PTSI P A M Transport Services Inc

P.A.M. TRANSPORTATION SERVICES, INC.

Form 10-Q

For the Quarter Ended March 31, 2024

Table of Contents

 

Part I. Financial Information
Item 1.	Financial Statements (unaudited).	3
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	5
	Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023	6
	Notes to Condensed Consolidated Financial Statements as of March 31, 2024	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	18
Item 4.	Controls and Procedures.	18
Part II. Other Information
Item 1.	Legal Proceedings.	19
Item 1A.	Risk Factors.	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	19
Item 5.	Other Information.	19
Item 6.	Exhibits.	20
Signatures		21

 

 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

 

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data)

 

 

See notes to condensed consolidated financial statements.

 

 

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data)

 

 

See notes to condensed consolidated financial statements.

 

 

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands)

 

 

See notes to condensed consolidated financial statements.

 

 

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)

 

 

 

 

See notes to condensed consolidated financial statements.

 

 

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (unaudited)

March 31, 2024

 

 

NOTE A: BASIS OF PRESENTATION

In accordance with generally accepted accounting principles (“GAAP”) and applicable rules of the Securities and Exchange Commission, the information reported in this Quarterly Report on Form 10-Q for P.A.M. Transportation Services, Inc. and its legally distinct subsidiaries, unless otherwise indicated, is presented on a consolidated basis. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “P.A.M.,” the “Company,” “we,” “our,” or “us” mean P.A.M. Transportation Services, Inc. and its consolidated subsidiaries.

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.

 

NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update, (“ASU”) No. 2023-09, (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on its financial condition, results of operations, or cash flows.

 

The Company considered the applicability and impact of ASU 2023-09 and all other accounting standard updates issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and determined there are not any ASUs that have not already been adopted which require significant consideration for disclosure as of March 31, 2024. Additionally, the Company did not adopt any new ASUs during the quarter ended March 31, 2024.

 

NOTE C: REVENUE RECOGNITION

The Company has a single performance obligation, which is to transport our customer’s freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition, are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations.

 

Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may exist for the equipment utilized to perform these services, including Company owned or leased, owner-operator owned, and third-party carriers, revenue is generated from the same base of customers. Contracts with these customers establish rates for services performed, which are predominantly rates that will be paid to pick up, transport and drop off freight at various locations. In addition to transportation, revenue is also awarded for various accessorial services performed in conjunction with the base transportation service. The Company also has other revenue categories that are not discussed in this note or broken out in our condensed consolidated statements of operations due to their immaterial amounts.

 

In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, control of freight is transferred to us at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, the responsibility for invoice payment and the pickup and delivery locations. Our revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event our customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, we are entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one to three days; however, freight is sometimes stored temporarily in our trailer at one of our drop yard locations or at a location designated by a customer. Our revenue is categorized as either Freight Revenue or Fuel Surcharge Revenue, and both are earned by performing the same freight transportation services, as discussed further below.

 

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Table of Contents

 

Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers.

 

Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed-upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that approximately adjusts diesel fuel costs to an agreed-upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate base amount agreed upon.

 

Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. There are no assets or liabilities recorded in conjunction with revenue recognized, other than accounts receivable and estimated credit losses.

 

NOTE D: MARKETABLE EQUITY SECURITIES

The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).

 

Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J.

 

The following table sets forth market value, cost, and unrealized gains on equity securities as of March 31, 2024 and December 31, 2023.

 

		March 31, 2024				December 31, 2023
		(in thousands)
Fair market value		$	45,789			$	43,203
Cost			30,294				30,294
Unrealized gain		$	15,495			$	12,909

 

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of March 31, 2024 and December 31, 2023.

 

		March 31, 2024				December 31, 2023
		(in thousands)
Gross unrealized gains		$	18,098			$	15,539
Gross unrealized losses			2,603				2,630
Net unrealized gain		$	15,495			$	12,909

 

The Company did not sell any marketable equity securities and had no realized gains or losses during the quarter ending on March 31, 2024 or 2023, respectively.

 

For the quarter ended March 31, 2024, the Company recognized dividends received of approximately $349,000 in non-operating income in its condensed consolidated statements of operations. For the quarter ended March 31, 2023, the Company recognized dividends received of approximately $377,000 in non-operating income in its condensed consolidated statements of operations.

 

The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2024, the Company had no outstanding borrowings under its margin account, which is no change from December 31, 2023, when the Company had no outstanding borrowings under the same account. Margin account borrowings, when utilized, are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.

 

Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $2,586,000 during the first quarter of 2024, and a net unrealized pre-tax loss in market value of approximately $288,000 during the first quarter of 2023, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

 

 

NOTE E: STOCK-BASED COMPENSATION

The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may be granted. Under the Plan, 3,000,000 shares are reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock value under the Plan shall not be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted.

 

The Company did not grant any shares of common stock during the first three months of 2024.

 

The total grant date fair value of stock vested during the first three months of 2024 was approximately $450,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2024, was approximately $192,000 and includes approximately $0 recognized as a result of the grant of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first three months of 2024. As of March 31, 2024, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,942,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $536,000 in additional compensation expense related to unvested stock awards during the remainder of 2024 and to recognize approximately $777,000, $493,000, and $136,000 in additional compensation expense related to unvested stock awards during the years 2025, 2026, and 2027, respectively.

 

During the first three months of 2023, the Company granted 28,313 shares of common stock to key employees. Those stock awards had a grant date fair value of $28.30 per share, based on the closing price of the Company’s stock on the date of grant, and vest in 25% increments over four years, beginning one year from the anniversary date of the grant.

 

The total grant date fair value of stock vested during the first three months of 2023 was approximately $206,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2023, was approximately $208,000 and includes approximately $0 recognized as a result of the grant of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first three months of 2023. As of March 31, 2023, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $2,999,000, which is being amortized on a straight-line basis over the remaining vesting period.

 

A summary of the status of the Company’s non-vested restricted stock as of March 31, 2024, and changes during the three months ended March 31, 2024, is as follows:

 

		Restricted Stock
		Number of Shares				Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2024			198,859			$	14.07
Granted			-				-
Canceled/forfeited/expired			-				-
Vested			(15,846	)			28.40
Non-vested at March 31, 2024			183,013			$	12.83

 

 

NOTE F: SEGMENT INFORMATION

The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services; however, in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments have similar economic characteristics and can be aggregated into a single reportable segment, Motor Carrier Operations. Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows:

 

		Three Months Ended March 31,
		2024								2023
		Amount				%				Amount				%
		(in thousands, except percentage data)
Truckload Services revenue		$	102,200				63.5			$	125,198				64.7
Brokerage and Logistics Services revenue			58,769				36.5				68,256				35.3
Total revenues		$	160,969				100.0			$	193,454				100.0

 

NOTE G: TREASURY STOCK

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. As of March 31, 2024, there remain 475,066 shares of common stock authorized for repurchase under this plan.

 

The Company accounts for treasury stock using the cost method. As of March 31, 2024, 296,330 shares were held in the treasury at an aggregate cost of approximately $8,736,000.

 

NOTE H: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

 

		Three Months Ended
		March 31,
		2024				2023
		(in thousands, except per share data)
Net income		$	281			$	5,231
Basic weighted average common shares outstanding			22,031				22,148
Dilutive effect of common stock equivalents			96				169
Diluted weighted average common shares outstanding			22,127				22,317
Basic earnings per share		$	0.01			$	0.24
Diluted earnings per share		$	0.01			$	0.23

   

NOTE I: INCOME TAXES

The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three years, and as a result, the Company’s tax years 2020 and forward remain open to examination in those jurisdictions.

 

In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, Accounting for Income Taxes, weighs all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of March 31, 2024, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary.

 

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of March 31, 2024, an adjustment to the Company’s condensed consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the three months ended March 31, 2024 and 2023, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.

 

The Company’s effective income tax rates were 25.7% and 25.7% for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate for the three months ended March 31, 2024 differs from amounts computed by applying the United States federal statutory rates to pre-tax income primarily due to state income taxes.

 

 

NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.

 

The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

	Level 1:		Quoted market prices in active markets for identical assets or liabilities.
	Level 2:		Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.
	Level 3:		Unobservable inputs that are supported by little or no market activity.

 

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

 

At March 31, 2024, the following items are measured at fair value on a recurring basis:

 

		Total				Level 1				Level 2				Level 3
		(in thousands)
Marketable equity securities		$	45,789			$	45,789				-				-

 

The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities.

 

The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently.

 

For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2024 was as follows:

 

		Carrying Value				Estimated Fair Value
		(in thousands)
Long-term debt		$	271,562			$	259,185

 

The Company has not elected the fair value option for any of its financial instruments.

 

NOTE K: NOTES PAYABLE

During the first three months of 2024, the Company’s subsidiaries entered into installment obligations totaling approximately $30.3 million for the purpose of purchasing revenue equipment and other assets. These obligations are payable in monthly installments and are recorded in long-term debt and current maturities on the condensed consolidated balance sheets. The terms of these obligations range from 60 to 84 months.

 

NOTE L: LITIGATION

We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. We are currently self-insured for certain layers of auto liability claims in excess of $2.0 million. Therefore, we specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims.

 

If we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

 

 

NOTE M: LEASES

The Company currently leases shop, office and parking spaces in various locations in the United States and Mexico. The initial term for the majority of these leases is one year or less, with an option for early cancellation and an option to renew for subsequent one- month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor.

 

The initial lease term for certain shop and office locations is for periods ranging from one to five years with early cancellation options. The Company prefers that leases include early cancellation provisions to prevent becoming locked into long-term leases that become operationally unjustified and to allow the flexibility to pursue more cost-effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which may or may not be exercised. Based on historical experience, the Company does not always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend.

 

The Company leases trucks to owner-operators under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal.

 

Right-of-Use Leases

 

The Company is party to operating leases which include initial terms ranging from three to five years and which do not include an option for early cancellation. In accordance with the provisions of ASC Topic 842, these leases resulted in the recognition of right-of-use assets and corresponding operating lease liabilities, respectively, valued at $0.03 million as of March 31, 2024. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable. The right-of-use assets are recorded in other assets, and the lease liability is recorded in accrued expenses and other liabilities and in other long-term liabilities on our condensed consolidated balance sheets. Lease expense is recorded on a straight-line basis over the lease term and is recorded in rent and purchased transportation in our condensed consolidated statements of operations. While these lease agreements may contain provisions to extend after the initial term for an additional five years, the Company is not reasonably certain these extension options will be exercised. Therefore, potential lease payments that might occur under this extension period are not included in amounts recorded in our condensed consolidated balance sheets as of March 31, 2024.

 

Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at March 31, 2024, are:

 

Maturity of Lease Liabilities		(in thousands)
2024 (remaining)		$	29
2025			-
2026 and thereafter			-
Total undiscounted operating lease payments		$	29
Less: Imputed interest			-
Present value of operating lease liabilities		$	29
Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)		$	29
Current lease liabilities (recorded in other current liabilities)		$	29
Long-term lease liabilities (recorded in other long-term liabilities)			-
Total operating lease liabilities		$	29
Other Information
Weighted-average remaining lease term for operating leases (years)			0.08
Weighted-average discount rate for operating leases			3.74	%

 

Cash Flows

 

No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three months ended March 31, 2024. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the three months ended March 31, 2024, and is included in operating cash flows within the condensed consolidated statement of cash flows.

 

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Operating Lease Costs

 

		Three Months Ended
		March 31,
		2024				2023
		(in thousands)
Long term		$	85			$	81
Short term			692				738
Total		$	777			$	819

 

Lease Revenue

 

The Company's operating lease revenue is disclosed in the table below.

 

		Three Months Ended
		March 31,
		2024				2023
		(in thousands)
Leased truck revenue (recorded in revenue, before fuel surcharge)		$	1,991			$	2,049
Leased facility space revenue (recorded in non-operating income)			128				99
Total lease revenue		$	2,119			$	2,148

 

The Company leases trucks to owner-operators under operating leases, which generally have a term of up to five years and include options to purchase the truck at the end of the lease. In the event that an independent contractor defaults on their lease, the Company generally leases the truck to another independent contractor.

 

As of March 31, 2024, the gross carrying value of trucks underlying these leases was $58.6 million and accumulated depreciation was $24.4 million. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the quarter ended March 31, 2024, the Company incurred $2.0 million of depreciation expense for these assets.

 

The Company leases dock space to a related party at our Laredo, Texas, terminal. The dock space is depreciated in conjunction with the structures and improvements for the entire Laredo terminal on a straight-line basis over the estimated useful life of the assets. Lease income is recorded as a component of non-operating income in our condensed consolidated statements of operations.

 

Lease Receivables

 

Future minimum operating lease payments receivable at March 31, 2024:

 

		(in thousands)
2024 (remaining)		$	6,192
2025			7,248
2026			4,394
2027			46
2028 and thereafter			-
Total future minimum lease payments receivable		$	17,880

 

NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES

The Company financed approximately $30.3 million in equipment purchases during the first three months of 2024 utilizing noncash financing.

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

FORWARD-LOOKING INFORMATION

Certain information included in this Quarterly Report on Form 10-Q constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; recessionary economic cycles and downturns in customers' business cycles; increases or rapid fluctuations in fuel prices, inflation, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties due to public health crises; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisition and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, laws and regulations governing the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; a significant reduction in or termination of the Company's trucking service by a key customer; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

 

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the fiscal year ended December 31, 2023.

 

BUSINESS OVERVIEW

The Company is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers. Unless the context otherwise requires, this report presents information regarding the Company and its subsidiaries on a consolidated basis. The Company’s administrative headquarters are in Tontitown, Arkansas. From this location we manage operations conducted through our wholly-owned subsidiaries based in various locations around the United States and in Mexico and Canada. The operations of these subsidiaries can generally be classified into either truckload services or brokerage and logistics services. This designation is based primarily on the ownership of the asset that performed the freight transportation service. Truckload services are performed by Company divisions that generally utilize Company-owned trucks, long-term contractors, or single-trip contractors to transport loads of freight for customers, while brokerage and logistics services coordinate or facilitate the transport of loads of freight for customers and generally involve the utilization of single-trip contractors. Both our truckload operations and our brokerage and logistics operations have similar economic characteristics and are impacted by virtually the same economic factors as discussed elsewhere in this report.

 

For both operations, substantially all of our revenue is generated by transporting freight for customers and is predominantly affected by the rates per mile received from our customers, equipment utilization, and our percentage of non-compensated miles. These aspects of our business are carefully managed, and efforts are continuously underway to achieve favorable results. Truckload services revenues, excluding fuel surcharges, represented 63.5% and 64.7% of total revenues, excluding fuel surcharges, for the quarters ended March 31, 2024, and 2023, respectively. The remaining revenues, excluding fuel surcharges, were generated from brokerage and logistics services.

 

The main factors that impact our profitability on the expense side are costs incurred in transporting freight for our customers. Currently, our most challenging costs include fuel, driver recruitment, training, wage and benefits costs, independent broker costs (which we record as purchased transportation), insurance, maintenance and capital equipment costs.

 

 

In discussing our results of operations, we use revenue, before fuel surcharge (and fuel expense, net of fuel surcharge), because management believes that eliminating the impact of this sometimes volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During the three months ended March 31, 2024 and 2023, approximately $21.6 million and $28.3 million, respectively, of the Company’s total revenue was generated from fuel surcharges. We may also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We do this because we believe the variable cost nature of certain expenses makes a comparison of changes in expenses as a percentage of revenue more meaningful than absolute dollar changes.

 

RESULTS OF OPERATIONS – TRUCKLOAD SERVICES

The following table sets forth, for truckload services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Fuel costs are reported net of fuel surcharges.

 

		Three Months Ended
		March 31,
		2024				2023
		(percentages)
Operating revenues, before fuel surcharge			100.0				100.0
Operating expenses:
Salaries, wages and benefits			40.5				36.2
Operating supplies and expenses			12.4				10.0
Rent and purchased transportation			22.2				24.6
Depreciation			18.3				12.9
Insurance and claims			4.8				12.3
Other			5.8				3.8
Loss (gain) on sale or disposal of property			0.2				(0.5	)
Total operating expenses			104.2				99.3
Operating (Loss) / Income			(4.2	)			0.7
Non-operating income			3.7				0.6
Interest expense			(2.5	)			(1.5	)
(Loss) / Income before income taxes			(3.0	)			(0.2	)

 

THREE MONTHS ENDED MARCH 31, 2024 VS. THREE MONTHS ENDED MARCH 31, 2023

 

During the first quarter of 2024, truckload services revenue, before fuel surcharges, decreased by 18.4% to $102.2 million as compared to $125.2 million during the first quarter of 2023. The decrease relates primarily to a 14.0% decrease in loaded miles travelled from 48.9 million for the first quarter of 2023 to 42.1 million for the first quarter of 2024 and to a 5.2% decrease in our rate per loaded mile, from $2.56 for the first quarter of 2023 to $2.43 for the first quarter of 2024. The reduction in loaded miles was primarily driven by a 7.5% reduction in the average number of trucks operated combined with a 4.3% reduction in average miles driven by each truck for the first quarter of 2024 compared to the first quarter of 2023. The reduction in truck count and miles resulted from a less favorable freight market year over year, characterized by an oversupply of available trucks in the market compared to available freight.

 

Salaries, wages and benefits increased from 36.2% of revenues, before fuel surcharges, in the first quarter of 2023 to 40.5% of revenues, before fuel surcharges, during the first quarter of 2024. This percentage-based increase relates primarily to an increase in the percentage of miles driven by company-employed drivers, as opposed to third-party owner-operators during the first quarter of 2024 compared to the first quarter of 2023. In addition, the interaction of salaries and wages with fixed-cost characteristics combined with the year to year reduction in first quarter revenue, resulted in an increase in this category when measured as a percentage of revenue.

 

Operating supplies and expenses increased from 10.0% of revenues, before fuel surcharges, during the first quarter of 2023 to 12.4% of revenues, before fuel surcharges, during the first quarter of 2024. The increase relates primarily to the interaction of expenses with fixed-cost characteristics, such as rents, driver training schools and operating taxes and licenses with a decrease in revenue. The increase also relates to an increase in the average surcharge-adjusted fuel price paid per gallon of diesel fuel, due to decreased fuel surcharge collections from customers for the quarter ended March 31, 2024 compared to March 31, 2023.

 

Rent and purchased transportation decreased from 24.6% of revenues, before fuel surcharges, during the first quarter of 2023 to 22.2% of revenues, before fuel surcharges, during the first quarter of 2024. The decrease was primarily due to a decrease in the percentage of miles driven by third-party owner-operators as opposed to company-employed drivers, as well as a decrease in the rates paid to third-party owner-operators for the quarter-ended March 31, 2024 compared to March 31, 2023.

 

 

Depreciation increased from 12.9% of revenues, before fuel surcharges, during the first quarter of 2023 to 18.3% of revenues, before fuel surcharges, during the first quarter of 2024. The increase relates primarily to an increase in cost for replacement revenue equipment compared to the cost of retired equipment and to the interaction of a decrease in operating revenues with the fixed-cost nature of depreciation expense.

 

Insurance and claims decreased from 12.3% of revenues, before fuel surcharges, during the first quarter 2023 to 4.7% of revenues, before fuel surcharges, during the first quarter 2024. This decrease relates primarily to specific auto liability claims being settled in the latter half of 2023, and a reduction of the auto liability claims reserved in the first quarter of 2024, as compared to the first quarter of 2023. While our claims reserve did decrease quarter over quarter, we still saw an increase in the rate per mile paid for auto liability insurance in the first quarter of 2024 compared to the first quarter of 2023.

 

Non-operating income increased from 0.6% of revenues, before fuel surcharges, during the first quarter of 2023 to 3.7% of revenues, before fuel surcharges, during the first quarter of 2024. This increase resulted primarily from an increase in interest income recognized, combined with a larger increase in the market value of our marketable equity securities portfolio as of March 31, 2024 as compared to March 31, 2023.

 

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 99.3% for the first quarter of 2023 to 104.2% for the first quarter of 2024.

 

RESULTS OF OPERATIONS – LOGISTICS AND BROKERAGE SERVICES

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics.

 

		Three Months Ended
		March 31,
		2024				2023
		(percentages)
Operating revenues, before fuel surcharge			100.0				100.0
Operating expenses:
Salaries, wages and benefits			4.6				4.4
Rent and purchased transportation			86.1				82.4
Other			3.2				2.0
Total operating expenses			93.9				88.8
Operating income			6.1				11.2
Non-operating income			0.3				0.2
Interest expense			(0.5	)			(0.6	)
Income before income taxes			5.9				10.8

 

THREE MONTHS ENDED MARCH 31, 2024 VS. THREE MONTHS ENDED MARCH 31, 2023

 

During the first quarter of 2024, logistics and brokerage services revenue, before fuel surcharges, decreased 13.9% to $58.8 million as compared to $68.3 million during the first quarter of 2023. The decrease was primarily related to a 23.4% decrease in revenue per load, partially offset by a 12.4% increase in the number of loads during the first quarter 2024 as compared to 2023. The decrease in revenue per load was due to a reduction in rates paid for brokered loads, as spot market rates were negatively impacted by downward rate pressure driven by the challenging truckload freight rate environment across our industry year to year.

 

Rents and purchased transportation increased from 82.4% of revenues, before fuel surcharges, during the first quarter of 2023 to 86.1% of revenues, before fuel surcharges, during the first quarter of 2024. The increase results from paying third-party carriers a larger percentage of customer revenue, coupled with the interaction of a decrease in operating revenues with the need for purchased transportation.

 

The logistics and brokerage services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 88.8% for the first quarter of 2023 to 93.9% for the first quarter of 2024.

 

 

RESULTS OF OPERATIONS – COMBINED SERVICES

 

THREE MONTHS ENDED MARCH 31, 2024 VS. THREE MONTHS ENDED MARCH 31, 2023

 

Net income for all divisions was approximately $0.3 million, or 0.2% of revenues, before fuel surcharges, for the first quarter of 2024 as compared to net income of $5.2 million, or 2.7% of revenues, before fuel surcharges, for the first quarter of 2023. The decrease in net income resulted in diluted earnings per share of $0.01 for the first quarter of 2024 as compared to diluted earnings per share of $0.23 for the first quarter of 2023.

 

LIQUIDITY AND CAPITAL RESOURCES

Our business has required, and will continue to require, a significant investment in new revenue equipment. Our primary sources of liquidity have been funds provided by operations, proceeds from the sales of revenue equipment, and borrowings under our credit facilities, installment notes, and investment margin account.

 

During the first three months of 2024, we generated $9.6 million in cash from operating activities. Investing activities used $9.8 million in cash in the first three months of 2024. Financing activities used $20.4 million in cash in the first three months of 2024.

 

Our primary use of funds is for the purchase of revenue equipment. We typically use installment notes with fixed interest rates and terms ranging from 36 to 84 months, our existing line of credit on an interim basis, proceeds from the sale or trade of equipment, and cash flows from operations to finance capital expenditures and repay long-term debt. During the first three months of 2024, we utilized cash on hand, installment notes, and our line of credit to finance purchases of revenue equipment and other assets of approximately $21.8 million.

 

During the remainder of 2024, we expect to purchase approximately 519 new trucks and 1,196 new trailers while continuing to sell or trade older equipment, which we expect to result in net capital expenditures of approximately $82.5 million.

 

We currently intend to retain our future earnings to finance our growth and do not anticipate paying cash dividends in the foreseeable future.

 

During the first three months of 2024, we maintained a revolving line of credit. Amounts outstanding under the line bear interest at Term SOFR plus 1.35% (6.68% at March 31, 2024), are secured by our trade accounts receivable and mature on July 1, 2026. An “unused fee” of 0.25% is charged if average borrowings are less than $18.0 million. At March 31, 2024 outstanding advances on the line of credit were approximately $0.1 million, consisting of letters of credit, with availability to borrow $59.9 million.

 

Trade accounts receivable increased from $80.6 million at December 31, 2023 to $92.3 million at March 31, 2024. The increase resulted from an increase in freight revenues, which flow through accounts receivable, coupled with the reduction of receivables held in suspense during the first quarter of 2024 as compared to the fourth quarter of 2023.

 

Prepaid expenses and deposits decreased from $13.2 million at December 31, 2023 to $10.8 million at March 31, 2024. The decrease relates to the normal amortization of items prepaid as of December 31, 2023.

 

Revenue equipment decreased from $689.2 million at December 31, 2023 to $675.5 million at March 31, 2024. The decrease is primarily due to the disposition of aging trucks and trailers during the first quarter of 2024, partially offset by purchases of new trucks and trailers during the first quarter of 2024.

 

Land increased from $23.1 million at December 31, 2023 to $36.5 million at March 31, 2024. The increase is primarily due to the purchase of 16.23 acres in El Paso, TX that will serve as an additional terminal for our truckload operations.

 

Accounts payable decreased from $62.7 million at December 31, 2023 to $38.7 million at March 31, 2024. This decrease was primarily attributable to payments made in the first quarter of 2024 on contracts for revenue equipment placed in service, but not yet paid for at December 31,2023. There are no outstanding invoices for revenue equipment at March 31, 2024.

 

Long-term debt and current maturities of long term-debt are reviewed on an aggregate basis, as the classification of amounts in each category are typically affected merely by the passage of time. Long-term debt and current maturities of long-term debt, on an aggregate basis, increased from $261.7 million at December 31, 2023 to $271.6 million at March 31, 2024. The increase was primarily related to the financing of additional revenue equipment during the first quarter of 2024.

 

NEW ACCOUNTING PRONOUNCEMENTS

See Note B to the condensed consolidated financial statements for a description of the most recent accounting pronouncements and their impact, if any, on the Company.

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Our primary market risk exposures include equity price risk, interest rate risk, commodity price risk (the price paid to obtain diesel fuel for our trucks), and foreign currency exchange rate risk. The potential adverse impacts of these risks are discussed below. While the Company has used derivative financial instruments in the past to manage its interest rate and commodity price risks, the Company does not currently enter into such instruments for risk management purposes or for speculation or trading.

 

The following sensitivity analyses do not consider the effects that an adverse change may have on the overall economy, nor do they consider additional actions we may take to mitigate our exposure to such changes. Actual results of changes in prices or rates may differ materially from the hypothetical results described below.

 

Equity Price Risk

We hold certain actively traded marketable equity securities, which subjects the Company to fluctuations in the fair market value of its investment portfolio based on the current market price of such securities. The recorded value of marketable equity securities increased to $45.8 million at March 31, 2024 from $43.2 million at December 31, 2023. A 10% decrease in the market price of our marketable equity securities would cause a corresponding 10% decrease in the carrying amounts of these securities, or approximately $4.6 million. For additional information with respect to the marketable equity securities, see Note D to our condensed consolidated financial statements.

 

Interest Rate Risk

Our line of credit bears interest at a floating rate equal to SOFR plus a fixed percentage. Accordingly, changes in SOFR, which are affected by changes in interest rates, or a change to a new index rate, will affect the interest rate on, and therefore our costs under, the line of credit. Assuming $18.0 million of variable rate debt was outstanding under our line of credit for a full fiscal year, a hypothetical 100 basis point increase in SOFR would result in approximately $180,000 of additional interest expense.

 

Commodity Price Risk

Prices and availability of all petroleum products are subject to political, economic, and market factors that are generally outside of our control. Accordingly, the price and availability of diesel fuel, as well as other petroleum products, can be unpredictable. Because our operations are dependent upon diesel fuel, significant increases in diesel fuel costs could materially and adversely affect our results of operations and financial condition. Based upon our 2023 fuel consumption, a 10% increase in the average annual price per gallon of diesel fuel would increase our annual fuel expenses by $8.2 million.

 

Foreign Currency Exchange Rate Risk

We are exposed to foreign currency exchange rate risk related to the activities of our branch office located in Mexico. Currently, we do not hedge our exchange rate exposure through any currency forward contracts, currency options, or currency swaps as all of our revenues, and substantially all of our expenses and capital expenditures, are transacted in U.S. dollars. However, certain operating expenditures and capital purchases related to our Mexico branch office are incurred in or exposed to fluctuations in the exchange rate between the U.S. dollar and the Mexican peso. Based on 2023 expenditures denominated in pesos, a 10% increase in the exchange rate would increase our annual operating expenses by $0.9 million.

 

Item 4. Controls and Procedures.

 

Evaluation of disclosure controls and procedures. Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

Based on management’s evaluation, our chief executive officer and chief financial officer concluded that, as of March 31, 2024, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in internal controls over financial reporting. We regularly review our system of internal control over financial reporting and make changes to our processes and systems to improve controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating activities, and migrating processes.

 

There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. We are currently self-insured for certain layers of auto liability claims in excess of $2.0 million. Therefore, we specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. If we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

 

Item 1A. Risk Factors.

 

There have been no material changes to the Company’s risk factors as previously disclosed in Item 1A to Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. Since the reauthorization, the Company has repurchased 24,934 shares of its common stock under this repurchase program.

 

No shares were repurchased under the Company’s stock repurchase program during the first quarter of 2024.

 

Item 5. Other Information.

 

During the three months ended March 31, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

 

 

Item 6. Exhibits.

 

Exhibit Number		Exhibit Description
3.1		Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Company's Form 10-Q filed on May 15, 2002)
3.2		Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of Delaware on April 30, 2020 (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on May 1, 2020)
3.3		Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of Delaware on May 10, 2022
3.4		Second Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Company's Form 8-K filed on February 22, 2024)
10.1		2024 Equity Incentive Plan (incorporated by reference to Exhibit (d)(2) to the Company’s Tender Offer Statement on Schedule TO filed on April 24, 2024)
31.1		Rule 13a-14(a) Certification of Principal Executive Officer
31.2		Rule 13a-14(a) Certification of Principal Financial Officer
32.1		Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

	P.A.M. TRANSPORTATION SERVICES, INC.
Dated: May 7, 2024	By: /s/ Joseph A. Vitiritto
	Joseph A. Vitiritto
	President and Chief Executive Officer
	(principal executive officer)
Dated: May 7, 2024	By: /s/ Lance K. Stewart
	Lance K. Stewart
	Vice President-Finance, Chief Financial
	Officer, and Treasurer
	(principal accounting and financial officer)

 

 

 

Exhibit 3.3

 

CERTIFICATE OF AMENDMENT

 

OF

 

CERTIFICATE OF INCORPORATION

 

OF

 

P.A.M. TRANSPORTATION SERVICES, INC.

 

I.

 

The name of the corporation is P.A.M. Transportation Services, Inc.

 

II.

 

The Restated Certificate of Incorporation, as amended, shall be amended by deleting the first sentence of Article 4 thereof in its entirety and substituting the following in lieu thereof:

 

4.         The corporation shall have the authority to issue 60,000,000 shares of capital stock consisting of 50,000,000 shares of common stock, having a par value of $0.01 per share, designated as “common stock,” and 10,000,000 shares of preferred stock, having a par value of $0.01 per share, designated as “preferred stock.”

 

III.

 

The amendment set forth herein was adopted by the stockholders of the Corporation at the 2022 Annual Meeting of Stockholders held on May 5, 2022, in accordance with the applicable provisions of Section 242 of the Delaware General Corporation Law, as amended.

 

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be executed by Allen W. West, Vice President-Finance, Chief Financial Officer, Secretary and Treasurer of the Corporation, on the 9th day of May, 2022.

 

	P.A.M. TRANSPORTATION SERVICES, INC.
	By:	/s/ Allen W. West
		Allen W. West Vice President-Finance, Chief Financial Officer, Secretary and Treasurer

 

EXHIBIT 31.1

 

RULE 13a-14(a) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

 

I, JOSEPH A. VITIRITTO, President and Chief Executive Officer, certify that:

 

(1)

I have reviewed this quarterly report on Form 10-Q of P.A.M. Transportation Services, Inc., a Delaware corporation;

 

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

(5)

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 7, 2024

 

/s/ Joseph A. Vitiritto         

Joseph A. Vitiritto

President and Chief Executive Officer

(principal executive officer)

 

 

EXHIBIT 31.2

 

RULE 13a-14(a) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

 

 

I, LANCE K. STEWART, Chief Financial Officer, certify that:

 

(1)

I have reviewed this quarterly report on Form 10-Q of P.A.M. Transportation Services, Inc., a Delaware corporation;

 

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

(5)

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 7, 2024

 

/s/ Lance K. Stewart                  

Lance K. Stewart

Vice President-Finance, Chief Financial

Officer, and Treasurer

(principal accounting and financial officer)

 

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report of P.A.M. Transportation Services, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2024 (the “Report”) as filed with the Securities and Exchange Commission, each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: May 7, 2024

 

/s/ Joseph A. Vitiritto         

Joseph A. Vitiritto

President and Chief Executive Officer

(principal executive officer)

 

/s/ Lance K. Stewart         

Lance K. Stewart

Vice President-Finance, Chief Financial

Officer, and Treasurer

(principal accounting and financial officer)

 

 

 

v3.24.1.u1

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 18, 2024
Document Information [Line Items]
Entity Central Index Key	0000798287
Entity Registrant Name	PAM TRANSPORTATION SERVICES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-1507
Entity Tax Identification Number	71-0633135
Entity Address, Address Line One	297 West Henri De Tonti
Entity Address, City or Town	Tontitown
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72770
City Area Code	479
Local Phone Number	361-9111
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PTSI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,034,762

v3.24.1.u1

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 79,966	$ 100,614
Accounts receivable-net:
Trade, less current estimated credit loss of $5,835 and $7,717, respectively	92,318	80,604
Other	6,776	7,203
Inventories	2,385	2,321
Prepaid expenses and deposits	10,820	13,213
Marketable equity securities	45,789	43,203
Income taxes refundable	3,804	3,883
Total current assets	241,858	251,041
Property and equipment:
Land	36,460	23,078
Structures and improvements	44,567	43,552
Revenue equipment	675,490	689,173
Office furniture and equipment	15,439	15,328
Total property and equipment	771,956	771,131
Accumulated depreciation	(270,631)	(266,412)
Net property and equipment	501,325	504,719
Other Assets, Noncurrent	3,243	4,697
TOTAL ASSETS	746,426	760,457
Liabilities, Current [Abstract]
Accounts payable	38,703	62,652
Accrued expenses and other liabilities	16,695	16,799
Current maturities of long-term debt	52,692	57,645
Total current liabilities	108,090	137,096
Long-term debt - less current portion	218,870	204,064
Deferred income taxes	104,323	104,331
Other Liabilities, Noncurrent	500	750
Total liabilities	431,783	446,241
COMMITMENTS AND CONTINGENCIES (Note L)
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 50,000,000 shares authorized; 22,331,092 and 22,317,671 shares issued; 22,034,762 and 22,021,341 shares outstanding at March 31, 2024 and December 31, 2023, respectively	223	223
Additional paid-in capital	40,971	40,825
Treasury stock, at cost; 296,330 and 296,330 shares at March 31, 2024 and December 31, 2023, respectively	(8,736)	(8,736)
Retained earnings	282,185	281,904
Total stockholders’ equity	314,643	314,216
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 746,426	$ 760,457

v3.24.1.u1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Trade, allowance	$ 5,835	$ 7,717
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	22,331,092	22,317,671
Common stock, outstanding (in shares)	22,034,762	22,021,341
Treasury shares (in shares)	296,330	296,330

v3.24.1.u1

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
OPERATING REVENUES:
Operating revenues		$ 182,592	$ 221,724
OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		44,063	48,278
Operating supplies and expenses		34,712	41,073
Rent and purchased transportation		73,279	87,096
Depreciation		18,935	16,497
Insurance and claims		4,861	15,435
Other		7,179	5,423
Loss (Gain) on sale or disposition of equipment		240	(577)
Total operating expenses and costs		183,269	213,225
OPERATING INCOME		(677)	8,499
NON-OPERATING INCOME		3,938	899
INTEREST EXPENSE		(2,883)	(2,356)
INCOME BEFORE INCOME TAXES		378	7,042
FEDERAL AND STATE INCOME TAX EXPENSE (BENEFIT):
Current		105	2,371
Deferred		(8)	(560)
Total federal and state income tax expense		97	1,811
Net income		$ 281	$ 5,231
INCOME PER COMMON SHARE:
Basic (in dollars per share)		$ 0.01	$ 0.24
Diluted (in dollars per share)		$ 0.01	$ 0.23
AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	[1]	22,031	22,148
Diluted (in shares)	[1]	22,127	22,317
Freight Transportation Service [Member]
OPERATING REVENUES:
Operating revenues		$ 160,969	$ 193,454
Fuel Surcharge [Member]
OPERATING REVENUES:
Operating revenues		$ 21,623	$ 28,270
[1] As adjusted for the Company’s 2-for-1 forward stock splits paid in August 2021 and March 2022, respectively.

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 281	$ 5,231
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	18,935	16,497
Bad debt expense	1,967	302
Stock compensation-net of excess tax benefits	192	208
(Benefit) / Provision for deferred income taxes	(8)	(560)
(Gain) / Loss on marketable equity securities	(2,586)	288
Loss (Gain) on sale or disposition of equipment	240	(577)
Changes in operating assets and liabilities:
Accounts receivable	(13,253)	1,826
Prepaid expenses, deposits, inventories, and other assets	3,698	1,930
Income taxes payable	79	2,371
Trade accounts payable	355	(2,783)
Accrued expenses and other liabilities	(315)	9,474
Net cash provided by operating activities	9,585	34,207
INVESTING ACTIVITIES:
Purchases of property and equipment	(21,824)	(6,108)
Proceeds from disposition of equipment	12,022	7,192
Net cash (used in) / provided by investing activities	(9,802)	1,084
FINANCING ACTIVITIES:
Borrowings under line of credit	207,854	282,515
Repayments under line of credit	(207,854)	(282,515)
Repayments of long-term debt	(20,431)	(13,024)
Borrowings under margin account	0	18
Repayments under margin account	0	(383)
Repurchases of common stock	0	(3,516)
Net cash used in by financing activities	(20,431)	(16,905)
NET (DECREASE) / INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(20,648)	18,386
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period	100,614	74,087
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	79,966	92,473
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	2,933	2,353
Income taxes	27	0
NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$ 843	$ 528

v3.24.1.u1

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	22,166
Balance at Dec. 31, 2022		$ 223	$ 40,472	$ (4,000)	$ 263,488	$ 300,183
Net Income		0	0	0	5,231	5,231
Restricted stock issued (in shares)	7
Stock based compensation		0	208	0	0	208
Treasury stock repurchases (in shares)	(123)
Treasury stock repurchases		0	0	(3,516)	0	(3,516)
Balance (in shares) at Mar. 31, 2023	22,050
Balance at Mar. 31, 2023		223	40,680	(7,516)	268,719	302,106
Balance (in shares) at Dec. 31, 2023	22,021
Balance at Dec. 31, 2023		223	40,825	(8,736)	281,904	314,216
Net Income		0	0	0	281	281
Restricted stock issued (in shares)	14
Restricted stock issued		0	(46)	0	0	(46)
Stock based compensation		0	192	0	0	192
Balance (in shares) at Mar. 31, 2024	22,035
Balance at Mar. 31, 2024		$ 223	$ 40,971	$ (8,736)	$ 282,185	$ 314,643

v3.24.1.u1

Note A - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE A: BASIS OF PRESENTATION In accordance with generally accepted accounting principles (“GAAP”) and applicable rules of the Securities and Exchange Commission, the information reported in this Quarterly Report on Form 10-Q for P.A.M. Transportation Services, Inc. and its legally distinct subsidiaries, unless otherwise indicated, is presented on a consolidated basis. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “P.A.M.,” the “Company,” “we,” “our,” or “us” mean P.A.M. Transportation Services, Inc. and its consolidated subsidiaries.   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the three-month period ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.

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Note B - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update, (“ASU”) No. 2023-09, (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on its financial condition, results of operations, or cash flows.   The Company considered the applicability and impact of ASU 2023-09 and all other accounting standard updates issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and determined there are not any ASUs that have not already been adopted which require significant consideration for disclosure as of March 31, 2024. Additionally, the Company did not adopt any new ASUs during the quarter ended March 31, 2024.

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Note C - Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE C: REVENUE RECOGNITION The Company has a single performance obligation, which is to transport our customer’s freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition, are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations.   Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may exist for the equipment utilized to perform these services, including Company owned or leased, owner-operator owned, and third-party carriers, revenue is generated from the same base of customers. Contracts with these customers establish rates for services performed, which are predominantly rates that will be paid to pick up, transport and drop off freight at various locations. In addition to transportation, revenue is also awarded for various accessorial services performed in conjunction with the base transportation service. The Company also has other revenue categories that are not discussed in this note or broken out in our condensed consolidated statements of operations due to their immaterial amounts.   In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, control of freight is transferred to us at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, the responsibility for invoice payment and the pickup and delivery locations. Our revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event our customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, we are entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one to three days; however, freight is sometimes stored temporarily in our trailer at one of our drop yard locations or at a location designated by a customer. Our revenue is categorized as either Freight Revenue or Fuel Surcharge Revenue, and both are earned by performing the same freight transportation services, as discussed further below.   Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers.   Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed-upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that approximately adjusts diesel fuel costs to an agreed-upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate base amount agreed upon.   Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. There are no assets or liabilities recorded in conjunction with revenue recognized, other than accounts receivable and estimated credit losses.

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Note D - Marketable Equity Securities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE D: MARKETABLE EQUITY SECURITIES The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).   Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J.   The following table sets forth market value, cost, and unrealized gains on equity securities as of March 31, 2024 and December 31, 2023.       March 31, 2024     December 31, 2023       (in thousands)   Fair market value   $ 45,789     $ 43,203   Cost     30,294       30,294   Unrealized gain   $ 15,495     $ 12,909     The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of March 31, 2024 and December 31, 2023.       March 31, 2024     December 31, 2023       (in thousands)   Gross unrealized gains   $ 18,098     $ 15,539   Gross unrealized losses     2,603       2,630   Net unrealized gain   $ 15,495     $ 12,909     The Company did not sell any marketable equity securities and had no realized gains or losses during the quarter ending on March 31, 2024 or 2023, respectively.   For the quarter ended March 31, 2024, the Company recognized dividends received of approximately $349,000 in non-operating income in its condensed consolidated statements of operations. For the quarter ended March 31, 2023, the Company recognized dividends received of approximately $377,000 in non-operating income in its condensed consolidated statements of operations.   The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2024, the Company had no outstanding borrowings under its margin account, which is no change from December 31, 2023, when the Company had no outstanding borrowings under the same account. Margin account borrowings, when utilized, are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.   Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $2,586,000 during the first quarter of 2024, and a net unrealized pre-tax loss in market value of approximately $288,000 during the first quarter of 2023, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

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Note E - Stock-based Compensation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	NOTE E: STOCK-BASED COMPENSATION The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may be granted. Under the Plan, 3,000,000 shares are reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock value under the Plan shall not be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted.   The Company did not grant any shares of common stock during the first three months of 2024.   The total grant date fair value of stock vested during the first three months of 2024 was approximately $450,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2024, was approximately $192,000 and includes approximately $0 recognized as a result of the grant of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first three months of 2024. As of March 31, 2024, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,942,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $536,000 in additional compensation expense related to unvested stock awards during the remainder of 2024 and to recognize approximately $777,000, $493,000, and $136,000 in additional compensation expense related to unvested stock awards during the years 2025, 2026, and 2027, respectively.   During the first three months of 2023, the Company granted 28,313 shares of common stock to key employees. Those stock awards had a grant date fair value of $28.30 per share, based on the closing price of the Company’s stock on the date of grant, and vest in 25% increments over four years, beginning one year from the anniversary date of the grant.   The total grant date fair value of stock vested during the first three months of 2023 was approximately $206,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2023, was approximately $208,000 and includes approximately $0 recognized as a result of the grant of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first three months of 2023. As of March 31, 2023, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $2,999,000, which is being amortized on a straight-line basis over the remaining vesting period.   A summary of the status of the Company’s non-vested restricted stock as of March 31, 2024, and changes during the three months ended March 31, 2024, is as follows:       Restricted Stock       Number of Shares     Weighted- Average Grant Date Fair Value   Non-vested at January 1, 2024     198,859     $ 14.07   Granted     -       -   Canceled/forfeited/expired     -       -   Vested     (15,846 )     28.40   Non-vested at March 31, 2024     183,013     $ 12.83

v3.24.1.u1

Note F - Segment Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting and Concentration Risk Disclosure [Text Block]	NOTE F: SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services; however, in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments have similar economic characteristics and can be aggregated into a single reportable segment, Motor Carrier Operations. Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows:       Three Months Ended March 31,       2024     2023       Amount     %     Amount     %       (in thousands, except percentage data)                                     Truckload Services revenue   $ 102,200       63.5     $ 125,198       64.7   Brokerage and Logistics Services revenue     58,769       36.5       68,256       35.3   Total revenues   $ 160,969       100.0     $ 193,454       100.0

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Note G - Treasury Stock	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Treasury Stock [Text Block]	NOTE G: TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. As of March 31, 2024, there remain 475,066 shares of common stock authorized for repurchase under this plan.   The Company accounts for treasury stock using the cost method. As of March 31, 2024, 296,330 shares were held in the treasury at an aggregate cost of approximately $8,736,000.

v3.24.1.u1

Note H - Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE H: EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:       Three Months Ended       March 31,       2024     2023       (in thousands, except per share data)                     Net income   $ 281     $ 5,231                     Basic weighted average common shares outstanding     22,031       22,148   Dilutive effect of common stock equivalents     96       169   Diluted weighted average common shares outstanding     22,127       22,317                     Basic earnings per share   $ 0.01     $ 0.24   Diluted earnings per share   $ 0.01     $ 0.23

v3.24.1.u1

Note I - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE I: INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three years, and as a result, the Company’s tax years 2020 and forward remain open to examination in those jurisdictions.   In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, Accounting for Income Taxes, weighs all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of March 31, 2024, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary.   The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of March 31, 2024, an adjustment to the Company’s condensed consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the three months ended March 31, 2024 and 2023, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.   The Company’s effective income tax rates were 25.7% and 25.7% for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate for the three months ended March 31, 2024 differs from amounts computed by applying the United States federal statutory rates to pre-tax income primarily due to state income taxes.

v3.24.1.u1

Note J - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.   The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:     Level 1:   Quoted market prices in active markets for identical assets or liabilities.            Level 2:   Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.           Level 3:   Unobservable inputs that are supported by little or no market activity.   The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.   At March 31, 2024, the following items are measured at fair value on a recurring basis:       Total     Level 1     Level 2     Level 3       (in thousands)                                     Marketable equity securities   $ 45,789     $ 45,789       -       -     The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities.   The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently.   For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2024 was as follows:       Carrying Value     Estimated Fair Value       (in thousands)                     Long-term debt   $ 271,562     $ 259,185     The Company has not elected the fair value option for any of its financial instruments.

v3.24.1.u1

Note K - Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Long-Term Debt [Text Block]	NOTE K: NOTES PAYABLE During the first three months of 2024, the Company’s subsidiaries entered into installment obligations totaling approximately $30.3 million for the purpose of purchasing revenue equipment and other assets. These obligations are payable in monthly installments and are recorded in long-term debt and current maturities on the condensed consolidated balance sheets. The terms of these obligations range from 60 to 84 months.

v3.24.1.u1

Note L - Litigation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE L: LITIGATION We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. We are currently self-insured for certain layers of auto liability claims in excess of $2.0 million. Therefore, we specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims.   If we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

v3.24.1.u1

Note M - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessor, Operating Leases [Text Block]	NOTE M: LEASES The Company currently leases shop, office and parking spaces in various locations in the United States and Mexico. The initial term for the majority of these leases is one year or less, with an option for early cancellation and an option to renew for subsequent one- month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor.   The initial lease term for certain shop and office locations is for periods ranging from one to five years with early cancellation options. The Company prefers that leases include early cancellation provisions to prevent becoming locked into long-term leases that become operationally unjustified and to allow the flexibility to pursue more cost-effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which may or may not be exercised. Based on historical experience, the Company does not always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend.   The Company leases trucks to owner-operators under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal.   Right-of-Use Leases   The Company is party to operating leases which include initial terms ranging from three to five years and which do not include an option for early cancellation. In accordance with the provisions of ASC Topic 842, these leases resulted in the recognition of right-of-use assets and corresponding operating lease liabilities, respectively, valued at $0.03 million as of March 31, 2024. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable. The right-of-use assets are recorded in other assets, and the lease liability is recorded in accrued expenses and other liabilities and in other long-term liabilities on our condensed consolidated balance sheets. Lease expense is recorded on a straight-line basis over the lease term and is recorded in rent and purchased transportation in our condensed consolidated statements of operations. While these lease agreements may contain provisions to extend after the initial term for an additional five years, the Company is not reasonably certain these extension options will be exercised. Therefore, potential lease payments that might occur under this extension period are not included in amounts recorded in our condensed consolidated balance sheets as of March 31, 2024.   Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at March 31, 2024, are:   Maturity of Lease Liabilities   (in thousands)   2024 (remaining)   $ 29   2025     -   2026 and thereafter     -   Total undiscounted operating lease payments   $ 29   Less: Imputed interest     -   Present value of operating lease liabilities   $ 29             Balance Sheet Classification         Right-of-use assets (recorded in other non-current assets)   $ 29             Current lease liabilities (recorded in other current liabilities)   $ 29   Long-term lease liabilities (recorded in other long-term liabilities)     -   Total operating lease liabilities   $ 29             Other Information         Weighted-average remaining lease term for operating leases (years)     0.08   Weighted-average discount rate for operating leases     3.74 %   Cash Flows   No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three months ended March 31, 2024. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the three months ended March 31, 2024, and is included in operating cash flows within the condensed consolidated statement of cash flows.   Operating Lease Costs       Three Months Ended       March 31,       2024     2023       (in thousands)           Long term   $ 85     $ 81   Short term     692       738   Total   $ 777     $ 819     Lease Revenue   The Company's operating lease revenue is disclosed in the table below.       Three Months Ended       March 31,       2024     2023       (in thousands)   Leased truck revenue (recorded in revenue, before fuel surcharge)   $ 1,991     $ 2,049   Leased facility space revenue (recorded in non-operating income)     128       99   Total lease revenue   $ 2,119     $ 2,148     The Company leases trucks to owner-operators under operating leases, which generally have a term of up to five years and include options to purchase the truck at the end of the lease. In the event that an independent contractor defaults on their lease, the Company generally leases the truck to another independent contractor.   As of March 31, 2024, the gross carrying value of trucks underlying these leases was $58.6 million and accumulated depreciation was $24.4 million. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the quarter ended March 31, 2024, the Company incurred $2.0 million of depreciation expense for these assets.   The Company leases dock space to a related party at our Laredo, Texas, terminal. The dock space is depreciated in conjunction with the structures and improvements for the entire Laredo terminal on a straight-line basis over the estimated useful life of the assets. Lease income is recorded as a component of non-operating income in our condensed consolidated statements of operations.   Lease Receivables   Future minimum operating lease payments receivable at March 31, 2024:       (in thousands)             2024 (remaining)   $ 6,192   2025     7,248   2026     4,394   2027     46   2028 and thereafter     -   Total future minimum lease payments receivable   $ 17,880

v3.24.1.u1

Note N - Noncash Investing and Financing Activities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Noncash Investing and Financing Activities Disclosure [Text Block]	NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES The Company financed approximately $30.3 million in equipment purchases during the first three months of 2024 utilizing noncash financing.

v3.24.1.u1

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information.   During the three months ended March 31, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

v3.24.1.u1

Note D - Marketable Equity Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Marketable Securities [Table Text Block]	March 31, 2024     December 31, 2023       (in thousands)   Fair market value   $ 45,789     $ 43,203   Cost     30,294       30,294   Unrealized gain   $ 15,495     $ 12,909
Unrealized Gain (Loss) on Investments [Table Text Block]	March 31, 2024     December 31, 2023       (in thousands)   Gross unrealized gains   $ 18,098     $ 15,539   Gross unrealized losses     2,603       2,630   Net unrealized gain   $ 15,495     $ 12,909

v3.24.1.u1

Note E - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Restricted Stock       Number of Shares     Weighted- Average Grant Date Fair Value   Non-vested at January 1, 2024     198,859     $ 14.07   Granted     -       -   Canceled/forfeited/expired     -       -   Vested     (15,846 )     28.40   Non-vested at March 31, 2024     183,013     $ 12.83

v3.24.1.u1

Note F - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended March 31,       2024     2023       Amount     %     Amount     %       (in thousands, except percentage data)                                     Truckload Services revenue   $ 102,200       63.5     $ 125,198       64.7   Brokerage and Logistics Services revenue     58,769       36.5       68,256       35.3   Total revenues   $ 160,969       100.0     $ 193,454       100.0

v3.24.1.u1

Note H - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended       March 31,       2024     2023       (in thousands, except per share data)                     Net income   $ 281     $ 5,231                     Basic weighted average common shares outstanding     22,031       22,148   Dilutive effect of common stock equivalents     96       169   Diluted weighted average common shares outstanding     22,127       22,317                     Basic earnings per share   $ 0.01     $ 0.24   Diluted earnings per share   $ 0.01     $ 0.23

v3.24.1.u1

Note J - Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total     Level 1     Level 2     Level 3       (in thousands)                                     Marketable equity securities   $ 45,789     $ 45,789       -       -
Fair Value, by Balance Sheet Grouping [Table Text Block]	Carrying Value     Estimated Fair Value       (in thousands)                     Long-term debt   $ 271,562     $ 259,185

v3.24.1.u1

Note M - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Maturity of Lease Liabilities   (in thousands)   2024 (remaining)   $ 29   2025     -   2026 and thereafter     -   Total undiscounted operating lease payments   $ 29   Less: Imputed interest     -   Present value of operating lease liabilities   $ 29             Balance Sheet Classification         Right-of-use assets (recorded in other non-current assets)   $ 29             Current lease liabilities (recorded in other current liabilities)   $ 29   Long-term lease liabilities (recorded in other long-term liabilities)     -   Total operating lease liabilities   $ 29             Other Information         Weighted-average remaining lease term for operating leases (years)     0.08   Weighted-average discount rate for operating leases     3.74 %
Lease, Cost [Table Text Block]	Three Months Ended       March 31,       2024     2023       (in thousands)           Long term   $ 85     $ 81   Short term     692       738   Total   $ 777     $ 819
Operating Lease, Lease Income [Table Text Block]	Three Months Ended       March 31,       2024     2023       (in thousands)   Leased truck revenue (recorded in revenue, before fuel surcharge)   $ 1,991     $ 2,049   Leased facility space revenue (recorded in non-operating income)     128       99   Total lease revenue   $ 2,119     $ 2,148
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]	(in thousands)             2024 (remaining)   $ 6,192   2025     7,248   2026     4,394   2027     46   2028 and thereafter     -   Total future minimum lease payments receivable   $ 17,880

v3.24.1.u1

Note D - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investment Income, Dividend	$ 349,000	$ 377,000
Equity Securities, FV-NI, Unrealized Gain (Loss)	2,586,000	$ 288,000
Margin Account Borrowings [Member] | Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member]
Short-Term Debt	$ 0		$ 0

v3.24.1.u1

Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair market value	$ 45,789	$ 43,203
Cost	30,294	30,294
Unrealized gain	$ 15,495	$ 12,909

v3.24.1.u1

Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Gross unrealized gains	$ 18,098	$ 15,539
Gross unrealized losses	2,603	2,630
Unrealized gain	$ 15,495	$ 12,909

v3.24.1.u1

Note E - Stock-based Compensation (Details Textual) - USD ($)		1 Months Ended	3 Months Ended
	May 29, 2014	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value			$ 450,000	$ 206,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted (in dollars per share)			$ 0.01	$ 0.01
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 1,942,000	$ 2,999,000
Amortization, Current Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			536,000
Amortization, Next Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			777,000
Amortization Year 2 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			493,000
Amortization, Year 3 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			136,000
Salaries, Wages and Benefits [Member]
Share-Based Payment Arrangement, Expense			192,000	208,000
Salaries, Wages and Benefits [Member] | Director [Member]
Share-Based Payment Arrangement, Expense			$ 0	$ 0
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 0
The 2014 Stock Option Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)					3,000,000
The 2014 Stock Option Plan [Member] | Stock Award [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			0
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		28,313
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 28.3
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		4 years
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		25.00%
The 2014 Stock Option Plan [Member] | Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%

v3.24.1.u1

Note E - Stock-based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Non-vested (in shares) | shares	198,859
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 14.07
Granted (in shares) | shares	0
Granted - weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Canceled/forfeited/expired (in shares) | shares	0
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Vested (in shares) | shares	(15,846)
Vested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 28.4
Non-vested (in shares) | shares	183,013
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares	$ 12.83

v3.24.1.u1

Note F - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2024
Number of Operating Segments	2

v3.24.1.u1

Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, before fuel surcharges	$ 182,592	$ 221,724
Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 160,969	$ 193,454
Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	100.00%	100.00%
Truckload Services [Member] | Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 102,200	$ 125,198
Truckload Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	63.50%	64.70%
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 58,769	$ 68,256
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Revenue, before fuel surcharges, percentage	36.50%	35.30%

v3.24.1.u1

Note G - Treasury Stock (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Sep. 01, 2011
Treasury Stock, Common, Shares (in shares)	296,330	296,330
Treasury Stock, Common, Value	$ 8,736,000	$ 8,736,000
September 2011 Reauthorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)			500,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	475,066
Treasury Stock, Common, Shares (in shares)	296,330
Treasury Stock, Common, Value	$ 8,736,000

v3.24.1.u1

Note H - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Income		$ 281	$ 5,231
Basic weighted average common shares outstanding (in shares)	[1]	22,031	22,148
Dilutive effect of common stock equivalents (in shares)		96	169
Diluted weighted average common shares outstanding (in shares)	[1]	22,127	22,317
Basic earnings per share (in dollars per share)		$ 0.01	$ 0.24
Diluted earnings per share (in dollars per share)		$ 0.01	$ 0.23
[1] As adjusted for the Company’s 2-for-1 forward stock splits paid in August 2021 and March 2022, respectively.

v3.24.1.u1

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statute of Limitations (Year)	3 years
Open Tax Year	2020
Income Tax Examination, Penalties and Interest Expense	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent	25.70%	25.70%

v3.24.1.u1

Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable equity securities	$ 45,789	$ 43,203
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	$ 45,789

v3.24.1.u1

Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands	Mar. 31, 2024 USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 271,562
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 259,185

v3.24.1.u1

Note K - Notes Payable (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Notes Payable	$ 30.3
Minimum [Member] | Notes Payable [Member]
Debt Instrument, Term (Month)	60 months
Maximum [Member] | Notes Payable [Member]
Debt Instrument, Term (Month)	84 months

v3.24.1.u1

Note L - Litigation (Details Textual) - USD ($) $ in Millions	Mar. 31, 2023	Sep. 01, 2020
Self Insurance Auto Liability Claims Threshold Amount		$ 2
Minimum [Member]
Self Insurance Liability Claims, Exceeding Amount Reserve Threshold	$ 2

v3.24.1.u1

Note M - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating Lease, Right-of-Use Asset	$ 29
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	0
Operating Lease, Payments	100
Property, Plant and Equipment, Net	501,325		$ 504,719
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	270,631		$ 266,412
Depreciation	18,935	$ 16,497
Leases without Early Cancellation Options [Member]
Operating Lease, Right-of-Use Asset	$ 30
Trucks under Operating Lease [Member]
Lessor, Operating Lease, Term of Contract (Year)	5 years
Property, Plant and Equipment, Net	$ 58,600
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	24,400
Depreciation	$ 2,000
Minimum [Member] | Shop and Office Leases with Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year
Minimum [Member] | Leases without Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years
Maximum [Member] | Shop and Office Leases with Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years
Maximum [Member] | Leases without Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

v3.24.1.u1

Note M - Leases - Operating Lease (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Other Assets, Noncurrent	$ 3,243,000	$ 4,697,000
Liabilities, Noncurrent [Abstract]
Other Liabilities, Noncurrent	500,000	$ 750,000
2024 (remaining)	29,000
2025	0
2026 and thereafter	0
Total undiscounted operating lease payments	29,000
Less: Imputed interest	0
Present value of operating lease liabilities	$ 29,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]
Right-of-use assets (recorded in other non-current assets)	$ 29,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]
Current lease liabilities (recorded in other current liabilities)	$ 29,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]
Operating Lease, Liability, Noncurrent	$ 0
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]
Total operating lease liabilities	$ 29,000
Weighted-average remaining lease term for operating leases (years) (Year)	29 days
Weighted-average discount rate for operating leases	3.74%

v3.24.1.u1

Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Long term	$ 85	$ 81
Short term	692	738
Total	$ 777	$ 819

v3.24.1.u1

Note M - Leases - Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease revenue	$ 2,119	$ 2,148
Trucks under Operating Lease [Member]
Lease revenue	1,991	2,049
Dock Space under Operating Lease [Member]
Lease revenue	$ 128	$ 99

v3.24.1.u1

Note M - Leases - Lease Receivables (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remaining)	$ 6,192
2025	7,248
2026	4,394
2027	46
2028 and thereafter	0
Total future minimum lease payments receivable	$ 17,880

v3.24.1.u1

Note N - Noncash Investing and Financing Activities (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 30.3

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