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Note L - Off-Balance Sheet Arrangements

9 Months Ended

Sep. 30, 2014

Leases of Lessee Disclosure [Text Block]

NOTE L: OFF-BALANCE SHEETARRANGEMENTS

During the first nine months of 2014, the Company’s subsidiaries entered into operating leases for the lease of 351 trucks. Revenue equipment held under operating leases is not carried on our balance sheet and the respective lease payments are reflected in our consolidated statement of operations as a component of the Rents and purchased transportation category. Rent expense related to revenue equipment under operating leases totaled $1,034,000 and $2,161,000 for the quarter ended and nine months September 30, 2014, respectively.

Leases for revenue equipment under non-cancellable operating leases expire at various dates through 2017. Future minimum lease payments related to non-cancellable leases for revenue equipment at September 30, 2014 are:

	(in thousands)
2014	$	1,824
2015		7,712
2016		7,161
2017		3,587
Total future minimum lease payments	$	20,284

- 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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