Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Entity Registrant Name | MARTEN TRANSPORT LTD | |
Entity Central Index Key | 799,167 | |
Trading Symbol | mrtn | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 33,623,995 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 145,000 | $ 123,000 |
Receivables: | ||
Trade, net | 70,829,000 | 72,263,000 |
Other | 4,045,000 | 17,740,000 |
Prepaid expenses and other | 15,803,000 | 16,860,000 |
Deferred income taxes | 3,037,000 | 3,199,000 |
Total current assets | 93,859,000 | 110,185,000 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 724,712,000 | 645,972,000 |
Accumulated depreciation | (192,144,000) | (180,223,000) |
Net property and equipment | 532,568,000 | 465,749,000 |
Other assets | 3,572,000 | 3,726,000 |
Total assets | 629,999,000 | 579,660,000 |
Current liabilities: | ||
Checks issued in excess of cash balances | 687,000 | 745,000 |
Accounts payable and accrued liabilities | 49,536,000 | 29,775,000 |
Insurance and claims accruals | 14,832,000 | 13,998,000 |
Total current liabilities | 65,055,000 | 44,518,000 |
Long-term debt | 26,280,000 | 24,373,000 |
Deferred income taxes | 122,298,000 | 122,843,000 |
Total liabilities | 213,633,000 | 191,734,000 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value per share; 96,000,000 shares authorized; 33,623,395 shares at September 30, 2015, and 33,418,829 shares at December 31, 2014, issued and outstanding | 336,000 | 334,000 |
Additional paid-in capital | 91,371,000 | 87,370,000 |
Retained earnings | 324,659,000 | 300,222,000 |
Total stockholders’ equity | 416,366,000 | 387,926,000 |
Total liabilities and stockholders’ equity | $ 629,999,000 | $ 579,660,000 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
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) | 96,000,000 | 48,000,000 |
Common stock, shares issued (in shares) | 33,623,395 | 33,418,829 |
Common stock, shares outstanding (in shares) | 33,623,395 | 33,418,829 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue Equipment [Member] | ||||
Operating expenses (income): | ||||
Gain on disposition of revenue equipment | $ (1,895) | $ (1,419) | $ (4,843) | $ (3,360) |
Facility [Member] | ||||
Operating expenses (income): | ||||
Gain on disposition of revenue equipment | (3,712) | |||
Operating revenue | $ 171,346 | $ 171,550 | 496,221 | $ 499,382 |
Salaries, wages and benefits | 55,129 | 46,435 | 154,901 | 134,834 |
Purchased transportation | 30,756 | 32,914 | 88,343 | 91,783 |
Fuel and fuel taxes | 26,556 | 39,398 | 81,313 | 119,718 |
Supplies and maintenance | 11,351 | 10,273 | 32,735 | 31,059 |
Depreciation | 19,331 | 17,253 | 55,469 | 50,489 |
Operating taxes and licenses | 2,295 | 1,837 | 6,185 | 5,278 |
Insurance and claims | 7,105 | 6,205 | 21,973 | 18,993 |
Communications and utilities | 1,431 | 1,507 | 4,347 | 4,251 |
Other | 4,933 | 4,105 | 13,684 | 11,723 |
Total operating expenses | 156,992 | 158,508 | 450,395 | 464,768 |
Operating income | 14,354 | 13,042 | 45,826 | 34,614 |
Other | 126 | (226) | 147 | (936) |
Income before income taxes | 14,228 | 13,268 | 45,679 | 35,550 |
Provision for income taxes | 5,818 | 5,616 | 18,724 | 14,685 |
Net income | $ 8,410 | $ 7,652 | $ 26,955 | $ 20,865 |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.80 | $ 0.63 |
Diluted earnings per common share (in dollars per share) | 0.25 | 0.23 | 0.80 | 0.62 |
Dividends declared per common share (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.075 | $ 0.075 |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 33,301 | |||
Balance at Dec. 31, 2013 | $ 333,000 | $ 85,077,000 | $ 273,727,000 | $ 359,137,000 |
Net income | $ 20,865,000 | 20,865,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 105 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1,000 | $ 1,054,000 | 1,055,000 | |
Tax benefits from share-based payment arrangement exercises | 141,000 | 141,000 | ||
Share-based payment arrangement compensation expense | $ 720,000 | 720,000 | ||
Dividends on common stock | $ (2,504,000) | (2,504,000) | ||
Balance (in shares) at Sep. 30, 2014 | 33,406 | |||
Balance at Sep. 30, 2014 | $ 334,000 | $ 86,992,000 | 292,088,000 | 379,414,000 |
Net income | $ 8,969,000 | 8,969,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 13 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 159,000 | 159,000 | ||
Tax benefits from share-based payment arrangement exercises | 18,000 | 18,000 | ||
Share-based payment arrangement compensation expense | $ 201,000 | 201,000 | ||
Dividends on common stock | $ (835,000) | (835,000) | ||
Balance (in shares) at Dec. 31, 2014 | 33,419 | |||
Balance at Dec. 31, 2014 | $ 334,000 | $ 87,370,000 | 300,222,000 | 387,926,000 |
Net income | $ 26,955,000 | 26,955,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 204 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2,000 | $ 2,361,000 | 2,363,000 | |
Tax benefits from share-based payment arrangement exercises | 451,000 | 451,000 | ||
Share-based payment arrangement compensation expense | $ 1,189,000 | 1,189,000 | ||
Dividends on common stock | $ (2,518,000) | (2,518,000) | ||
Balance (in shares) at Sep. 30, 2015 | 33,623 | |||
Balance at Sep. 30, 2015 | $ 336,000 | $ 91,371,000 | $ 324,659,000 | $ 416,366,000 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of equipment and facility | $ (4,843) | $ (3,360) |
Cash flows used for investing activities: | ||
Properties and equipment additions | (139,788) | (102,752) |
Proceeds from properties and equipment dispositions | 43,451 | $ 35,429 |
Facility [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of equipment and facility | (3,712) | |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Properties and equipment additions | (11,784) | $ (27,870) |
Proceeds from properties and equipment dispositions | 4,625 | 17 |
Net income | 26,955 | 20,865 |
Depreciation | 55,469 | 50,489 |
Deferred income taxes | (383) | (3,795) |
Tax benefits from share-based payment arrangement exercises | 451 | 141 |
Excess tax benefits from share-based payment arrangement exercises | (432) | (97) |
Share-based payment arrangement compensation expense | 1,189 | 720 |
Equity in earnings from affiliate | 184 | (453) |
Receivables | 15,300 | (3,825) |
Prepaid expenses and other | 1,057 | 1,793 |
Accounts payable and accrued liabilities | 9,353 | (3,450) |
Insurance and claims accruals | 834 | (645) |
Net cash provided by operating activities | 101,422 | 58,383 |
Other | (30) | (27) |
Net cash used for investing activities | (103,526) | (95,203) |
Cash flows provided by financing activities: | ||
Borrowings under credit facility and long-term debt | 94,437 | 102,912 |
Repayment of borrowings under credit facility and long-term debt | (92,530) | (78,231) |
Dividends on common stock | (2,518) | (2,504) |
Issuance of common stock from share-based payment arrangement exercises | 2,363 | 1,055 |
Excess tax benefits from share-based payment arrangement exercises | 432 | 97 |
Change in checks issued in excess of cash balances | (58) | 28 |
Net cash provided by financing activities | 2,126 | 23,357 |
Net change in cash and cash equivalents | 22 | (13,463) |
Cash and cash equivalents: | ||
Beginning of period | 123 | 13,650 |
End of period | 145 | 187 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | 10,237 | 4,264 |
Supplemental disclosure of cash flow information: | ||
Income taxes | (4,451) | 20,001 |
Interest | $ 136 | $ 114 |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (1) Consolidated Financial Statements The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements, and therefore do not include all information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, such statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our consolidated financial condition, results of operations and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2014 Annual Report on Form 10-K. |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (2) Earnings per Common Share Basic and diluted earnings per common share were computed as follows: Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net income $ 8,410 $ 7,652 $ 26,955 $ 20,865 Denominator: Basic earnings per common share - weighted-average shares 33,622 33,403 33,555 33,371 Effect of dilutive stock options 224 289 261 301 Diluted earnings per common share - weighted-average shares and assumed conversions 33,846 33,692 33,816 33,672 Basic earnings per common share $ 0.25 $ 0.23 $ 0.80 $ 0.63 Diluted earnings per common share $ 0.25 $ 0.23 $ 0.80 $ 0.62 Options totaling 324,600 and 311,200 equivalent shares for the three-month and nine-month periods ended September 30, 2015, respectively, and 171,500 equivalent shares for each of the three-month and nine-month periods ended September 30, 2014, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive. Unvested performance unit awards totaling 67,595 equivalent shares for each of the three-month and nine-month periods ended September 30, 2015, and 39,885 equivalent shares for each of the three-month and nine-month periods ended September 30, 2014, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive. |
Note 3 - Long-Term Debt
Note 3 - Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (3) Long-Term Debt We maintain a credit agreement that provides for an unsecured committed credit facility which matures in December 2019. The aggregate principal amount of the credit facility of $50.0 million may be increased at our option, subject to completion of signed amendments with the lender, up to a maximum aggregate principal amount of $75.0 million. At September 30, 2015, there was an outstanding principal balance of $26.3 million on the credit facility. As of that date, we had outstanding standby letters of credit of $10.4 million and remaining borrowing availability of $13.3 million. This facility bears interest at a variable rate based on the London Interbank Offered Rate or the lender’s Prime Rate, in each case plus/minus applicable margins. The weighted average interest rate for the facility was 0.90% at September 30, 2015. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (4) Related Party Transactions We purchase fuel and obtain tires and related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, one of our directors, is the chairman of the board and chief executive officer and the principal stockholder of BBI. We paid BBI $274,000 in the first nine months of 2015 and $413,000 in the first nine months of 2014 for fuel and tire services. In addition, we paid $1.1 million in each of the first nine months of 2015 and 2014 to tire manufacturers for tires that were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases. We provide transportation services to MW Logistics, LLC (MWL) as described in Note 9. |
Note 5 - Amendment to Amended a
Note 5 - Amendment to Amended and Restated Certificate of Incorporation | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | (5) Amendment to Amended and Restated Certificate of Incorporation In May 2015, our stockholders approved an amendment to our Amended and Restated Certificate of Incorporation increasing the authorized number of shares of common stock, $.01 par value per share, from 48,000,000 shares to 96,000,000 shares. |
Note 6 - Dividends
Note 6 - Dividends | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Dividends [Text Block] | (6) Dividends In 2010, we announced that our Board of Directors approved a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.025 per share of common stock were declared in each of the first three quarters of 2015 and 2014. |
Note 7 - 2015 Equity Incentive
Note 7 - 2015 Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | (7) 2015 Equity Incentive Plan In May 2015, our stockholders approved our 2015 Equity Incentive Plan (the “2015 Plan”). Our Board of Directors adopted the 2015 Plan in March 2015. Under the 2015 Plan, all of our employees and any subsidiary employees, as well as all of our non-employee directors, may be granted stock-based awards, including non-statutory stock options and performance unit awards, of which 211,500 shares have been awarded as of September 30, 2015. The maximum number of shares of common stock available for issuance under the 2015 Plan is 800,000 shares. The 2015 Plan replaces our 2005 Stock Incentive Plan (the “2005 Plan”), which expired by its terms in May 2015. Any awards issued under the 2005 Plan that remain outstanding will continue according to their terms. |
Note 8 - Accounting for Share-b
Note 8 - Accounting for Share-based Payment Arrangement Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (8) Accounting for Share-based Payment Arrangement Compensation We account for share-based payment arrangements in accordance with Financial Accounting Standards Board Accounting Standards Codification, or FASB ASC , 718, Compensation – Stock Compensation . See Note 11 to our consolidated financial statements in our 2014 Annual Report on Form 10-K for a detailed description of stock-based awards . |
Note 9 - Equity Investment
Note 9 - Equity Investment | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | (9) Equity Investment We own a 45% equity interest in MWL, a third-party provider of logistics services to the transportation industry. A non-related party owns the other 55% equity interest in MWL. We received $4.5 million and $5.7 million of our revenue for loads transported by our tractors and arranged by MWL in the nine-month periods ended September 30, 2015 and September 30, 2014, respectively. As of September 30, 2015, we also had a trade receivable in the amount of $113,000 from MWL and an accrued liability of $3.9 million to MWL for the excess of payments by MWL’s customers into our lockbox account over the amounts drawn on the account by MWL. |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | (10) Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. The carrying amount of our long-term debt approximates fair value as its interest rate is based upon prevailing market rates. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (11) Commitments and Contingencies We are committed to purchase $28.2 million of new revenue equipment in the remainder of 2015; building construction expenditures of $692,000 in the remainder of 2015; and operating lease obligation expenditures totaling $549,000 through 2018 . We self-insure, in part, for losses relating to workers’ compensation, auto liability, general liability, cargo and property damage claims, along with employees’ health insurance with varying risk retention levels. We maintain insurance coverage for per-incident and total losses in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review, and reserve currently for the estimated cost of the uninsured portion of pending claims. We are also involved in other legal actions that arise in the ordinary course of business. In the opinion of management, based upon present knowledge of the facts, it is remote that the ultimate outcome of any such legal actions will have a material adverse effect upon our long-term financial position or results of operations. |
Note 12 - Business Segments
Note 12 - Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (12) Business Segments We have six current operating segments that have been aggregated into four reporting segments (Truckload, Dedicated, Intermodal and Brokerage) for financial reporting purposes. Information for the first nine months of 2014, which was previously aggregated into two reporting segments, has been shown in the same four segments for comparison purposes. We believe reporting our results in this manner will provide better visibility and understanding into our business and reflect our operational structure. The primary source of our operating revenue is provided by our Truckload segment through a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment across the United States and into and out of Mexico and Canada. Our Dedicated segment provides customized transportation solutions tailored to meet individual customers’ requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our customer contracts range from three to five years and are subject to annual rate reviews. Our Intermodal segment transports our customers’ freight within the United States primarily utilizing our temperature-controlled trailers and also, through March 2015, our dry containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. Our Brokerage segment arranges for smaller third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico while we retain the billing, collection and customer management responsibilities. 7 The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. Three Months Nine Months Ended September 30, Ended September 30, ( Dollars in thousands ) 2015 2014 2015 2014 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 86,594 $ 89,515 $ 262,227 $ 266,633 Truckload fuel surcharge revenue 11,777 21,821 40,296 69,232 Total Truckload revenue 98,371 111,336 302,523 335,865 Dedicated revenue, net of fuel surcharge revenue 31,477 15,756 73,941 38,329 Dedicated fuel surcharge revenue 2,937 3,995 8,331 10,062 Total Dedicated revenue 34,414 19,751 82,272 48,391 Intermodal revenue, net of fuel surcharge revenue 17,158 19,229 50,278 57,989 Intermodal fuel surcharge revenue 2,673 5,793 8,991 16,929 Total Intermodal revenue 19,831 25,022 59,269 74,918 Brokerage revenue 18,730 15,441 52,157 40,208 Total operating revenue $ 171,346 $ 171,550 $ 496,221 $ 499,382 Operating income: Truckload $ 8,204 $ 10,455 $ 27,614 $ 27,043 Dedicated 3,929 2,046 8,496 4,801 Intermodal 1,152 (151 ) 3,372 815 Brokerage 1,069 692 2,632 1,955 Total operating income before gain on disposition of facility 14,354 13,042 42,114 34,614 Gain on disposition of facility - - 3,712 - Total operating income $ 14,354 $ 13,042 $ 45,826 $ 34,614 Truckload segment depreciation expense was $13.3 million and $13.2 million, Dedicated segment depreciation expense was $4.3 million and $2.3 million, Intermodal segment depreciation expense was $1.4 million and $1.6 million, and Brokerage segment depreciation expense was $295,000 and $247,000, in the three-month periods ended September 30, 2015 and September 30, 2014, respectively. Truckload segment depreciation expense was $40.0 million and $39.7 million, Dedicated segment depreciation expense was $10.4 million and $5.6 million, Intermodal segment depreciation expense was $4.3 million and $4.5 million, and Brokerage segment depreciation expense was $854,000 and $711,000, in the nine-month periods ended September 30, 2015 and September 30, 2014, respectively. |
Note 13 - Use of Estimates
Note 13 - Use of Estimates | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (13) Use of Estimates We must make estimates and assumptions to prepare the consolidated condensed financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. These estimates are primarily related to insurance and claims accruals and depreciation. Ultimate results could differ from these estimates. |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | (14) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard, which is effective for the first quarter of 2018, will replace most existing revenue recognition guidance required by U.S. generally accepted accounting principles. The adoption of this standard is not expected to have a significant impact on our consolidated condensed balance sheets, statements of operations or statements of cash flows. |
Note 2 - Earnings Per Common 21
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except per share amounts) 2015 2014 2015 2014 Numerator: Net income $ 8,410 $ 7,652 $ 26,955 $ 20,865 Denominator: Basic earnings per common share - weighted-average shares 33,622 33,403 33,555 33,371 Effect of dilutive stock options 224 289 261 301 Diluted earnings per common share - weighted-average shares and assumed conversions 33,846 33,692 33,816 33,672 Basic earnings per common share $ 0.25 $ 0.23 $ 0.80 $ 0.63 Diluted earnings per common share $ 0.25 $ 0.23 $ 0.80 $ 0.62 |
Note 12 - Business Segments (Ta
Note 12 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, ( Dollars in thousands ) 2015 2014 2015 2014 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 86,594 $ 89,515 $ 262,227 $ 266,633 Truckload fuel surcharge revenue 11,777 21,821 40,296 69,232 Total Truckload revenue 98,371 111,336 302,523 335,865 Dedicated revenue, net of fuel surcharge revenue 31,477 15,756 73,941 38,329 Dedicated fuel surcharge revenue 2,937 3,995 8,331 10,062 Total Dedicated revenue 34,414 19,751 82,272 48,391 Intermodal revenue, net of fuel surcharge revenue 17,158 19,229 50,278 57,989 Intermodal fuel surcharge revenue 2,673 5,793 8,991 16,929 Total Intermodal revenue 19,831 25,022 59,269 74,918 Brokerage revenue 18,730 15,441 52,157 40,208 Total operating revenue $ 171,346 $ 171,550 $ 496,221 $ 499,382 Operating income: Truckload $ 8,204 $ 10,455 $ 27,614 $ 27,043 Dedicated 3,929 2,046 8,496 4,801 Intermodal 1,152 (151 ) 3,372 815 Brokerage 1,069 692 2,632 1,955 Total operating income before gain on disposition of facility 14,354 13,042 42,114 34,614 Gain on disposition of facility - - 3,712 - Total operating income $ 14,354 $ 13,042 $ 45,826 $ 34,614 |
Note 2 - Earnings Per Common 23
Note 2 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 324,600 | 171,500 | 311,200 | 171,500 |
Unvested Performance Unit Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 67,595 | 39,885 | 67,595 | 39,885 |
Note 2 - Earnings Per Common 24
Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 8,410 | $ 7,652 | $ 26,955 | $ 20,865 |
Basic earnings per common share - weighted-average shares (in shares) | 33,622 | 33,403 | 33,555 | 33,371 |
Effect of dilutive stock options (in shares) | 224 | 289 | 261 | 301 |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 33,846 | 33,692 | 33,816 | 33,672 |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.80 | $ 0.63 |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.23 | $ 0.80 | $ 0.62 |
Note 3 - Long-Term Debt (Detail
Note 3 - Long-Term Debt (Details Textual) $ in Millions | Sep. 30, 2015USD ($) |
Minimum [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 |
Maximum [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75 |
Credit Facility [Member] | |
Long-term Debt, Weighted Average Interest Rate | 0.90% |
Long-term Line of Credit | $ 26.3 |
Letters of Credit Outstanding, Amount | 10.4 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 13.3 |
Note 4 - Related Party Transa26
Note 4 - Related Party Transactions (Details Textual) - BBI [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,100,000 | $ 1,100,000 |
Purchase Of Fuel Tires And Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 274,000 | $ 413,000 |
Note 5 - Amendment to Amended27
Note 5 - Amendment to Amended and Restated Certificate of Incorporation (Details Textual) - $ / shares | Sep. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 96,000,000 | 96,000,000 | 48,000,000 | 48,000,000 |
Note 6 - Dividends (Details Tex
Note 6 - Dividends (Details Textual) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Paid Quarterly [Member] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.025 |
Note 7 - 2015 Equity Incentiv29
Note 7 - 2015 Equity Incentive Plan (Details Textual) - 2015 Equity Incentive Plan [Member] | 9 Months Ended |
Sep. 30, 2015shares | |
Non-statutory Stock Options and Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 211,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 |
Note 8 - Accounting for Share30
Note 8 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Stock or Unit Option Plan Expense | $ 1,200,000 | $ 720,000 |
Note 9 - Equity Investment (Det
Note 9 - Equity Investment (Details Textual) - M W L [Member] - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | |
Percentage Owned by Non-related Party [Member] | |||
Equity Method Investment, Ownership Percentage | 55.00% | ||
Equity Method Investment, Ownership Percentage | 45.00% | ||
Revenue from Related Parties | $ 4,500,000 | $ 5,700,000 | |
Due from Affiliates | 113,000 | ||
Due to Affiliate | $ 3,900,000 |
Note 11 - Commitments and Con32
Note 11 - Commitments and Contingencies (Details Textual) | Sep. 30, 2015USD ($) |
Revenue Equipment Expenditure [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | $ 28,200,000 |
Building Construction and Acquisition Expenditures [Member] | |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 692,000 |
Operating Leases, Future Minimum Payments Due | $ 549,000 |
Note 12 - Business Segments (De
Note 12 - Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Truckload [Member] | ||||
Depreciation, Depletion and Amortization | $ 13,300,000 | $ 13,200,000 | $ 40,000,000 | $ 39,700,000 |
Dedicated [Member] | ||||
Depreciation, Depletion and Amortization | 4,300,000 | 2,300,000 | 10,400,000 | 5,600,000 |
Intermodal [Member] | ||||
Depreciation, Depletion and Amortization | 1,400,000 | 1,600,000 | 4,300,000 | 4,500,000 |
Brokerage [Member] | ||||
Depreciation, Depletion and Amortization | $ 295,000 | $ 247,000 | $ 854,000 | $ 711,000 |
Number of Operating Segments | 6 | |||
Number of Reportable Segments | 4 | 2 |
Note 12 - Business Segments - O
Note 12 - Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue, Net of Fuel Surcharge [Member] | Truckload [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | $ 86,594 | $ 89,515 | $ 262,227 | $ 266,633 |
Revenue, Net of Fuel Surcharge [Member] | Dedicated [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 31,477 | 15,756 | 73,941 | 38,329 |
Revenue, Net of Fuel Surcharge [Member] | Intermodal [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 17,158 | 19,229 | 50,278 | 57,989 |
Fuel Surcharge Revenue [Member] | Truckload [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 11,777 | 21,821 | 40,296 | 69,232 |
Fuel Surcharge Revenue [Member] | Dedicated [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 2,937 | 3,995 | 8,331 | 10,062 |
Fuel Surcharge Revenue [Member] | Intermodal [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 2,673 | 5,793 | 8,991 | 16,929 |
Truckload [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 98,371 | 111,336 | 302,523 | 335,865 |
Truckload | 8,204 | 10,455 | 27,614 | 27,043 |
Total operating income | 8,204 | 10,455 | 27,614 | 27,043 |
Dedicated [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 34,414 | 19,751 | 82,272 | 48,391 |
Truckload | 3,929 | 2,046 | 8,496 | 4,801 |
Total operating income | 3,929 | 2,046 | 8,496 | 4,801 |
Intermodal [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 19,831 | 25,022 | 59,269 | 74,918 |
Truckload | 1,152 | (151) | 3,372 | 815 |
Total operating income | 1,152 | (151) | 3,372 | 815 |
Brokerage [Member] | ||||
Truckload revenue, net of fuel surcharge revenue | 18,730 | 15,441 | 52,157 | 40,208 |
Truckload | 1,069 | 692 | 2,632 | 1,955 |
Total operating income | $ 1,069 | $ 692 | 2,632 | $ 1,955 |
Facility [Member] | ||||
Gain on disposition of facility | 3,712 | |||
Truckload revenue, net of fuel surcharge revenue | $ 171,346 | $ 171,550 | 496,221 | $ 499,382 |
Truckload | 14,354 | 13,042 | 45,826 | 34,614 |
Total operating income before gain on disposition of facility | 14,354 | 13,042 | 42,114 | 34,614 |
Total operating income | $ 14,354 | $ 13,042 | $ 45,826 | $ 34,614 |