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Acquisition of Gordon Trucking, Inc. (Tables) | 12 Months Ended
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Dec. 31, 2014
Acquisition of Gordon Trucking, Inc. [Abstract] |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma consolidated results of operations for the years ended December 31, 2013 and 2012 assume that the acquisition of GTI occurred as of January 1, 2012.
| Year ended
| December 31, 2013 |  |  | December 31, 2012
| (in thousands)
Operating revenue | $ | 961,525 |  |  | $ | 972,340 |
Net income | 90,821 |  |  | 64,769 |
Allocation of Purchase Price [Table Text Block] | The allocation of the purchase price is detailed in the tables below. The goodwill recognized represents expected synergies from combining our operations with those of GTI, as well as other intangible assets that did not meet the criteria for separate recognition. All tax goodwill recognized in the Transaction is deductible for tax purposes over 15 years.
ALLOCATION OF PURCHASE PRICE | (in thousands)
Cash paid (before netting $20 million cash acquired) |  | $ | 130,900 |
Value of common stock issued (2.86 million shares) |  | 41,100 |
Total fair value of consideration transferred (before netting $20 million cash acquired), excluding debt assumed |  | 172,000 |
Allocated to: |  |
Historical book value of GTI's assets and liabilities | $ | 92,125 |  |
Adjustments to recognize assets and liabilities at acquisition-date fair value: |  |
Property, plant, and equipment | (17,912 | ) |
Other assets | 3,450 |  |
Liabilities | (18,576 | ) |
Fair value of tangible net assets acquired |  | 59,087 |
Identifiable intangibles at acquisition-date fair value |  | 19,042 |
Excess of consideration transferred over the net amount of assets and liabilities recognized, including $13.6 million attributable to the fair value of a potential earn-out obligation (goodwill) |  | $ | 93,871 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The assets and liabilities associated with GTI were recorded at their fair values as of the acquisition date and the amounts are as follows:
| (in thousands)
Cash and cash equivalents | $ | 21,485 |
Accounts receivable | 45,679 |
Other current assets | 14,371 |
Property and equipment | 189,409 |
Other non-current assets | 3,916 |
Intangible assets | 19,042 |
Goodwill | 93,871 |
Total assets | 387,773 |
Accounts payable and accrued expenses | (29,165 | )
Insurance accruals | (23,821 | )
Long-term debt | (147,942 | )
Other accruals | (14,845 | )
Total consideration transferred | $ | 172,000 |
Total Purchase Price Consideration [Table Text Block] |
TOTAL PURCHASE PRICE CONSIDERATION | (in thousands)
Cash paid pursuant to Stock Purchase Agreement | $ | 115,900 |
Cash paid pursuant to an Asset Purchase Agreement | 15,000 |
Cash acquired included in historical book value of GTI assets and liabilities | (20,000 | )
Net cash paid at closing | $ | 110,900 |
Common stock issued (par value of $0.01) | $ | 41,100 |
Debt assumption | 148,000 |
| $ | 300,000 |
Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block] | The total potential earn-out is $20.0 million with maximum amounts payable each year as follows:
| (in thousands)
2014 |  | $ | 6,000 |
2015 |  | 6,000 |
2016-2017 |  | 8,000 |
| $ | 20,000 |

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