XML 27 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

FEDERAL AND STATE INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2011
FEDERAL AND STATE INCOME TAXES [Abstract] |
FEDERAL AND STATE INCOME TAXES |
10. | FEDERAL AND STATE INCOME TAXES
Under GAAP, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Significant components of the Company's deferred tax liabilities and assets at December 31 are as follows:
|  | 2011 |  |  | 2010 |
|  | (in thousands) |
|  | Current |  |  | Long-Term |  |  | Current |  |  | Long-Term |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | $ | - |  |  | $ | 65,236 |  |  | $ | - |  |  | $ | 52,531 |
Unrealized gains on securities |  |  | 2,879 |  |  |  | - |  |  |  | 2,696 |  |  |  | - |
Prepaid expenses and other |  |  | 4,138 |  |  |  | - |  |  |  | 3,284 |  |  |  | - |
Total deferred tax liabilities |  |  | 7,017 |  |  |  | 65,236 |  |  |  | 5,980 |  |  |  | 52,531 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  |  | 787 |  |  |  | - |  |  |  | 848 |  |  |  | - |
Alternative minimum tax credit carryforward |  |  | - |  |  |  | 215 |  |  |  | - |  |  |  | 193 |
QAFMV tax credit carryforward |  |  | - |  |  |  | 864 |  |  |  | - |  |  |  | 864 |
New hire tax credit |  |  | - |  |  |  | 124 |  |  |  | - |  |  |  | - |
Compensated absences |  |  | 668 |  |  |  | - |  |  |  | 679 |  |  |  | - |
Self-insurance allowances |  |  | 767 |  |  |  | - |  |  |  | 580 |  |  |  | - |
Share-based compensation |  |  | - |  |  |  | 448 |  |  |  | - |  |  |  | 386 |
Goodwill |  |  | - |  |  |  | 691 |  |  |  | - |  |  |  | 199 |
Marketable equity securities |  |  | 1,691 |  |  |  | - |  |  |  | 2,270 |  |  |  | - |
Net operating loss carryover |  |  | - |  |  |  | 18,522 |  |  |  | - |  |  |  | 2,552 |
Capital loss carryover |  |  | 821 |  |  |  | - |  |  |  | 457 |  |  |  | - |
Non-competition agreement |  |  | - |  |  |  | 64 |  |  |  | - |  |  |  | 271 |
Other |  |  | 6 |  |  |  | 15 |  |  |  | - |  |  |  | 20 |
Total deferred tax assets |  |  | 4,740 |  |  |  | 20,943 |  |  |  | 4,834 |  |  |  | 4,485 |
Net deferred tax liability |  | $ | 2,277 |  |  | $ | 44,293 |  |  | $ | 1,146 |  |  | $ | 48,046 |
The reconciliation between the effective income tax rate and the statutory Federal income tax rate for the years ended December 31, 2011, 2010 and 2009 is presented in the following table:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Income tax at the |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
statutory federal rate |  | $ | (1,901 | ) |  |  | 34.0 |  |  | $ | (545 | ) |  |  | 34.0 |  |  | $ | (6,042 | ) |  |  | 34.0 |
Nontaxable income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (341 | ) |  |  | 1.9 |
Nondeductible expense |  |  | 171 |  |  |  | (3.0 | ) |  |  | 217 |  |  |  | (13.5 | ) |  |  | 225 |  |  |  | (1.3 | )
QAFMV credit |  |  | - |  |  |  | - |  |  |  | (570 | ) |  |  | 35.6 |  |  |  | - |  |  |  | - |
New hire credit |  |  | (124 | ) |  |  | 2.2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
State income taxes-net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of federal benefit |  |  | (879 | ) |  |  | 15.7 |  |  |  | (50 | ) |  |  | 3.1 |  |  |  | (766 | ) |  |  | 4.4 |
Total income tax benefit |  | $ | (2,733 | ) |  |  | 48.9 |  |  | $ | (948 | ) |  |  | 59.2 |  |  | $ | (6,924 | ) |  |  | 39.0 |
The provision (benefit) for income taxes consisted of the following:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |  |  | $ | - |
State |  |  | 35 |  |  |  | 195 |  |  |  | 180 |
|  |  | 35 |  |  |  | 195 |  |  |  | 180 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,904 | ) |  |  | (970 | ) |  |  | (7,209 | )
State |  |  | (864 | ) |  |  | (173 | ) |  |  | 105 |
|  |  | (2,768 | ) |  |  | (1,143 | ) |  |  | (7,104 | )
Total income tax benefit |  | $ | (2,733 | ) |  | $ | (948 | ) |  | $ | (6,924 | )
The Company has alternative minimum tax credits of approximately $215,000 at December 31, 2011, which have no expiration date under the current federal income tax laws and general business credits of approximately $988,000 which begin to expire after the year 2030. The Company also has net operating loss carryovers for federal income purposes of approximately $48,794,000 which begin to expire after the year 2030. The Company does not have any material accrued interest or penalties associated with any unrecognized tax benefits. The Company's policy is to account for interest and penalties related to uncertain tax positions, if any, in income tax expense. The Company did not have any unrecognized tax benefits at December 31, 2011 or December 31, 2010 and there was no change in total gross unrecognized tax benefit liabilities for the year ended December 31, 2011. 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 limitation period of three years and as a result, the Company's tax years 2008 and forward remain open to examination in those jurisdictions. During 2007, the Company contracted with a third-party qualified intermediary in order to implement a like-kind exchange tax program. Under the program, dispositions of eligible trucks or trailers and acquisitions of replacement trucks or trailers are made in a form whereby any associated tax gains related to the disposal are deferred. To qualify for like-kind exchange treatment, we exchange, through our qualified intermediary, eligible trucks or trailers being disposed with trucks or trailers being acquired that allows us to generally carryover the tax basis of the trucks or trailers sold. The program is expected to result in a significant deferral of federal and state income taxes. Under the program, the proceeds from the sale of eligible trucks or trailers carry a Company-imposed restriction for the acquisition of replacement trucks or trailers. These proceeds may be disqualified under the program at any time and at the Company's sole discretion, however income tax deferral would not be available for any sale for which the Company disqualifies the related proceeds. At December 31, 2011, the Company had $718,000 of restricted cash held by the third-party qualified intermediary. At December 31, 2010, the Company had $758,000 of restricted cash held by the third-party qualified intermediary. Restricted cash is accounted for in “Accounts receivable-other”.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration