Note 18 - Related Party Transactions

12 Months Ended

Dec. 31, 2016

18.	RELATED PARTY TRANSACTIONS

In the normal course of business, transactions for transportation and repair services, equipment, property leases and other services are conducted between the Company and companies affiliated with our Chairman and a controlling stockholder. The Company recognized approximately

$4,834,000,

$11,325,000

and

$13,253,000

in operating revenue and approximately

$8,837,000,

$4,834,000

and

$1,440,000

in operating expenses in

2016,

2015,

and

2014,

respectively. In addition, also in the normal course of business, the Company sold trucks to an affiliated company owned by our Chairman and a controlling stockholder for approximately

$67,500

and

$750,000

during

2015

and

2014,

respectively.

The Company purchased physical damage, auto liability, general liability, and workers’ compensation insurance through an unaffiliated insurance broker which was written by an insurance company affiliated with our Chairman and a controlling stockholder. Premiums paid for physical damage coverage were approximately

$2,091,000,

$2,467,000

and

$2,597,000

for

2016,

2015,

and

2014,

respectively. Premiums paid for auto liability coverage during

2016,

2015,

and

2014

were approximately

$11,030,000,

$9,605,000

and

$9,464,000,

respectively. Premiums paid for general liability coverage during

2016,

2015,

and

2014

were approximately

$21,000,

$23,000,

and

$22,000,

respectively. Premiums paid for workers’ compensation coverage during

2016,

2015,

and

2014

were approximately

$298,000,

$276,000

and

$267,000,

respectively.

Amounts owed to the Company by these affiliates were approximately

$929,000

and

$2,482,000

December

31,

2016

and

2015,

respectively. Of the accounts receivable at

December

31,

2016

and

2015,

approximately

$925,000

and

$2,370,000

represent freight transportation and approximately

$4,000

and

$5,000

represent revenue resulting from maintenance performed in the Company’s maintenance facilities and charges paid by the Company to

third

parties on behalf of their affiliate and charged back at the amount paid, respectively. Approximately

$106,000

represents property lease charges at

December

31,

2015.

There were

amounts receivable for property lease charges at

December

31,

2016.

Amounts representing prepaid insurance premiums at

December

31,

2016

and

2015

were approximately

$472,000

and

$481,000,

respectively. Amounts payable to affiliates at

December

31,

2016

and

2015

were approximately

$1,297,000

and

$1,236,000

respectively.