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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 8,477 $ 42,503 $ 55,439
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for losses on accounts receivable 255 507 454
Reversal of gain on sales to equity method investee (7) (189) (179)
Depreciation and amortization 80,529 75,859 72,422
Amortization of deferred financing fees 147 148 242
Deferred income tax expense (benefit) 3,454 13,840 (23,023)
Income tax (expense) benefit arising from restricted share vesting and stock options exercised (105) (44) 457
Stock-based compensation expense 819 5,177 1,201
Equity in income of affiliate (7,017) (7,732) (3,400)
Return on investment in affiliated company 1,225 1,960 1,960
(Gain) loss on disposition of property and equipment (2,829) 298 4,024
Return on investment in available-for-sale securities 13 (13)
Changes in operating assets and liabilities:      
Receivables and advances (6,706) (27,199) (23,670)
Prepaid expenses and other assets 487 (2,127) 1,768
Inventory and supplies (143) 168 (252)
Insurance and claims accrual 945 2,412 (1,165)
Operating lease right-of-use asset amortization 553
Accounts payable and accrued expenses (16,066) 19,232 (3,425)
Net cash flows provided by operating activities 64,031 124,800 82,853
Cash flows from investing activities:      
Acquisition of Landair Holdings, Inc., net of cash acquired (105,946)
Purchase of available-for-sale securities (1,365) (1,496)
Acquisition of property and equipment (138,273) (75,142) (110,802)
Proceeds from disposition of property and equipment 46,609 61,687 48,749
Net cash flows used by investing activities (93,029) (120,897) (62,053)
Cash flows from financing activities:      
Change in checks outstanding in excess of bank balances (1,265) 1,857 (189)
Proceeds from issuance of notes payable 107,251 100,811 121,210
Repayments of notes payable (44,278) (89,569) (122,676)
Repayments of finance lease obligations (7,225) (3,883) (7,416)
Proceeds under revolving credit facility 1,734,338 1,598,213 1,271,669
Repayments under revolving credit facility (1,738,249) (1,603,309) (1,274,847)
Payment of minimum tax withholdings on stock compensation (1,110) (242) (785)
Debt refinancing costs (10) (160)
Net cash flows provided by (used in) financing activities 49,462 3,868 (13,194)
Net change in cash and cash equivalents 20,464 7,771 7,606
Cash and cash equivalents at beginning of year 23,127 15,356 7,750
Cash and cash equivalents at end of year 43,591 23,127 15,356
Supplemental disclosure of cash flow information:      
Interest, net of capitalized interest 11,026 8,568 8,268
Income taxes 752 (5,388) (2,222)
Equipment purchased under finance leases $ 19,638 $ 9,953