Revenue, net of fuel surcharge and intersegment transactions 211,816 174,126 626,389 506,974 Operating expenses 199,336 182,334 600,163 539,080 Less: Trucking fuel surcharge revenue (30,192 ) (43,718 ) (96,458 ) (132,532 ) Less: Intersegment transactions (38 ) (4 ) (116 ) (65 ) Operating expenses, net of fuel surcharge and intersegment transactions 169,106 79.8 138,612 79.6 503,589 80.4 406,483 80.2 Operating income $ 42,710 $ 35,514 $ 122,800 $ 100,491
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Revenues: $ % $ % $ % $ % Trucking Segment $ 242,046 80.6 $ 217,848 80.2 $ 722,963 81.0 $ 639,571 81.5 Logistics Segment 62,773 20.9 54,787 20.2 181,339 20.3 148,517 18.9 Subtotal 304,819 272,635 904,302 788,088 Intersegment Eliminations Trucking (38 ) 0.0 (4 ) 0.0 (116 ) 0.0 (65 ) 0.0 Intersegment Eliminations Logistics (4,659 ) (1.5) (1,084 ) (0.4) (11,961 ) (1.3) (3,158 ) (0.4) Total $ 300,122 100% $ 271,547 100% $ 892,225 100% $ 784,865 100% Operating Income: Trucking Segment $ 42,710 92.0 $ 35,514 89.3 $ 122,800 91.4 $ 100,491 91.4 Logistics Segment 3,716 8.0 4,277 10.7 11,548 8.6 9,449 8.6 Total $ 46,426 100% $ 39,791 100% $ 134,348 100% $ 109,940 100%

Note 9 - Goodwill and Intangi29

Note 9 - Goodwill and Intangibles, Net (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	Goodwill Intangibles (in thousands) Balance at December 31, 2014 $ 47,067 $ 3,575 Amortization relating to deferred tax assets (12 ) - Amortization expense - (375 ) Balance at September 30, 2015 $ 47,055 $ 3,200

Note 11 - Marketable Equity S30

Note 11 - Marketable Equity Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Realized gains Sales proceeds $ 3,151 $ 2,796 $ 9,339 $ 4,697 Cost of securities sold 1,021 1,352 2,670 2,350 Realized gain $ 2,130 $ 1,444 $ 6,669 $ 2,347 Realized gains, net of taxes $ 1,307 $ 892 $ 4,093 $ 1,450

Note 15 - Fair Value Measurem31

Note 15 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Fair Value Measurements, Nonrecurring [Table Text Block]	Total Total Level One Level Two Level Three Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 Balance at September 30, 2015 Balance at December 31, 2014 (in thousands) Assets: Available-for-sale securities: Equity securities - common shares $ 9,888 $ 26,884 $ 9,888 $ 26,884 - - - - Restricted cash and investments: Money market funds $ 988 $ 1,027 $ 988 $ 1,027 - - - - Trading securities: Debt securities - municipal securities $ 2,301 $ 2,237 - - $ 2,301 $ 2,237 - -

Note 16 - Notes Receivable (Tab

Note 16 - Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, 2015 December 31, 2014 (in thousands) Notes receivable from independent contractors $ 797 $ 1,554 Notes receivable from third parties 3,674 3,882 Gross notes receivable 4,471 5,436 Allowance for doubtful notes receivable (281 ) (351 ) Total notes receivable, net of allowance 4,190 5,085 Current portion, net of allowance 731 1,020 Long-term portion $ 3,459 $ 4,065

Note 2 - Stock-Based Compensa33

Note 2 - Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 219 days
Restricted Stock Units (RSUs) [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 255 days
Restricted Stock Units (RSUs) [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	7 years 109 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 11,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	13,950	9,000
Performance Shares [Member] | Weighted Average [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 109 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8,100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	165,720	181,112
Share-based Compensation Arrangement by Share-Based Payment Award, Payout Range, Lower Limit	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Range, Upper Limit	150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Modifier Range, Lower Limit	75.00%
Share-based Compensation Arrangement by Share-based Payment Award, Payout Modifier Range, Upper Limit	125.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year 30 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 3,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	590,141	394,550
Proceeds from Stock Options Exercised	$ 9,190	$ 12,643

Note 2 - Stock-Based Compensa34

Note 2 - Stock-Based Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member]
Stock compensation expense	$ 307	$ 181	$ 754	$ 453
RSU and Performance Shares [Member]
Stock compensation expense	1,380	866	4,534	2,480
Stock compensation expense	$ 1,687	$ 1,047	$ 5,288	$ 2,933

Note 2 - Summary of Option Awar

Note 2 - Summary of Option Award Activity under Compensation Plan (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Outstanding as of December 31, 2014 (in shares)	2,142,971
Outstanding as of December 31, 2014 (in dollars per share) | $ / shares	$ 17.80
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	590,141
Granted (in dollars per share) | $ / shares	$ 29.81
Exercised (in shares)	(555,896)
Exercised (in dollars per share) | $ / shares	$ 16.49
Forfeited (in shares)	(93,589)
Forfeited (in dollars per share) | $ / shares	$ 20.77
Outstanding as of September 30, 2015 (in shares)	2,083,627
Outstanding as of September 30, 2015 (in dollars per share) | $ / shares	$ 21.41

Note 2 - Fair Value Assumptions

Note 2 - Fair Value Assumptions - Stock Options (Details) - Stock Compensation Plan [Member] - $ / shares		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Dividend yield (1)	[1]	0.80%	1.06%
Expected volatility (2)	[2]	25.88%	28.04%
Risk-free interest rate (3)	[3]	0.98%	0.82%
Expected term (in years)(4)	[4]	2 years 270 days	2 years 270 days
Weighted-average fair value of options granted (in dollars per share)		$ 5	$ 3.97
[1]	Dividend yield - the dividend yield is based on our historical experience and future expectation of dividend payouts.
[2]	Expected volatility - we analyzed the volatility of our stock using historical data.
[3]	Risk-free interest rate - the risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the stock option award.
[4]	Expected term - the expected term of employee stock options represents the weighted-average period the stock options are expected to remain outstanding and has been determined based on an analysis of historical exercise behavior.

Note 2 - Summary of Restricted

Note 2 - Summary of Restricted Stock Unit Award Activity under Compensation Plan (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock Units (RSUs) [Member]
Unvested as of December 31, 2014 (in shares)	1,073,546
Unvested as of December 31, 2014 (in dollars per share) | $ / shares	$ 16.22
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	13,950
Granted (in dollars per share) | $ / shares	$ 29.11
Vested (in shares)	(172,003)
Vested (in dollars per share) | $ / shares	$ 16.14
Forfeited (in shares)	(15,730)
Forfeited (in dollars per share) | $ / shares	$ 16.81
Unvested as of September 30, 2015 (in shares)	899,763
Unvested as of September 30, 2015 (in dollars per share) | $ / shares	$ 16.42
Vested (in shares)	172,003
Performance Shares [Member]
Unvested as of December 31, 2014 (in shares)	181,112
Unvested as of December 31, 2014 (in dollars per share) | $ / shares	$ 23.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	165,720
Granted (in dollars per share) | $ / shares	$ 29.30
Vested (in shares)
Vested (in dollars per share) | $ / shares
Forfeited (in shares)	(5,050)
Forfeited (in dollars per share) | $ / shares	$ 26.20
Unvested as of September 30, 2015 (in shares)	341,782
Unvested as of September 30, 2015 (in dollars per share) | $ / shares	$ 26.46
Vested (in shares)

Note 2 - Fair Value Assumptio38

Note 2 - Fair Value Assumptions, PRSU (Details) - Performance Shares [Member] - $ / shares		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Dividend yield (1)	[1]	0.80%	1.06%
Expected volatility (2)	[2]	23.18%	26.11%
Average peer volatility (2)	[2]	30.70%	36.01%
Average peer correlation coefficient (3)	[3]	0.49%	0.5796%
Risk-free interest rate (4)	[4]	0.78%	0.66%
Expected term (5)	[5]	2 years 229 days	2 years 292 days
Granted (in dollars per share)		$ 29.30	$ 23.85
[1]	The dividend yield, used to project stock price to the end of the performance period, is based on our historical experience and future expectation of dividend payouts. Total shareholder return is determined assuming that dividends are reinvested in the issuing entity over the performance period, which is mathematically equivalent to utilizing a 0% dividend yield.
[2]	We (or peer company) estimated volatility using our (or their) historical share price performance over the remaining performance period as of the grant date.
[3]	The correlation coefficients are used to model the way in which each entity tends to move in relation to each other; the correlation assumptions were developed using the same stock price data as the volatility assumptions.
[4]	The risk-free interest rate assumption is based on U.S. Treasury securities at a constant maturity with a maturity period that most closely resembles the expected term of the performance award.
[5]	Since the Monte Carlo simulation valuation is an open form model that uses an expected life commensurate with the performance period, the expected life of the PRSUs was assumed to be the period from the grant date to the end of the performance period.

Note 3 - Reconciliation of Basi

Note 3 - Reconciliation of Basic and Diluted Earnings Per Share Computation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Weighted Average Shares Outstanding – Basic (in shares)	81,127	81,035	81,678	80,802
Dilutive effect of stock options and unvested restricted stock units (in shares)	878	1,062	1,036	974
Weighted average common shares outstanding – diluted (in shares)	82,005	82,097	82,714	81,776
Net income attributable to Knight Transportation	$ 30,283	$ 25,100	$ 87,484	$ 69,924
Basic (in dollars per share)	$ 0.37	$ 0.31	$ 1.07	$ 0.87
Diluted (in dollars per share)	$ 0.37	$ 0.31	$ 1.06	$ 0.86

Note 3 - Summary of Anti-diluti

Note 3 - Summary of Anti-dilutive Common Shares (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Number of anti-dilutive shares (in shares)	597,076	288,334	322,036	286,159

Note 4 - Segment Information (D

Note 4 - Segment Information (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Trucking Segment [Member]
Number of Operating Units	$ 3		$ 3
Depreciation, Depletion and Amortization	27,200,000	$ 21,500,000	79,700,000	$ 62,900,000
Logistics Segment [Member]
Number of Operating Units	2		2
Depreciation, Depletion and Amortization	$ 1,000,000	$ 1,200,000	$ 3,000,000	3,600,000
Number of Operating Segments			2
Depreciation, Depletion and Amortization			$ 82,728,000	$ 66,422,000

Note 4 - Revenue and Operating

Note 4 - Revenue and Operating Income Between Assets-Based and Non-Asset-Based Segments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Trucking Segment [Member] | Operating Segments [Member]
Revenues	[1]	$ 242,046	$ 217,848	$ 722,963	$ 639,571
Percentage of revenues		80.60%	80.20%	81.00%	81.50%
Operating Income:
Operating income		$ 42,710	$ 35,514	$ 122,800	$ 100,491
Percentage of operating income		92.00%	89.30%	91.40%	91.40%
Trucking Segment [Member] | Intersegment Eliminations [Member]
Revenues		$ (38)	$ (4)	$ (116)	$ (65)
Percentage of revenues		0.00%	0.00%	0.00%	0.00%
Logistics Segment [Member] | Operating Segments [Member]
Revenues		$ 62,773	$ 54,787	$ 181,339	$ 148,517
Percentage of revenues		20.90%	20.20%	20.30%	18.90%
Operating Income:
Operating income		$ 3,716	$ 4,277	$ 11,548	$ 9,449
Percentage of operating income		8.00%	10.70%	8.60%	8.60%
Logistics Segment [Member] | Intersegment Eliminations [Member]
Revenues		$ (4,659)	$ (1,084)	$ (11,961)	$ (3,158)
Percentage of revenues		(1.50%)	(0.40%)	(1.30%)	(0.40%)
Operating Segments [Member]
Revenues		$ 304,819	$ 272,635	$ 904,302	$ 788,088
Percentage of revenues
Revenues		$ 300,122	$ 271,547	$ 892,225	$ 784,865
Percentage of revenues		100.00%	100.00%	100.00%	100.00%
Operating Income:
Operating income		$ 46,426	$ 39,791	$ 134,348	$ 109,940
Percentage of operating income		100.00%	100.00%	100.00%	100.00%
[1]	These items represent non-GAAP financial measures and are not substitutes for or superior to, and should be considered in addition to, the GAAP financial measures presented in the previous table. Although we believe that this non-GAAP presentation of our operating ratio can make an evaluation of our operating performance more consistent because it removes items that, in our opinion, do not reflect our core operating performance, other companies in the transportation industry may define non-GAAP operating ratio differently. As a result, it may be difficult to use non-GAAP measures that other companies may use to compare the performance of those companies to our performance.

Note 4 - Reconciliation of Reve

Note 4 - Reconciliation of Revenue from Segments to Consolidated, Asset-Based (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Trucking Segment [Member] | Operating Segments [Member] | Intersubsegment Eliminations [Member]
Revenues	[1]	$ (38)	$ (4)	$ (116)		$ (65)
Trucking Segment [Member] | Operating Segments [Member] | Reportable Subsegments [Member]
Operating income	[1]	42,710	35,514	122,800		100,491
Trucking Segment [Member] | Operating Segments [Member]
Revenues	[1]	242,046	217,848	722,963		639,571
Operating expenses	[1]	$ 199,336	$ 182,334	$ 600,163		$ 539,080
Operating expenses		82.40%	83.70%	83.00%	[1]	84.30%	[1]
Operating income		$ 42,710	$ 35,514	$ 122,800		$ 100,491
Less: Trucking fuel surcharge revenue	[1]	(30,192)	(43,718)	(96,458)		(132,532)
Revenue, net of fuel surcharge and intersegment transactions	[1]	211,816	174,126	626,389		506,974
Operating expenses, net of fuel surcharge and intersegment transactions	[1]	$ 169,106	$ 138,612	$ 503,589		$ 406,483
Operating expenses, net of fuel surcharge and intersegment transactions	[1]	79.80%	79.60%	80.40%		80.20%
Trucking Segment [Member] | Intersubsegment Eliminations [Member]
Revenues	[1]	$ (38)	$ (4)	$ (116)		$ (65)
Less: Trucking fuel surcharge revenue	[1]	(30,192)	(43,718)	(96,458)		(132,532)
Operating Segments [Member]
Revenues		304,819	272,635	904,302		788,088
Revenues		300,122	271,547	892,225		784,865
Operating expenses		253,696	231,756	757,877		674,925
Operating income		46,426	39,791	134,348		109,940
Less: Trucking fuel surcharge revenue		30,192	43,718	96,458		132,532
Revenue, net of fuel surcharge and intersegment transactions		$ 269,930	$ 227,829	$ 795,767		$ 652,333
[1]	These items represent non-GAAP financial measures and are not substitutes for or superior to, and should be considered in addition to, the GAAP financial measures presented in the previous table. Although we believe that this non-GAAP presentation of our operating ratio can make an evaluation of our operating performance more consistent because it removes items that, in our opinion, do not reflect our core operating performance, other companies in the transportation industry may define non-GAAP operating ratio differently. As a result, it may be difficult to use non-GAAP measures that other companies may use to compare the performance of those companies to our performance.

Note 4 - Reconciliation of Re44

Note 4 - Reconciliation of Revenue from Segments to Consolidated, Non-Asset-Based (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating Segments [Member] | Logistics Segment [Member]
Revenue, net of fuel surcharge and intersegment transactions	$ 62,773	$ 54,787	$ 181,339	$ 148,517
Operating expenses	$ 59,057	$ 50,510	$ 169,791	$ 139,068
Operating expenses	94.10%	92.20%	93.60%	93.60%
Operating income	$ 3,716	$ 4,277	$ 11,548	$ 9,449
Logistics Segment [Member] | Intersubsegment Eliminations [Member]
Revenue, net of fuel surcharge and intersegment transactions	(4,659)	(1,084)	(11,961)	(3,158)
Logistics Segment [Member] | Reportable Subsegments [Member]
Revenue, net of fuel surcharge and intersegment transactions	58,114	53,703	169,378	145,359
Operating expenses	$ 54,398	$ 49,426	$ 157,830	$ 135,910
Operating expenses	93.60%	92.00%	93.20%	93.50%
Operating income	$ 3,716	$ 4,277	$ 11,548	$ 9,449
Revenue, net of fuel surcharge and intersegment transactions	269,930	227,829	795,767	652,333
Operating expenses	253,696	231,756	757,877	674,925
Operating income	$ 46,426	$ 39,791	$ 134,348	$ 109,940

Note 4 - Gross Margin Percentag

Note 4 - Gross Margin Percentage of Segments (Details)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Brokerage and Intermodal [Member]
Combined Brokerage and Intermodal gross margin percentage(1)	[1]	16.00%	15.20%	16.10%	14.20%
[1]	Gross margin percentage is based on revenue, net of intersegment elimination.

Note 5 - Joint Ventures (Detail

Note 5 - Joint Ventures (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2010	Sep. 30, 2015
Kool Trans, LLC [Member]
Joint Venture, Percentage of Profits Entitled to Reporting Entity		80.00%
Non-related Investor [Member]
Payments to Acquire Interest in Joint Venture	$ 26,000
Joint Venture, Ownership Interest	52.00%

Note 6 - Commitments and Cont47

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Minimum [Member]
Self Insurance Retention		$ 1,000,000
Maximum [Member]
Self Insurance Retention		3,000,000
Self Insurance, Aggregate Losses		1,500,000
Policy Period, February 1, 2014 to March 1, 2015 [Member]
Self Insurance Retention		2,500,000
Previous Policy Year [Member]
Estimated Litigation Liability			$ 200,000
Barr-Nunn Transportation, Inc. [Member] | Accounts Payable and Accrued Liabilities [Member]
Business Combination, Contingent Consideration, Liability		(3,500,000)
Excess Personal Injury and Property Damage Liability Insurance		105,000,000
Insurance, Aggregate Deductible, Amount		2,500,000
Self Insurance Retention, Workers Compensation Claims per Occurrence		500,000
Self Retention for Employee Medical Health		$ 225,000
Litigation Settlement, Expense	$ 7,200,000

Note 7 - Dividends (Details Tex

Note 7 - Dividends (Details Textual) - $ / shares	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2015	Aug. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Common Stock, Dividends, Per Share, Declared		$ 0.06	$ 0.06	$ 0.06	$ 0.18	$ 0.18
Common Stock, Dividends, Per Share, Cash Paid	$ 0.06

Note 8 - Property and Equipme49

Note 8 - Property and Equipment (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Building and Building Improvements [Member]
Property, Plant and Equipment, Gross	$ 8,800,000	$ 6,900,000
Property, Plant and Equipment, Gross	$ 1,099,613,000	$ 1,018,445,000

Note 9 - Goodwill and Intangi50

Note 9 - Goodwill and Intangibles, Net (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Amortization Expense, Year Four	$ 0.5
Finite-Lived Intangible Assets, Amortization Expense, Year Three	0.5
Finite-Lived Intangible Assets, Amortization Expense, Year Two	0.5
Finite-Lived Intangible Assets, Gross	$ 3.7	$ 3.7
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 219 days
Finite-Lived Intangible Assets, Accumulated Amortization	$ 0.5	$ 0.1
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	0.1
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 0.5

Note 9 - Changes in Carrying Am

Note 9 - Changes in Carrying Amount of Goodwill and Intangible Assets (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Balance at December 31, 2014	$ 47,067,000
Balance at December 31, 2014	3,575,000
Amortization relating to deferred tax assets	(12,000)
Amortization expense	(375,000)
Balance at September 30, 2015	47,055,000
Balance at September 30, 2015	$ 3,200,000

Note 10 - Investments and Rel52

Note 10 - Investments and Related Commitments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jul. 31, 2015	Dec. 31, 2014	Dec. 31, 2008	Dec. 31, 2006	Dec. 31, 2003
Transportation Resource Partners [Member]
Investments	$ 477,000		$ 477,000			$ 477,000
Realized Investment Gains (Losses)	0	$ 0	122,000	$ 519,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures									$ 5,000,000
Amounts Committed to Invest								$ 5,500,000
Transportation Resource Partners IV [Member]
Payments for (Proceeds from) Investments			0
Amounts Committed to Invest					$ 4,900,000
Transportation Resource Partners III [Member]
Realized Investment Gains (Losses)	204,000	$ 1,500,000	443,000	$ 3,500,000
Payments for (Proceeds from) Investments			11,000,000
Amounts Committed to Invest							$ 15,000,000
Remaining Investment Commitment	4,000,000		4,000,000
Equity Method Investments	$ 5,800,000		$ 5,800,000			$ 5,400,000

Note 11 - Marketable Equity S53

Note 11 - Marketable Equity Securities (Details Textual) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Securities	$ 9.9	$ 26.9
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	5.7	20
Available for Sale Securities, Accumulated Gross Unrealized Gain (Loss), Net of Tax	$ 3.5	$ 12.2

Note 11 - Realized Gains on Ava

Note 11 - Realized Gains on Available-for-Sale Securities (Details) - Other Income [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Realized gains
Sales proceeds	$ 3,151	$ 2,796	$ 9,339	$ 4,697
Cost of securities sold	1,021	1,352	2,670	2,350
Realized gain	2,130	1,444	6,669	2,347
Realized gains, net of taxes	$ 1,307	$ 892	$ 4,093	$ 1,450

Note 12 - Assets Held for Sale

Note 12 - Assets Held for Sale (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Disposal Group, Including Discontinued Operation, Assets, Current	$ 18,005,000	$ 23,248,000

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year	2,012
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year	2,014
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year	2,010
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year	2,014
Unrecognized Tax Benefits	$ 0	$ 0

Note 14 - Company Share Repur57

Note 14 - Company Share Repurchase Programs (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	May. 19, 2011
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			10,000,000
Treasury Stock, Shares, Acquired	564,016	1,606,790
Treasury Stock, Value, Acquired, Cost Method	$ 15	$ 45.3
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	5,831,766	5,831,766

Note 15 - Fair Value of Financi

Note 15 - Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities:
Equity securities - common shares	$ 9,888	$ 26,884
Restricted cash and investments:
Money market funds	$ 988	$ 1,027
Trading securities:
Debt securities - municipal securities
Fair Value, Inputs, Level 2 [Member]
Available-for-sale securities:
Equity securities - common shares
Restricted cash and investments:
Money market funds
Trading securities:
Debt securities - municipal securities	$ 2,301	$ 2,237
Fair Value, Inputs, Level 3 [Member]
Available-for-sale securities:
Equity securities - common shares
Restricted cash and investments:
Money market funds
Trading securities:
Debt securities - municipal securities
Equity securities - common shares	$ 9,888	$ 26,884
Money market funds	988	1,027
Debt securities - municipal securities	$ 2,301	$ 2,237

Note 16 - Notes Receivable (Det

Note 16 - Notes Receivable (Details Textual)	9 Months Ended
	Sep. 30, 2015
Interest on Note Receivable, Minimum	2.00%
Interest on Note Receivable, Maximum	20.00%

Note 16 - Current and Long-term

Note 16 - Current and Long-term Balance of Notes Receivable (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Notes receivable from independent contractors	$ 797,000	$ 1,554,000
Notes receivable from third parties	3,674,000	3,882,000
Gross notes receivable	4,471,000	5,436,000
Allowance for doubtful notes receivable	(281,000)	(351,000)
Total notes receivable, net of allowance	4,190,000	5,085,000
Current portion, net of allowance	731,000	1,020,000
Long-term portion	$ 3,459,000	$ 4,065,000

Note 17 - Line of Credit (Detai

Note 17 - Line of Credit (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate During Period	0.625%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300
Line of Credit Facility, Interest Rate During Period	0.89%
Long-term Line of Credit	$ 120	$ 134.4
Letter of Credit [Member] | Unused Portion Fees [Member]
Line of Credit Facility, Interest Rate During Period	1.10%
Letter of Credit [Member]
Long-term Line of Credit	$ 27.2
Line of Credit Facility, Remaining Borrowing Capacity	$ 152.8