Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 26, 2017 | |
Document Information [Line Items] | ||
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) | 54,521,790 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,159 | $ 488 |
Receivables: | ||
Trade, net | 72,919 | 69,199 |
Other | 4,541 | 4,436 |
Prepaid expenses and other | 16,263 | 19,307 |
Total current assets | 94,882 | 93,430 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 781,451 | 759,553 |
Accumulated depreciation | (201,882) | (201,728) |
Net property and equipment | 579,569 | 557,825 |
Other assets | 1,856 | 2,493 |
Total assets | 676,307 | 653,748 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 39,938 | 41,230 |
Insurance and claims accruals | 25,197 | 19,440 |
Total current liabilities | 65,135 | 60,670 |
Long-term debt | 7,886 | |
Deferred income taxes | 149,846 | 147,854 |
Total liabilities | 214,981 | 216,410 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $.01 par value per share; 96,000,000 shares authorized; 54,521,790 shares at September 30, 2017, and 54,391,525 shares at December 31, 2016, issued and outstanding | 545 | 544 |
Additional paid-in capital | 75,951 | 74,175 |
Retained earnings | 384,830 | 362,619 |
Total stockholders’ equity | 461,326 | 437,338 |
Total liabilities and stockholders’ equity | $ 676,307 | $ 653,748 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 96,000,000 |
Common stock, shares issued (in shares) | 54,521,790 | 54,391,525 |
Common stock, shares outstanding (in shares) | 54,521,790 | 54,391,525 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenue | $ 170,679 | $ 170,464 | $ 515,349 | $ 498,483 |
Operating expenses (income): | ||||
Salaries, wages and benefits | 53,594 | 57,090 | 166,709 | 168,116 |
Purchased transportation | 28,668 | 27,775 | 85,546 | 81,997 |
Fuel and fuel taxes | 26,143 | 24,845 | 77,106 | 68,405 |
Supplies and maintenance | 10,381 | 11,618 | 31,912 | 33,025 |
Depreciation | 21,186 | 20,790 | 63,875 | 61,205 |
Operating taxes and licenses | 2,314 | 2,297 | 6,813 | 6,732 |
Insurance and claims | 11,336 | 8,194 | 29,098 | 23,245 |
Communications and utilities | 1,463 | 1,584 | 4,531 | 4,701 |
Other | 4,480 | 4,727 | 12,112 | 14,749 |
Total operating expenses | 157,657 | 155,595 | 472,820 | 454,713 |
Operating income | 13,022 | 14,869 | 42,529 | 43,770 |
Other | 14 | 342 | 280 | 794 |
Income before income taxes | 13,008 | 14,527 | 42,249 | 42,976 |
Provision for income taxes | 5,153 | 6,090 | 17,039 | 17,815 |
Net income | $ 7,855 | $ 8,437 | $ 25,210 | $ 25,161 |
Basic earnings per common share (in dollars per share) | $ 0.14 | $ 0.16 | $ 0.46 | $ 0.46 |
Diluted earnings per common share (in dollars per share) | 0.14 | 0.15 | 0.46 | 0.46 |
Dividends declared per common share (in dollars per share) | $ 0.025 | $ 0.015 | $ 0.055 | $ 0.045 |
Revenue Equipment [Member] | ||||
Operating expenses (income): | ||||
Gain on disposition of assets | $ (1,908) | $ (3,325) | $ (4,882) | $ (7,462) |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 54,600 | |||
Balance at Dec. 31, 2015 | $ 546 | $ 76,468 | $ 332,407 | $ 409,421 |
Net income | 25,161 | 25,161 | ||
Repurchase and retirement of common stock (in shares) | (759) | |||
Repurchase and retirement of common stock | $ (8) | (7,508) | 3 | (7,513) |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 445 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 5 | 3,505 | (2) | 3,508 |
Tax deficiencies from share-based payment arrangement exercises | (55) | (55) | ||
Employee taxes paid in exchange for shares withheld | (127) | (127) | ||
Share-based payment arrangement compensation expense | 741 | 741 | ||
Dividends on common stock | (2,436) | (2,436) | ||
Balance (in shares) at Sep. 30, 2016 | 54,286 | |||
Balance at Sep. 30, 2016 | $ 543 | 73,024 | 355,133 | 428,700 |
Net income | 8,303 | 8,303 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 106 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 908 | (1) | 908 |
Share-based payment arrangement compensation expense | 142 | 142 | ||
Dividends on common stock | (816) | (816) | ||
Balance (in shares) at Dec. 31, 2016 | 54,392 | |||
Balance at Dec. 31, 2016 | $ 544 | 74,175 | 362,619 | 437,338 |
Tax benefits from share-based payment arrangement exercises | 101 | 101 | ||
Net income | 25,210 | 25,210 | ||
Repurchase and retirement of common stock | 0 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 130 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 961 | 962 | |
Employee taxes paid in exchange for shares withheld | (47) | (47) | ||
Share-based payment arrangement compensation expense | 916 | 916 | ||
Dividends on common stock | (2,999) | (2,999) | ||
Balance (in shares) at Sep. 30, 2017 | 54,522 | |||
Balance at Sep. 30, 2017 | $ 545 | 75,951 | $ 384,830 | 461,326 |
Cash in lieu of fractional shares from stock split | $ (54) | $ (54) |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows provided by operating activities: | ||
Net income | $ 25,210 | $ 25,161 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 63,875 | 61,205 |
Deferred income taxes | 1,992 | 10,246 |
Tax deficiencies from share-based payment arrangement exercises | (55) | |
Share-based payment arrangement compensation expense | 916 | 741 |
Distribution from affiliate | 400 | |
Equity in loss from affiliate | 271 | 621 |
Changes in other current operating items: | ||
Receivables | (3,065) | 8,251 |
Prepaid expenses and other | 3,044 | 1,419 |
Accounts payable and accrued liabilities | 1,192 | 2,617 |
Insurance and claims accruals | 5,757 | 1,526 |
Net cash provided by operating activities | 94,710 | 104,270 |
Cash flows used for investing activities: | ||
Other | (34) | (33) |
Net cash used for investing activities | (84,015) | (68,842) |
Cash flows used for financing activities: | ||
Borrowings under credit facility and long-term debt | 30,816 | 130,128 |
Repayment of borrowings under credit facility and long-term debt | (38,702) | (159,446) |
Repurchase and retirement of common stock | (7,513) | |
Dividends on common stock | (2,999) | (2,436) |
Issuance of common stock from share-based payment arrangement exercises | 962 | 3,508 |
Employee taxes paid in exchange for shares withheld | (47) | (127) |
Change in checks issued in excess of cash balances | 199 | |
Cash in lieu of fractional shares from stock split | (54) | |
Net cash used for financing activities | (10,024) | (35,687) |
Net change in cash and cash equivalents | 671 | (259) |
Cash and cash equivalents: | ||
Beginning of period | 488 | 434 |
End of period | 1,159 | 175 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | (3,244) | 9,281 |
Income taxes | 11,031 | (2,595) |
Interest | 41 | 174 |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | (4,882) | (7,462) |
Cash flows used for investing activities: | ||
Revenue equipment additions | (135,010) | (111,503) |
Proceeds from revenue equipment dispositions | 53,586 | 48,097 |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment additions | (2,557) | (5,416) |
Proceeds from revenue equipment dispositions | $ 13 |
Note 1 - Consolidated Condensed
Note 1 - Consolidated Condensed Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ( 1 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 not 2016 10 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 2 re Basic and diluted earnings per common share were computed as follows: Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net income $ 7,855 $ 8,437 $ 25,210 $ 25,161 Denominator: Basic earnings per common share - weighted-average shares 54,517 54,218 54,479 54,126 Effect of d ilutive stock options 373 308 324 296 Diluted earnings per common share - weighted-average shares and assumed conversions 54,890 54,526 54,803 54,422 Basic earnings per common share $ 0.14 $ 0.16 $ 0.46 $ 0.46 Diluted earnings per common share $ 0.14 $ 0.15 $ 0.46 $ 0.46 Options totaling 142,502 419,170 three nine September 30, 2017, 413,333 573,333 three nine -month periods ended September 30, 2016, not Unvested performance unit awards totaling 118,650 three nine September 30, 2017, 70,905 three nine September 30, 2016, not |
Note 3 - Stock Split
Note 3 - Stock Split | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 3 On July 7, 2017, five three common stock, $.01 66 |
Note 4 - Long-term Debt
Note 4 - Long-term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 4 We maintain a credit agreement that provides for an unsecured committed credit facility which matures in December 2019. April 2016, $75.0 $30.0 December 2016, $40.0 September 30, 2017, no $12.9 $27.1 December 31, 2016, $7.9 $11.2 1.46% December 31, 2016. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% ome from the prior fiscal year. A waiver of the 25% 2016 September 30, 2017 December 31, 2016. |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 5 We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, one $246,000 first nine 2017 $278,000 first nine 2016 $1.9 first nine 2017 $1.5 first nine 2016 We provide transportation services to MW Logistics, LLC (MWL) as de scribed in Note 9 . |
Note 6 - Share Repurchase Progr
Note 6 - Share Repurchase Program | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | ( 6 In December 2007, one million ugh private transactions and in accordance with Rule 10b 18 November 2015, $40 2 3.3 August 15, 2017 five three July 7, 2017. not We repurchased and retired 759,302 $7.5 first 2016 not three 2016 first three 2017. fourth 2015 1.6 $16.2 |
Note 7 - Dividends
Note 7 - Dividends | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Dividends [Text Block] | ( 7 In 2010, bject to approval each quarter. Quarterly cash dividends of $0.015 first two 2017 $0.025 third 2017, $3.0 first nine $0.015 first three 2016 $2.4 |
Note 8 - Accounting for Share-b
Note 8 - Accounting for Share-based Payment Arrangement Compensation/Excess Tax Benefit Reclassification | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 8 ) Accounting for Share-based Payment Arrangement Compensation/Excess Tax Benefit Reclassification We account for share-based payment arrangements in accordan ce with Financial Accounting Standards Board Accounting Standards Codification, or FASB ASC, 718, Compensation – Stock Compensation first nine 2017, no first nine 2017 2016 $916,000 $741,000, 11 2016 10 Effective January 1, 2017, No. 2016 09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting” which simplifies several aspects of the accounting for share-based payment transactions. The adoption of this standard resulted in a $152,000 first nine 2017, 2016. $129,000 first nine 2016 2017 |
Note 9 - Equity Investment
Note 9 - Equity Investment | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 9 We own a 45% third A non-related party owns the other 55% $810,000 $1.1 first nine 2017 2016, September 30, 2017, $172,000 $361,000 |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 10 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 1 We are committed to purchase $11.6 $3.4 2017. 2020 $196,000. 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 al so 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, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 2 We aggregate our five four purposes. 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 ful l-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, along with dry freight, 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 agreements with customers range from three five Our Intermodal segment trans ports our customers’ freight within the United States utilizing our temperature-controlled trailers 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 s egment develops contractual relationships with and arranges for third 2007 The following table sets forth for the periods indicated our operating r evenue and operating income by segment. We do not not Three Months Nine Months Ended September 30, Ended September 30, (Dollars in thousands) 2017 2016 2017 2016 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 81,836 $ 85,469 $ 251,127 $ 253,514 Truckload fuel surcharge revenue 10,172 9,726 31,453 25,771 Total Truckload revenue 92,008 95,195 282,580 279,285 Dedicated revenue, net of fuel surcharge revenue 39,154 37,669 114,654 109,833 Dedicated fuel surcharge revenue 2,995 2,967 9,274 7,175 Total Dedic ated revenue 42,149 40,636 123,928 117,008 Intermodal revenue, net of fuel surcharge revenue 17,423 16,381 51,111 48,353 Intermodal fuel surcharge revenue 2,472 1,979 7,085 4,990 Total Inter modal revenue 19,895 18,360 58,196 53,343 Brokerage revenue 16,627 16,273 50,645 48,847 Total opera ting revenue $ 170,679 $ 170,464 $ 515,349 $ 498,483 Operating income: Truckload $ 5,764 $ 6,509 $ 19,249 $ 20,400 Dedicated 4,514 5,505 14,075 14,963 Intermodal 1,588 1,645 5,777 5,396 Brokerage 1,156 1,210 3,428 3,011 Total operating income $ 13,022 $ 14,869 $ 42,529 $ 43,770 In the three September 30, 2017 2016, Truckload segment depreciation expense was $14.1 $5.6 $5.2 $1.2 $995,000, $328,000 $400,000, $43.1 $41.7 $16.4 $15.3 $3.4 $2.9 $1.0 $1.3 nine September 30, 2017 2016, |
Note 13 - Use of Estimates
Note 13 - Use of Estimates | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 3 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, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 1 4 In May 2014, 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 FASB has also issued, along with other additional guidance related to revenue recognition matters, Accounting Standards Update No. 2016 08, 606 first 2018, January 1, 2018 four In February 2016, No. 2016 02, first 2019. not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, 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 FASB has also issued, along with other additional guidance related to revenue recognition matters, Accounting Standards Update No. 2016 08, 606 first 2018, January 1, 2018 four In February 2016, No. 2016 02, first 2019. not |
Note 2 - Earnings Per Common 22
Note 2 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share amounts) 2017 2016 2017 2016 Numerator: Net income $ 7,855 $ 8,437 $ 25,210 $ 25,161 Denominator: Basic earnings per common share - weighted-average shares 54,517 54,218 54,479 54,126 Effect of d ilutive stock options 373 308 324 296 Diluted earnings per common share - weighted-average shares and assumed conversions 54,890 54,526 54,803 54,422 Basic earnings per common share $ 0.14 $ 0.16 $ 0.46 $ 0.46 Diluted earnings per common share $ 0.14 $ 0.15 $ 0.46 $ 0.46 |
Note 12 - Business Segments (Ta
Note 12 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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) 2017 2016 2017 2016 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 81,836 $ 85,469 $ 251,127 $ 253,514 Truckload fuel surcharge revenue 10,172 9,726 31,453 25,771 Total Truckload revenue 92,008 95,195 282,580 279,285 Dedicated revenue, net of fuel surcharge revenue 39,154 37,669 114,654 109,833 Dedicated fuel surcharge revenue 2,995 2,967 9,274 7,175 Total Dedic ated revenue 42,149 40,636 123,928 117,008 Intermodal revenue, net of fuel surcharge revenue 17,423 16,381 51,111 48,353 Intermodal fuel surcharge revenue 2,472 1,979 7,085 4,990 Total Inter modal revenue 19,895 18,360 58,196 53,343 Brokerage revenue 16,627 16,273 50,645 48,847 Total opera ting revenue $ 170,679 $ 170,464 $ 515,349 $ 498,483 Operating income: Truckload $ 5,764 $ 6,509 $ 19,249 $ 20,400 Dedicated 4,514 5,505 14,075 14,963 Intermodal 1,588 1,645 5,777 5,396 Brokerage 1,156 1,210 3,428 3,011 Total operating income $ 13,022 $ 14,869 $ 42,529 $ 43,770 |
Note 2 - Earnings Per Common 24
Note 2 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 142,502 | 413,333 | 419,170 | 573,333 |
Unvested Performance Unit Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 118,650 | 70,905 | 118,650 | 70,905 |
Note 2 - Earnings Per Common 25
Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 7,855 | $ 8,303 | $ 8,437 | $ 25,210 | $ 25,161 |
Basic earnings per common share - weighted-average shares (in shares) | 54,517 | 54,218 | 54,479 | 54,126 | |
Effect of dilutive stock options (in shares) | 373 | 308 | 324 | 296 | |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 54,890 | 54,526 | 54,803 | 54,422 | |
Basic earnings per common share (in dollars per share) | $ 0.14 | $ 0.16 | $ 0.46 | $ 0.46 | |
Diluted earnings per common share (in dollars per share) | $ 0.14 | $ 0.15 | $ 0.46 | $ 0.46 |
Note 3 - Stock Split (Details T
Note 3 - Stock Split (Details Textual) - $ / shares | Jul. 07, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Stock Issued During Period, Percentage of Shares, Stock Split | 66.67% | ||
Stock Split from [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||
Stock Split To [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 |
Note 4 - Long-term Debt (Detail
Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Apr. 25, 2016 | Nov. 30, 2015 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | $ 30,000 | $ 75,000 | ||
Long-term Line of Credit | $ 0 | 7,900 | |||
Letters of Credit Outstanding, Amount | 12,900 | $ 11,200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,100 | ||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% | ||||
Credit Facility [Member] | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.46% |
Note 5 - Related Party Transa28
Note 5 - Related Party Transactions (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Purchase Of Fuel Tires And Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 246,000 | $ 278,000 |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,900,000 | $ 1,500,000 |
Note 6 - Share Repurchase Pro29
Note 6 - Share Repurchase Program (Details Textual) $ in Thousands | Jul. 07, 2017 | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Aug. 15, 2017shares | Nov. 04, 2015USD ($)shares | Dec. 31, 2007shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 3,300,000 | 2,000,000 | 1,000,000 | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 40,000 | ||||||||
Stock Repurchased and Retired During Period, Shares | shares | 759,302 | 1,600,000 | |||||||
Stock Repurchased and Retired During Period, Value | $ | $ 7,500 | $ 16,200 | $ 0 | $ 0 | $ 7,513 | ||||
Stock Split from [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||||||
Stock Split To [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 |
Note 7 - Dividends (Details Tex
Note 7 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Payments of Ordinary Dividends, Common Stock | $ 2,999 | $ 2,436 | ||
Paid Quarterly [Member] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.015 | $ 0.015 |
Note 8 - Accounting for Share31
Note 8 - Accounting for Share-based Payment Arrangement Compensation/Excess Tax Benefit Reclassification (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock or Unit Option Plan Expense | $ 916,000 | $ 741,000 | ||
Income Tax Expense (Benefit) | $ 5,153,000 | $ 6,090,000 | 17,039,000 | 17,815,000 |
Net Cash Provided by (Used in) Operating Activities | 94,710,000 | 104,270,000 | ||
Net Cash Provided by (Used in) Financing Activities | 10,024,000 | 35,687,000 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ (152,000) | |||
Net Cash Provided by (Used in) Operating Activities | 129,000 | |||
Net Cash Provided by (Used in) Financing Activities | $ 129,000 |
Note 9 - Equity Investment (Det
Note 9 - Equity Investment (Details Textual) - M W L [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investment, Ownership Percentage | 45.00% | |
Revenue from Related Parties | $ 810,000 | $ 1,100,000 |
Due to Affiliate | 361,000 | |
Trade Accounts Receivable [Member] | ||
Due from Affiliates | $ 172,000 | |
Percentage Owned by Non-related Party [Member] | ||
Equity Method Investment, Ownership Percentage | 55.00% |
Note 11 - Commitments and Con33
Note 11 - Commitments and Contingencies (Details Textual) | Sep. 30, 2017USD ($) |
Operating Leases, Future Minimum Payments Due | $ 196,000 |
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | 11,600,000 |
Capital Addition Purchase Commitments [Member] | Building [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 3,400,000 |
Note 12 - Business Segments (De
Note 12 - Business Segments (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Number of Operating Segments | 5 | |||
Number of Reportable Segments | 4 | |||
Dedicated [Member] | ||||
Depreciation, Depletion and Amortization | $ 5,600,000 | $ 5,200,000 | $ 16,400,000 | $ 15,300,000 |
Dedicated [Member] | Minimum [Member] | ||||
Customer Contract Term | 3 years | |||
Dedicated [Member] | Maximum [Member] | ||||
Customer Contract Term | 5 years | |||
Truckload [Member] | ||||
Depreciation, Depletion and Amortization | 14,100,000 | 14,100,000 | $ 43,100,000 | 41,700,000 |
Intermodal [Member] | ||||
Depreciation, Depletion and Amortization | 1,200,000 | 995,000 | 3,400,000 | 2,900,000 |
Brokerage [Member] | ||||
Depreciation, Depletion and Amortization | $ 328,000 | $ 400,000 | $ 1,000,000 | $ 1,300,000 |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating revenue | $ 170,679 | $ 170,464 | $ 515,349 | $ 498,483 |
Operating Income | 13,022 | 14,869 | 42,529 | 43,770 |
Truckload [Member] | ||||
Operating revenue | 92,008 | 95,195 | 282,580 | 279,285 |
Operating Income | 5,764 | 6,509 | 19,249 | 20,400 |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 81,836 | 85,469 | 251,127 | 253,514 |
Truckload [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 10,172 | 9,726 | 31,453 | 25,771 |
Dedicated [Member] | ||||
Operating revenue | 42,149 | 40,636 | 123,928 | 117,008 |
Operating Income | 4,514 | 5,505 | 14,075 | 14,963 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 39,154 | 37,669 | 114,654 | 109,833 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 2,995 | 2,967 | 9,274 | 7,175 |
Intermodal [Member] | ||||
Operating revenue | 19,895 | 18,360 | 58,196 | 53,343 |
Operating Income | 1,588 | 1,645 | 5,777 | 5,396 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 17,423 | 16,381 | 51,111 | 48,353 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 2,472 | 1,979 | 7,085 | 4,990 |
Brokerage [Member] | ||||
Operating revenue | 16,627 | 16,273 | 50,645 | 48,847 |
Operating Income | $ 1,156 | $ 1,210 | $ 3,428 | $ 3,011 |
Note 14 - Recent Accounting P36
Note 14 - Recent Accounting Pronouncements (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 4 |