Acquisition of Gordon Trucking, Inc. (Tables)

12 Months Ended

Dec. 31, 2015

Acquisition of Gordon Trucking, Inc. [Abstract]

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma consolidated results of operations for the year ended December 31, 2013 assume that the acquisition of GTI occurred as of January 1, 2013.

	Year ended
	December 31, 2013
	(in thousands)
Operating revenue	$	961,525
Net income	90,821

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The assets and liabilities associated with GTI were recorded at their fair values as of the acquisition date and the amounts are as follows:

ALLOCATION OF PURCHASE PRICE	(in thousands)
Cash and cash equivalents	$	21,485
Accounts receivable	45,679
Other current assets	14,371
Property and equipment	189,409
Other non-current assets	3,916
Intangible assets	19,042
Goodwill	95,371
Total assets	389,273
Accounts payable and accrued expenses	(30,665		)
Insurance accruals	(23,821		)
Long-term debt	(147,942		)
Contingent consideration	(13,618		)
Other accruals	(1,227		)
Total consideration transferred	$	172,000

Total Purchase Price Consideration [Table Text Block]

TOTAL PURCHASE PRICE CONSIDERATION	(in thousands)
Cash paid pursuant to Stock Purchase Agreement	$	115,900
Cash paid pursuant to an Asset Purchase Agreement	15,000
Common stock issued (par value of $0.01)	$	41,100
Consideration transferred at closing	$	172,000
Cash acquired included in historical book value of GTI assets and liabilities	(20,000		)
Debt assumption	148,000
	$	300,000

Schedule of Business Acquisitions by Acquisition, Equity Interest Issued or Issuable [Table Text Block]

The total potential earn-out is $20.0 million with maximum amounts payable each year as follows:

	(in thousands)
2014	$	6,000
2015	6,000
2016-2017	8,000
	$	20,000