Note 15 - Change in Depreciable Lives of Property and Equipment |
3 Months Ended |
|---|---|
Sep. 30, 2016 | |
| Notes to Financial Statements | |
| Accounting Changes [Text Block] | 1 5 . Change in depreciable lives of property and equipment 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 September 30, 2016 by $1.7 million, increase net income by $1.1 million, and increase basic and diluted earnings per share by $0.04. |