Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | |
Entity Central Index Key | 0000798287 | |
Trading Symbol | ptsi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 5,742,330 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock ($0.01 par value) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 325 | $ 318 |
Accounts receivable-net: | ||
Trade, less current estimated credit loss of $3,191 and $2,952, respectively | 66,090 | 61,784 |
Other | 4,278 | 3,769 |
Inventories | 1,220 | 1,327 |
Prepaid expenses and deposits | 9,093 | 8,669 |
Marketable equity securities | 23,207 | 29,521 |
Income taxes refundable | 807 | 504 |
Total current assets | 105,020 | 105,892 |
Property and equipment: | ||
Land | 16,086 | 7,246 |
Structures and improvements | 31,198 | 20,204 |
Revenue equipment | 528,410 | 524,527 |
Office furniture and equipment | 11,470 | 11,185 |
Total property and equipment | 587,164 | 563,162 |
Accumulated depreciation | (184,316) | (175,887) |
Net property and equipment | 402,848 | 387,275 |
Other assets | 4,617 | 4,842 |
TOTAL ASSETS | 512,485 | 498,009 |
Current liabilities: | ||
Accounts payable | 24,220 | 16,597 |
Accrued expenses and other liabilities | 42,042 | 40,610 |
Current maturities of long-term debt | 59,731 | 67,637 |
Total current liabilities | 125,993 | 124,844 |
Long-term debt-less current portion | 189,469 | 174,187 |
Deferred income taxes | 63,024 | 63,522 |
Other long-term liabilities | 1,344 | 1,481 |
Total liabilities | 379,830 | 364,034 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | ||
Common stock, $.01 par value, 40,000,000 shares authorized; 11,658,768 and 11,656,160 shares issued; 5,742,330 and 5,748,897 shares outstanding at March 31, 2020 and December 31, 2019, respectively | 117 | 117 |
Additional paid-in capital | 83,993 | 83,688 |
Treasury stock, at cost; 5,916,438 and 5,907,263 shares at March 31, 2020 and December 31, 2019, respectively | (157,158) | (156,837) |
Retained earnings | 205,703 | 207,007 |
Total shareholders’ equity | 132,655 | 133,975 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 512,485 | $ 498,009 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Trade, allowance | $ 3,191 | $ 2,952 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 11,658,768 | 11,656,160 |
Common stock, outstanding (in shares) | 5,742,330 | 5,748,897 |
Treasury stock (in shares) | 5,916,438 | 5,907,263 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING REVENUES: | ||
Operating revenues | $ 129,155 | $ 128,686 |
OPERATING EXPENSES AND COSTS: | ||
Salaries, wages and benefits | 32,798 | 31,063 |
Operating supplies and expenses | 23,715 | 23,512 |
Rent and purchased transportation | 42,927 | 44,554 |
Depreciation | 14,295 | 13,187 |
Insurance and claims | 42 | 4,114 |
Other | 5,844 | 2,994 |
Loss/(gain) on disposition of equipment | 48 | (425) |
Total operating expenses and costs | 119,669 | 118,999 |
OPERATING INCOME | 9,486 | 9,687 |
NON-OPERATING (EXPENSE)/INCOME | (9,076) | 3,472 |
INTEREST EXPENSE | (2,212) | (2,040) |
(LOSS)/INCOME BEFORE INCOME TAXES | (1,802) | 11,119 |
FEDERAL AND STATE INCOME TAX (BENEFIT) EXPENSE: | ||
Current | 89 | |
Deferred | (498) | 2,729 |
Total federal and state income tax (benefit) expense | (498) | 2,818 |
NET (LOSS)/INCOME | $ (1,304) | $ 8,301 |
(LOSS) INCOME PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (0.23) | $ 1.40 |
Diluted (in dollars per share) | $ (0.23) | $ 1.39 |
AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic (in shares) | 5,746 | 5,921 |
Diluted (in shares) | 5,746 | 5,985 |
Freight Transportation Service [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | $ 111,822 | $ 110,345 |
Fuel Surcharge [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | $ 17,333 | $ 18,341 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES: | ||
Net Loss | $ (1,304) | $ 8,301 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 14,295 | 13,187 |
Bad debt expense | 239 | 69 |
Stock compensation-net of excess tax benefits | 305 | 306 |
(Benefit from) provision for deferred income taxes | (498) | 2,729 |
Recognized loss (gain) on marketable equity securities | 9,339 | (3,184) |
Loss/(gain) on disposition of equipment | 1 | (425) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,053) | (5,356) |
Prepaid expenses, deposits, inventories, and other assets | (530) | 1,269 |
Income taxes refundable | 75 | |
Trade accounts payable | 8,048 | 199 |
Accrued expenses and other liabilities | (1,339) | 2,567 |
Net cash provided by operating activities | 23,503 | 19,737 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (23,158) | (7,926) |
Proceeds from disposition of equipment | 5,325 | 5,787 |
Purchases of marketable equity securities, net of return of capital | (3,026) | (72) |
Net cash used in investing activities | (20,859) | (2,211) |
FINANCING ACTIVITIES: | ||
Borrowings under line of credit | 137,243 | 131,387 |
Repayments under line of credit | (128,657) | (133,442) |
Borrowings of long-term debt | 5,789 | |
Repayments of long-term debt | (13,670) | (19,480) |
Borrowings under margin account | 3,753 | 166 |
Repayments under margin account | (985) | (324) |
Repurchases of common stock | (321) | (1,618) |
Net cash used in financing activities | (2,637) | (17,522) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 7 | 4 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period | 318 | 282 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period | 325 | 286 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 2,185 | 2,037 |
Income taxes | 15 | |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of property and equipment included in accounts payable | $ 2,239 | $ 4,025 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2018 | 5,957 | ||||||
Balance at Dec. 31, 2018 | $ 116 | $ 82,776 | $ (142,552) | $ 199,107 | $ 139,447 | ||
Net Loss | 8,301 | 8,301 | |||||
Exercise of stock awards-shares issued including tax benefits (in shares) | 1 | ||||||
Exercise of stock awards-shares issued including tax benefits | |||||||
Treasury stock repurchases (in shares) | (40) | ||||||
Treasury stock repurchases | (1,618) | (1,618) | |||||
Stock compensation | [1] | 216 | 216 | ||||
Net Income | 8,301 | 8,301 | |||||
Balance (in shares) at Mar. 31, 2019 | 5,918 | ||||||
Balance at Mar. 31, 2019 | 116 | 82,992 | (144,170) | 207,408 | 146,346 | ||
Balance (in shares) at Dec. 31, 2019 | 5,749 | ||||||
Balance at Dec. 31, 2019 | 117 | 83,688 | (156,837) | 207,007 | 133,975 | ||
Net Loss | (1,304) | (1,304) | |||||
Exercise of stock awards-shares issued including tax benefits (in shares) | 2 | ||||||
Exercise of stock awards-shares issued including tax benefits | |||||||
Treasury stock repurchases (in shares) | (9) | ||||||
Treasury stock repurchases | (321) | (321) | |||||
Stock compensation | 305 | 305 | |||||
Net Income | (1,304) | (1,304) | |||||
Balance (in shares) at Mar. 31, 2020 | 5,742 | ||||||
Balance at Mar. 31, 2020 | $ 117 | $ 83,993 | $ (157,158) | $ 205,703 | $ 132,655 | ||
[1] | Approximately $90,000 was accrued as Share-based compensation at March 31, 2019 for restricted stock earned by non-employee directors but for which shares were not issued until April 2019. |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE A : BASIS OF PRESENTATION Unless the context otherwise requires, all references in this Quarterly Report on Form 10 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not December 31, 2019 not three March 31, 2020 not may December 31, 2020. 10 December 31, 2019. |
Note B - Recent Accounting Pron
Note B - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE B : RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, No. 2020 04, 2020 04” 848 2020 04 2020 04 March 12, 2020 December 31, 2022. not not In June 2016, No. 2016 13, 2016 13” 326 2016 13 2016 13 December 15, 2019, January 1, 2020 not |
Note C - Revenue Recognition
Note C - Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE C: REVENUE RECOGNITION The Company has a single performance obligation, to transport our customer’s freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition, are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations. Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may third not In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, control of freight is transferred to us at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, responsibility for invoice payment, and pickup and delivery locations. Our revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event our customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, we are entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one three one Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial services, provided to customers. Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that approximately adjusts diesel fuel costs to an agreed upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate base amount agreed upon. Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. There are no |
Note D - Marketable Equity Secu
Note D - Marketable Equity Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE D : MARKETABLE EQUITY SECURITIES The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating (expense) income. Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J, below. The following table sets forth market value, cost, and unrealized losses and gains on equity securities as of March 31, 2020 December 31, 2019. March 31, 2020 December 31, 2019 (in thousands) Fair market value $ 23,207 $ 29,521 Cost 26,624 24,156 Unrealized (loss) / gain $ ( 3,417 ) $ 5,365 The following table sets forth the gross unrealized losses and gains on the Company’s marketable securities as of March 31, 2020 December 31, 2019. March 31, 2020 December 31, 2019 (in thousands) Gross unrealized gains $ 3,352 $ 7,808 Gross unrealized losses 6,769 2,443 Net unrealized (loss) / gain $ (3,417 ) $ 5,365 The following table shows the Company’s net realized (losses) gains during the first three 2020 2019 Three Months Ended March 31, 2020 2019 (in thousands) Sales proceeds $ 677 $ - Cost of securities sold 1,211 - Realized loss $ (534 ) $ - There were no first three 2019. For the quarter ended March 31, 2020, $305,000 March 31, 2019, $277,000 The market value of the Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2020 December 31, 2019, $10,242,000 $7,474,000, Our marketable equity securities portfolio had a net unrealized pre-tax loss in market value of approximately $8,805,000 first 2020, $3,184,000 first 2019, |
Note E - Stock-based Compensati
Note E - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE E : STOCK BASED COMPENSATION The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may 750,000 not 85% In January 2020, 7,000 $56.45 fourth January 2024. In March 2020, 2,608 $30.75 The total grant date fair value of stock vested during the first three 2020 $80,000. first three 2020 $305,000 $80,000 326 first 2020. $0.04 first 2020. March 31, 2020, $1,074,000 $266,000 2020 $354,000, $354,000, $92,000 $8,000 2021, 2022, 2023 2024, The total grant date fair value of stock and stock options vested during the first three 2019 $39,000. first three 2019 $306,000, $90,000 205 first 2019. $0.04 first 2019. March 31, 2019, $1,648,000 A summary of the status of the Company’s non-vested restricted stock as of March 31, 2020 three March 31, 2020, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2020 55,459 $ 24.35 Granted 9,608 49.47 Canceled/forfeited/expired (357 ) 56.45 Vested (2,608 ) 30.75 Non-vested at March 31, 2020 62,102 $ 27.78 |
Note F - Segment Information
Note F - Segment Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE F : SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, S egment Reporting, two 280, two Three Months Ended March 31, 2020 2019 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 91,311 81.7 $ 90,013 81.6 Brokerage and Logistics Services revenue 20,511 18.3 20,332 18.4 Total revenues $ 111,822 100.0 $ 110,345 100.0 |
Note G - Treasury Stock
Note G - Treasury Stock | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE G : TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in April 2017, 500,000 September 2011 three March 31, 2020, 9,175 $321,000 The Company accounts for Treasury stock using the cost method and as of March 31, 2020, 5,916,438 $157.2 |
Note H - Net Income Per Share
Note H - Net Income Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE H : NET INCOME PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive stock options. The computation of diluted earnings per share does not Three Months Ended March 31, 2020 2019 (in thousands, except per share data) Net (loss)/income $ (1,304 ) $ 8,301 Basic weighted average common shares outstanding 5,746 5,921 Dilutive effect of common stock equivalents - 64 Diluted weighted average common shares outstanding 5,746 5,985 Basic (loss)/earnings per share $ (0.23 ) $ 1.40 Diluted (loss)/earnings per share $ (0.23 ) $ 1.39 |
Note I - Income Taxes
Note I - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE I : INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three 2016 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, March 31, 2020, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not March 31, 2020, not three March 31, 2020 2019, not The Company’s effective income tax rates were 27.6% 25.4% three March 31, 2020 2019, three March 31, 2020 |
Note J - Fair Value of Financia
Note J - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE J : FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 not not Level 3: Unobservable inputs that are supported by little or no The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At March 31, 2020, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 23,207 $ 23,207 - - The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2020 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 223,567 $ 226,746 The Company has not |
Note K - Notes Payable
Note K - Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE K : NOTES PAYABLE During the first three 2020, $12.5 60 |
Note L - Litigation
Note L - Litigation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE L : LITIGATION Other than the lawsuit discussed below, the Company is not We are a defendant in a collective- and class-action lawsuit which was filed on December 9, 2016, December 9, 2013, December 31, 2019, February 18, 2020, $16.5 March 31, 2020, $16.5 not On March 31, 2020, May 29, 2019 $421,000, March 31, 2020, The Company’s participation in the settlements of the above matters does not not |
Note M - Leases
Note M - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | NOTE M: LEASES Adoption of ASU 2016 02 The Company currently leases shop, office and parking spaces in various locations in the United States and Mexico. The initial term for the majority of these leases is one one not The initial lease term for certain shop and office locations is for periods ranging from one five may may not not not The Company adopted ASU 2016 02 January 1, 2019 twelve The Company leases trucks to owner-operators under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal. We have reviewed these operating leases and determined that the adoption of ASU 2016 02 not Because the Company’s historical method of accounting for leases is consistent with the provisions of ASU 2016 02, 2016 02 January 1, 2019 not Right-of-Use Leases Following the Company’s adoption of ASU 2016 02 January 1, 2019, three five not 842, $2.0 March 31, 2020. not five not not March 31, 2020. Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at March 31, 2020, Maturity of Right-of-Use Lease Liabilities ( i n thousands) 2020 (remaining) $ 464 2021 627 2022 544 2023 340 2024 114 Total undiscounted operating lease payments $ 2,089 Less: Imputed interest (126 ) Present value of operating lease liabilities $ 1,963 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 1,963 Current lease liabilities (recorded in other current liabilities) $ 619 Long-term lease liabilities (recorded in other long-term liabilities) 1,344 Total operating lease liabilities $ 1,963 Other Information Weighted-average remaining lease term for operating leases (years) 3.5 Weighted-average discount rate for operating leases 3.59 % Cash Flows No three March 31, 2020. $0.1 three March 31, 2020 Operating Lease Costs Three Months Ended March 31, 2020 2019 (in thousands) Long term $ 134 $ - Short term 580 502 Total $ 714 $ 502 Lessor Disclosures under ASC Topic 842 The Company leases trucks to independent contractors under operating leases, which generally have a term of up to five As of March 31, 2020, $60.8 $28.2 not March 31, 2020, $1.9 The Company leases dock space to a related party at a Laredo, Texas terminal and warehouse and office space to a lessee at a second Lease Revenue The Company’s operating lease revenue is disclosed in the table below. Three Months Ended March 31, 2020 2019 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 2,394 $ 2,448 Leased facility space revenue (recorded in non-operating income) 67 39 Total lease revenue $ 2,461 $ 2,487 Lease Receivables Future minimum operating lease payments receivable at March 31, 2020: (in thousands) 2020 (remaining) $ 5,370 2021 4,660 2022 3,951 2023 2,864 2024 1,128 Thereafter 1 Total future minimum lease payments receivable $ 17,974 |
Note N - Effect of COVID-19 Pan
Note N - Effect of COVID-19 Pandemic | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Effect of COVID-19 Pandemic [Text Block] | NOTE N : EFFECT OF COVID- 19 The rapid spread of COVID- 19 March. may 19 |
Note O - Noncash Investing and
Note O - Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Noncash Investing and Financing Activities Disclosure [Text Block] | NOTE O : NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $12.5 first three 2020 |
Note D - Marketable Equity Se_2
Note D - Marketable Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2020 December 31, 2019 (in thousands) Fair market value $ 23,207 $ 29,521 Cost 26,624 24,156 Unrealized (loss) / gain $ ( 3,417 ) $ 5,365 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2020 December 31, 2019 (in thousands) Gross unrealized gains $ 3,352 $ 7,808 Gross unrealized losses 6,769 2,443 Net unrealized (loss) / gain $ (3,417 ) $ 5,365 |
Schedule of Realized Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2020 2019 (in thousands) Sales proceeds $ 677 $ - Cost of securities sold 1,211 - Realized loss $ (534 ) $ - |
Note E - Stock-based Compensa_2
Note E - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2020 55,459 $ 24.35 Granted 9,608 49.47 Canceled/forfeited/expired (357 ) 56.45 Vested (2,608 ) 30.75 Non-vested at March 31, 2020 62,102 $ 27.78 |
Note F - Segment Information (T
Note F - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2020 2019 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 91,311 81.7 $ 90,013 81.6 Brokerage and Logistics Services revenue 20,511 18.3 20,332 18.4 Total revenues $ 111,822 100.0 $ 110,345 100.0 |
Note H - Net Income Per Share (
Note H - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 (in thousands, except per share data) Net (loss)/income $ (1,304 ) $ 8,301 Basic weighted average common shares outstanding 5,746 5,921 Dilutive effect of common stock equivalents - 64 Diluted weighted average common shares outstanding 5,746 5,985 Basic (loss)/earnings per share $ (0.23 ) $ 1.40 Diluted (loss)/earnings per share $ (0.23 ) $ 1.39 |
Note J - Fair Value of Financ_2
Note J - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 23,207 $ 23,207 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 223,567 $ 226,746 |
Note M - Leases (Tables)
Note M - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of Right-of-Use Lease Liabilities ( i n thousands) 2020 (remaining) $ 464 2021 627 2022 544 2023 340 2024 114 Total undiscounted operating lease payments $ 2,089 Less: Imputed interest (126 ) Present value of operating lease liabilities $ 1,963 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 1,963 Current lease liabilities (recorded in other current liabilities) $ 619 Long-term lease liabilities (recorded in other long-term liabilities) 1,344 Total operating lease liabilities $ 1,963 Other Information Weighted-average remaining lease term for operating leases (years) 3.5 Weighted-average discount rate for operating leases 3.59 % |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2020 2019 (in thousands) Long term $ 134 $ - Short term 580 502 Total $ 714 $ 502 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2020 2019 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 2,394 $ 2,448 Leased facility space revenue (recorded in non-operating income) 67 39 Total lease revenue $ 2,461 $ 2,487 |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | (in thousands) 2020 (remaining) $ 5,370 2021 4,660 2022 3,951 2023 2,864 2024 1,128 Thereafter 1 Total future minimum lease payments receivable $ 17,974 |
Note D - Marketable Equity Se_3
Note D - Marketable Equity Securities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ (534,000) | $ 0 | |
Investment Income, Dividend | 305,000 | 277,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (8,805,000) | $ 3,184,000 | |
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member] | |||
Short-term Debt, Total | $ 10,242,000 | $ 7,474,000 |
Note D - Marketable Equity Se_4
Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair market value | $ 23,207 | $ 29,521 |
Cost | 26,624 | 24,156 |
Unrealized (loss) / gain | $ (3,417) | $ 5,365 |
Note D - Marketable Equity Se_5
Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Gross unrealized gains | $ 3,352 | $ 7,808 |
Gross unrealized losses | 6,769 | 2,443 |
Net unrealized (loss) / gain | $ (3,417) | $ 5,365 |
Note D - Marketable Equity Se_6
Note D - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Sales proceeds | $ 677,000 | |
Cost of securities sold | 1,211,000 | |
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ (534,000) | $ 0 |
Note E - Stock-based Compensa_3
Note E - Stock-based Compensation (Details Textual) - USD ($) | May 29, 2014 | Mar. 31, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 80,000 | $ 39,000 | |||
Share-based Payment Arrangement, Expense | $ 305,000 | $ 306,000 | |||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Basic and Diluted (in dollars per share) | $ 0.04 | $ 0.04 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,074,000 | $ 1,074,000 | $ 1,648,000 | ||
Amortization, Current Year [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 266,000 | 266,000 | |||
Amortization Year 2 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 354,000 | 354,000 | |||
Amortization, Year 3 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 354,000 | 354,000 | |||
Amortization, Year 4 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 92,000 | 92,000 | |||
Amortization, Year 5 [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8,000 | $ 8,000 | |||
Restricted Stock [Member] | |||||
Number of Common Stock Accrued Under Share-based Compensation Plan (in shares) | 9,608 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 49.47 | ||||
Accrual Shares to Each Non-employee Director [Member] | |||||
Share-based Payment Arrangement, Expense | $ 80,000 | $ 90,000 | |||
Accrual Shares to Each Non-employee Director [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Grants in Period (in shares) | 326 | 205 | |||
The 2014 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | |||||
Number of Common Stock Accrued Under Share-based Compensation Plan (in shares) | 7,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 56.45 | ||||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Director [Member] | |||||
Number of Common Stock Accrued Under Share-based Compensation Plan (in shares) | 2,608 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 30.75 | ||||
The 2014 Stock Option Plan [Member] | Minimum [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% |
Note E - Stock Based Compensati
Note E - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Non-vested (in shares) | shares | 55,459 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.35 |
Granted (in shares) | shares | 9,608 |
Granted - weighted average grant date fair value (in dollars per share) | $ / shares | $ 49.47 |
Canceled/forfeited/expired (in shares) | shares | (357) |
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) | $ / shares | $ 56.45 |
Vested (in shares) | shares | (2,608) |
Vested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 30.75 |
Non-vested (in shares) | shares | 62,102 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.78 |
Note F - Segment Information (D
Note F - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Operating Segments | 2 |
Note F - Segment Information -
Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue, before fuel surcharges | $ 129,155 | $ 128,686 |
Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 111,822 | $ 110,345 |
Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 100.00% | 100.00% |
Truckload Services [Member] | Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 91,311 | $ 90,013 |
Truckload Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 81.70% | 81.60% |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 20,511 | $ 20,332 |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 18.30% | 18.40% |
Note G - Treasury Stock (Detail
Note G - Treasury Stock (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Apr. 30, 2017 | |
Treasury Stock, Value, Acquired, Cost Method | $ 321,000 | $ 1,618,000 | ||
Treasury Stock, Shares, Ending Balance (in shares) | 5,916,438 | 5,907,263 | ||
Treasury Stock, Value, Ending Balance | $ 157,158,000 | $ 156,837,000 | ||
September 2011 Reauthorization [Member] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | |||
Treasury Stock, Shares, Acquired (in shares) | 9,175 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 321,000 |
Note H - Net Income Per Share -
Note H - Net Income Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss)/income | $ (1,304) | $ 8,301 |
Basic (in shares) | 5,746 | 5,921 |
Dilutive effect of common stock equivalents (in shares) | 64 | |
Diluted weighted average common shares outstanding (in shares) | 5,746 | 5,985 |
Basic (in dollars per share) | $ (0.23) | $ 1.40 |
Diluted (in dollars per share) | $ (0.23) | $ 1.39 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statute of Limitations (Year) | 3 years | |
Open Tax Year | 2016 2017 2018 2019 | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.60% | 25.40% |
Note J - Fair Value of Financ_3
Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable equity securities | $ 23,207 | $ 29,521 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | 23,207 | |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable equity securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Marketable equity securities |
Note J - Fair Value of Financ_4
Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands | Mar. 31, 2020USD ($) |
Reported Value Measurement [Member] | |
Long-term debt | $ 223,567 |
Estimate of Fair Value Measurement [Member] | |
Long-term debt | $ 226,746 |
Note K - Notes Payable (Details
Note K - Notes Payable (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Notes Payable, Total | $ 12.5 |
Notes Payable, Number of Monthly Installments | 60 |
Note L - Litigation (Details Te
Note L - Litigation (Details Textual) - The Violations under the Fair Labor Standards Act and the Arkansas Minimum Wage [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Feb. 18, 2020 | |
Loss Contingency, Estimate of Possible Loss | $ 16,500,000 | |
Litigation Settlement, Amount Awarded to Other Party | $ 421,000 | |
Accrued Expenses and Other Liabilities [Member] | ||
Loss Contingency Accrual, Ending Balance | $ 16,500,000 |
Note M - Leases (Details Textua
Note M - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating Lease, Payments | $ 100 | ||
Property, Plant and Equipment, Gross, Ending Balance | 587,164 | $ 563,162 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 184,316 | $ 175,887 | |
Depreciation, Total | 14,295 | $ 13,187 | |
Trucks under Operating Lease [Member] | |||
Property, Plant and Equipment, Gross, Ending Balance | 60,800 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 28,200 | ||
Depreciation, Total | 1,900 | ||
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |||
Operating Lease, Liability, Total | 1,963 | ||
Operating Lease, Right-of-Use Asset | 1,963 | ||
Leases without Early Cancellation Options [Member] | Operating Lease Liabilities [Member] | |||
Operating Lease, Liability, Total | 2,000 | ||
Leases without Early Cancellation Options [Member] | Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |||
Operating Lease, Right-of-Use Asset | $ 2,000 | ||
Trucks under Operating Lease [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | ||
Minimum [Member] | Shop and Office Leases with Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Minimum [Member] | Leases without Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Maximum [Member] | Shop and Office Leases with Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | Leases without Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note M - Leases - Operating Lea
Note M - Leases - Operating Lease (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (remaining) | $ 464 |
2021 | 627 |
2022 | 544 |
2023 | 340 |
2024 | 114 |
Total undiscounted operating lease payments | 2,089 |
Less: Imputed interest | $ (126) |
Weighted-average remaining lease term for operating leases (years) (Year) | 3 years 182 days |
Weighted-average discount rate for operating leases | 3.59% |
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |
Present value of operating lease liabilities | $ 1,963 |
Right-of-use assets (recorded in other non-current assets) | 1,963 |
Total operating lease liabilities | 1,963 |
Other Current Liabilities [Member] | |
Current lease liabilities (recorded in other current liabilities) | 619 |
Other Noncurrent Liabilities [Member] | |
Long-term lease liabilities (recorded in other long-term liabilities) | $ 1,344 |
Note M - Leases - Lease Cost (D
Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Long term | $ 134 | |
Short term | 580 | 502 |
Total | $ 714 | $ 502 |
Note M - Leases - Lease Revenue
Note M - Leases - Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Lease revenue | $ 2,461 | $ 2,487 |
Trucks under Operating Lease [Member] | ||
Lease revenue | 2,394 | 2,448 |
Dock Space under Operating Lease [Member] | ||
Lease revenue | $ 67 | $ 39 |
Note M - Leases - Lease Receiva
Note M - Leases - Lease Receivables (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (remaining) | $ 5,370 |
2021 | 4,660 |
2022 | 3,951 |
2023 | 2,864 |
2024 | 1,128 |
Thereafter | 1 |
Total future minimum lease payments receivable | $ 17,974 |
Note O - Noncash Investing an_2
Note O - Noncash Investing and Financing Activities (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 12.5 |