Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
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) | 54,659,074 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 22,003 | $ 15,791 |
Receivables: | ||
Trade, net | 85,549 | 74,886 |
Other | 7,190 | 6,131 |
Prepaid expenses and other | 19,876 | 19,810 |
Total current assets | 134,618 | 116,618 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 805,723 | 783,648 |
Accumulated depreciation | (218,071) | (211,728) |
Net property and equipment | 587,652 | 571,920 |
Other assets | 2,169 | 1,865 |
Total assets | 724,439 | 690,403 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 45,782 | 38,100 |
Insurance and claims accruals | 25,574 | 26,177 |
Total current liabilities | 71,356 | 64,277 |
Deferred income taxes | 103,841 | 100,626 |
Total liabilities | 175,197 | 164,903 |
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; 192,000,000 shares authorized; 54,659,074 shares at June 30, 2018, and 54,533,455 shares at December 31, 2017, issued and outstanding | 547 | 545 |
Additional paid-in capital | 78,366 | 76,413 |
Retained earnings | 470,329 | 448,542 |
Total stockholders’ equity | 549,242 | 525,500 |
Total liabilities and stockholders’ equity | $ 724,439 | $ 690,403 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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) | 192,000,000 | 192,000,000 |
Common stock, shares issued (in shares) | 54,659,074 | 54,533,455 |
Common stock, shares outstanding (in shares) | 54,659,074 | 54,533,455 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating revenue | $ 197,024 | $ 171,511 | $ 383,984 | $ 344,670 |
Operating expenses: | ||||
Salaries, wages and benefits | 63,250 | 56,715 | 122,072 | 113,115 |
Purchased transportation | 35,048 | 27,516 | 70,074 | 56,878 |
Fuel and fuel taxes | 31,742 | 25,007 | 60,786 | 50,963 |
Supplies and maintenance | 10,251 | 10,541 | 20,687 | 21,531 |
Depreciation | 22,193 | 21,306 | 44,008 | 42,689 |
Operating taxes and licenses | 2,364 | 2,252 | 4,651 | 4,499 |
Insurance and claims | 8,941 | 8,848 | 19,231 | 17,762 |
Communications and utilities | 1,647 | 1,487 | 3,330 | 3,068 |
Other | 5,525 | 4,141 | 10,699 | 7,632 |
Total operating expenses | 178,801 | 155,942 | 352,167 | 315,163 |
Operating income | 18,223 | 15,569 | 31,817 | 29,507 |
Other | (138) | 125 | (327) | 266 |
Income before income taxes | 18,361 | 15,444 | 32,144 | 29,241 |
Income taxes expense | 4,659 | 6,303 | 8,111 | 11,886 |
Net income | $ 13,702 | $ 9,141 | $ 24,033 | $ 17,355 |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.17 | $ 0.44 | $ 0.32 |
Diluted earnings per common share (in dollars per share) | 0.25 | 0.17 | 0.44 | 0.32 |
Dividends declared per common share (in dollars per share) | $ 0.025 | $ 0.015 | $ 0.05 | $ 0.03 |
Revenue Equipment [Member] | ||||
Operating expenses: | ||||
Gain on disposition of assets | $ (2,160) | $ (1,871) | $ (3,371) | $ (2,974) |
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, 2016 | 54,392 | |||
Balance at Dec. 31, 2016 | $ 544 | $ 74,175 | $ 362,619 | $ 437,338 |
Net income | 17,355 | 17,355 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 122 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1 | 882 | 883 | |
Employee taxes paid in exchange for shares withheld | (47) | (47) | ||
Share-based payment arrangement compensation expense | 730 | 730 | ||
Dividends on common stock | (1,635) | (1,635) | ||
Balance (in shares) at Jun. 30, 2017 | 54,514 | |||
Balance at Jun. 30, 2017 | $ 545 | 75,740 | 378,339 | 454,624 |
Net income | 72,929 | 72,929 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 19 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 207 | 207 | ||
Share-based payment arrangement compensation expense | 520 | 520 | ||
Dividends on common stock | (2,726) | (2,726) | ||
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 |
Net income | 24,033 | 24,033 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 126 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2 | 847 | 849 | |
Employee taxes paid in exchange for shares withheld | (104) | (104) | ||
Share-based payment arrangement compensation expense | 1,210 | 1,210 | ||
Dividends on common stock | (2,731) | (2,731) | ||
Balance (in shares) at Jun. 30, 2018 | 54,659 | |||
Balance at Jun. 30, 2018 | $ 547 | $ 78,366 | 470,329 | 549,242 |
Adoption of accounting standard (Note 2) | $ 485 | $ 485 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows provided by operating activities: | ||
Net income | $ 24,033 | $ 17,355 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 44,008 | 42,689 |
Deferred income taxes | 3,215 | 192 |
Share-based payment arrangement compensation expense | 1,210 | 730 |
Distribution from affiliate | 45 | 400 |
Equity in (earnings) loss from affiliate | (331) | 264 |
Adoption of accounting standard (Note 2) | 485 | |
Changes in other current operating items: | ||
Receivables | (8,854) | 3,191 |
Prepaid expenses and other | (66) | 1,672 |
Accounts payable and accrued liabilities | 7,604 | (670) |
Insurance and claims accruals | (603) | 2,371 |
Net cash provided by operating activities | 67,375 | 65,220 |
Cash flows used for investing activities: | ||
Other | (18) | (25) |
Net cash used for investing activities | (59,177) | (46,965) |
Cash flows used for financing activities: | ||
Borrowings under credit facility and long-term debt | 30,816 | |
Repayment of borrowings under credit facility and long-term debt | (38,702) | |
Dividends on common stock | (2,731) | (1,635) |
Issuance of common stock from share-based payment arrangement exercises | 849 | 883 |
Employee taxes paid in exchange for shares withheld | (104) | (47) |
Net cash used for financing activities | (1,986) | (8,685) |
Net change in cash and cash equivalents | 6,212 | 9,570 |
Cash and cash equivalents: | ||
Beginning of period | 15,791 | 488 |
End of period | 22,003 | 10,058 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | (2,790) | 3,156 |
Supplemental disclosure of cash flow information: | ||
Income taxes | 848 | 7,892 |
Interest | 20 | 29 |
Revenue Equipment [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of assets | (3,371) | (2,974) |
Cash flows used for investing activities: | ||
Revenue equipment additions | (85,325) | (76,210) |
Proceeds from revenue equipment dispositions | 31,954 | 31,304 |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment additions | $ (5,788) | $ (2,034) |
Note 1 - Consolidated Condensed
Note 1 - Consolidated Condensed Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
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 2017 10 |
Note 2 - Adoption of New Accoun
Note 2 - Adoption of New Accounting Standard | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ( 2 We account for our revenue in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 606, Revenue from Contracts with Customers January 1, 2018 $485,000 not The new revenue standard requires us to recognize revenue and related expenses within each of our four The cumulative effect of the changes made to our consolidated condensed balance sheet on January 1, 2018 (In thousands) Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets: Prepaid expenses and other $ 19,810 $ 2,445 (a) $ 22,255 Liabilities: Accounts payable and accrued liabilities 38,100 1,960 40,060 Stockholders’ equity: Retained earnings 448,542 485 449,027 (a) Contract assets balance at January 1, 2018. The impact of the adoption of the new revenue standard on our consolidated condensed statement of operations and balance sheet was as follows: Three Months Ended June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Operating revenue $ 197,113 $ (89 ) $ 197,024 Operating expenses: Salaries, wages and benefits 63,262 (12 ) 63,250 Purchased transportation 35,106 (58 ) 35,048 Fuel and fuel taxes 31,740 2 31,742 Supplies and maintenance 10,300 (49 ) 10,251 Income taxes expense 4,652 7 4,659 Net income 13,681 21 13,702 Six Months Ended June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Operating revenue $ 384,168 $ (184 ) $ 383,984 Operating expenses: Salaries, wages and benefits 122,020 52 122,072 Purchased transportation 69,929 145 70,074 Fuel and fuel taxes 60,783 3 60,786 Supplies and maintenance 20,711 (24 ) 20,687 Income taxes expense 8,211 (100 ) 8,111 Net income 24,293 (260 ) 24,033 Balance at June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Assets: Prepaid expenses and other $ 17,615 $ 2,261 (a) $ 19,876 Liabilities: Accounts payable and accrued liabilities 43,746 2,036 45,782 Stockholders’ equity: Retained earnings 470,104 225 470,329 (a) Contract assets balance at June 30, 2018. |
Note 3 - Revenue and Business S
Note 3 - Revenue and Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 3 We account for our revenue in accordance with ASC 606, Revenue from Contracts with Customers January 1, 2018 five four four 606. The primary source of our operating revenue is provided by our Truckload segment through a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, 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 Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other ancillary services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue. Our Intermodal segment transports 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. The main factors that affect our Intermodal revenue are the rate per mile and other charges we receive from our customers. Our Brokerage segment develops contractual relationships with and arranges for third 2007 Our customer agreements are typically for one three five 606, four four no four one June 30, 2018. no six June 30, 2018. 30 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 principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. 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 within our consolidated condensed statements of operations. The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not not Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2018 2017 2018 2017 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 80,525 $ 84,480 $ 160,741 $ 169,291 Truckload fuel surcharge revenue 13,879 10,434 26,680 21,281 Total Truckload revenue 94,404 94,914 187,421 190,572 Dedicated revenue, net of fuel surcharge revenue 47,232 38,601 89,596 75,500 Dedicated fuel surcharge revenue 9,739 2,901 16,208 6,279 Total Dedicated revenue 56,971 41,502 105,804 81,779 Intermodal revenue, net of fuel surcharge revenue 21,291 16,877 42,099 33,688 Intermodal fuel surcharge revenue 4,179 2,238 8,023 4,613 Total Intermodal revenue 25,470 19,115 50,122 38,301 Brokerage revenue 20,179 15,980 40,637 34,018 Total operating revenue $ 197,024 $ 171,511 $ 383,984 $ 344,670 Operating income: Truckload $ 8,689 $ 7,511 $ 15,504 $ 13,485 Dedicated 5,584 5,074 8,072 9,561 Intermodal 2,512 2,040 5,490 4,189 Brokerage 1,438 944 2,751 2,272 Total operating income $ 18,223 $ 15,569 $ 31,817 $ 29,507 Truckload segment depreciation expense was $13.1 $14.4 $7.4 $5.4 $1.4 $1.1 $300,000 $344,000, three June 30, 2018 2017, Truckload segment depreciation expense was $26.6 $29.0 $14.1 $10.8 $2.7 $2.2 $623,000 $678,000 six June 30, 2018 2017, |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 4 Basic and diluted earnings per common share were computed as follows: Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net income $ 13,702 $ 9,141 $ 24,033 $ 17,355 Denominator: Basic earnings per common share - weighted-average shares 54,613 54,493 54,592 54,459 Effect of dilutive stock options 513 309 523 313 Diluted earnings per common share - weighted-average shares and assumed conversions 55,126 54,802 55,115 54,772 Basic earnings per common share $ 0.25 $ 0.17 $ 0.44 $ 0.32 Diluted earnings per common share $ 0.25 $ 0.17 $ 0.44 $ 0.32 Options totaling 17,000 three six June 30, 2018, 373,667 380,000 three six June 30, 2017, not Unvested performance unit awards totaling 109,255 three six June 30, 2018, 132,305 three six June 30, 2017, not |
Note 5 - Stock Split
Note 5 - Stock Split | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stock Split Disclosure [Text Block] | ( 5 On July 7, 2017, five three $.01 66 |
Note 6 - Third Amendment to Ame
Note 6 - Third Amendment to Amended and Restated Certificate of Incorporation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 6 In May 2018, $.01 96 192 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 7 We maintain a credit agreement that provides for an unsecured committed credit facility up to an aggregate principal amount of $40.0 December 2019. June 30, 2018, no $14.6 $25.4 December 31, 2017, no $12.9 2.8% June 30, 2018. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% June 30, 2018 December 31, 2017. |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 8 We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, one $188,000 first six 2018 $182,000 first six 2017 $1.4 first six 2018 $1.5 first six 2017 We provide transportation services to MW Logistics, LLC (MWL) as described in Note 12. |
Note 9 - Share Repurchase Progr
Note 9 - Share Repurchase Program | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | ( 9 In December 2007, one million 10b 18 November 2015, $40 two million 3.3 August 15, 2017 five three July 7, 2017. not We did not 2017 first six 2018. June 30, 2018, $16.3 1.0 |
Note 10 - Dividends
Note 10 - Dividends | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Dividends [Text Block] | ( 10 In 2010, $0.025 first two 2018 $2.7 $0.015 first two 2017 $1.6 |
Note 11 - Accounting for Share-
Note 11 - Accounting for Share-based Payment Arrangement Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 11 We account for share-based payment arrangements in accordance with FASB ASC 718, Compensation – Stock Compensation first six 2018, no first six 2018 2017 $1.2 $730,000, |
Note 12 - Equity Investment
Note 12 - Equity Investment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 12 We own a 45% third 55% $3.2 $384,000 first six 2018 2017, June 30, 2018, $1.0 $1.7 |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 13 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 14 We are committed to purchase $55.6 2018. 2021 $571,000. 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 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 15 - Use of Estimates
Note 15 - Use of Estimates | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 15 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 16 - Recent Accounting Pro
Note 16 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Recent Accounting Pronouncements [Text Block] | ( 16 In February 2016, No. 2016 02, first 2019. not |
Note 2 - Adoption of New Acco23
Note 2 - Adoption of New Accounting Standard (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Cumulative Effect of Adjustments for New Accounting Pronouncements on Balance Sheet [Table Text Block] | (In thousands) Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets: Prepaid expenses and other $ 19,810 $ 2,445 (a) $ 22,255 Liabilities: Accounts payable and accrued liabilities 38,100 1,960 40,060 Stockholders’ equity: Retained earnings 448,542 485 449,027 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three Months Ended June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Operating revenue $ 197,113 $ (89 ) $ 197,024 Operating expenses: Salaries, wages and benefits 63,262 (12 ) 63,250 Purchased transportation 35,106 (58 ) 35,048 Fuel and fuel taxes 31,740 2 31,742 Supplies and maintenance 10,300 (49 ) 10,251 Income taxes expense 4,652 7 4,659 Net income 13,681 21 13,702 Six Months Ended June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Operating revenue $ 384,168 $ (184 ) $ 383,984 Operating expenses: Salaries, wages and benefits 122,020 52 122,072 Purchased transportation 69,929 145 70,074 Fuel and fuel taxes 60,783 3 60,786 Supplies and maintenance 20,711 (24 ) 20,687 Income taxes expense 8,211 (100 ) 8,111 Net income 24,293 (260 ) 24,033 Balance at June 30, 2018 (In thousands) Prior to Adoption of ASC 606 Adjustments Due to ASC 606 As Reported Assets: Prepaid expenses and other $ 17,615 $ 2,261 (a) $ 19,876 Liabilities: Accounts payable and accrued liabilities 43,746 2,036 45,782 Stockholders’ equity: Retained earnings 470,104 225 470,329 |
Note 3 - Revenue and Business24
Note 3 - Revenue and Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2018 2017 2018 2017 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 80,525 $ 84,480 $ 160,741 $ 169,291 Truckload fuel surcharge revenue 13,879 10,434 26,680 21,281 Total Truckload revenue 94,404 94,914 187,421 190,572 Dedicated revenue, net of fuel surcharge revenue 47,232 38,601 89,596 75,500 Dedicated fuel surcharge revenue 9,739 2,901 16,208 6,279 Total Dedicated revenue 56,971 41,502 105,804 81,779 Intermodal revenue, net of fuel surcharge revenue 21,291 16,877 42,099 33,688 Intermodal fuel surcharge revenue 4,179 2,238 8,023 4,613 Total Intermodal revenue 25,470 19,115 50,122 38,301 Brokerage revenue 20,179 15,980 40,637 34,018 Total operating revenue $ 197,024 $ 171,511 $ 383,984 $ 344,670 Operating income: Truckload $ 8,689 $ 7,511 $ 15,504 $ 13,485 Dedicated 5,584 5,074 8,072 9,561 Intermodal 2,512 2,040 5,490 4,189 Brokerage 1,438 944 2,751 2,272 Total operating income $ 18,223 $ 15,569 $ 31,817 $ 29,507 |
Note 4 - Earnings Per Common 25
Note 4 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2018 2017 2018 2017 Numerator: Net income $ 13,702 $ 9,141 $ 24,033 $ 17,355 Denominator: Basic earnings per common share - weighted-average shares 54,613 54,493 54,592 54,459 Effect of dilutive stock options 513 309 523 313 Diluted earnings per common share - weighted-average shares and assumed conversions 55,126 54,802 55,115 54,772 Basic earnings per common share $ 0.25 $ 0.17 $ 0.44 $ 0.32 Diluted earnings per common share $ 0.25 $ 0.17 $ 0.44 $ 0.32 |
Note 2 - Adoption of New Acco26
Note 2 - Adoption of New Accounting Standard (Details Textual) | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jan. 01, 2018USD ($) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 485,000 | |
Number of Reportable Segments | 4 | |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 485,000 | |
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 485,000 |
Note 2 - Adoption of New Acco27
Note 2 - Adoption of New Accounting Standard - Cumulative Effect of Adjustments for New Accounting Pronouncements on Consolidated Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Assets: | ||||
Prepaid expenses and other | $ 19,876 | $ 22,255 | $ 19,810 | |
Liabilities: | ||||
Accounts payable and accrued liabilities | 45,782 | 40,060 | 38,100 | |
Stockholders’ equity: | ||||
Retained earnings | $ 470,329 | $ 449,027 | 448,542 | |
Accounting Standards Update 2014-09 [Member] | ||||
Assets: | ||||
Prepaid expenses and other | [1] | 2,445 | ||
Liabilities: | ||||
Accounts payable and accrued liabilities | 1,960 | |||
Stockholders’ equity: | ||||
Retained earnings | $ 485 | |||
[1] | Contract assets balance at January 1, 2018. |
Note 2 - Adoption of New Acco28
Note 2 - Adoption of New Accounting Standard - Impact of New Standard on Consolidated Condensed Balance Sheet and Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jan. 01, 2018 | ||
Operating revenue | $ 197,024 | $ 171,511 | $ 383,984 | $ 344,670 | |||
Operating expenses: | |||||||
Salaries, wages and benefits | 63,250 | 56,715 | 122,072 | 113,115 | |||
Purchased transportation | 35,048 | 27,516 | 70,074 | 56,878 | |||
Fuel and fuel taxes | 31,742 | 25,007 | 60,786 | 50,963 | |||
Supplies and maintenance | 10,251 | 10,541 | 20,687 | 21,531 | |||
Income taxes expense | 4,659 | 6,303 | 8,111 | 11,886 | |||
Net income | 13,702 | 9,141 | 24,033 | $ 72,929 | 17,355 | ||
Operating revenue | 197,024 | $ 171,511 | 383,984 | $ 344,670 | |||
Assets: | |||||||
Prepaid expenses and other | 19,876 | 19,876 | 19,810 | $ 22,255 | |||
Liabilities: | |||||||
Accounts payable and accrued liabilities | 45,782 | 45,782 | 38,100 | 40,060 | |||
Stockholders’ equity: | |||||||
Retained earnings | 470,329 | 470,329 | $ 448,542 | $ 449,027 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||
Operating revenue | 197,113 | 384,168 | |||||
Operating expenses: | |||||||
Salaries, wages and benefits | 63,262 | 122,020 | |||||
Purchased transportation | 35,106 | 69,929 | |||||
Fuel and fuel taxes | 31,740 | 60,783 | |||||
Supplies and maintenance | 10,300 | 20,711 | |||||
Income taxes expense | 4,652 | 8,211 | |||||
Net income | 13,681 | 24,293 | |||||
Operating revenue | 197,113 | 384,168 | |||||
Assets: | |||||||
Prepaid expenses and other | 17,615 | 17,615 | |||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | 43,746 | 43,746 | |||||
Stockholders’ equity: | |||||||
Retained earnings | 470,104 | 470,104 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Operating revenue | (89) | (184) | |||||
Operating expenses: | |||||||
Salaries, wages and benefits | (12) | 52 | |||||
Purchased transportation | (58) | 145 | |||||
Fuel and fuel taxes | 2 | 3 | |||||
Supplies and maintenance | (49) | (24) | |||||
Income taxes expense | 7 | (100) | |||||
Net income | 21 | (260) | |||||
Operating revenue | (89) | (184) | |||||
Assets: | |||||||
Prepaid expenses and other | [1] | 2,261 | 2,261 | ||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | 2,036 | 2,036 | |||||
Stockholders’ equity: | |||||||
Retained earnings | $ 225 | $ 225 | |||||
[1] | Contract assets balance at June 30, 2018. |
Note 3 - Revenue and Business29
Note 3 - Revenue and Business Segments (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Number of Operating Segments | 5 | |||
Number of Reportable Segments | 4 | |||
Customer Contract Term | 1 year | |||
Dedicated [Member] | ||||
Depreciation, Depletion and Amortization, Total | $ 7,400,000 | $ 5,400,000 | $ 14,100,000 | $ 10,800,000 |
Dedicated [Member] | Minimum [Member] | ||||
Customer Contract Term | 3 years | |||
Dedicated [Member] | Maximum [Member] | ||||
Customer Contract Term | 5 years | |||
Truckload [Member] | ||||
Depreciation, Depletion and Amortization, Total | 13,100,000 | 14,400,000 | $ 26,600,000 | 29,000,000 |
Intermodal [Member] | ||||
Depreciation, Depletion and Amortization, Total | 1,400,000 | 1,100,000 | 2,700,000 | 2,200,000 |
Brokerage [Member] | ||||
Depreciation, Depletion and Amortization, Total | $ 300,000 | $ 344,000 | $ 623,000 | $ 678,000 |
Note 3 - Revenue and Business30
Note 3 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating revenue | $ 197,024 | $ 171,511 | $ 383,984 | $ 344,670 |
Operating income: | ||||
Operating Income | 18,223 | 15,569 | 31,817 | 29,507 |
Truckload [Member] | ||||
Operating revenue | 94,404 | 94,914 | 187,421 | 190,572 |
Operating income: | ||||
Operating Income | 8,689 | 7,511 | 15,504 | 13,485 |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 80,525 | 84,480 | 160,741 | 169,291 |
Truckload [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 13,879 | 10,434 | 26,680 | 21,281 |
Dedicated [Member] | ||||
Operating revenue | 56,971 | 41,502 | 105,804 | 81,779 |
Operating income: | ||||
Operating Income | 5,584 | 5,074 | 8,072 | 9,561 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 47,232 | 38,601 | 89,596 | 75,500 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 9,739 | 2,901 | 16,208 | 6,279 |
Intermodal [Member] | ||||
Operating revenue | 25,470 | 19,115 | 50,122 | 38,301 |
Operating income: | ||||
Operating Income | 2,512 | 2,040 | 5,490 | 4,189 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 21,291 | 16,877 | 42,099 | 33,688 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 4,179 | 2,238 | 8,023 | 4,613 |
Brokerage [Member] | ||||
Operating revenue | 20,179 | 15,980 | 40,637 | 34,018 |
Operating income: | ||||
Operating Income | $ 1,438 | $ 944 | $ 2,751 | $ 2,272 |
Note 4 - Earnings Per Common 31
Note 4 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17,000 | 373,667 | 17,000 | 380,000 |
Unvested Performance Unit Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 109,255 | 132,305 | 109,255 | 132,305 |
Note 4 - Earnings Per Common 32
Note 4 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Numerator: | |||||
Net income | $ 13,702 | $ 9,141 | $ 24,033 | $ 72,929 | $ 17,355 |
Denominator: | |||||
Basic earnings per common share - weighted-average shares (in shares) | 54,613 | 54,493 | 54,592 | 54,459 | |
Effect of dilutive stock options (in shares) | 513 | 309 | 523 | 313 | |
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 55,126 | 54,802 | 55,115 | 54,772 | |
Basic earnings per common share (in dollars per share) | $ 0.25 | $ 0.17 | $ 0.44 | $ 0.32 | |
Diluted earnings per common share (in dollars per share) | $ 0.25 | $ 0.17 | $ 0.44 | $ 0.32 |
Note 5 - Stock Split (Details T
Note 5 - Stock Split (Details Textual) - $ / shares | Jul. 07, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | 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 6 - Third Amendment to A34
Note 6 - Third Amendment to Amended and Restated Certificate of Incorporation (Details Textual) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 | Jul. 07, 2017 | 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 | 192,000,000 | 192,000,000 | 192,000,000 | 96,000,000 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | |
Long-term Line of Credit, Total | 0 | $ 0 |
Letters of Credit Outstanding, Amount | 14,600 | $ 12,900 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 25,400 | |
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 | 2.80% |
Note 8 - Related Party Transa36
Note 8 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Purchase of Fuel, Tires and Related Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 188,000 | $ 182,000 |
Tire Purchases [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 1,400,000 | $ 1,500,000 |
Note 9 - Share Repurchase Pro37
Note 9 - Share Repurchase Program (Details Textual) $ in Millions | Jul. 07, 2017 | Jun. 30, 2018USD ($)shares | Dec. 31, 2017shares | Aug. 15, 2017shares | Nov. 04, 2015USD ($)shares | Dec. 31, 2007shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000 | 3,300,000 | 2,000,000 | 1,000,000 | ||
Stock Repurchase Program, Authorized Amount | $ | $ 16.3 | $ 40 | ||||
Stock Repurchased and Retired During Period, Shares | 0 | 0 | ||||
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 10 - Dividends (Details Te
Note 10 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Payments of Ordinary Dividends, Common Stock | $ 2,731 | $ 1,635 |
Paid Quarterly [Member] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.025 | $ 0.015 |
Note 11 - Accounting for Shar39
Note 11 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Stock or Unit Option Plan Expense | $ 1,200,000 | $ 730,000 |
Note 12 - Equity Investment (De
Note 12 - Equity Investment (Details Textual) - M W L [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Equity Method Investment, Ownership Percentage | 45.00% | |
Equity Method Investment, Ownership Percentage by Non-related Party | 55.00% | |
Revenue from Related Parties | $ 3,200,000 | $ 384,000 |
Due to Affiliate | 1,700,000 | |
Trade Accounts Receivable [Member] | ||
Due from Affiliates | $ 1,000,000 |
Note 14 - Commitments and Con41
Note 14 - Commitments and Contingencies (Details Textual) | Jun. 30, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Total | $ 571,000 |
Capital Addition Purchase Commitments [Member] | |
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | $ 55,600,000 |