Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

The Company leases land from a trust in which the Company’s principal stockholder is the sole trustee. The annual rent payments under this lease are $1.00 per year. The Company is responsible for all real estate taxes and maintenance costs related to the property, which were $62,000 in 2012 and are recorded as expenses in the Consolidated Statements of Income. The Company has made leasehold improvements to the land totaling approximately $6.5 million for facilities used for business meetings and customer promotion.

The Company transacts business with TDR Transportes, S.A. de C.V. (“TDR”), a truckload carrier in the Republic of Mexico, for certain purchased transportation needs. The Company recorded operating revenues from TDR of approximately $3,836,000 in 2012, $3,965,000 in 2011 and $2,885,000 in 2010 related primarily to leasing revenue equipment and a terminal building. The Company recorded purchased transportation expense to TDR of approximately $608,000 in 2012, $534,000 in 2011 and $413,000 in 2010. The Company also sells used revenue equipment to this entity. These sales totaled $1,551,000 in 2012, $236,000 in 2011 and $328,000 in 2010, and the Company recognized net gains of $823,000 in 2012, $67,000 in 2011 and $18,000 in 2010. The Company had receivables related to the leases and revenue equipment sales of $2,074,000 at December 31, 2012 and $3,697,000 at December 31, 2011. The Company also had a note receivable from TDR of $2,600,000 at December 31, 2011. Interest receivable on this note was $31,000 as of December 31, 2012 and 2011. In 2010, the Company purchased property, including land and a building, comprising TDR’s former terminal facility for $1,274,000. The Company leased the property to an unrelated tenant and in 2011 sold the property to this unrelated tenant.