Note 16 - Change in Depreciable Lives of Property and Equipment |
6 Months Ended |
|---|---|
Dec. 31, 2015 | |
| Notes to Financial Statements | |
| Accounting Changes [Text Block] | 16 . In accordance with its policy, the Company reviews the estimated useful lives of its fixed assets on an ongoing basis. This review indicated that the actual lives of certain tractors and trailers were longer than the estimated useful lives used for depreciation purposes in the Company’s financial statements. As a result, effective October 1, 2015, the Company changed its estimates of the useful lives and salvage value of certain tractors and trailers to better reflect the estimated periods during which these assets will remain in service. The estimated useful lives of the tractors and trailers that previously were 3 years for tractors and 7 years for trailers were increased to 4 years for tractors and 10 years for trailers. The effect of this change in estimate was to reduce depreciation expense for the three months ended December 31, 2015 by $2.9 million, increase 2016 net income by $1.7 million, and increase 2016 basic and diluted earnings per share by $0.06. As the change went into effect as of October 1, 2015, the three and six months ended December 31, 2015 impact would be the same. |