Note 10 - Leasing Activities

12 Months Ended

Dec. 31, 2012

Leases of Lessee Disclosure [Text Block]

10.               LEASING ACTIVITIES:

Vehicle Leases as Lessee

The Company leases vehicles, as lessee, primarily over periods ranging from one to ten years under operating lease and capital lease arrangements.  Generally, the Company is required to incur all operating costs and pay a minimum rental.  The Company guarantees the residual value of vehicles under operating lease and capital lease arrangements.  At December 31, 2012, the Company guaranteed vehicle residual values of $5.0 million under operating lease arrangements and $19.8 million under capital lease arrangements.  Historically, the Company purchases these vehicles at the end of the lease term and recognizes a gain on the subsequent sale of the vehicle.  The residual values are not reflected in the future minimum lease payments for operating leases.  Vehicle lease expenses were approximately $2.8 million for the year ended December 31, 2012, $2.8 million for the year ended December 31, 2011, and $3.8 million for the year ended December 31, 2010.

As discussed below, these vehicles are then subleased by the Company to customers under various agreements.  Future minimum sublease rentals to be received by the Company under non-cancelable subleases, as described below, are $50.5 million.

Future minimum lease payments under capital and non-cancelable vehicle leases as of December 31, 2012, are as follows (in thousands):

	Capital Leases			Operating Leases
2013	$	12,177		$	1,755
2014		11,274			730
2015		9,552			284
2016		7,233			70
2017		5,001			27
Thereafter		9,372			—
Total minimum lease payments	$	54,609		$	2,866
Less amount representing interest		(4,636	)
Present value of net minimum capital lease payments		49,973
Less current portion		(10,673	)
Obligations under capital leases less current portion	$	39,300

Customer Vehicle Leases as Lessor

The Company leases both owned and leased trucks to customers primarily over periods of one to ten years under operating lease arrangements. These leases require a minimum rental payment and a contingent rental payment based on mileage. Rental income during the year ended December 31, 2012, consisted of minimum rental payments of approximately $86.3 million and contingent rental payments of $13.8 million.  Rental income during the year ended December 31, 2011, consisted of minimum rental payments of approximately $68.3 million and contingent rental payments of $10.6 million.  Rental income during the year ended December 31, 2010, consisted of minimum rental payments of approximately $53.4 million and contingent rental payments of $7.5 million.  Minimum rental payments to be received for non-cancelable leases and subleases in effect at December 31, 2012, are as follows (in thousands):

2013	$	69,551
2014		59,688
2015		50,823
2016		37,212
2017		23,848
Thereafter		16,232
Total	$	257,354

As of December 31, 2012, the Company had $327.4 million of lease vehicles included in property and equipment, net of accumulated depreciation of $115.6 million.  As of December 31, 2011, the Company had $229.3 million of lease vehicles included in property and equipment, net of accumulated depreciation of $97.4 million.

Other Leases - Land and Buildings

The Company leases various assets under operating leases with expiration dates ranging from May 2013, through April 2027.  Monthly rental payments range from approximately $325 per month to $60,000 per month.  Rental expense was $6.8 million for the year ended December 31, 2012, $5.7 million for the year ended December 31, 2011, and $4.6 million for the year ended December 31, 2010.  Future minimum lease payments under non-cancelable leases at December 31, 2012, are as follows (in thousands):

2013	$	7,133
2014		5,254
2015		4,368
2016		3,527
2017		2,241
Thereafter		7,049
Total	$	29,572