Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 27, 2018 | Jun. 30, 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) | 54,565,778 | ||
Entity Public Float | $ 696,064 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 15,791 | $ 488 |
Receivables: | ||
Trade, less allowances of $300 and $275, respectively | 74,886 | 69,199 |
Other | 6,131 | 4,436 |
Prepaid expenses and other | 19,810 | 19,307 |
Total current assets | 116,618 | 93,430 |
Property and equipment: | ||
Less accumulated depreciation | (211,728) | (201,728) |
Net property and equipment | 571,920 | 557,825 |
Other assets | 1,865 | 2,493 |
690,403 | 653,748 | |
Current liabilities: | ||
Accounts payable | 16,478 | 14,391 |
Insurance and claims accruals | 26,177 | 19,440 |
Accrued liabilities | 21,622 | 26,839 |
Total current liabilities | 64,277 | 60,670 |
Long-term debt | 7,886 | |
Deferred income taxes | 100,626 | 147,854 |
Total liabilities | 164,903 | 216,410 |
Commitments and contingencies (Note 16) | ||
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; 54,533,455 shares at December 31, 2017, and 54,391,525 shares at December 31, 2016, issued and outstanding | 545 | 544 |
Additional paid-in capital | 76,413 | 74,175 |
Retained earnings | 448,542 | 362,619 |
Total stockholders’ equity | 525,500 | 437,338 |
690,403 | 653,748 | |
Revenue Equipment [Member] | ||
Property and equipment: | ||
Property and equipment | 652,974 | 634,831 |
Land and Building [Member] | ||
Property and equipment: | ||
Property and equipment | 79,881 | 75,566 |
Buildings And Land Office Equipment And Other [Member] | ||
Property and equipment: | ||
Property and equipment | $ 50,793 | $ 49,156 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade, allowance | $ 300 | $ 275 |
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) | 54,533,455 | 54,391,525 |
Common stock, shares outstanding (in shares) | 54,533,455 | 54,391,525 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenue | $ 698,120 | $ 671,144 | $ 664,994 |
Operating expenses (income): | |||
Salaries, wages and benefits | 226,091 | 224,827 | 209,455 |
Purchased transportation | 118,349 | 110,719 | 118,030 |
Fuel and fuel taxes | 105,390 | 94,075 | 104,582 |
Supplies and maintenance | 41,613 | 43,912 | 43,319 |
Depreciation | 85,120 | 82,445 | 75,323 |
Operating taxes and licenses | 8,993 | 9,099 | 8,914 |
Insurance and claims | 38,585 | 32,223 | 29,252 |
Communications and utilities | 6,047 | 6,287 | 5,886 |
Other | 16,569 | 19,756 | 18,858 |
641,258 | 612,841 | 603,931 | |
Operating income | 56,862 | 58,303 | 61,063 |
Other | 389 | 1,237 | 372 |
Income before income taxes | 56,473 | 57,066 | 60,691 |
Income taxes (benefit) expense | (33,811) | 23,602 | 24,946 |
Net income | $ 90,284 | $ 33,464 | $ 35,745 |
Basic earnings per common share (in dollars per share) | $ 1.66 | $ 0.62 | $ 0.64 |
Diluted earnings per common share (in dollars per share) | 1.65 | 0.61 | 0.64 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.06 | $ 0.06 |
Revenue Equipment [Member] | |||
Operating expenses (income): | |||
Gain on disposition of assets | $ (5,499) | $ (10,502) | $ (5,584) |
Facility [Member] | |||
Operating expenses (income): | |||
Gain on disposition of assets | $ (4,104) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 55,698 | |||
Balance at Dec. 31, 2014 | $ 557 | $ 87,370 | $ 299,999 | $ 387,926 |
Net income | 35,745 | 35,745 | ||
Repurchase and retirement of common stock (in shares) | (1,568) | |||
Repurchase and retirement of common stock | $ (16) | (16,166) | 7 | (16,175) |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 470 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 5 | 3,487 | (2) | 3,490 |
Tax benefits from share-based payment arrangement exercises | 373 | 373 | ||
Share-based payment arrangement compensation expense | 1,404 | 1,404 | ||
Dividends on common stock | (3,342) | (3,342) | ||
Balance (in shares) at Dec. 31, 2015 | 54,600 | |||
Balance at Dec. 31, 2015 | $ 546 | 76,468 | 332,407 | 409,421 |
Net income | 33,464 | 33,464 | ||
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) | 551 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 6 | 4,413 | (3) | 4,416 |
Tax benefits from share-based payment arrangement exercises | 46 | 46 | ||
Share-based payment arrangement compensation expense | 883 | 883 | ||
Dividends on common stock | (3,252) | (3,252) | ||
Employee taxes paid in exchange for shares withheld | (127) | (127) | ||
Balance (in shares) at Dec. 31, 2016 | 54,392 | |||
Balance at Dec. 31, 2016 | $ 544 | 74,175 | 362,619 | 437,338 |
Net income | 90,284 | 90,284 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 141 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 1,089 | 1,090 | |
Share-based payment arrangement compensation expense | 1,250 | 1,250 | ||
Dividends on common stock | (4,361) | (4,361) | ||
Employee taxes paid in exchange for shares withheld | (47) | (47) | ||
Cash in lieu of fractional shares from stock split | (54) | (54) | ||
Balance (in shares) at Dec. 31, 2017 | 54,533 | |||
Balance at Dec. 31, 2017 | $ 545 | $ 76,413 | $ 448,542 | $ 525,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES: | |||
Net income | $ 90,284,000 | $ 33,464,000 | $ 35,745,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 85,120,000 | 82,445,000 | 75,323,000 |
Deferred income taxes | (47,228,000) | 13,490,000 | 14,720,000 |
Tax benefits from share-based payment arrangement exercises | 46,000 | 373,000 | |
Share-based payment arrangement compensation expense | 1,250,000 | 883,000 | 1,404,000 |
Distribution from affiliate | 400,000 | ||
Equity in loss from affiliate | 271,000 | 1,018,000 | 296,000 |
Changes in other current operating items: | |||
Receivables | (5,974,000) | 8,518,000 | 7,968,000 |
Prepaid expenses and other | (503,000) | (1,173,000) | (1,274,000) |
Accounts payable | 11,000 | 594,000 | (4,853,000) |
Insurance and claims accruals | 6,737,000 | 3,205,000 | 2,237,000 |
Accrued liabilities | (2,990,000) | 1,813,000 | 6,419,000 |
Net cash provided by operating activities | 121,879,000 | 133,801,000 | 128,670,000 |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Other | (43,000) | (42,000) | (39,000) |
Net cash used for investing activities | (95,318,000) | (97,290,000) | (125,081,000) |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | |||
Borrowings under credit facility and long-term debt | 40,831,000 | 179,687,000 | 141,908,000 |
Repayment of borrowings under credit facility and long-term debt | (48,717,000) | (209,668,000) | (128,414,000) |
Repurchase and retirement of common stock | (7,513,000) | (16,175,000) | |
Dividends on common stock | (4,361,000) | (3,252,000) | (3,342,000) |
Issuance of common stock from share-based payment arrangement exercises | 1,090,000 | 4,416,000 | 3,490,000 |
Change in checks issued in excess of cash balances | (745,000) | ||
Employee taxes paid in exchange for shares withheld | (47,000) | (127,000) | |
Cash in lieu of fractional shares from stock split | (54,000) | ||
Net cash used for financing activities | (11,258,000) | (36,457,000) | (3,278,000) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 15,303,000 | 54,000 | 311,000 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 488,000 | 434,000 | 123,000 |
End of year | 15,791,000 | 488,000 | 434,000 |
SUPPLEMENTAL NON-CASH DISCLOSURE: | |||
Change in property and equipment not yet paid | (1,559,000) | 4,511,000 | 2,853,000 |
Income taxes | 14,355,000 | 31,000 | 2,121,000 |
Interest | 151,000 | 214,000 | 252,000 |
Revenue Equipment [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of assets | (5,499,000) | (10,502,000) | (5,584,000) |
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (148,856,000) | (154,984,000) | (174,165,000) |
Proceeds from revenue equipment dispositions | 61,227,000 | 65,082,000 | 56,011,000 |
Facility [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on disposition of assets | (4,104,000) | ||
Buildings And Land Office Equipment And Other [Member] | |||
CASH FLOWS USED FOR INVESTING ACTIVITIES: | |||
Revenue equipment additions | (7,693,000) | (7,369,000) | (13,482,000) |
Proceeds from revenue equipment dispositions | $ 47,000 | $ 23,000 | $ 6,594,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of business: Marten Transport, Ltd. is one Principles of consolidation: The accompanying consolidated financial statements include Marten Transport, Ltd. and its subsidiaries. All intercompany accounts and transactions are eliminated upon consolidation. Cash and cash equivalents: Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three Trade accounts receivable: Trade accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts. A considerable amount of judgment is required in assessing the realization of these receivables including the current creditworthiness of each customer and related aging of the past-due balances, including any billing disputes. In order to assess the collectibility of these receivables, we perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may may not 30 Property and equipment: Additions and improvements to property and equipment are capitalized at cost. Maintenance and repair expenditures are charged to operations. Gains and losses on disposals of revenue equipment are included in operations as they are a normal, recurring component of our operations. Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 201 7, 3.8 5.7 five seven 25% 35% five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not lity of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell. Tires in service: The cost of original equipment and replacement tires placed in service is capitalized. Amortization is calculated based on cost, less estimated salvage value, using the straight-line method over 24 $7.1 2017, $6.9 2016 $6.3 2015. Income taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the necessary deferred tax assets and liabilities in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for al l years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than- not 50% not not no Insurance and clai ms: 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 are responsible for the first $1.0 first $750,000 $12.9 Revenue recognition: We record revenue and related expenses on the date shipment of freight is completed. Our largest customer, Walmart, accounted for 19% 2017 15% December 31, 2017, 17% 2016 17% December 31, 2016, 13% 2015. 2017, 2016 2015, 99% We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the primary obligor in the ar rangements, we have the ability to establish prices, we have the risk of loss in the event of cargo claims and we bear credit risk with customer payments. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense. Share-based payment arrangement compensation: Under our stock incentive plans, all of our employees and any subsidiary employees, as well as all of our non-employee directors, may , ASC 718, Compensation-Stock Compensation Effective January 1, 2017, FASB Accounting Standards Update, or ASU, No. 2016 09, $176 ,000 2017, 2016. Earnings per common share: Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is computed by dividing net income by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common shares related to stock options and performance unit awards had been issued using the treasury stock method. Segment reporting: We report our operating segments in accordance with accounting standards codified in FASB ASC 280, Segment Reporting five four 17 Use of estimates: We must make estimates and assumptions to prepare the consolidated 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 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. Recent accounting pronouncements: In May 2014, No. 2014 09, No. 2016 08, 606 first 2018, four January 1, 2018 $485,000 10 first 2018. In February 2016, sued ASU No. 2016 02, first 2019. not |
Note 2 - Details of Consolidate
Note 2 - Details of Consolidated Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 2. Consolidated Balance Sheet Accounts Prepaid expenses and other: As of December 31, (In thousands) 201 7 201 6 License fees $ 4,858 $ 5,042 Tires in service 4,787 5,351 Parts and tires inventory 4,322 4,350 Insurance premiums 3,057 1,658 Other 2,786 2,906 $ 19,810 $ 19,307 Accrued liabilities: As of December 31, (In thousands) 201 7 201 6 Accrued expenses $ 8,212 $ 12,903 Vacation 5,621 5,353 Salaries and wages 4,171 1,839 Accrued liability to MWL 1,765 3,026 Other 1,853 3,718 $ 21,622 $ 26,839 |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. 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 December 31, 2017, no $12.9 $27.1 December 31, 2016, $7.9 1.46% December 31, 2016. Our cre dit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% 25% 2015 2016 December 31, 2017 2016 . |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. The following related party transactions occurred during the three December 31, 2017; (a) We purchase fuel and tires and obtain related services from a company in which one $328,000 2017, $361,000 2016 $335,000 2015 $2.5 2017, $2.0 2016 $1.5 2015 not December 31, 2017 2016 . (b) We provide transportation services to MWL as described in Note 11 . |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 5. We recorded a $56.5 2017 beginning on January 1, 2018 35% 21% 2017. 2017 $8.0 40.1%. 2017 2017 not September 27, 2017. 740, Income Taxes The components of the income taxes (benefit) expense consisted of the following: (In thousands) 201 7 201 6 201 5 Current: Federal $ 12,427 $ 8,987 $ 9,280 State 990 1,125 946 Total current 13,417 10,112 10,226 Deferred: Federal (48,424 ) 12,427 13,042 State 1,196 1,063 1,678 Total deferred (47,228 ) 13,490 14,720 Total (benefit) expense $ (33,811 ) $ 23,602 $ 24,946 The federal statutory income tax rate is reconciled to the effective income tax rate as follows: 201 7 201 6 201 5 Federal statutory income tax rate 35 % 35 % 35 % Per diem and other non-deductible expenses 4 4 3 Increase in taxes arising from state income taxes, net of federal income tax benefit 3 2 3 Federal tax credits (1 ) — — Decrease in federal deferred taxes due to decrease in statutory rate (100 ) — — Other, net (1 ) — — Effective tax rate (60 )% 41 % 41 % As of December 31, (In thousands) 201 7 201 6 Deferred tax assets: Reserves and accrued liabilities $ 7,277 $ 8,490 Other 1,965 2,757 9,242 11,247 Deferred tax liabilities: Depreciation 107,453 155,936 Prepaid expenses 2,415 3,165 109,868 159,101 Net deferred tax liability $ 100,626 $ 147,854 We have not December 31, 201 7 2016. Our reserves for unrecognized tax benefits were $407,000 December 31, 2017 $536,000 December 31, 2016. $129,000 2017 t period tax positions and the removal of the reserve relating to 2012 December 31, 2016 2012 2016 $322,000 December 31, 2017 $11,000 $59,000 December 31, 2017 2016, not twelve 2014 |
Note 6 - Earnings Per Common Sh
Note 6 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Basic and diluted earnings per common share were computed as follows: (In thousands, except per share amounts) 201 7 201 6 201 5 Numerator: Net income $ 90,284 $ 33,464 $ 35,745 Denominator: Basic earnings per common share - weighted-average shares 54,492 54,177 55,796 Effect of dilutive stock options 358 284 395 Diluted earnings per common share - weighted-average shares and assumed conversions 54,850 54,461 56,191 Basic earnings per common share $ 1.66 $ 0.62 $ 0.64 Diluted earnings per common share $ 1.65 $ 0.61 $ 0.64 Options totaling 145,169, 564,833 542,333 not 2017, 2016 2015, Unvested performance unit awards (see Note 12 124,046, 64,162 116,092 2017, 2016 2015, not |
Note 7 - Stock Split
Note 7 - Stock Split | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stock Split Disclosure [Text Block] | 7. On July 7, 2017, five three $.01 n the form of a 66 |
Note 8 - Share Repurchase Progr
Note 8 - Share Repurchase Program | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 8 . Share Repurchase Program In December 2007, one million with Rule 10b 18 November 2015, $40 2 , which was increased by our Board of Directors to 3.3 August 15, 2017 five three July 7, 2017. not We repurchased and retired 759,302 $7.5 first 2016 not last three 2016 2017. fourth 2015 1.6 $16.2 |
Note 9 - Dividends
Note 9 - Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Dividends [Text Block] | 9. In 2010, $0.015 first two of 2017 $0.025 2017’s two $4.4 |
Note 10 - Amendment to Amended
Note 10 - Amendment to Amended and Restated Certificate of Incorporation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10 . Amendment to Amended and Restated Certificate of Incorporation In May 2015, Restated Certificate of Incorporation increasing the authorized number of shares of common stock, $.01 48,000,000 96,000,000 |
Note 11 - Equity Investment
Note 11 - Equity Investment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 1 1 . Equity Investment We own a 45% third of logistics services to the transportation industry. A non-related party owns the other 55% $2.2 $1.2 $5.0 2017, 2016 2015, December 31, 2017, $1.1 $1.8 |
Note 12 - Employee Benefits
Note 12 - Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 2 . Employee Benefits Equity Incentive Plans - In May 2015, 2015 “2015 2015 March 2015. 2015 may 799,11 0 December 31, 2017. 7 10 one 20% five 2015 1,333,333 December 31, 2017, 445,172 306,383 2015 2015 2005 “2005 May 2015. Under the 2005 ds with similar terms to the options and awards under the 2015 December 31, 2017, 473,411 64,600 2005 No 2005 We use the Black-Scholes option pricing model to calculate the grant-date fair value of option awards. The fair value of service-based option awards granted was estimated as of the date of grant using the following weighted average assumptions: 201 7 201 6 201 5 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 25 % 25 % 25 % Risk-free interest rate percentage (3) 2.0 % 1.4 % 1.8 % Expected dividend yield (4) 0.59 % 0.50 % 0.44 % Fair value as of the date of grant $ 4.34 $ 3.17 $ 3.58 ( 1 Expected option life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. ( 2 Expected stock price volatility – We use our stock’s historical volatility for the same period of time as the expected life. We have no ( 3 Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. ( 4 Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price. Compensation costs associated with service-based option awards with graded vesting are recognized, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period, which is the period between the grant date and the award’s stated vesting term. Service-based option awards become immediately exercisable in full in the event of death or disability and upon a change in control with respect to all options that have been outstanding for at least six In August 201 1, 104,000 2005 second December 31, 2011 December 31 st December 31, 2015, five five 62. In May 2012, 98,750 December 31, 2012 2016. In May 2013, 104,250 December 31, 2013 2017. In May 201 4, 60,668 18,337 2014 December 31, 2014 2018. In May 2015, 58,335 2015 32,500 2015 December 31, 2015 2019. In May 2016, 57,669 2015 2011 2015, 2015 21,671 May 2016 1,667 August 2016 2016 December 31, 2016 2020. In May 2017, 109,169 2015 2016, five ten percent per year. The Compensation Committee adjusted the equity vesting formula to better align it with our long-range growth plan. We also granted 43,342 May 2017 2,000 August 2017 2017 December 31, 2017 2021. The fair value of each performance unit is based on the closing market price on th e date of grant. We recognize compensation expense for these awards based on the estimated number of units probable of achieving the vesting requirements of the awards, net of an estimated forfeiture rate. The amount of share-based compensation recognized d uring a period is based on the value of the portion of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. We currently expect, based on an analysis of our historical forfeitures and known forfeitures on existing awards, that approximately 1.25% Total share-based compensation expense recorded in 2017 $1.3 $738 ,000 $0.01 2016 $883,000 $547,000 $0.01 2015 $1.4 $870,000 $0.02 As of December 31, 201 7, $1.3 3.1 $3.9 2021. Effective January 1, 2017, s of FASB ASU No. 2016 09, $176 ,000 2017, 2016. Option activity in 201 7 Shares Weighted Average Exercise Price Outstanding at December 31, 201 6 922,934 $ 10.94 Granted 136,501 16.32 Exercised (124,016 ) 8.83 Forfeited (16,836 ) 11.43 Outstanding at December 31, 201 7 918,583 $ 12.02 Exercisable at December 31, 2017 505,355 $ 10.42 The 918,583 December 31, 2017 4.0 December 29, 2017 $7.6 505,355 3.1 $5.0 The fair value of option s granted in 2017, 2016 2015 $592,000, $227,000 $918,000, 2017, 2016 2015 $830,000, $1.9 $2.4 2017, 2016 2015 $1.1 $4.4 $3.5 Nonvested service-based option awards as of December 31, 201 7 2017 Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in Years) Nonvested at December 31, 201 6 444,476 $ 3.46 5.0 Granted 136,501 4.34 6.7 Vested (151,912 ) 3.39 3.4 Forfeited (15,837 ) 3.19 4.3 Nonvested at December 31, 201 7 413,228 $ 3.79 5.1 The total fair value of options which vested during 201 7, 2016 2015 $515 ,000, $534,000 $502,000, The following table summarizes our nonvested performance unit award activity in 201 7: Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 201 6 253,028 $ 11.66 Granted 154,511 14.48 Vested (37,648 )(1) 12.86 Forfeited (47,229 ) 8.58 Nonvested at December 31, 201 7 322,662 $ 13.32 ( 1 This number of performance unit award shares vested based on our financial performance in 201 7 March 2018. 2013 2015, 2017 $56.5 2017 2016 2017. 2017 $484,000 . Retirement Savings Plan - We sponsor a defined contribution retirement savings plan under Section 401 three 2017 $18,000 50 $24,000 50 35% 6% 20% first fifth may No 2017, 2016 2015. $2.1 2017 2016 $1.9 2015 . Stock Purchase Plans - An Employee Stock Purchase Plan and an Independent Contractor Stock Purchase Plan are sponsored to encourage employee and independent contractor ownership of our common stock. Eligible participants specify the amount of regular payroll or contract payment deductions and voluntary cash contributions that are used to purchase shares of our common stock. The purchases are made at the market price on the open market. We pay the broker’s commissions and administrative charges for purchases of common stock under the plans. |
Note 13 - Excess Tax Benefit Re
Note 13 - Excess Tax Benefit Reclassification | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Effective January 1, 2017, of FASB ASU No. 2016 09, $235,000 $432,000 2016 2015, 2017 |
Note 14 - Deferred Compensation
Note 14 - Deferred Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Postemployment Benefits Disclosure [Text Block] | 1 4 . Deferred Compensation Plan In August 2010, her select members of our management designated by our Compensation Committee to save for retirement on a tax-deferred basis. Under the terms of the plan, each participant is eligible to defer portions of their base pay, annual bonus, or receipt of commo n stock otherwise payable under a vested performance unit award. Each participant can elect a fixed distribution date for the participant’s deferral account other than certain required performance unit award deferrals credited to the discretionary account, which will be distributed after the later of the date of the participant’s termination of employment or the date the participant attains age 62. may may not 2005 2015 December 31, 2017, 175,449 |
Note 15 - Fair Value of Financi
Note 15 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 5 . Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable and accounts payable appr oximate fair value because of the short maturity of these instruments. |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 6 . Commitments and Contingencies We are committed to purchase $ 121.9 2018, $4.0 2018 $738,000 2021. 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 17 - Business Segments
Note 17 - Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 . Business Segments We aggregate our five four (Truckload, Dedicated, Intermodal and Brokerage) for financial reporting 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 cust omized 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 transports our customers ’ freight within the United States primarily utilizing our temperature-controlled trailers and also, through March 2015, Our Brokerage segment develops contractual relationships with and arranges for third temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 The following table sets forth for the years indicated our operating revenue and operating income by segment. We do not not rately identifiable by segment. (Dollars in thousands) 201 7 201 6 201 5 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 336,596 $ 339,967 $ 348,101 Truckload fuel surcharge revenue 43,614 35,884 50,260 Total Truckload revenue 380,210 375,851 398,361 Dedicated revenue, net of fuel surcharge revenue 153,691 147,007 107,264 Dedicated fuel surcharge revenue 13,190 10,363 11,008 Total Dedicated revenue 166,881 157,370 118,272 Intermodal revenue, net of fuel surcharge revenue 70,282 64,508 65,877 Intermodal fuel surcharge revenue 10,339 6,982 11,081 Total Intermodal revenue 80,621 71,490 76,958 Brokerage revenue 70,408 66,433 71,403 Total operating revenue $ 698,120 $ 671,144 $ 664,994 Operating income: Truckload $ 26,326 $ 27,438 $ 35,517 Dedicated 17,074 19,550 12,818 Intermodal 8,303 7,131 4,832 Brokerage 5,159 4,184 3,792 Total operating income before gain on disposition of facilities 56,862 58,303 56,959 Gain on disposition of facilities - - 4,104 Total operating income $ 56,862 $ 58,303 $ 61,063 Truckload segment depreciation expense was $ 57.2 $56.2 $53.7 $22.0 $20.6 $15.0 $4.6 $3.9 $5.4 $1.3 $1.7 $1.3 2017, 2016 2015, |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 8 . Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for 2017 2016: 201 7 Quarters (In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 173,159 $ 171,511 $ 170,679 $ 182,771 Operating income 13,938 15,569 13,022 14,333 Net income 8,214 9,141 7,855 65,074 Net income – excluding deferred income taxes benefit (1) 8,214 9,141 7,855 8,609 Basic earnings per common share 0.15 0.17 0.14 1.19 Basic earnings per common share – excluding deferred income taxes benefit (1) 0.15 0.17 0.14 0.16 Diluted earnings per common share 0.15 0.17 0.14 1.18 Di luted earnings per common share – excluding deferred income taxes benefit (1) 0.15 0.17 0.14 0.16 201 6 Quarters In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,929 $ 166,090 $ 170,464 $ 172,661 Operating income 14,125 14,776 14,869 14,533 Net income 8,193 8,531 8,437 8,303 Basic earnings per common share 0.15 0.16 0.16 0.15 Diluted earnings per common share 0.15 0.16 0.15 0.15 ( 1 The amounts are presented for comparative purposes excluding the $56.5 January 1, 2018 35% 21% 2017 . The sum of the basic and diluted earnings per common share for the 2017 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II MARTEN TRANSPORT, LTD. Valuation and Qualifying Accounts and Reserves (In thousands) Balance at Charged to Beginning of Costs and Balance at Description Year Expenses Deductions End of Year Insurance and claims accruals: Year ended December 31, 201 7 $ 19,440 $ 53,609 $ (46,872 ) (1) $ 26,177 Year ended December 31, 201 6 16,235 49,614 (46,409 ) (1) 19,440 Year ended December 31, 201 5 13,998 45,271 (43,034 ) (1) 16,235 Allowance for doubtful accounts: Ye ar ended December 31, 2017 275 33 (8 ) (2) 300 Year ended December 31, 201 6 305 88 (118 ) (2) 275 Year ended December 31, 201 5 475 59 (229 ) (2) 305 ( 1 Claims payments ( 2 Write-off of bad debts, net of recoveries See report of independent registered public accounting firm. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation: The accompanying consolidated financial statements include Marten Transport, Ltd. and its subsidiaries. All intercompany accounts and transactions are eliminated upon consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents: Cash in excess of current operating requirements is invested in short-term, highly liquid investments. We consider all highly liquid investments purchased with original maturities of three |
Receivables, Policy [Policy Text Block] | Trade accounts receivable: Trade accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts. A considerable amount of judgment is required in assessing the realization of these receivables including the current creditworthiness of each customer and related aging of the past-due balances, including any billing disputes. In order to assess the collectibility of these receivables, we perform ongoing credit evaluations of our customers’ financial condition. Through these evaluations, we may may not 30 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Additions and improvements to property and equipment are capitalized at cost. Maintenance and repair expenditures are charged to operations. Gains and losses on disposals of revenue equipment are included in operations as they are a normal, recurring component of our operations. Depreciation is computed based on the cost of the asset, reduced by its estimated salvage value, using the straight-line method for financial reporting purposes. We begin depreciating assets in the month that each asset is placed in service and, therefore, is ready for its intended use, and depreciate each asset until it is taken out of service and available for sale. Accelerated methods are used for income tax reporting purposes. Following is a summary of estimated useful lives for financial reporting purposes: Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 In 201 7, 3.8 5.7 five seven 25% 35% five seven Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not lity of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less the costs to sell. |
Tires In Service [Policy Text Block] | Tires in service: The cost of original equipment and replacement tires placed in service is capitalized. Amortization is calculated based on cost, less estimated salvage value, using the straight-line method over 24 $7.1 2017, $6.9 2016 $6.3 2015. |
Income Tax, Policy [Policy Text Block] | Income taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We have reflected the necessary deferred tax assets and liabilities in the accompanying consolidated balance sheets. We believe the future tax deductions will be realized principally through future reversals of existing taxable temporary differences and future taxable income. In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for al l years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than- not 50% not not no |
Internal Replacements of Insurance Contracts, Policy [Policy Text Block] | Insurance and clai ms: 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 are responsible for the first $1.0 first $750,000 $12.9 |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: We record revenue and related expenses on the date shipment of freight is completed. Our largest customer, Walmart, accounted for 19% 2017 15% December 31, 2017, 17% 2016 17% December 31, 2016, 13% 2015. 2017, 2016 2015, 99% We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the primary obligor in the ar rangements, we have the ability to establish prices, we have the risk of loss in the event of cargo claims and we bear credit risk with customer payments. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based payment arrangement compensation: Under our stock incentive plans, all of our employees and any subsidiary employees, as well as all of our non-employee directors, may , ASC 718, Compensation-Stock Compensation Effective January 1, 2017, FASB Accounting Standards Update, or ASU, No. 2016 09, $176 ,000 2017, 2016. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share: Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is computed by dividing net income by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if potentially dilutive common shares related to stock options and performance unit awards had been issued using the treasury stock method. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting: We report our operating segments in accordance with accounting standards codified in FASB ASC 280, Segment Reporting five four 17 |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: We must make estimates and assumptions to prepare the consolidated 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 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] | Recent accounting pronouncements: In May 2014, No. 2014 09, No. 2016 08, 606 first 2018, four January 1, 2018 $485,000 10 first 2018. In February 2016, sued ASU No. 2016 02, first 2019. not |
Note 1 - Summary of Significa27
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Tractors 5 Trailers 7 Service and other equipment 3 - 15 Buildings and improvements 20 - 40 |
Note 2 - Details of Consolida28
Note 2 - Details of Consolidated Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (In thousands) 201 7 201 6 License fees $ 4,858 $ 5,042 Tires in service 4,787 5,351 Parts and tires inventory 4,322 4,350 Insurance premiums 3,057 1,658 Other 2,786 2,906 $ 19,810 $ 19,307 |
Schedule of Accrued Liabilities [Table Text Block] | (In thousands) 201 7 201 6 Accrued expenses $ 8,212 $ 12,903 Vacation 5,621 5,353 Salaries and wages 4,171 1,839 Accrued liability to MWL 1,765 3,026 Other 1,853 3,718 $ 21,622 $ 26,839 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (In thousands) 201 7 201 6 201 5 Current: Federal $ 12,427 $ 8,987 $ 9,280 State 990 1,125 946 Total current 13,417 10,112 10,226 Deferred: Federal (48,424 ) 12,427 13,042 State 1,196 1,063 1,678 Total deferred (47,228 ) 13,490 14,720 Total (benefit) expense $ (33,811 ) $ 23,602 $ 24,946 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 201 5 Federal statutory income tax rate 35 % 35 % 35 % Per diem and other non-deductible expenses 4 4 3 Increase in taxes arising from state income taxes, net of federal income tax benefit 3 2 3 Federal tax credits (1 ) — — Decrease in federal deferred taxes due to decrease in statutory rate (100 ) — — Other, net (1 ) — — Effective tax rate (60 )% 41 % 41 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 201 7 201 6 Deferred tax assets: Reserves and accrued liabilities $ 7,277 $ 8,490 Other 1,965 2,757 9,242 11,247 Deferred tax liabilities: Depreciation 107,453 155,936 Prepaid expenses 2,415 3,165 109,868 159,101 Net deferred tax liability $ 100,626 $ 147,854 |
Note 6 - Earnings Per Common 30
Note 6 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands, except per share amounts) 201 7 201 6 201 5 Numerator: Net income $ 90,284 $ 33,464 $ 35,745 Denominator: Basic earnings per common share - weighted-average shares 54,492 54,177 55,796 Effect of dilutive stock options 358 284 395 Diluted earnings per common share - weighted-average shares and assumed conversions 54,850 54,461 56,191 Basic earnings per common share $ 1.66 $ 0.62 $ 0.64 Diluted earnings per common share $ 1.65 $ 0.61 $ 0.64 |
Note 12 - Employee Benefits (Ta
Note 12 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 7 201 6 201 5 Expected option life in years (1) 6.0 6.0 6.0 Expected stock price volatility percentage (2) 25 % 25 % 25 % Risk-free interest rate percentage (3) 2.0 % 1.4 % 1.8 % Expected dividend yield (4) 0.59 % 0.50 % 0.44 % Fair value as of the date of grant $ 4.34 $ 3.17 $ 3.58 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Average Exercise Price Outstanding at December 31, 201 6 922,934 $ 10.94 Granted 136,501 16.32 Exercised (124,016 ) 8.83 Forfeited (16,836 ) 11.43 Outstanding at December 31, 201 7 918,583 $ 12.02 Exercisable at December 31, 2017 505,355 $ 10.42 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in Years) Nonvested at December 31, 201 6 444,476 $ 3.46 5.0 Granted 136,501 4.34 6.7 Vested (151,912 ) 3.39 3.4 Forfeited (15,837 ) 3.19 4.3 Nonvested at December 31, 201 7 413,228 $ 3.79 5.1 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 201 6 253,028 $ 11.66 Granted 154,511 14.48 Vested (37,648 )(1) 12.86 Forfeited (47,229 ) 8.58 Nonvested at December 31, 201 7 322,662 $ 13.32 |
Note 17 - Business Segments (Ta
Note 17 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in thousands) 201 7 201 6 201 5 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 336,596 $ 339,967 $ 348,101 Truckload fuel surcharge revenue 43,614 35,884 50,260 Total Truckload revenue 380,210 375,851 398,361 Dedicated revenue, net of fuel surcharge revenue 153,691 147,007 107,264 Dedicated fuel surcharge revenue 13,190 10,363 11,008 Total Dedicated revenue 166,881 157,370 118,272 Intermodal revenue, net of fuel surcharge revenue 70,282 64,508 65,877 Intermodal fuel surcharge revenue 10,339 6,982 11,081 Total Intermodal revenue 80,621 71,490 76,958 Brokerage revenue 70,408 66,433 71,403 Total operating revenue $ 698,120 $ 671,144 $ 664,994 Operating income: Truckload $ 26,326 $ 27,438 $ 35,517 Dedicated 17,074 19,550 12,818 Intermodal 8,303 7,131 4,832 Brokerage 5,159 4,184 3,792 Total operating income before gain on disposition of facilities 56,862 58,303 56,959 Gain on disposition of facilities - - 4,104 Total operating income $ 56,862 $ 58,303 $ 61,063 |
Note 18 - Quarterly Financial33
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 7 Quarters (In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 173,159 $ 171,511 $ 170,679 $ 182,771 Operating income 13,938 15,569 13,022 14,333 Net income 8,214 9,141 7,855 65,074 Net income – excluding deferred income taxes benefit (1) 8,214 9,141 7,855 8,609 Basic earnings per common share 0.15 0.17 0.14 1.19 Basic earnings per common share – excluding deferred income taxes benefit (1) 0.15 0.17 0.14 0.16 Diluted earnings per common share 0.15 0.17 0.14 1.18 Di luted earnings per common share – excluding deferred income taxes benefit (1) 0.15 0.17 0.14 0.16 201 6 Quarters In thousands, except per share amounts) First Second Third Fourth Operating revenue $ 161,929 $ 166,090 $ 170,464 $ 172,661 Operating income 14,125 14,776 14,869 14,533 Net income 8,193 8,531 8,437 8,303 Basic earnings per common share 0.15 0.16 0.16 0.15 Diluted earnings per common share 0.15 0.16 0.15 0.15 |
Schedule II - Valuation and Q34
Schedule II - Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Balance at Charged to Beginning of Costs and Balance at Description Year Expenses Deductions End of Year Insurance and claims accruals: Year ended December 31, 201 7 $ 19,440 $ 53,609 $ (46,872 ) (1) $ 26,177 Year ended December 31, 201 6 16,235 49,614 (46,409 ) (1) 19,440 Year ended December 31, 201 5 13,998 45,271 (43,034 ) (1) 16,235 Allowance for doubtful accounts: Ye ar ended December 31, 2017 275 33 (8 ) (2) 300 Year ended December 31, 201 6 305 88 (118 ) (2) 275 Year ended December 31, 201 5 475 59 (229 ) (2) 305 |
Note 1 - Summary of Significa35
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Letters of Credit Outstanding, Amount | $ 12,900,000 | |||
Income Tax Expense (Benefit) | $ (33,811,000) | $ 23,602,000 | $ 24,946,000 | |
Number of Operating Segments | 5 | |||
Number of Reportable Segments | 4 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit) | $ (176,000) | |||
Accounting Standards Update 2014-09 [Member] | Scenario, Forecast [Member] | ||||
Cumulative Effect on Retained Earnings, before Tax | $ 485,000 | |||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Walmart [Member] | ||||
Concentration Risk, Percentage | 19.00% | 17.00% | 13.00% | |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 99.00% | 99.00% | 99.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Walmart [Member] | ||||
Concentration Risk, Percentage | 15.00% | 17.00% | ||
Uninsured Risk [Member] | Auto Liability Claim [Member] | ||||
Loss Contingency Range Possible Loss Per Claim | $ 1,000,000 | |||
Uninsured Risk [Member] | Workers Compensation Liability Claim [Member] | ||||
Loss Contingency Range Possible Loss Per Claim | 750,000 | |||
Insurance Claims [Member] | ||||
Letters of Credit Outstanding, Amount | 12,900,000 | |||
Supplies and Maintenance Costs [Member] | ||||
Amortization | $ 7,100,000 | $ 6,900,000 | $ 6,300,000 | |
Tractor [Member] | ||||
Replacement Of Equipment Period After Purchase | 3 years 292 days | |||
Property, Plant and Equipment, Useful Life | 5 years | |||
Property, Plant and Equipment, Salvage Value, Percentage | 25.00% | |||
Trailer [Member] | ||||
Replacement Of Equipment Period After Purchase | 5 years 255 days | |||
Property, Plant and Equipment, Useful Life | 7 years | |||
Property, Plant and Equipment, Salvage Value, Percentage | 35.00% | |||
Tires In Service [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years |
Note 1 - Summary of Significa36
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Tractor [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Trailer [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Service And Other Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Service And Other Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 40 years |
Note 2 - Details of Consolida37
Note 2 - Details of Consolidated Balance Sheet Accounts - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Insurance premiums | $ 3,057 | $ 1,658 |
Other | 2,786 | 2,906 |
19,810 | 19,307 | |
License Fees Member [Member] | ||
Prepaid expenses | 4,858 | 5,042 |
Tires In Service [Member] | ||
Prepaid expenses | 4,787 | 5,351 |
Parts And Tires Inventory [Member] | ||
Prepaid expenses | $ 4,322 | $ 4,350 |
Note 2 - Details of Consolida38
Note 2 - Details of Consolidated Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued expenses | $ 8,212 | $ 12,903 |
Vacation | 5,621 | 5,353 |
Salaries and wages | 4,171 | 1,839 |
Accrued liability to MWL | 1,765 | 3,026 |
Other | 1,853 | 3,718 |
$ 21,622 | $ 26,839 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Dec. 31, 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 | |||
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 4 - Related Party Transa40
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Payable, Related Parties | $ 0 | $ 0 | |
Purchase Of Fuel Tires And Related Services [Member] | |||
Related Party Transaction, Amounts of Transaction | 328,000 | 361,000 | $ 335,000 |
Tire Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 2,500,000 | $ 2,000,000 | $ 1,500,000 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (56,500,000) | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
Deferred Income Tax Expense (Benefit), Excluding Effective Changes in Tax Rate | $ 8,000,000 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Excluding Changes in Tax Rate, Percent | 40.10% | |||
Unrecognized Tax Benefits | $ 407,000 | $ 536,000 | ||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 129,000 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 322,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 11,000 | $ 59,000 | ||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 5 - Income Taxes - Compone
Note 5 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 12,427 | $ 8,987 | $ 9,280 |
State | 990 | 1,125 | 946 |
Total current | 13,417 | 10,112 | 10,226 |
Deferred: | |||
Federal | (48,424) | 12,427 | 13,042 |
State | 1,196 | 1,063 | 1,678 |
Total deferred | (47,228) | 13,490 | 14,720 |
Total (benefit) expense | $ (33,811) | $ 23,602 | $ 24,946 |
Note 5 - Income Taxes - Federal
Note 5 - Income Taxes - Federal Income Tax Reconciled to the Effective Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Per diem and other non-deductible expenses | 4.00% | 4.00% | 3.00% |
Increase in taxes arising from state income taxes, net of federal income tax benefit | 3.00% | 2.00% | 3.00% |
Federal tax credits | (1.00%) | ||
Decrease in federal deferred taxes due to decrease in statutory rate | (100.00%) | ||
Other, net | (1.00%) | ||
Effective tax rate | (60.00%) | 41.00% | 41.00% |
Note 5 - Income Taxes - Net Def
Note 5 - Income Taxes - Net Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Reserves and accrued liabilities | $ 7,277 | $ 8,490 |
Other | 1,965 | 2,757 |
9,242 | 11,247 | |
Deferred tax liabilities: | ||
Depreciation | 107,453 | 155,936 |
Prepaid expenses | 2,415 | 3,165 |
109,868 | 159,101 | |
Net deferred tax liability | $ 100,626 | $ 147,854 |
Note 6 - Earnings Per Common 45
Note 6 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 145,169 | 564,833 | 542,333 |
Unvested Performance Unit Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 124,046 | 64,162 | 116,092 |
Note 6 - Earnings Per Common 46
Note 6 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income | $ 65,074 | $ 7,855 | $ 9,141 | $ 8,214 | $ 8,303 | $ 8,437 | $ 8,531 | $ 8,193 | $ 90,284 | $ 33,464 | $ 35,745 |
Denominator: | |||||||||||
Basic earnings per common share - weighted-average shares (in shares) | 54,492 | 54,177 | 55,796 | ||||||||
Effect of dilutive stock options (in shares) | 358 | 284 | 395 | ||||||||
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 54,850 | 54,461 | 56,191 | ||||||||
Basic earnings per common share (in dollars per share) | $ 1.19 | $ 0.14 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.16 | $ 0.16 | $ 0.15 | $ 1.66 | $ 0.62 | $ 0.64 |
Diluted earnings per common share (in dollars per share) | $ 1.18 | $ 0.14 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.16 | $ 0.15 | $ 1.65 | $ 0.61 | $ 0.64 |
Note 7 - Stock Split (Details T
Note 7 - Stock Split (Details Textual) - $ / shares | Jul. 07, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2015 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 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 8 - Share Repurchase Pro48
Note 8 - Share Repurchase Program (Details Textual) $ in Thousands | Jul. 07, 2017 | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 15, 2017shares | Nov. 04, 2015USD ($)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 | $ 7,513 | $ 16,175 | ||||
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 9 - Dividends (Details Tex
Note 9 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Payments of Ordinary Dividends, Common Stock | $ 4,361 | $ 3,252 | $ 3,342 | ||||
Paid Quarterly [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.025 | $ 0.015 | $ 0.015 |
Note 10 - Amendment to Amende50
Note 10 - Amendment to Amended and Restated Certificate of Incorporation (Details Textual) - $ / shares | Dec. 31, 2017 | Jul. 07, 2017 | Dec. 31, 2016 | May 31, 2015 | Apr. 30, 2015 |
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 | 96,000,000 | 48,000,000 |
Note 11 - Equity Investment (De
Note 11 - Equity Investment (Details Textual) - M W L [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investment, Ownership Percentage | 45.00% | ||
Equity Method Investment, Ownership Percentage by Non-related Party | 55.00% | ||
Revenue from Related Parties | $ 2.2 | $ 1.2 | $ 5 |
Due to Affiliate | 1.8 | ||
Trade Accounts Receivable [Member] | |||
Due from Affiliates | $ 1.1 |
Note 12 - Employee Benefits (De
Note 12 - Employee Benefits (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2017 | May 31, 2017 | Aug. 31, 2016 | May 31, 2016 | May 31, 2015 | May 31, 2014 | May 31, 2013 | May 31, 2012 | Aug. 31, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 799,110 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,333,333 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate Of Unvested Outstanding Awards | 1.25% | |||||||||||
Allocated Share-based Compensation Expense | $ 1,250,000 | $ 883,000 | $ 1,404,000 | |||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 738,000 | $ 547,000 | $ 870,000 | |||||||||
Allocated Share Based Compensation Expense Net Of Tax Amount Per Basic And Diluted Share | $ 0.01 | $ 0.01 | $ 0.02 | |||||||||
Income Tax Expense (Benefit) | $ (33,811,000) | $ 23,602,000 | $ 24,946,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 918,583 | 922,934 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 7,600,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 505,355 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 36 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 5,000,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 830,000 | $ 1,900,000 | 2,400,000 | |||||||||
Proceeds from Stock Options Exercised | 1,100,000 | 4,400,000 | 3,500,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 515,000 | 534,000 | 502,000 | |||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (56,500,000) | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 35.00% | |||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||||||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | 0 | 0 | |||||||||
Defined Contribution Plan, Cost | 2,100,000 | 2,100,000 | 1,900,000 | |||||||||
Retirement Savings Plan, Participants Less Than 50 Years Old [Member] | ||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 18,000 | |||||||||||
Retirement Savings Plan, Participants Over50 Years Old [Member] | ||||||||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | 24,000 | |||||||||||
Accounting Standards Update 2016-09 [Member] | ||||||||||||
Income Tax Expense (Benefit) | $ (176,000) | |||||||||||
Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 104,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 5 years | ||||||||||
Share-based Compensation Arrangement By Share-based Payment Awards, Annual Service Vesting Percentage | 5.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 484,000 | |||||||||||
Performance Shares [Member] | One Half of Awards Paid Immediately Upon Vesting and One Half Credited to Employees' Accounts [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 109,169 | 57,669 | 58,335 | 60,668 | 104,250 | 98,750 | ||||||
Share-based Compensation Arrangement By Share-based Payment Awards, Annual Service Vesting Percentage | 10.00% | |||||||||||
Performance Shares [Member] | Awards Paid to Employees Upon Vesting [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 2,000 | 43,342 | 1,667 | 21,671 | 32,500 | 18,337 | ||||||
Unvested Service Based Option Awards [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,300,000 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | |||||||||||
Unvested Performance Unit Awards [Member] | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,900,000 | |||||||||||
Service Based Options [Member] | ||||||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 592,000 | $ 227,000 | $ 918,000 | |||||||||
Two Thousand and Fifteen Plan [Member] | Employee Stock Option [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Annual Percentage Of Award Which Vests | 20.00% | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 445,172 | |||||||||||
Two Thousand and Fifteen Plan [Member] | Performance Shares [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 306,383 | |||||||||||
Two Thousand And Five Plan [Member] | Employee Stock Option [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 473,411 | |||||||||||
Two Thousand And Five Plan [Member] | Performance Shares [Member] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Reserved For Issuance Under Awards Outstanding | 64,600 | |||||||||||
Minimum [Member] | Two Thousand and Fifteen Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||
Maximum [Member] | Two Thousand and Fifteen Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 12 - Employee Benefits - S
Note 12 - Employee Benefits - Stock Options Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Expected option life in years(1) (Year) | [1] | 6 years | 6 years | 6 years |
Expected stock price volatility percentage(2) | [2] | 25.00% | 25.00% | 25.00% |
Risk-free interest rate percentage(3) | [3] | 2.00% | 1.40% | 1.80% |
Expected dividend yield(4) | [4] | 0.59% | 0.50% | 0.44% |
Fair value as of the date of grant (in dollars per share) | $ 4.34 | $ 3.17 | $ 3.58 | |
[1] | Expected option life - We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards. | |||
[2] | Expected stock price volatility - We use our stock's historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past. | |||
[3] | Risk-free interest rate - The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life. | |||
[4] | Expected dividend yield - The calculation is based on the total expected annual dividend payout divided by the average stock price. |
Note 12 - Employee Benefits - O
Note 12 - Employee Benefits - Option Activity (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Balance (in shares) | shares | 922,934 |
Balance (in dollars per share) | $ / shares | $ 10.94 |
Granted (in shares) | shares | 136,501 |
Granted (in dollars per share) | $ / shares | $ 16.32 |
Exercised (in shares) | shares | (124,016) |
Exercised (in dollars per share) | $ / shares | $ 8.83 |
Forfeited (in shares) | shares | (16,836) |
Forfeited (in dollars per share) | $ / shares | $ 11.43 |
Balance (in shares) | shares | 918,583 |
Balance (in dollars per share) | $ / shares | $ 12.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 505,355 |
Exercisable at December 31, 2017 (in dollars per share) | $ / shares | $ 10.42 |
Note 12 - Employee Benefits - N
Note 12 - Employee Benefits - Non-vested Option Awards Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Granted (in shares) | 136,501 | ||
Granted (in dollars per share) | $ 4.34 | $ 3.17 | $ 3.58 |
Forfeited (in shares) | (16,836) | ||
Service Based Options [Member] | |||
Balance at beginning of period, nonvested (in shares) | 444,476 | ||
Weighted average grant date fair value, beginning of period, nonvested (in dollars per share) | $ 3.46 | ||
Nonvested Contractual Life (Year) | 5 years 36 days | 5 years | |
Granted (in shares) | 136,501 | ||
Granted (in dollars per share) | $ 4.34 | ||
Granted (Year) | 6 years 255 days | ||
Vested (in shares) | (151,912) | ||
Vested (in dollars per share) | $ 3.39 | ||
Vested (Year) | 3 years 146 days | ||
Forfeited (in shares) | (15,837) | ||
Forfeited (in dollars per share) | $ 3.19 | ||
Forfeited (Year) | 4 years 109 days | ||
Balance at end of period, nonvested (in shares) | 413,228 | 444,476 | |
Weighted average grant date fair value, end of period, nonvested (in dollars per share) | $ 3.79 | $ 3.46 |
Note 12 - Employee Benefits -56
Note 12 - Employee Benefits - Non-vested Performance Unit Award Activity (Details) - Performance Shares [Member] | 12 Months Ended | |
Dec. 31, 2017$ / sharesshares | ||
Nonvested (in shares) | shares | 253,028 | |
Nonvested (in dollars per share) | $ / shares | $ 11.66 | |
Granted (in shares) | shares | 154,511 | |
Granted (in dollars per share) | $ / shares | $ 14.48 | |
Vested (in shares) | shares | (37,648) | [1] |
Vested (in dollars per share) | $ / shares | $ 12.86 | |
Forfeited (in shares) | shares | (47,229) | |
Forfeited (in dollars per share) | $ / shares | $ 8.58 | |
Nonvested (in shares) | shares | 322,662 | |
Nonvested (in dollars per share) | $ / shares | $ 13.32 | |
[1] | This number of performance unit award shares vested based on our financial performance in 2017 and was distributed or credited to the Marten Transport, Ltd. Deferred Compensation Plan in March 2018. As permitted in the performance unit award agreements granted in 2013 through 2015, the Compensation Committee of our Board of Directors adjusted the calculation of the performance vesting component for 2017 to be based on our increase in net income instead of our increase in diluted net income per share. Additionally, the $56.5 million deferred income taxes benefit related to the federal Tax Cuts and Jobs Act of 2017 was excluded from the calculation of the increase in net income from 2016 to 2017. The fair value of unit award shares that vested in 2017 was $484,000. |
Note 13 - Excess Tax Benefit 57
Note 13 - Excess Tax Benefit Reclassification (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities | $ 121,879,000 | $ 133,801,000 | $ 128,670,000 |
Net Cash Provided by (Used in) Financing Activities | $ (11,258,000) | (36,457,000) | (3,278,000) |
Accounting Standards Update 2016-09 [Member] | |||
Net Cash Provided by (Used in) Operating Activities | 235,000 | 432,000 | |
Net Cash Provided by (Used in) Financing Activities | $ (235,000) | $ (432,000) |
Note 14 - Deferred Compensati58
Note 14 - Deferred Compensation Plan (Details Textual) | Dec. 31, 2017shares |
Deferred Compensation Plan Number Of Common Shares Credited To Account Balances | 175,449 |
Note 16 - Commitments and Con59
Note 16 - Commitments and Contingencies (Details Textual) | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due | $ 738,000 |
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | 121,900,000 |
Capital Addition Purchase Commitments [Member] | Building [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 4,000,000 |
Note 17 - Business Segments (De
Note 17 - Business Segments (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Operating Segments | 5 | ||
Number of Reportable Segments | 4 | ||
Dedicated [Member] | |||
Depreciation, Depletion and Amortization | $ 22 | $ 20.6 | $ 15 |
Dedicated [Member] | Minimum [Member] | |||
Customer Contract Term | 3 years | ||
Dedicated [Member] | Maximum [Member] | |||
Customer Contract Term | 5 years | ||
Truckload [Member] | |||
Depreciation, Depletion and Amortization | $ 57.2 | 56.2 | 53.7 |
Intermodal [Member] | |||
Depreciation, Depletion and Amortization | 4.6 | 3.9 | 5.4 |
Brokerage [Member] | |||
Depreciation, Depletion and Amortization | $ 1.3 | $ 1.7 | $ 1.3 |
Note 17 - Business Segments - O
Note 17 - Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating revenue | $ 182,771 | $ 170,679 | $ 171,511 | $ 173,159 | $ 172,661 | $ 170,464 | $ 166,090 | $ 161,929 | $ 698,120 | $ 671,144 | $ 664,994 |
Operating income | $ 14,333 | $ 13,022 | $ 15,569 | $ 13,938 | $ 14,533 | $ 14,869 | $ 14,776 | $ 14,125 | 56,862 | 58,303 | 61,063 |
Facility [Member] | |||||||||||
Total operating income before gain on disposition of facilities | 56,862 | 58,303 | 56,959 | ||||||||
Gain on disposition of facilities | 4,104 | ||||||||||
Truckload [Member] | |||||||||||
Operating revenue | 380,210 | 375,851 | 398,361 | ||||||||
Operating income | 26,326 | 27,438 | 35,517 | ||||||||
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | |||||||||||
Operating revenue | 336,596 | 339,967 | 348,101 | ||||||||
Truckload [Member] | Fuel Surcharge Revenue [Member] | |||||||||||
Operating revenue | 43,614 | 35,884 | 50,260 | ||||||||
Dedicated [Member] | |||||||||||
Operating revenue | 166,881 | 157,370 | 118,272 | ||||||||
Operating income | 17,074 | 19,550 | 12,818 | ||||||||
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | |||||||||||
Operating revenue | 153,691 | 147,007 | 107,264 | ||||||||
Dedicated [Member] | Fuel Surcharge Revenue [Member] | |||||||||||
Operating revenue | 13,190 | 10,363 | 11,008 | ||||||||
Intermodal [Member] | |||||||||||
Operating revenue | 80,621 | 71,490 | 76,958 | ||||||||
Operating income | 8,303 | 7,131 | 4,832 | ||||||||
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | |||||||||||
Operating revenue | 70,282 | 64,508 | 65,877 | ||||||||
Intermodal [Member] | Fuel Surcharge Revenue [Member] | |||||||||||
Operating revenue | 10,339 | 6,982 | 11,081 | ||||||||
Brokerage [Member] | |||||||||||
Operating revenue | 70,408 | 66,433 | 71,403 | ||||||||
Operating income | $ 5,159 | $ 4,184 | $ 3,792 |
Note 18 - Quarterly Financial62
Note 18 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (56,500,000) | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | |
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 18 - Quarterly Financial63
Note 18 - Quarterly Financial Data (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating revenue | $ 182,771 | $ 170,679 | $ 171,511 | $ 173,159 | $ 172,661 | $ 170,464 | $ 166,090 | $ 161,929 | $ 698,120 | $ 671,144 | $ 664,994 | |
Operating income | 14,333 | 13,022 | 15,569 | 13,938 | 14,533 | 14,869 | 14,776 | 14,125 | 56,862 | 58,303 | 61,063 | |
Net income | 65,074 | 7,855 | 9,141 | 8,214 | $ 8,303 | $ 8,437 | $ 8,531 | $ 8,193 | $ 90,284 | $ 33,464 | $ 35,745 | |
Net income – excluding deferred income taxes benefit(1) | [1] | $ 8,609 | $ 7,855 | $ 9,141 | $ 8,214 | |||||||
Basic earnings per common share (in dollars per share) | $ 1.19 | $ 0.14 | $ 0.17 | $ 0.15 | $ 0.15 | $ 0.16 | $ 0.16 | $ 0.15 | $ 1.66 | $ 0.62 | $ 0.64 | |
Basic earnings per common share – excluding deferred income taxes benefit(1) (in dollars per share) | [1] | 0.16 | 0.14 | 0.17 | 0.15 | |||||||
Diluted earnings per common share (in dollars per share) | 1.18 | 0.14 | 0.17 | 0.15 | $ 0.15 | $ 0.15 | $ 0.16 | $ 0.15 | $ 1.65 | $ 0.61 | $ 0.64 | |
Diluted earnings per common share – excluding deferred income taxes benefit(1) (in dollars per share) | [1] | $ 0.16 | $ 0.14 | $ 0.17 | $ 0.15 | |||||||
[1] | The amounts are presented for comparative purposes excluding the $56.5 million deferred income taxes benefit recorded to recognize the impact of the reduction of the federal corporate statutory income tax rate beginning on January 1, 2018 from 35% to 21% related to the Tax Cuts and Jobs Act of 2017. |
Schedule II - Valuation and Q64
Schedule II - Valuation and Qualifying Accounts and Reserves - Valuation Allowances and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Insurance and Claims Accruals [Member] | ||||
Balance at Beginning of Year | $ 19,440 | $ 16,235 | $ 13,998 | |
Charged to Costs and Expenses | 53,609 | 49,614 | 45,271 | |
Deductions | [1] | (46,872) | (46,409) | (43,034) |
Balance at End of Year | 26,177 | 19,440 | 16,235 | |
Allowance for Doubtful Accounts [Member] | ||||
Balance at Beginning of Year | 275 | 305 | 475 | |
Charged to Costs and Expenses | 33 | 88 | 59 | |
Deductions | [2] | (8) | (118) | (229) |
Balance at End of Year | $ 300 | $ 275 | $ 305 | |
[1] | Claims payments | |||
[2] | Write-off of bad debts, net of recoveries |