Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
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) | 80,034,666 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Unaudite
Condensed Consolidated Unaudited Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 3,886,000 | $ 8,691,000 |
Trade receivables, net of allowance for doubtful accounts of $3,014 and $3,106, respectively | 131,489,000 | 131,945,000 |
Notes receivable, net of allowance for doubtful notes receivable of $254 and $273, respectively | 574,000 | 648,000 |
Prepaid expenses | 16,671,000 | 17,320,000 |
Assets held for sale | 18,347,000 | 29,327,000 |
Other current assets | 8,507,000 | 14,215,000 |
Income tax receivable | 8,845,000 | 41,967,000 |
Total current assets | 188,319,000 | 244,113,000 |
Property and Equipment: | ||
Revenue equipment | 905,195,000 | 866,252,000 |
Land and land improvements | 53,492,000 | 52,951,000 |
Buildings and building improvements | 143,734,000 | 139,102,000 |
Furniture and fixtures | 20,494,000 | 18,363,000 |
Shop and service equipment | 16,888,000 | 16,729,000 |
Leasehold improvements | 4,834,000 | 3,061,000 |
Gross property and equipment | 1,144,637,000 | 1,096,458,000 |
Less: accumulated depreciation and amortization | (331,458,000) | (292,815,000) |
Property and equipment, net | 813,179,000 | 803,643,000 |
Notes receivable, long-term | 3,198,000 | 3,419,000 |
Goodwill | 47,035,000 | 47,050,000 |
Intangible assets, net | 2,700,000 | 3,075,000 |
Other long-term assets, restricted cash and investments | 32,783,000 | 18,932,000 |
Total long-term assets | 898,895,000 | 876,119,000 |
Total assets | 1,087,214,000 | 1,120,232,000 |
Current Liabilities: | ||
Accounts payable | 18,904,000 | 14,818,000 |
Accrued payroll and purchased transportation | 21,262,000 | 23,776,000 |
Accrued liabilities | 16,539,000 | 21,609,000 |
Claims accrual - current portion | 20,288,000 | 19,471,000 |
Dividend payable - current portion | 298,000 | 349,000 |
Total current liabilities | 77,291,000 | 80,023,000 |
Long-term Liabilities: | ||
Claims accrual - long-term portion | 12,336,000 | 11,508,000 |
Long-term dividend payable and other liabilities | 1,854,000 | 2,164,000 |
Deferred tax liabilities | 177,201,000 | 174,165,000 |
Long-term debt | 52,000,000 | 112,000,000 |
Total long-term liabilities | 243,391,000 | 299,837,000 |
Total liabilities | 320,682,000 | 379,860,000 |
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; 80,026 and 80,967 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 800,000 | 810,000 |
Additional paid-in capital | 219,593,000 | 205,648,000 |
Accumulated other comprehensive income | 2,573,000 | |
Retained earnings | 544,192,000 | 529,367,000 |
Total Knight Transportation shareholders' equity | 764,585,000 | 738,398,000 |
Noncontrolling interest | 1,947,000 | 1,974,000 |
Total shareholders' equity | 766,532,000 | 740,372,000 |
Total liabilities and shareholders' equity | $ 1,087,214,000 | $ 1,120,232,000 |
Condensed Consolidated Unaudit3
Condensed Consolidated Unaudited Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 3,104 | $ 3,106 |
Allowance for doubtful notes receivable | $ 254 | $ 273 |
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) | 80,026,000 | 80,967,000 |
Common stock, shares outstanding (in shares) | 80,026,000 | 80,967,000 |
Condensed Consolidated Unaudit4
Condensed Consolidated Unaudited Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUE: | ||||
Revenue, before fuel surcharge | $ 256,243 | $ 269,930 | $ 763,684 | $ 795,767 |
Fuel surcharge | 24,287 | 30,192 | 65,252 | 96,458 |
Total revenue | 280,530 | 300,122 | 828,936 | 892,225 |
OPERATING EXPENSES: | ||||
Salaries, wages and benefits | 82,688 | 85,514 | 250,732 | 249,921 |
Fuel | 34,616 | 39,795 | 94,815 | 120,247 |
Operations and maintenance | 19,781 | 20,390 | 56,886 | 62,065 |
Insurance and claims | 9,251 | 8,149 | 26,330 | 25,076 |
Operating taxes and licenses | 4,546 | 3,373 | 14,645 | 13,954 |
Communications | 976 | 849 | 3,224 | 3,066 |
Depreciation and amortization | 29,129 | 28,204 | 86,486 | 82,728 |
Purchased transportation | 57,069 | 62,115 | 168,772 | 182,279 |
Miscellaneous operating expenses | 5,540 | 5,307 | 13,304 | 18,541 |
Total operating expenses | 243,596 | 253,696 | 715,194 | 757,877 |
Income from operations | 36,934 | 46,426 | 113,742 | 134,348 |
Interest income | 83 | 140 | 259 | 377 |
Interest expense | (182) | (220) | (742) | (714) |
Other income | 1,389 | 2,335 | 4,602 | 7,234 |
Income before income taxes | 38,224 | 48,681 | 117,861 | 141,245 |
Income taxes | 14,558 | 17,946 | 46,202 | 52,379 |
Net income | 23,666 | 30,735 | 71,659 | 88,866 |
Net income attributable to noncontrolling interest | (316) | (452) | (1,064) | (1,382) |
Net income attributable to Knight Transportation | $ 23,350 | $ 30,283 | $ 70,595 | $ 87,484 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.29 | $ 0.37 | $ 0.88 | $ 1.07 |
Diluted (in dollars per share) | 0.29 | 0.37 | 0.87 | 1.06 |
Dividends declared per share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Weighted Average Shares Outstanding: | ||||
Basic (in shares) | 80,040 | 81,127 | 80,284 | 81,678 |
Diluted (in shares) | 80,792 | 82,005 | 80,985 | 82,714 |
Condensed Consolidated Unaudit5
Condensed Consolidated Unaudited Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Net income | $ 23,666 | $ 30,735 | $ 71,659 | $ 88,866 | |
Other comprehensive income, net of tax: | |||||
Realized gains from available-for-sale securities reclassified to net income(1) | [1] | (878) | (1,307) | (2,771) | (4,093) |
Unrealized gain / (loss) from changes in fair value of available-for-sale securities(2) | [2] | 145 | (1,365) | 198 | (4,632) |
Comprehensive income | 22,933 | 28,063 | 69,086 | 80,141 | |
Comprehensive income attributable to noncontrolling interest | (316) | (452) | (1,064) | (1,382) | |
Comprehensive income attributable to Knight Transportation | $ 22,617 | $ 27,611 | $ 68,022 | $ 78,759 | |
[1] | Net of current income tax expense of $546, $823, $1,723, and $2,576, respectively. | ||||
[2] | Net of deferred income tax expense / (benefit) of $85, $(875), $104, and $(3,024), respectively. |
Condensed Consolidated Unaudit6
Condensed Consolidated Unaudited Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net of current income taxes | $ 546 | $ 823 | $ 1,723 | $ 2,576 |
Net of deferred income taxes | $ 85 | $ (875) | $ 104 | $ (3,024) |
Condensed Consolidated Unaudit7
Condensed Consolidated Unaudited Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 71,659,000 | $ 88,866,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 86,486,000 | 82,728,000 |
Gain on sale of equipment | (7,451,000) | (12,181,000) |
Gain from sale of available-for-sale securities | (4,494,000) | (6,669,000) |
Gain from sale of Transportation Resource Partners I | (122,000) | |
Transportaion Resource Partners I impairment | 67,000 | |
Income from investment in Transportation Resource Partners III | (177,000) | (443,000) |
Non-cash compensation expense for issuance of common stock to certain members of the Board of Directors | 398,000 | 354,000 |
Provision for doubtful accounts and notes receivable | 594,000 | 1,216,000 |
Excess tax benefits related to stock-based compensation | (1,107,000) | (3,064,000) |
Stock-based compensation expense, net | 3,126,000 | 5,288,000 |
Deferred income taxes | 4,655,000 | (12,281,000) |
Changes in operating assets and liabilities: | ||
Trade receivables | (133,000) | 7,368,000 |
Other current assets | 5,707,000 | (906,000) |
Prepaid expenses | 649,000 | (6,049,000) |
Income tax receivable | 33,122,000 | 9,719,000 |
Other long-term assets | 547,000 | (1,643,000) |
Accounts payable | 1,869,000 | (3,021,000) |
Accrued liabilities and claims accrual | (6,354,000) | 7,479,000 |
Net cash provided by operating activities | 189,163,000 | 156,639,000 |
Cash Flows From Investing Activities: | ||
Purchases of property and equipment | (126,028,000) | (166,790,000) |
Proceeds from sale of equipment/assets held for sale | 49,972,000 | 57,938,000 |
Proceeds from notes receivable | 1,348,000 | 1,442,000 |
Change in restricted cash and investments | (19,000) | (25,000) |
Proceeds from sale of available-for-sale securities | 7,403,000 | 9,339,000 |
Cash payments to Transportation Resource Partners | (21,778,000) | |
Cash proceeds from Transportation Resource Partners | 423,000 | 191,000 |
Net cash used in investing activities | (88,679,000) | (97,905,000) |
Cash Flows From Financing Activities: | ||
Dividends paid | (14,753,000) | (15,003,000) |
Payments to repurchase company stock | (39,873,000) | (45,345,000) |
Payments on line of credit borrowings, net | (60,000,000) | (14,400,000) |
Excess tax benefits related to stock-based compensation | 1,107,000 | 3,064,000 |
Cash distribution to noncontrolling interest holder | (1,091,000) | (603,000) |
Proceeds from exercise of stock options | 9,321,000 | 9,190,000 |
Net cash used in financing activities | (105,289,000) | (63,097,000) |
Net decrease in Cash and Cash Equivalents | (4,805,000) | (4,363,000) |
Cash and Cash Equivalents, beginning of period | 8,691,000 | 17,066,000 |
Cash and Cash Equivalents, end of period | 3,886,000 | 12,703,000 |
Non-cash investing and financing transactions: | ||
Equipment acquired included in accounts payable | 6,436,000 | 8,852,000 |
Transfer from property and equipment to assets held for sale | 25,035,000 | 32,800,000 |
Financing provided to independent contractors for equipment sold | 1,024,000 | 571,000 |
Net dividend accrued for restricted stock units | 69,000 | 137,000 |
Cash flow information: | ||
Income taxes paid | 7,238,000 | 52,000,000 |
Interest expense paid | $ 782,000 | $ 749,000 |
Note 1 - Financial Information
Note 1 - Financial Information | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015. |
Note 2 - Stock-based Compensati
Note 2 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
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 Amended and Restated 2015 Omnibus Incentive Plan (the “2015 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 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 Plan in May 2015, all grants of stock-based compensation are made under the 2015 Plan. Stock-based compensation expense for the three months and nine months ended September 30, 2016, and 2015, are as follows (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Stock compensation expense for options, net of forfeitures $ 434 $ 307 $ 1,318 $ 754 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 112 1,380 1,808 4,534 Total stock compensation expense $ 546 $ 1,687 $ 3,126 $ 5,288 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, 2016, we have approximately $3.8 million of unrecognized compensation expense related to unvested options. This cost is expected to be recognized over a weighted-average period of 1.8 years and a total period of 3.4 years. We have approximately $8.8 million of unrecognized compensation expense related to restricted stock unit awards, which is anticipated to be recognized over a weighted-average period of 3.4 years and a total period of 6.3 years. We also have approximately $6.0 million of unrecognized compensation cost related to unvested performance awards. That cost is expected to be recognized over a weighted-average period of 2.6 years and total period of 3.3 years. A total of 569,480 and 590,141 stock options were granted during the first nine months of 2016 and 2015, respectively. We received approximately $9.3 million in cash from the exercise of stock options during the nine months ended September 30, 2016, compared to $9.2 million for the same period in 2015. A summary of the option award activity under our equity compensation plans as of September 30, 2016, and changes during the nine months ended September 30, 2016, is presented below: Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2015 2,008,872 $ 21.41 Granted 569,480 24.23 Exercised (522,613 ) 17.87 Forfeited (109,404 ) 25.02 Outstanding as of September 30, 2016 1,946,335 $ 23.46 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, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.91 % 25.88 % Risk-free interest rate (3) 0.90 % 0.98 % Expected term (4) 2.74 2.74 Weighted-average fair value of options granted $ 4.28 $ 5.00 (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 10,222 and 13,950 restricted stock unit awards were granted during the first nine months of 2016 and 2015, respectively. A summary of the restricted stock unit award activity under our equity compensation plans as of September 30, 2016, and changes during the nine months ended September 30, 2016, is presented below: Number of Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 879,173 $ 16.45 Granted 10,222 27.37 Vested (162,467 ) 16.66 Forfeited (24,860 ) 16.24 Unvested as of September 30, 2016 702,068 $ 16.57 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 Transportation 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. PRSUs do not earn dividend equivalents. A total of 177,741 and 165,720 PRSUs were granted in the first nine months of 2016 and 2015, respectively. A summary of the performance restricted stock unit award activity under our equity compensation plans for the nine months ended September 30, 2016 is presented below: Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 341,782 $ 26.46 Granted 177,741 23.89 Shares earned above target 2,516 23.85 Vested (5,391 ) 23.85 Cancelled (8,170 ) 25.21 Unvested as of September 30, 2016 508,478 $ 25.60 The number of granted shares, cancelled shares, and unvested shares are included in the table above based on the performance target established at the initial grant date. The performance measurement period for the awards granted in the nine months ended September 30, 2016, is January 1, 2016 to December 31, 2018. These awards will vest January 31, 2020, or thirteen months following the expiration of the performance 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, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.95 % 23.18 % Average peer volatility (2) 34.37 % 30.70 % Average peer correlation coefficient (3) 0.60 0.49 Risk-free interest rate (4) 0.89 % 0.78 % Expected term (5) 2.84 2.63 Weighted-average fair value of PRSUs granted $ 23.89 $ 29.30 (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, 2016 | |
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, 2016 and 2015, respectively, is as follows (dollars in thousands except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 80,040 81,127 80,284 81,678 Dilutive effect of stock options and unvested restricted stock units 752 878 701 1,036 Weighted-average common shares outstanding – diluted 80,792 82,005 80,985 82,714 Net income attributable to Knight Transportation $ 23,350 $ 30,283 $ 70,595 $ 87,484 Basic earnings per share $ 0.29 $ 0.37 $ 0.88 $ 1.07 Diluted earnings per share $ 0.29 $ 0.37 $ 0.87 $ 1.06 Certain shares of options, restricted stock units, and PRSUs (collectively, “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, Nine Months Ended September 30, 2016 2015 2016 2015 Number of anti-dilutive shares 937,040 597,076 1,071,800 322,036 |
Note 4 - Segment Information
Note 4 - Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4. Segment Information We have two operating and reportable 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. In determining our reportable segments, we 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 maker also uses 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, 2016 and 2015 (dollars in thousands). Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Revenues: $ % $ % $ % $ % Trucking Segment $ 228,590 81.5 $ 242,046 80.6 $ 672,969 81.2 $ 722,963 81.0 Logistics Segment 53,643 19.1 62,773 20.9 163,955 19.8 181,339 20.3 Subtotal 282,233 304,819 836,924 904,302 Intersegment Eliminations Trucking (34 ) 0.0 (38 ) 0.0 (106 ) 0.0 (116 ) 0.0 Intersegment Eliminations Logistics (1,669 ) (0.6 ) (4,659 ) (1.5 ) (7,882 ) (1.0 ) (11,961 ) (1.3 ) Total $ 280,530 100 % $ 300,122 100 % $ 828,936 100 % $ 892,225 100 % Operating Income: Trucking Segment $ 34,439 93.2 $ 42,710 92.0 $ 105,647 92.9 $ 122,800 91.4 Logistics Segment 2,495 6.8 3,716 8.0 8,095 7.1 11,548 8.6 Total $ 36,934 100 % $ 46,426 100 % $ 113,742 100 % $ 134,348 100 % No segmental asset or liability information is provided as we do not prepare balance sheets by segment, and the chief operating decision maker does not review segment assets or liabilities to make operating decisions. |
Note 5 - Joint Ventures
Note 5 - Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Joint Venture [Text Block] | Note 5. Joint Ventures In 2014, we formed an Arizona limited liability company, Kool Trans, LLC, for the purpose of expanding our refrigerated trucking business. In 2015, we changed 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, 2016 | |
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 (“AL”) claims under a primary 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 within the primary AL layer. For the policy periods March 1, 2016 to March 1, 2017, and March 1, 2015 to March 1, 2016, the SIR is $2.5 million with no additional aggregate limits or deductibles within the primary AL policy. We have secured excess liability coverage up to $130.0 million per occurrence for the policy period March 1, 2016 to March 1, 2017. For policy period March 1, 2015 to March 1, 2016, our excess liability coverage limit was $105.0 million per occurrence. We also carry a $2.5 million aggregate deductible for any loss or losses within the excess coverage layer. We are self-insured for workers' compensation coverage. On March 31, 2016, the self-retention level was increased from a maximum $500,000 per occurrence to a maximum $1.0 million per occurrence. We also maintain primary and excess coverage for employee medical expenses and hospitalization, with self-insured retention of $240,000 per claimant in 2016, and $225,000 per claimant in 2015. 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, and accrued liabilities recorded is not likely to have a materially adverse effect on our consolidated financial statements. |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 . 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 or corporate headquarters locations. 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, 2016 and December 31, 2015, we had approximately $10.4 million and $17.5 million, respectively, of facility construction in process assets included under "Buildings and building improvements” on the accompanying condensed consolidated balance sheets. |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangibles, Net | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8. 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. The changes in the carrying amounts of goodwill were as follows (dollars in thousands): Nine Months Ended September 30, 2016 Goodwill at beginning of period $ 47,050 Amortization relating to deferred tax assets (15 ) Goodwill at end of period $ 47,035 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. Intangible asset balances were as follows (dollars in thousands): September 30, 2016 December 31, 2015 Gross carrying amount $ 3,700 $ 3,700 Accumulated amortization (1,000 ) (625 ) Intangible assets, net $ 2,700 $ 3,075 Amortization expense associated with these intangible assets was $0.1 million and $0.4 million for the three and nine months ended September 30, 2016, and 2015, respectively, and 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 2016, $0.5 million for each of the years 2017 through 2019, and $0.4 million in 2020 and 2021. |
Note 9 - Investments and Relate
Note 9 - Investments and Related Commitments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investment [Text Block] | Note 9. 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. Although no gain or loss was recognized from TRP investment activity in the three or nine month periods in 2016, we recorded impairment of $67,000 for an other-than-temporary loss on the investment in the three months ended September 30, 2016. No impairment was recorded in the three or nine month periods in 2015, but we recognized a net gain of $122,000 from TRP investment activity in the nine months ended September 30, 2015. The carrying value of our investment in TRP was $233,400 at September 30, 2016 and $300,000 at December 31, 2015. 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 our accompanying condensed consolidated balance sheets. In 2008, we formed Knight Capital Growth, LLC and committed $15.0 million to invest in another partnership managed and operated by the managers and principals of TRP. This partnership, Transportation Resource Partners III, LP ("TRP III"), is focused on investment opportunities similar to TRP. In 2015, TRP III released us from $2.1 million of our outstanding commitment. As of September 30, 2016, we have contributed approximately $11.1 million to TRP III, leaving an outstanding commitment of $1.8 million. Our investment in TRP III is accounted for using the equity method. For the three months ended September 30, 2016, we recorded income of approximately $32,100, for our investment in TRP III, and $204,000 for the three months ended September 30, 2015. For the nine months ended September 30, 2016 and 2015, we recognized income of $177,000, and $443,000, respectively, for TRP III. The carrying value of our investment in TRP III was $5.6 million and $5.8 million as of September 30, 2016 and December 31, 2015, respectively, and is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. In 2015, we committed to invest in another TRP partnership, TRP Capital Partners, LP (“TRP IV”). TRP IV 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 TRP IV, and have contributed approximately $2.1 million, leaving an outstanding commitment of approximately $2.8 million as of September 30, 2016. Our investment in TRP IV is accounted for using the cost method, and the balance is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. In the first quarter of 2016, we committed to invest in another TRP partnership, TRP CoInvest Partners, (NTI) I, LP (“TRP Coinvestment”). The new partnership is managed and operated by the managers and principals of the other TRP partnerships, and is focused on similar investment opportunities. We committed to contribute, and have paid a total of, $10.0 million to the new partnership, leaving no outstanding commitment as of September 30, 2016. Our investment in TRP Coinvestment is accounted for using the equity method, and the carrying value at September 30, 2016 was $10.0 million and is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. In the third quarter of 2016, we committed to invest in another TRP partnership, TRP CoInvest Partners, (QLS) I, LP (“TRP Coinvestment QLS”). The new partnership is managed and operated by the managers and principals of the other TRP partnerships, and is focused on similar investment opportunities. We committed to contribute, and have paid a total of, $9.7 million to the new partnership, leaving no outstanding commitment as of September 30, 2016. Our investment in TRP Coinvestment is accounted for using the equity method, and the carrying value at September 30, 2016 was $9.7 million and is included within "Other long-term assets, restricted cash and investments" on our accompanying condensed consolidated balance sheets. |
Note 10 - Marketable Equity Sec
Note 10 - Marketable Equity Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 10. 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 the Company’s realized gains during the three and nine month periods ended September 30, 2016 and 2015, on certain securities that were classified as available-for-sale (dollars in thousands). Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized gains Sales proceeds $ 2,220 $ 3,151 $ 7,403 $ 9,339 Cost of securities sold 796 1,021 2,909 2,670 Realized gain $ 1,424 $ 2,130 $ 4,494 $ 6,669 Realized gains, net of taxes $ 878 $ 1,307 $ 2,771 $ 4,093 During the third quarter, we disposed of our holdings in available-for-sale equity investments leaving no balance on the accompanying condensed consolidated balance sheet as of September 30, 2016. As of December 31, 2015, our available-for-sale investment balance was approximately $7.1 million, including gross unrealized gains of approximately $4.2 million, or $2.6 million (net of tax), and was included in "Other long-term assets, restricted cash and investments" on the accompanying condensed consolidated balance sheet. |
Note 11 - Assets Held for Sale
Note 11 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 11. 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, 2016 and December 31, 2015, totaled $18.3 million and $29.3 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 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. 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 2015 tax years remain subject to examination by federal and state tax authorities. As of September 30, 2016, cumulative gross unrecognized tax benefits were $0.7 million. We had no unrecognized tax benefits as of December 31, 2015. All unrecognized tax benefits, if recognized, would affect the effective tax rate. With the exception of the unrecognized tax benefits discussed above, we believe that our income tax filing positions and deductions will be sustained upon 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. No interest or penalties related to unrecognized tax benefits has been recognized as of September 30, 2016 or December 31, 2015, because the Company has not yet received the refunds related to the uncertain tax benefits. None of the unrecognized tax benefits are expected to reverse in the next 12 months. |
Note 13 - Company Share Repurch
Note 13 - Company Share Repurchase Programs | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | Note 13. Company Share Repurchase Programs In 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. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Under the share repurchase program, we repurchased 0.1 million shares for $3.3 million in the three months ended September 30, 2016, and 1.6 million shares for $39.9 million in the nine months ended September 30, 2016. We repurchased 0.6 million shares for $15.0 million in the three months ended September 30, 2015, and 1.6 million shares for $45.3 million in the nine months ended September 30, 2015. As of September 30, 2016, there were 4.3 million 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 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 14. 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, 2016 and December 31, 2015 (dollars in thousands). Total Total Level One Level Two Level Three Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Assets: Available-for-sale securities: Equity securities - common shares - $ 7,101 - $ 7,101 - - - - Restricted cash and investments: Money market funds $ 1,261 $ 1,003 $ 1,261 $ 1,003 - - - - Trading securities: Debt securities - municipal securities $ 2,040 $ 2,279 - - $ 2,040 $ 2,279 - - |
Note 15 - Notes Receivable
Note 15 - Notes Receivable | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Notes Receivable [Text Block] | Note 15. 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 set forth in the contracts and generally range from 2.0% to 20%. The notes receivable balances are classified separately between current and long-term on the accompanying condensed consolidated balance sheets. The current and long-term balance of our notes receivable at September 30, 2016 and December 31, 2015, are as follows (dollars in thousands): September 30, 2016 December 31, 2015 Notes receivable from independent contractors $ 1,093 $ 794 Notes receivable from third parties 2,933 3,546 Gross notes receivable 4,026 4,340 Allowance for doubtful notes receivable (254 ) (273 ) Total notes receivable, net of allowance 3,772 4,067 Current portion, net of allowance 574 648 Long-term portion $ 3,198 $ 3,419 |
Note 16 - Line of Credit
Note 16 - Line of Credit | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 16. 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. Effective August 8, 2016, we entered into a modification to our line of credit agreement that extends the maturity date to August 1, 2019, and amends our minimum tangible net worth covenant to $500.0 million from $400.0 million. We incur interest on borrowings under the line of credit at the prime rate or LIBOR plus 0.625%, determined by us at the time of borrowing. We had $52.0 million outstanding under the line of credit as of September 30, 2016, compared to $112.0 million as of December 31, 2015. The weighted average variable annual percentage rate ("APR") for amounts borrowed during the nine months ended September 30, 2016 was 1.07%. 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, 2016, we also utilized $31.1 million of the line of credit for letters of credit issued to various regulatory authorities and insurance carriers in connection with our self-insurance programs. With the outstanding letters of credit and debt borrowed, we have $216.9 million available for future borrowings as of September 30, 2016. 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, 2016 was 1.27%. 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 and for the three and nine months ended September 30, 2016 and for the year ended December 31, 2015. |
Note 17 - Recent Accounting Pro
Note 17 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Note 17. Recent Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 203): Classification of Certain Cash receipts and Cash Payments. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that companies may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date, and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases, leveraged leases, and amounts previously recognized in accordance with the business combinations guidance for leases. The new standard is effective for public companies for annual periods beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments–Overall (Subtopic 825-10). |
Note 2 - Stock-based Compensa25
Note 2 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
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, 2016 2015 2016 2015 Stock compensation expense for options, net of forfeitures $ 434 $ 307 $ 1,318 $ 754 Stock compensation expense for restricted stock units and performance restricted stock units, net of forfeitures 112 1,380 1,808 4,534 Total stock compensation expense $ 546 $ 1,687 $ 3,126 $ 5,288 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Totals Weighted Average Exercise Price Per Share Outstanding as of December 31, 2015 2,008,872 $ 21.41 Granted 569,480 24.23 Exercised (522,613 ) 17.87 Forfeited (109,404 ) 25.02 Outstanding as of September 30, 2016 1,946,335 $ 23.46 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.91 % 25.88 % Risk-free interest rate (3) 0.90 % 0.98 % Expected term (4) 2.74 2.74 Weighted-average fair value of options granted $ 4.28 $ 5.00 |
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, 2015 879,173 $ 16.45 Granted 10,222 27.37 Vested (162,467 ) 16.66 Forfeited (24,860 ) 16.24 Unvested as of September 30, 2016 702,068 $ 16.57 |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | Number of Performance Restricted Stock Unit Awards Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 341,782 $ 26.46 Granted 177,741 23.89 Shares earned above target 2,516 23.85 Vested (5,391 ) 23.85 Cancelled (8,170 ) 25.21 Unvested as of September 30, 2016 508,478 $ 25.60 |
Schedule of Share-based Payment Award, Equity Instruments Other than Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2016 2015 Dividend yield (1) 0.99 % 0.80 % Expected volatility (2) 27.95 % 23.18 % Average peer volatility (2) 34.37 % 30.70 % Average peer correlation coefficient (3) 0.60 0.49 Risk-free interest rate (4) 0.89 % 0.78 % Expected term (5) 2.84 2.63 Weighted-average fair value of PRSUs granted $ 23.89 $ 29.30 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Weighted-average common shares outstanding – basic 80,040 81,127 80,284 81,678 Dilutive effect of stock options and unvested restricted stock units 752 878 701 1,036 Weighted-average common shares outstanding – diluted 80,792 82,005 80,985 82,714 Net income attributable to Knight Transportation $ 23,350 $ 30,283 $ 70,595 $ 87,484 Basic earnings per share $ 0.29 $ 0.37 $ 0.88 $ 1.07 Diluted earnings per share $ 0.29 $ 0.37 $ 0.87 $ 1.06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Number of anti-dilutive shares 937,040 597,076 1,071,800 322,036 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Revenues: $ % $ % $ % $ % Trucking Segment $ 228,590 81.5 $ 242,046 80.6 $ 672,969 81.2 $ 722,963 81.0 Logistics Segment 53,643 19.1 62,773 20.9 163,955 19.8 181,339 20.3 Subtotal 282,233 304,819 836,924 904,302 Intersegment Eliminations Trucking (34 ) 0.0 (38 ) 0.0 (106 ) 0.0 (116 ) 0.0 Intersegment Eliminations Logistics (1,669 ) (0.6 ) (4,659 ) (1.5 ) (7,882 ) (1.0 ) (11,961 ) (1.3 ) Total $ 280,530 100 % $ 300,122 100 % $ 828,936 100 % $ 892,225 100 % Operating Income: Trucking Segment $ 34,439 93.2 $ 42,710 92.0 $ 105,647 92.9 $ 122,800 91.4 Logistics Segment 2,495 6.8 3,716 8.0 8,095 7.1 11,548 8.6 Total $ 36,934 100 % $ 46,426 100 % $ 113,742 100 % $ 134,348 100 % |
Note 8 - Goodwill and Intangi28
Note 8 - Goodwill and Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Nine Months Ended September 30, 2016 Goodwill at beginning of period $ 47,050 Amortization relating to deferred tax assets (15 ) Goodwill at end of period $ 47,035 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | September 30, 2016 December 31, 2015 Gross carrying amount $ 3,700 $ 3,700 Accumulated amortization (1,000 ) (625 ) Intangible assets, net $ 2,700 $ 3,075 |
Note 10 - Marketable Equity S29
Note 10 - Marketable Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Realized gains Sales proceeds $ 2,220 $ 3,151 $ 7,403 $ 9,339 Cost of securities sold 796 1,021 2,909 2,670 Realized gain $ 1,424 $ 2,130 $ 4,494 $ 6,669 Realized gains, net of taxes $ 878 $ 1,307 $ 2,771 $ 4,093 |
Note 14 - Fair Value Measurem30
Note 14 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Total Total Level One Level Two Level Three Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Balance at September 30, 2016 Balance at December 31, 2015 Assets: Available-for-sale securities: Equity securities - common shares - $ 7,101 - $ 7,101 - - - - Restricted cash and investments: Money market funds $ 1,261 $ 1,003 $ 1,261 $ 1,003 - - - - Trading securities: Debt securities - municipal securities $ 2,040 $ 2,279 - - $ 2,040 $ 2,279 - - |
Note 15 - Notes Receivable (Tab
Note 15 - Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2016 December 31, 2015 Notes receivable from independent contractors $ 1,093 $ 794 Notes receivable from third parties 2,933 3,546 Gross notes receivable 4,026 4,340 Allowance for doubtful notes receivable (254 ) (273 ) Total notes receivable, net of allowance 3,772 4,067 Current portion, net of allowance 574 648 Long-term portion $ 3,198 $ 3,419 |
Note 2 - Stock-based Compensa32
Note 2 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | Weighted Average [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 146 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 146 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 years 109 days | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 8,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,222 | 13,950 | |
Performance Shares [Member] | Weighted Average [Member] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 219 days | ||
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 | $ 6,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 177,741 | 165,720 | |
Share-based Compensation Arrangement by Share-Based Payment Award, Payout Range, Performance Period | 3 years | ||
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 | $ 3,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 569,480 | 590,141 | |
Proceeds from Stock Options Exercised | $ 9,321 | $ 9,190 |
Note 2 - Stock-based Compensa33
Note 2 - Stock-based Compensation Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Stock Option [Member] | ||||
Stock compensation expense | $ 434 | $ 307 | $ 1,318 | $ 754 |
RSU and Performance Shares [Member] | ||||
Stock compensation expense | 112 | 1,380 | 1,808 | 4,534 |
Stock compensation expense | $ 546 | $ 1,687 | $ 3,126 | $ 5,288 |
Note 2 - Summary of Option Awar
Note 2 - Summary of Option Award Activity Under Equity Compensation Plan (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Outstanding (in shares) | 2,008,872 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 21.41 | |
Granted (in shares) | 569,480 | 590,141 |
Granted, weighted average exercise price (in dollars per share) | $ 24.23 | |
Exercised (in shares) | (522,613) | |
Exercised, weighted average exercise price (in dollars per share) | $ 17.87 | |
Forfeited (in shares) | (109,404) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 25.02 | |
Outstanding (in shares) | 1,946,335 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 23.46 |
Note 2 - Stock Option Fair Valu
Note 2 - Stock Option Fair Value Assumptions (Details) - Stock Compensation Plan [Member] - $ / shares | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Dividend yield (1) | [1] | 0.99% | 0.80% |
Expected volatility (2) | [2] | 27.91% | 25.88% |
Risk-free interest rate (3) | [3] | 0.90% | 0.98% |
Expected term (4) (Years) | [4] | 2 years 270 days | 2 years 270 days |
Weighted-average fair value of options granted (in dollars per share) | $ 4.28 | $ 5 | |
[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) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unvested (in shares) | 879,173 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 16.45 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,222 | 13,950 |
Granted, weighted average grant date fair value (in dollars per share) | $ 27.37 | |
Vested (in shares) | (162,467) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 16.66 | |
Forfeited (in shares) | (24,860) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 16.24 | |
Unvested (in shares) | 702,068 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 16.57 |
Note 2 - Summary of Award Activ
Note 2 - Summary of Award Activities (Details) - Performance Shares [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unvested (in shares) | 341,782 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 26.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 177,741 | 165,720 |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.89 | $ 29.30 |
Shares earned above target (in shares) | 2,516 | |
Shares earned above target, weighted average grant date fair value (in dollars per share) | $ 23.85 | |
Vested (in shares) | (5,391) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 23.85 | |
Forfeited (in shares) | (8,170) | |
Cancelled, weighted average grant date fair value (in dollars per share) | $ 25.21 | |
Unvested (in shares) | 508,478 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 25.60 |
Note 2 - Fair Value Assumptions
Note 2 - Fair Value Assumptions, Performance Shares (Details) - Performance Shares [Member] | 9 Months Ended | ||
Sep. 30, 2016$ / shares | Sep. 30, 2015$ / shares | ||
Dividend yield (1) | [1] | 0.99% | 0.80% |
Expected volatility (2) | [2] | 27.95% | 23.18% |
Average peer volatility (2) | 34.37% | 30.70% | |
Average peer correlation coefficient (3) | [3] | 0.6 | 0.49 |
Risk-free interest rate (3) | [4] | 0.89% | 0.78% |
Expected term (4) (Years) | [5] | 2 years 306 days | 2 years 229 days |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.89 | $ 29.30 | |
[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 Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Weighted-average common shares outstanding - basic (in shares) | 80,040 | 81,127 | 80,284 | 81,678 |
Dilutive effect of stock options and unvested restricted stock units (in shares) | 752 | 878 | 701 | 1,036 |
Weighted-average common shares outstanding - diluted (in shares) | 80,792 | 82,005 | 80,985 | 82,714 |
Net income attributable to Knight Transportation | $ 23,350 | $ 30,283 | $ 70,595 | $ 87,484 |
Basic earnings per share (in dollars per share) | $ 0.29 | $ 0.37 | $ 0.88 | $ 1.07 |
Diluted earnings per share (in dollars per share) | $ 0.29 | $ 0.37 | $ 0.87 | $ 1.06 |
Note 3 - Summary of Anti-diluti
Note 3 - Summary of Anti-dilutive Common Shares (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number of anti-dilutive shares (in shares) | 937,040 | 597,076 | 1,071,800 | 322,036 |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) | 3 Months Ended |
Sep. 30, 2016 | |
Trucking Segment [Member] | |
Number of Operating Units | 3 |
Logistics Segment [Member] | |
Number of Operating Units | 2 |
Number of Reportable Segments | 2 |
Number of Operating Segments | 2 |
Note 4 - Revenue and Operating
Note 4 - Revenue and Operating Income Between Trucking and Logistics Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Segments [Member] | Trucking Segment [Member] | ||||
Revenues | $ 228,590 | $ 242,046 | $ 672,969 | $ 722,963 |
Percentage of revenues | 81.50% | 80.60% | 81.20% | 81.00% |
Operating income | $ 34,439 | $ 42,710 | $ 105,647 | $ 122,800 |
Percentage of operating income | 93.20% | 92.00% | 92.90% | 91.40% |
Operating Segments [Member] | Logistics Segment [Member] | ||||
Revenues | $ 53,643 | $ 62,773 | $ 163,955 | $ 181,339 |
Percentage of revenues | 19.10% | 20.90% | 19.80% | 20.30% |
Operating income | $ 2,495 | $ 3,716 | $ 8,095 | $ 11,548 |
Percentage of operating income | 6.80% | 8.00% | 7.10% | 8.60% |
Operating Segments [Member] | ||||
Revenues | $ 282,233 | $ 304,819 | $ 836,924 | $ 904,302 |
Percentage of revenues | ||||
Intersegment Eliminations [Member] | Trucking Segment [Member] | ||||
Revenues | $ (34) | $ (38) | $ (106) | $ (116) |
Percentage of revenues | 0.00% | 0.00% | 0.00% | 0.00% |
Intersegment Eliminations [Member] | Logistics Segment [Member] | ||||
Revenues | $ (1,669) | $ (4,659) | $ (7,882) | $ (11,961) |
Percentage of revenues | (0.60%) | (1.50%) | (1.00%) | (1.30%) |
Revenues | $ 280,530 | $ 300,122 | $ 828,936 | $ 892,225 |
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% |
Operating income | $ 36,934 | $ 46,426 | $ 113,742 | $ 134,348 |
Percentage of operating income | 100.00% | 100.00% | 100.00% | 100.00% |
Note 5 - Joint Ventures (Detail
Note 5 - Joint Ventures (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2010 | Oct. 31, 2015 | |
Kold 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 Cont44
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 30, 2016 | Sep. 30, 2015 | |
Policy Period, March 1, 2015 to March 1, 2016 [Member] | |||||
Self Insurance, Aggregate Losses | $ 0 | ||||
Self Insurance Retention | 2,500,000 | ||||
Excess Personal Injury and Property Damage Liability Insurance | 105,000,000 | ||||
Policy Period, March 1, 2016 to March 1, 2017 [Member] | |||||
Self Insurance, Aggregate Losses | $ 0 | ||||
Self Insurance Retention | 2,500,000 | ||||
Excess Personal Injury and Property Damage Liability Insurance | 130,000,000 | ||||
Minimum [Member] | |||||
Self Insurance Retention | 1,000,000 | ||||
Maximum [Member] | |||||
Self Insurance, Aggregate Losses | 1,500,000 | ||||
Self Insurance Retention | 3,000,000 | ||||
Self Insurance Retention, Workers Compensation Claims per Occurrence | $ 1,000,000 | $ 500,000 | |||
Insurance, Aggregate Deductible, Amount | 2,500,000 | ||||
Self Retention for Employee Medical Health | $ 240,000 | $ 225,000 |
Note 7 - Property and Equipme45
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Building and Building Improvements, Gross [Member] | ||
Construction in Progress, Gross | $ 10.4 | $ 17.5 |
Note 8 - Goodwill and Intangi46
Note 8 - Goodwill and Intangibles, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Amortization of Intangible Assets | $ 0.1 | $ 0.1 | $ 0.4 | $ 0.4 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 219 days | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 0.1 | $ 0.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0.5 | 0.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0.5 | 0.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0.5 | 0.5 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 0.4 | 0.4 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 0.4 | $ 0.4 |
Note 8 - Changes in Carrying Am
Note 8 - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill at beginning of period | $ 47,050 |
Amortization relating to deferred tax assets | (15) |
Goodwill at end of period | $ 47,035 |
Note 8 - Intangible Asset (Deta
Note 8 - Intangible Asset (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Gross carrying amount | $ 3,700 | $ 3,700 |
Accumulated amortization | (1,000) | (625) |
Intangible assets, net | $ 2,700 | $ 3,075 |
Note 9 - Investments and Rela49
Note 9 - Investments and Related Commitments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2008 | Dec. 31, 2006 | Dec. 31, 2003 | |
Transportation Resource Partners [Member] | ||||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 67,000 | $ 0 | ||||||||
Cost-method Investments, Realized Gain (Loss), Excluding Other than Temporary Impairments | $ 0 | $ 0 | 0 | 122,000 | ||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 5,000,000 | |||||||||
Amounts Committed to Invest | $ 5,500,000 | |||||||||
Investments | 233,400 | $ 233,400 | 233,400 | $ 300,000 | ||||||
Transportation Resource Partners NTI [Member] | ||||||||||
Payments for (Proceeds from) Investments | 10 | |||||||||
Remaining Investment Commitment | 0 | 0 | 0 | |||||||
Amounts Committed to Invest | $ 10,000,000 | |||||||||
Equity Method Investments | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Transportation Resource Partners (QLS) [Member] | ||||||||||
Payments for (Proceeds from) Investments | 9,700,000 | |||||||||
Remaining Investment Commitment | 0 | 0 | 0 | |||||||
Amounts Committed to Invest | 9,700,000 | 9,700,000 | 9,700,000 | |||||||
Equity Method Investments | 9,700,000 | 9,700,000 | 9,700,000 | |||||||
Transportation Resource Partners III [Member] | ||||||||||
Remaining Investment Commitment | 1,800,000 | 1,800,000 | 1,800,000 | |||||||
Amounts Committed to Invest | $ 15,000,000 | |||||||||
Investments | 11,100,000 | 11,100,000 | 11,100,000 | |||||||
Amounts Committed to Invest, Commitment Release | 2,100,000 | |||||||||
Income (Loss) from Equity Method Investments | 32,100 | $ 204,000 | 177,000 | $ 443,000 | ||||||
Equity Method Investments | 5,600,000 | 5,600,000 | 5,600,000 | 5,800,000 | ||||||
Transportation Resource Partners IV [Member] | ||||||||||
Payments for (Proceeds from) Investments | 2,100,000 | |||||||||
Remaining Investment Commitment | $ 2,800,000 | $ 2,800,000 | $ 2,800,000 | |||||||
Amounts Committed to Invest | $ 4,900,000 |
Note 10 - Marketable Equity S50
Note 10 - Marketable Equity Securities (Details Textual) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities | $ 0 | $ 7,100,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 4,200,000 | |
Available for Sale Securities, Accumulated Gross Unrealized Gain (Loss), Net of Tax | $ 2,600,000 |
Note 10 - Realized Gains On Ava
Note 10 - Realized Gains On Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Sales proceeds | $ 2,220 | $ 3,151 | $ 7,403 | $ 9,339 |
Cost of securities sold | 796 | 1,021 | 2,909 | 2,670 |
Realized gain | 1,424 | 2,130 | 4,494 | 6,669 |
Realized gains, net of taxes | $ 878 | $ 1,307 | $ 2,771 | $ 4,093 |
Note 11 - Assets Held for Sale
Note 11 - Assets Held for Sale (Details Textual) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Disposal Group, Including Discontinued Operation, Assets | $ 18.3 | $ 29.3 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,012 | |
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||
Open Tax Year | 2,015 | |
Unrecognized Tax Benefits | $ 700,000 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | $ 0 |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 0 |
Note 13 - Company Share Repur54
Note 13 - Company Share Repurchase Programs (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | May 31, 2011 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10 | ||||
Treasury Stock, Shares, Acquired | 0.1 | 0.6 | 1.6 | 1.6 | |
Treasury Stock, Value, Acquired, Cost Method | $ 3.3 | $ 15 | $ 39.9 | $ 45.3 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 4.3 | 4.3 |
Note 14 - Fair Value of Financi
Note 14 - Fair Value of Financial Assets and Liabilities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities - common shares | $ 0 | $ 7,101,000 |
Money market funds | 1,261,000 | 1,003,000 |
Debt securities - municipal securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities - common shares | 0 | 0 |
Money market funds | 0 | 0 |
Debt securities - municipal securities | 2,040,000 | 2,279,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities - common shares | 0 | 0 |
Money market funds | 0 | 0 |
Debt securities - municipal securities | 0 | 0 |
Equity securities - common shares | 0 | 7,101,000 |
Money market funds | 1,261,000 | 1,003,000 |
Debt securities - municipal securities | $ 2,040,000 | $ 2,279,000 |
Note 15 - Notes Receivable (Det
Note 15 - Notes Receivable (Details Textual) | 9 Months Ended |
Sep. 30, 2016 | |
Interest on Note Receivable, Minimum | 2.00% |
Interest on Note Receivable, Maximum | 20.00% |
Note 15 - Current and Long-term
Note 15 - Current and Long-term Balance of Notes Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Notes receivable from independent contractors | $ 1,093 | $ 794 |
Notes receivable from third parties | 2,933 | 3,546 |
Gross notes receivable | 4,026 | 4,340 |
Allowance for doubtful notes receivable | (254) | (273) |
Total notes receivable, net of allowance | 3,772 | 4,067 |
Current portion, net of allowance | (574) | (648) |
Long-term portion | $ 3,198 | $ 3,419 |
Note 16 - Line of Credit (Detai
Note 16 - Line of Credit (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Aug. 08, 2016 | Aug. 07, 2016 | Dec. 31, 2015 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.625% | |||
Revolving Credit Facility [Member] | Unused Portion Fees [Member] | ||||
Line of Credit Facility, Interest Rate During Period | 1.27% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |||
Debt Covenant, Minimum Tangible Net Worth | $ 500 | $ 400 | ||
Long-term Line of Credit | $ 52 | $ 112 | ||
Line of Credit Facility, Interest Rate During Period | 1.07% | |||
Letter of Credit [Member] | ||||
Long-term Line of Credit | $ 31.1 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 216.9 |