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Note 8 - Leases

12 Months Ended

Dec. 31, 2014

Leases of Lessee Disclosure [Text Block]

8. LEASES

We have operating lease commitments for office and terminal properties, revenue equipment, and computer and office equipment and capital lease commitments for revenue equipment, exclusive of owner/operator rentals and month-to-month equipment rentals, summarized for the following fiscal years (in thousands):

	Operating		Capital
2015	$	13,589	$	2,096
2016		11,927		4,336
2017		8,487		1,507
2018		5,599		1,507
2019		3,737		1,507
Thereafter		18,142		5,963
Total minimum lease payments	$	61,481	$	16,916
Less: amount representing interest				(1,938	)
Present value of minimum lease payments				14,978
Less: current portion				(1,606	)
Capital lease obligations, long-term			$	13,372

A portion of our operating leases of tractors and trailers contain residual value guarantees under which we guarantee a certain minimum cash value payment to the leasing company at the expiration of the lease. We estimate that the undiscounted value of the residual guarantees is approximately $4.0 million and $9.9 million at December 31, 2014 and 2013, respectively. The residual guarantees at December 31, 2014 expire between August 2018 and February 2019. We expect our residual guarantees to approximate the market value at the end of the lease term. Additionally, certain leases contain cross-default provisions with other financing agreements and additional charges if the unit's mileage exceeds certain thresholds defined in the lease agreement.

Rental expense is summarized as follows for each of the three years ended December 31:

(in thousands)	2014		2013		2012
Revenue equipment rentals	$	20,935	$	22,991	$	19,746
Building and lot rentals		3,561		4,044		3,714
Other equipment rentals		317		362		679
	$	24,813	$	27,397	$	24,139

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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