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Note 12 - Acquisition of Landair Holdings, Inc. (Tables) | 9 Months Ended
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Sep. 30, 2018
Notes Tables |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|  | (in thousands) |
Cash paid |  |  |  |  |  | $ | 106,700 |
Allocated to: |  |  |  |  |  |  |  |
Historical book value of Landair’s assets and liabilities |  | $ | 25,589 |  |  |  |  |
Adjustments to recognize assets and liabilities at acquisition-date fair value: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (7,450 | ) |  |  |  |
Other assets |  |  | (1,094 | ) |  |  |  |
Liabilities |  |  | (829 | ) |  |  |  |
Fair value of tangible net assets acquired |  |  |  |  |  |  | 16,216 |
Post-acquisition goodwill adjustments |  |  |  |  |  |  | (114 | )
Identifiable intangibles at acquisition-date fair value |  |  |  |  |  |  | 34,000 |
Debt paid at closing |  |  |  |  |  |  | 15,512 |
Excess of consideration transferred over the net amount of assets and liabilities recognized |  |  |  |  |  | $ | 41,086 |
Cash paid pursuant to Stock Purchase Agreement |  |  |  |  |  | $ | 106,700 |
Cash acquired included in historical book value of Landair assets and liabilities |  |  |  |  |  |  | (754 | )
Net purchase price |  |  |  |  |  | $ | 105,946 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
(in thousands) |  |  |  |
|  | July 3, 2018 |
Cash and cash equivalents |  | $ | 754 |
Accounts receivable |  |  | 12,610 |
Driver advances and other receivables |  |  | 4,295 |
Inventory and supplies |  |  | 3 |
Prepaid expenses |  |  | 1,010 |
Assets held for sale |  |  | 128 |
Net property and equipment |  |  | 26,164 |
Other assets, net |  |  | 22 |
Other intangibles, net |  |  | 34,000 |
Total identifiable assets acquired |  |  | 78,986 |
Accounts payable |  |  | (5,475 | )
Accrued expenses |  |  | (5,015 | )
Insurance and claims accrual |  |  | (2,645 | )
Other short-term liabilities |  |  | (123 | )
Total liabilities assumed |  |  | (13,258 | )
Net identifiable assets acquired |  |  | 65,728 |
Goodwill |  |  | 40,972 |
Net assets acquired |  |  | 106,700 |
Business Acquisition, Pro Forma Information [Table Text Block] |
(in thousands) |  | Three months ended |
|  | September 30, 2018 |
Total revenue |  | $ | 41,490 |
Net income |  | $ | 1,956 |
(in thousands) |  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Total revenue |  | $ | 243,303 |  |  | $ | 208,842 |  |  | $ | 687,937 |  |  | $ | 592,333 |
Net income |  | $ | 11,614 |  |  | $ | 4,882 |  |  | $ | 28,886 |  |  | $ | 6,892 |
Basic net income per share |  | $ | 0.63 |  |  | $ | 0.27 |  |  | $ | 1.58 |  |  | $ | 0.38 |
Diluted net income per share |  | $ | 0.63 |  |  | $ | 0.27 |  |  | $ | 1.57 |  |  | $ | 0.38 |

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