Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 27, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000799167 | |
Entity Registrant Name | MARTEN TRANSPORT LTD | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2020 | |
Entity File Number | 0-15010 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 39-1140809 | |
Entity Address, Address Line One | 129 Marten Street | |
Entity Address, City or Town | Mondovi | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 54755 | |
City Area Code | 715 | |
Local Phone Number | 926-4216 | |
Title of 12(b) Security | COMMON STOCK, PAR VALUE | |
Trading Symbol | MRTN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,108,605 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 75,323 | $ 31,461 |
Receivables: | ||
Trade, net | 83,854 | 90,712 |
Other | 12,639 | 11,055 |
Prepaid expenses and other | 22,906 | 20,938 |
Total current assets | 194,722 | 154,166 |
Property and equipment: | ||
Revenue equipment, buildings and land, office equipment and other | 920,608 | 904,237 |
Accumulated depreciation | (276,412) | (263,843) |
Net property and equipment | 644,196 | 640,394 |
Other noncurrent assets | 1,916 | 2,026 |
Total assets | 840,834 | 796,586 |
Current liabilities: | ||
Accounts payable | 26,176 | 22,917 |
Insurance and claims accruals | 35,834 | 31,729 |
Accrued and other current liabilities | 25,569 | 21,680 |
Total current liabilities | 87,579 | 76,326 |
Deferred income taxes | 123,285 | 122,022 |
Noncurrent operating lease liabilities | 572 | 649 |
Total liabilities | 211,436 | 198,997 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.01 par value per share; 192,000,000 shares authorized; 55,107,805 shares at June 30, 2020, and 54,703,466 shares at December 31, 2019, issued and outstanding | 551 | 547 |
Additional paid-in capital | 83,816 | 79,465 |
Retained earnings | 545,031 | 517,577 |
Total stockholders’ equity | 629,398 | 597,589 |
Total liabilities and stockholders’ equity | $ 840,834 | $ 796,586 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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) | 55,107,805 | 54,703,466 |
Common stock, shares outstanding (in shares) | 55,107,805 | 54,703,466 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating revenue | $ 212,384 | $ 212,090 | $ 431,030 | $ 411,113 |
Operating expenses (income): | ||||
Salaries, wages and benefits | 73,476 | 68,613 | 146,237 | 132,137 |
Purchased transportation | 36,165 | 38,668 | 76,610 | 76,917 |
Fuel and fuel taxes | 20,868 | 30,952 | 49,165 | 58,629 |
Supplies and maintenance | 11,833 | 11,502 | 24,061 | 22,623 |
Depreciation | 25,972 | 23,462 | 51,399 | 46,005 |
Operating taxes and licenses | 2,615 | 2,438 | 5,254 | 4,771 |
Insurance and claims | 11,633 | 9,862 | 23,917 | 19,737 |
Communications and utilities | 1,977 | 1,950 | 3,962 | 3,900 |
Gain on disposition of revenue equipment | (2,216) | (1,230) | (3,771) | (2,778) |
Other | 4,805 | 5,929 | 10,908 | 11,495 |
Total operating expenses | 187,128 | 192,146 | 387,742 | 373,436 |
Operating income | 25,256 | 19,944 | 43,288 | 37,677 |
Other | (13) | (395) | (110) | (673) |
Income before income taxes | 25,269 | 20,339 | 43,398 | 38,350 |
Income taxes expense | 7,135 | 5,149 | 11,546 | 9,614 |
Net income | $ 18,134 | $ 15,190 | $ 31,852 | $ 28,736 |
Basic earnings per common share (in dollars per share) | $ 0.33 | $ 0.28 | $ 0.58 | $ 0.53 |
Diluted earnings per common share (in dollars per share) | 0.33 | 0.28 | 0.58 | 0.52 |
Dividends declared per common share (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.08 | $ 0.06 |
Pro Forma [Member] | ||||
Operating expenses (income): | ||||
Net income | $ 18,134 | $ 15,190 | $ 31,852 | $ 28,736 |
Basic earnings per common share (in dollars per share) | $ 0.22 | $ 0.19 | $ 0.39 | $ 0.35 |
Diluted earnings per common share (in dollars per share) | 0.22 | 0.18 | 0.38 | 0.35 |
Dividends declared per common share (in dollars per share) | $ 0.027 | $ 0.02 | $ 0.053 | $ 0.04 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 54,467,000 | |||
Balance at Dec. 31, 2018 | $ 545,000 | $ 76,814,000 | $ 498,595,000 | $ 575,954,000 |
Net income | 13,546,000 | 13,546,000 | ||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 105,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 1,000 | 291,000 | 292,000 | |
Employee taxes paid in exchange for shares withheld | (784,000) | (784,000) | ||
Share-based payment arrangement compensation expense | 366,000 | 366,000 | ||
Dividends on common stock | (1,637,000) | (1,637,000) | ||
Balance (in shares) at Mar. 31, 2019 | 54,572,000 | |||
Balance at Mar. 31, 2019 | $ 546,000 | 76,687,000 | 510,504,000 | 587,737,000 |
Balance (in shares) at Dec. 31, 2018 | 54,467,000 | |||
Balance at Dec. 31, 2018 | $ 545,000 | 76,814,000 | 498,595,000 | 575,954,000 |
Net income | 28,736,000 | |||
Balance (in shares) at Jun. 30, 2019 | 54,633,000 | |||
Balance at Jun. 30, 2019 | $ 546,000 | 77,789,000 | 524,055,000 | 602,390,000 |
Balance (in shares) at Mar. 31, 2019 | 54,572,000 | |||
Balance at Mar. 31, 2019 | $ 546,000 | 76,687,000 | 510,504,000 | 587,737,000 |
Net income | 15,190,000 | $ 15,190,000 | ||
Repurchase and retirement of common stock (in shares) | 0 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 61,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 466,000 | $ 466,000 | ||
Share-based payment arrangement compensation expense | 636,000 | 636,000 | ||
Dividends on common stock | (1,639,000) | (1,639,000) | ||
Balance (in shares) at Jun. 30, 2019 | 54,633,000 | |||
Balance at Jun. 30, 2019 | $ 546,000 | 77,789,000 | 524,055,000 | 602,390,000 |
Balance (in shares) at Dec. 31, 2019 | 54,703,000 | |||
Balance at Dec. 31, 2019 | $ 547,000 | 79,465,000 | 517,577,000 | 597,589,000 |
Net income | 13,718,000 | $ 13,718,000 | ||
Repurchase and retirement of common stock (in shares) | (35,000) | (35,376) | ||
Repurchase and retirement of common stock | $ (1,000) | (596,000) | 0 | $ (597,000) |
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 173,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | $ 2,000 | 1,052,000 | 1,054,000 | |
Employee taxes paid in exchange for shares withheld | (437,000) | (437,000) | ||
Share-based payment arrangement compensation expense | 246,000 | 246,000 | ||
Dividends on common stock | (2,193,000) | (2,193,000) | ||
Balance (in shares) at Mar. 31, 2020 | 54,841,000 | |||
Balance at Mar. 31, 2020 | $ 548,000 | 79,730,000 | 529,102,000 | 609,380,000 |
Balance (in shares) at Dec. 31, 2019 | 54,703,000 | |||
Balance at Dec. 31, 2019 | $ 547,000 | 79,465,000 | 517,577,000 | 597,589,000 |
Net income | 31,852,000 | |||
Balance (in shares) at Jun. 30, 2020 | 55,108,000 | |||
Balance at Jun. 30, 2020 | $ 551,000 | 83,816,000 | 545,031,000 | 629,398,000 |
Balance (in shares) at Mar. 31, 2020 | 54,841,000 | |||
Balance at Mar. 31, 2020 | $ 548,000 | 79,730,000 | 529,102,000 | 609,380,000 |
Net income | 18,134,000 | $ 18,134,000 | ||
Repurchase and retirement of common stock (in shares) | 0 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares) | 267,000 | |||
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards | 3,360,000 | $ 3,363,000 | ||
Share-based payment arrangement compensation expense | 726,000 | 726,000 | ||
Dividends on common stock | (2,205,000) | (2,205,000) | ||
Balance (in shares) at Jun. 30, 2020 | 55,108,000 | |||
Balance at Jun. 30, 2020 | $ 551,000 | $ 83,816,000 | $ 545,031,000 | $ 629,398,000 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows provided by operating activities: | ||
Net income | $ 31,852 | $ 28,736 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 51,399 | 46,005 |
Tires in service amortization | 3,328 | 3,346 |
Gain on disposition of revenue equipment | (3,771) | (2,778) |
Deferred income taxes | 1,263 | 2,601 |
Share-based payment arrangement compensation expense | 972 | 1,002 |
Equity in loss from affiliate | 0 | 68 |
Changes in other current operating items: | ||
Receivables | 14,764 | (2,798) |
Prepaid expenses and other | (3,798) | (1,767) |
Accounts payable | 951 | 87 |
Insurance and claims accruals | 4,105 | 2,804 |
Accrued and other current liabilities | 3,002 | (2,205) |
Net cash provided by operating activities | 104,067 | 75,101 |
Cash flows used for investing activities: | ||
Other | (39) | (25) |
Net cash used for investing activities | (59,190) | (45,770) |
Cash flows used for financing activities: | ||
Dividends on common stock | (4,398) | (3,276) |
Repurchase and retirement of common stock | (597) | 0 |
Issuance of common stock from share-based payment arrangement exercises | 4,417 | 758 |
Employee taxes paid in exchange for shares withheld | (437) | (784) |
Net cash used for financing activities | (1,015) | (3,302) |
Net change in cash and cash equivalents | 43,862 | 26,029 |
Cash and cash equivalents: | ||
Beginning of period | 31,461 | 56,763 |
End of period | 75,323 | 82,792 |
Supplemental non-cash disclosure: | ||
Change in property and equipment not yet paid | (5,985) | 11,418 |
Operating lease assets and liabilities acquired | 88 | 1,217 |
Supplemental disclosure of cash flow information: | ||
Income taxes | 987 | 4,143 |
Interest | 0 | 23 |
Revenue Equipment [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment additions | (75,463) | (60,784) |
Proceeds from equipment dispositions | 19,788 | 17,287 |
Buildings And Land Office Equipment And Other [Member] | ||
Cash flows used for investing activities: | ||
Revenue equipment additions | $ (3,476) | $ (2,248) |
Note 1 - Consolidated Condensed
Note 1 - Consolidated Condensed Financial Statements | 6 Months Ended |
Jun. 30, 2020 | |
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 2019 10 |
Note 2 - Earnings Per Common Sh
Note 2 - Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 2 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) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Basic earnings per common share - weighted-average shares 55,018 54,616 54,914 54,585 Effect of dilutive stock options 404 465 431 470 Diluted earnings per common share - weighted-average shares and assumed conversions 55,422 55,081 55,345 55,055 Basic earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.53 Diluted earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.52 Pro forma basic and diluted earnings per common share to show the effect of the three-for-two stock split payable on August 13, 2020 ( 16 Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Pro forma basic earnings per common share - weighted-average shares 82,527 81,924 82,371 81,877 Pro forma effect of dilutive stock options 606 697 647 705 Pro forma diluted earnings per common share - weighted-average shares and assumed conversions 83,133 82,621 83,018 82,582 Pro forma basic earnings per common share $ 0.22 $ 0.19 $ 0.39 $ 0.35 Pro forma diluted earnings per common share $ 0.22 $ 0.18 $ 0.38 $ 0.35 Options totaling 187,300 and 200,900 equivalent shares for the three six June 30, 2020, three six June 30, 2019, not Unvested performance unit awards totaling 66,658 equivalent shares for each of the three six June 30, 2020, three six June 30, 2019, not |
Note 3 - Long-term Debt
Note 3 - Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 3 In August 2018, August 2023. June 30, 2020, December 31, 2019, June 30, 2020. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver allowing stock redemptions and dividends in excess of the 25% 2019 August 2019. June 30, 2020 December 31, 2019. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 4 We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, the chairman of the board, chief executive officer and the principal stockholder of BBI, is one first six 2020 first six 2019 first six 2020 first six 2019 We provided transportation services to MW Logistics, LLC, or MWL, a 45% owned affiliate through October 31, 2019, 9. |
Note 5 - Share Repurchase Progr
Note 5 - Share Repurchase Program | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | ( 5 In 2007, one million 10b 18 2015, two million August 2017 July 7, 2017. August 2019, not We repurchased and retired 35,376 shares of common stock for $597,000 in the first 2020. not second 2020 2019. June 30, 2020, |
Note 6 - Dividends
Note 6 - Dividends | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Dividends [Text Block] | ( 6 In 2010, first two 2020 first two 2019 Our ability to pay cash dividends is currently limited by restrictions contained in our revolving credit facility, which prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver allowing stock redemptions and dividends in excess of the 25% 2019 August 2019. |
Note 7 - Accounting for Share-b
Note 7 - Accounting for Share-based Payment Arrangement Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 7 We account for share-based payment arrangements in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 718, Compensation – Stock Compensation first six 2020, no first six 2020 2019 |
Note 8 - Termination of Deferre
Note 8 - Termination of Deferred Compensation Plan | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 8 On May 5, 2020, May 5, 2021. |
Note 9 - Equity Investment
Note 9 - Equity Investment | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 9 We owned a 45% equity interest in MWL, a third October 31, 2019, first six 2019. |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 10 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 11 We are committed to new revenue equipment purchases of $69.0 million through the remainder of 2020. 2025 We self-insure, in part, for losses relating to workers’ compensation, auto liability, general liability, cargo and property damage claims, along with employees’ health insurance with varying risk retention levels. We maintain insurance coverage for per-incident and total losses in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review, and reserve currently for the estimated cost of the uninsured portion of pending claims. We are also involved in other legal actions that arise in the ordinary course of business. In the opinion of management, based upon present knowledge of the facts, it is remote that the ultimate outcome of any such legal actions will have a material adverse effect upon our long-term financial position or results of operations. |
Note 12 - Revenue and Business
Note 12 - Revenue and Business Segments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers January 1, 2018 five four 606. We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across our five 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 agreements with customers are typically for one 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 accessorial 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 and, beginning in September 2019, Our Brokerage segment develops contractual relationships with and arranges for third 2007 Operating results of our MRTN de Mexico business which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers is reported within our Truckload and Brokerage segments. Our customer agreements are typically for one three five 606, four four no four one June 30, 2020 December 31, 2019, first six 2020 2019. 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) 2020 2019 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,966 $ 83,215 $ 169,823 $ 163,382 Truckload fuel surcharge revenue 8,234 12,807 19,509 24,362 Total Truckload revenue 94,200 96,022 189,332 187,744 Dedicated revenue, net of fuel surcharge revenue 67,076 56,160 131,235 105,084 Dedicated fuel surcharge revenue 8,351 10,850 19,229 19,651 Total Dedicated revenue 75,427 67,010 150,464 124,735 Intermodal revenue, net of fuel surcharge revenue 18,542 17,527 39,136 37,282 Intermodal fuel surcharge revenue 1,759 3,076 4,845 6,292 Total Intermodal revenue 20,301 20,603 43,981 43,574 Brokerage revenue 22,456 28,455 47,253 55,060 Total operating revenue $ 212,384 $ 212,090 $ 431,030 $ 411,113 Operating income: Truckload $ 11,036 $ 8,045 $ 17,821 $ 15,600 Dedicated 11,452 7,700 19,985 13,215 Intermodal 954 1,536 2,260 3,930 Brokerage 1,814 2,663 3,222 4,932 Total operating income $ 25,256 $ 19,944 $ 43,288 $ 37,677 Truckload segment depreciation expense was $14.0 million and $13.4 million, Dedicated segment depreciation expense was $10.3 million and $8.6 million, Intermodal segment depreciation expense was $1.3 million and $1.2 million, and Brokerage segment depreciation expense was $306,000 and $376,000 in the three June 30, 2020 2019, Truckload segment depreciation expense was $27.8 million and $26.5 million, Dedicated segment depreciation expense was $20.2 million and $16.3 million, Intermodal segment depreciation expense was $2.7 million and $2.4 million, and Brokerage segment depreciation expense was $667,000 and $740,000 in the six June 30, 2020 2019, |
Note 13 - Measurement of Credit
Note 13 - Measurement of Credit Losses on Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | ( 13 We adopted FASB Accounting Standards Update, or ASU, No. 2016 13, Measurement of Credit Losses on Financial Instruments January 1, 2020. not |
Note 14 - Consolidated Condense
Note 14 - Consolidated Condensed Statements of Cash Flows Reclassifications | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | ( 14 Tires in service amortization and operating leases in our consolidated condensed statements of cash flows have been reclassified to be consistent with the current presentation, resulting in a $1.6 million reclassification from investing to operating activities for the six June 30, 2019. |
Note 15 - Use of Estimates
Note 15 - Use of Estimates | 6 Months Ended |
Jun. 30, 2020 | |
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 - Stock split Subsequen
Note 16 - Stock split Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 16 On July 16, 2020, $.01 August 13, 2020 July 30, 2020. one July 30, 2020. To show the effect of the stock split, pro forma basic and diluted earnings per common share and dividends declared per common share amounts are disclosed in the consolidated condensed statements of operations, and basic and diluted weighted average shares outstanding are disclosed in Note 2. |
Note 2 - Earnings Per Common _2
Note 2 - Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Basic earnings per common share - weighted-average shares 55,018 54,616 54,914 54,585 Effect of dilutive stock options 404 465 431 470 Diluted earnings per common share - weighted-average shares and assumed conversions 55,422 55,081 55,345 55,055 Basic earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.53 Diluted earnings per common share $ 0.33 $ 0.28 $ 0.58 $ 0.52 Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2020 2019 2020 2019 Numerator: Net income $ 18,134 $ 15,190 $ 31,852 $ 28,736 Denominator: Pro forma basic earnings per common share - weighted-average shares 82,527 81,924 82,371 81,877 Pro forma effect of dilutive stock options 606 697 647 705 Pro forma diluted earnings per common share - weighted-average shares and assumed conversions 83,133 82,621 83,018 82,582 Pro forma basic earnings per common share $ 0.22 $ 0.19 $ 0.39 $ 0.35 Pro forma diluted earnings per common share $ 0.22 $ 0.18 $ 0.38 $ 0.35 |
Note 12 - Revenue and Busines_2
Note 12 - Revenue and Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2020 2019 2020 2019 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 85,966 $ 83,215 $ 169,823 $ 163,382 Truckload fuel surcharge revenue 8,234 12,807 19,509 24,362 Total Truckload revenue 94,200 96,022 189,332 187,744 Dedicated revenue, net of fuel surcharge revenue 67,076 56,160 131,235 105,084 Dedicated fuel surcharge revenue 8,351 10,850 19,229 19,651 Total Dedicated revenue 75,427 67,010 150,464 124,735 Intermodal revenue, net of fuel surcharge revenue 18,542 17,527 39,136 37,282 Intermodal fuel surcharge revenue 1,759 3,076 4,845 6,292 Total Intermodal revenue 20,301 20,603 43,981 43,574 Brokerage revenue 22,456 28,455 47,253 55,060 Total operating revenue $ 212,384 $ 212,090 $ 431,030 $ 411,113 Operating income: Truckload $ 11,036 $ 8,045 $ 17,821 $ 15,600 Dedicated 11,452 7,700 19,985 13,215 Intermodal 954 1,536 2,260 3,930 Brokerage 1,814 2,663 3,222 4,932 Total operating income $ 25,256 $ 19,944 $ 43,288 $ 37,677 |
Note 2 - Earnings Per Common _3
Note 2 - Earnings Per Common Share (Details Textual) | Aug. 13, 2020 | Jul. 07, 2017 | Jun. 30, 2020shares | Jun. 30, 2019shares | Jun. 30, 2020shares | Jun. 30, 2019shares |
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 187,300 | 317,800 | 200,900 | 317,800 | ||
Unvested Performance Unit Awards [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 66,658 | 72,796 | 66,658 | 72,796 | ||
Stock Split from [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | |||||
Stock Split from [Member] | Forecast [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |||||
Stock Split To [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | |||||
Stock Split To [Member] | Forecast [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 |
Note 2 - Earnings Per Common _4
Note 2 - Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||||
Net income | $ 18,134 | $ 13,718 | $ 15,190 | $ 13,546 | $ 31,852 | $ 28,736 |
Denominator: | ||||||
Basic earnings per common share - weighted-average shares (in shares) | 55,018,000 | 54,616,000 | 54,914,000 | 54,585,000 | ||
Effect of dilutive stock options (in shares) | 404,000 | 465,000 | 431,000 | 470,000 | ||
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 55,422,000 | 55,081,000 | 55,345,000 | 55,055,000 | ||
Basic earnings per common share (in dollars per share) | $ 0.33 | $ 0.28 | $ 0.58 | $ 0.53 | ||
Diluted earnings per common share (in dollars per share) | $ 0.33 | $ 0.28 | $ 0.58 | $ 0.52 | ||
Basic earnings per common share - weighted-average shares (in shares) | 55,018,000 | 54,616,000 | 54,914,000 | 54,585,000 | ||
Pro Forma [Member] | ||||||
Numerator: | ||||||
Net income | $ 18,134 | $ 15,190 | $ 31,852 | $ 28,736 | ||
Denominator: | ||||||
Basic earnings per common share - weighted-average shares (in shares) | 82,527 | 81,924 | 82,371 | 81,877 | ||
Effect of dilutive stock options (in shares) | 606 | 697 | 647 | 705 | ||
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares) | 83,133 | 82,621 | 83,018 | 82,582 | ||
Basic earnings per common share (in dollars per share) | $ 0.22 | $ 0.19 | $ 0.39 | $ 0.35 | ||
Diluted earnings per common share (in dollars per share) | $ 0.22 | $ 0.18 | $ 0.38 | $ 0.35 | ||
Basic earnings per common share - weighted-average shares (in shares) | 82,527 | 81,924 | 82,371 | 81,877 |
Note 3 - Long-term Debt (Detail
Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Aug. 31, 2018 | Jul. 31, 2018 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | $ 40,000 | |||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Letters of Credit Outstanding, Amount | 16,300 | $ 15,700 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 13,700 | ||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% | ||||
Line of Credit Facility, Waiver to Pay Dividends, Maximum | $ 65,000 | ||||
Credit Facility [Member] | |||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.80% |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Oct. 31, 2019 | |
M W L [Member] | |||
Equity Method Investment, Ownership Percentage | 45.00% | ||
Purchase of Fuel, Tires and Related Services [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 124,000 | $ 201,000 | |
Tire Purchases [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 1,200,000 | $ 571,000 |
Note 5 - Share Repurchase Pro_2
Note 5 - Share Repurchase Program (Details Textual) | Jul. 07, 2017 | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Jun. 30, 2019shares | Aug. 31, 2019USD ($)shares | Aug. 15, 2017shares | Nov. 04, 2015USD ($)shares | Dec. 31, 2007shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares | 1,800,000 | 1,800,000 | 3,300,000 | 2,000,000 | 1,000,000 | |||
Stock Repurchase Program, Authorized Amount | $ | $ 33,400,000 | $ 34,000,000 | $ 40,000,000 | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 0 | 35,376 | 0 | |||||
Stock Repurchased and Retired During Period, Value | $ | $ 597,000 | |||||||
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 - Dividends (Details Tex
Note 6 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Aug. 31, 2019 | |
Payments of Ordinary Dividends, Common Stock | $ 4,398 | $ 3,276 | |||||
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit | 25.00% | ||||||
Line of Credit Facility, Waiver to Pay Dividends, Maximum | $ 65,000 | ||||||
Paid Quarterly [Member] | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.04 | $ 0.04 | $ 0.03 | $ 0.03 |
Note 7 - Accounting for Share_2
Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock or Unit Option Plan Expense | $ 972,000 | $ 1,000,000 |
Note 9 - Equity Investment (Det
Note 9 - Equity Investment (Details Textual) - M W L [Member] - USD ($) $ in Millions | Oct. 31, 2019 | Jun. 30, 2019 |
Equity Method Investment, Ownership Percentage | 45.00% | |
Equity Method Investment, Amount Sold | $ 1.3 | |
Equity Method Investment, Ownership Percentage by Non-related Party | 55.00% | |
Revenue from Related Parties | $ 1.2 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2020USD ($) |
Operating Leases, Future Minimum Payments Due, Total | $ 1.1 |
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member] | |
Purchase Obligation, to be Paid, Remainder of Fiscal Year | $ 69 |
Note 12 - Revenue and Busines_3
Note 12 - Revenue and Business Segments (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Segments | 5 | ||||
Number of Reportable Segments | 4 | ||||
Customer Contract Term (Year) | 1 year | ||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 2,100,000 | $ 2,100,000 | |||
Capitalized Contract Cost, Impairment Loss | 0 | $ 0 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 1,700,000 | ||||
Dedicated [Member] | |||||
Depreciation, Depletion and Amortization, Total | 10,300,000 | $ 8,600,000 | $ 20,200,000 | 16,300,000 | |
Dedicated [Member] | Minimum [Member] | |||||
Customer Contract Term (Year) | 3 years | ||||
Dedicated [Member] | Maximum [Member] | |||||
Customer Contract Term (Year) | 5 years | ||||
Truckload [Member] | |||||
Depreciation, Depletion and Amortization, Total | 14,000,000 | 13,400,000 | $ 27,800,000 | 26,500,000 | |
Intermodal [Member] | |||||
Depreciation, Depletion and Amortization, Total | 1,300,000 | 1,200,000 | 2,700,000 | 2,400,000 | |
Brokerage [Member] | |||||
Depreciation, Depletion and Amortization, Total | $ 306,000 | $ 376,000 | $ 667,000 | $ 740,000 |
Note 12 - Revenue and Busines_4
Note 12 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating revenue | $ 212,384 | $ 212,090 | $ 431,030 | $ 411,113 |
Operating Income | 25,256 | 19,944 | 43,288 | 37,677 |
Truckload [Member] | ||||
Operating revenue | 94,200 | 96,022 | 189,332 | 187,744 |
Operating Income | 11,036 | 8,045 | 17,821 | 15,600 |
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 85,966 | 83,215 | 169,823 | 163,382 |
Truckload [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 8,234 | 12,807 | 19,509 | 24,362 |
Dedicated [Member] | ||||
Operating revenue | 75,427 | 67,010 | 150,464 | 124,735 |
Operating Income | 11,452 | 7,700 | 19,985 | 13,215 |
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 67,076 | 56,160 | 131,235 | 105,084 |
Dedicated [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 8,351 | 10,850 | 19,229 | 19,651 |
Intermodal [Member] | ||||
Operating revenue | 20,301 | 20,603 | 43,981 | 43,574 |
Operating Income | 954 | 1,536 | 2,260 | 3,930 |
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member] | ||||
Operating revenue | 18,542 | 17,527 | 39,136 | 37,282 |
Intermodal [Member] | Fuel Surcharge Revenue [Member] | ||||
Operating revenue | 1,759 | 3,076 | 4,845 | 6,292 |
Brokerage [Member] | ||||
Operating revenue | 22,456 | 28,455 | 47,253 | 55,060 |
Operating Income | $ 1,814 | $ 2,663 | $ 3,222 | $ 4,932 |
Note 14 - Consolidated Conden_2
Note 14 - Consolidated Condensed Statements of Cash Flows Reclassifications (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Net Cash Provided by (Used in) Operating Activities, Total | $ 104,067 | $ 75,101 |
Net Cash Provided by (Used in) Investing Activities, Total | $ (59,190) | (45,770) |
Reclassification Of Tires In Service Amortization And Operating Leases [Member] | ||
Net Cash Provided by (Used in) Operating Activities, Total | 1,600 | |
Net Cash Provided by (Used in) Investing Activities, Total | $ (1,600) |
Note 16 - Stock split Subsequ_2
Note 16 - Stock split Subsequent Event (Details Textual) | Aug. 13, 2020$ / sharesshares | Jul. 07, 2017 | Aug. 12, 2020shares | Jun. 30, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares | 55,107,805 | 54,703,466 | |||
Stock Split from [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||
Stock Split from [Member] | Forecast [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | ||||
Stock Split To [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3 | ||||
Stock Split To [Member] | Forecast [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||||
Stock Split [Member] | Forecast [Member] | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||
Stockholders' Equity Note, Stock Split, Dividend Settlement, Percent | 50.00% | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares | 82,700,000 | 55,100,000 |