Impact on Condensed Consolidated Statements of Operations

The net effect of the restatement described above on the Company's previously issued condensed consolidated statements of operations for the three month periods ended March 31, 2016 and 2015 is as follows (in thousands, except per share):



	Three Months Ended March 31, 2016
	As Previously Reported		Receivables & Related Reserves		Unrecorded Charges & Contingent Liabilities			Insurance Reserves & Related Receivables			Capital Improvements & Aircraft Spare Parts			Income Taxes & Debt Reclassification			As Restated
Revenues	$	465,632	$	1,914	$	(1,000	)	$	—		$	—		$	—		$	466,546
Operating expenses:
Purchased transportation costs	308,474		—		(435		)	—			—			—			308,039
Personnel and related benefits	67,601		—		748			—			—			—			68,349
Other operating expenses	69,415		553		34			1,279			2,592			—			73,873
Depreciation and amortization	9,536		—		—			—			(327		)	—			9,209
Total operating expenses	455,026		553		347			1,279			2,265			—			459,470
Operating income	10,606		1,361		(1,347		)	(1,279		)	(2,265		)	—			7,076
Interest expense	5,608		—		—			—			—			—			5,608
Income before provision for income taxes	4,998		1,361		(1,347		)	(1,279		)	(2,265		)	—			1,468
Provision for income taxes	1,933		—		—			—			—			(1,365		)	568
Net income	$	3,065	$	1,361	$	(1,347	)	$	(1,279	)	$	(2,265	)	$	1,365		$	900
Earnings per share:
Basic	$	0.08															$	0.02
Diluted	$	0.08															$	0.02
Weighted average common stock outstanding:
Basic	38,284																38,284
Diluted	38,372																38,372



	Three Months Ended March 31, 2015
	As Previously Reported		Receivables & Related Reserves			Unrecorded Charges & Contingent Liabilities			Insurance Reserves & Related Receivables			Capital Improvements & Aircraft Spare Parts			Income Taxes & Debt Reclassification			As Restated
Revenues	$	488,970	$	(136	)	$	—		$	—		$	—		$	—		$	488,834
Operating expenses:
Purchased transportation costs	328,491		—			(1,114		)	—			—			—			327,377
Personnel and related benefits	62,055		—			909			—			—			—			62,964
Other operating expenses	64,745		1,979			2,032			1,373			1,083			—			71,212
Depreciation and amortization	6,877		—			—			—			(70		)	—			6,807
Total operating expenses	462,168		1,979			1,827			1,373			1,013			—			468,360
Operating income	26,802		(2,115		)	(1,827		)	(1,373		)	(1,013		)	—			20,474
Interest expense	4,609		—			—			—			—			—			4,609
Income before provision for income taxes	22,193		(2,115		)	(1,827		)	(1,373		)	(1,013		)	—			15,865
Provision for income taxes	8,589		—			—			—			—			(2,544		)	6,045
Net income	$	13,604	$	(2,115	)	$	(1,827	)	$	(1,373	)	$	(1,013	)	$	2,544		$	9,820
Earnings per share:
Basic	$	0.36																$	0.26
Diluted	$	0.35																$	0.25
Weighted average common stock outstanding:
Basic ⁽¹⁾	38,011																	38,011
Diluted ⁽¹⁾	39,341																	39,324

⁽¹⁾ As restated amounts for basic and diluted weighted average common stock outstanding have been corrected for a computational error identified.

Impact on Condensed Consolidated Balance Sheets

The net effect of the restatement described above on the Company's previously issued condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 is as follows (in thousands):



	March 31, 2016
	As Previously Reported		Receivables & Related Reserves			Unrecorded Charges & Contingent Liabilities			Insurance Reserves & Related Receivables			Capital Improvements & Aircraft Spare Parts			Income Taxes & Debt Reclassification			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	8,064	$	—		$	(1,196	)	$	—		$	—		$	—		$	6,868
Accounts receivable	268,441		(9,644		)				—			—			—			258,797
Deferred income taxes	4,323		—			—			—			—			16,015			20,338
Income tax receivable	10,523		—			—			—			—			10,766			21,289
Prepaid expenses and other current assets	49,819		(1,277		)	(11,692		)	(2,642		)	(1,804		)	—			32,404
Total current assets	341,170		(10,921		)	(12,888		)	(2,642		)	(1,804		)	26,781			339,696
Property and equipment	197,353		—			302			—			(4,115		)	—			193,540
Other assets:
Goodwill	691,687		(2,136		)	(530		)				(9,626		)	3,984			683,379
Intangible assets, net	74,547		—			(1,000		)	—			—			—			73,547
Other noncurrent assets	5,828		(230		)	2,157			—			165			—			7,920
Total other assets	772,062		(2,366		)	627			—			(9,461		)	3,984			764,846
Total assets	$	1,310,585	$	(13,287	)	$	(11,959	)	$	(2,642	)	$	(15,380	)	$	30,765		$	1,298,082
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Current maturities of debt	$	15,000	$	—		$	—		$	—		$	—		$	401,110		$	416,110
Accounts payable	111,362		10,970			2,910			—			—			—			125,242
Accrued expenses and other current liabilities	47,729		420			12,548			18,686			—			108			79,491
Total current liabilities	174,091		11,390			15,458			18,686			—			401,218			620,843
Long-term debt, net of current maturities	401,110		—			—			—			—			(401,110		)	—
Long-term deferred tax liabilities	104,767		—			—			—			—			688			105,455
Other long-term liabilities	14,113		—			200			—			—			—			14,313
Total liabilities	694,081		11,390			15,658			18,686			—			796			740,611
Commitments and contingencies (Note 10)
Stockholders’ investment:
Common stock	383		—			—			—			—			—			383
Additional paid-in capital	397,385		—			—			—			—			—			397,385
Retained earnings	218,736		(24,677		)	(27,617		)	(21,328		)	(15,380		)	29,969			159,703
Total stockholders’ investment	616,504		(24,677		)	(27,617		)	(21,328		)	(15,380		)	29,969			557,471
Total liabilities and stockholders’ investment	$	1,310,585	$	(13,287	)	$	(11,959	)	$	(2,642	)	$	(15,380	)	$	30,765		$	1,298,082

⁽¹⁾ As previously reported balances have been revised to separate taxes receivable from prepaid expenses and other current assets and long-term deferred tax liabilities from other long-term liabilities.



	December 31, 2015
	As Previously Reported		Receivables & Related Reserves			Unrecorded Charges & Contingent Liabilities			Insurance Reserves & Related Receivables			Capital Improvements & Aircraft Spare Parts			Income Taxes & Debt Reclassification			As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	8,664	$	—		$	(734	)	$	—		$	—		$	—		$	7,930
Accounts receivable	272,176		(12,147		)	—			—			—			—			260,029
Deferred income taxes	4,876		—			—			—			—			16,015			20,891
Income tax receivable	11,262		—			—			—			—			9,401			20,663
Prepaid expenses and other current assets	50,839		(112		)	(10,464		)	(2,405		)	(807		)	—			37,051
Total current assets	347,817		(12,259		)	(11,198		)	(2,405		)	(807		)	25,416			346,564
Property and equipment	197,744		—			302			—			(2,682		)	—			195,364
Other assets:
Goodwill	691,118		(2,136		)	(530		)	—			(9,626		)	3,984			682,810
Intangible assets, net	76,694		—			(1,000		)	—			—			—			75,694
Other noncurrent assets	6,183		(230		)	1,368			—			—			—			7,321
Total other assets	773,995		(2,366		)	(162		)	—			(9,626		)	3,984			765,825
Total assets	$	1,319,556	$	(14,625	)	$	(11,058	)	$	(2,405	)	$	(13,115	)	$	29,400		$	1,307,753
LIABILITIES AND STOCKHOLDERS’ INVESTMENT
Current liabilities:
Current maturities of debt	$	15,000	$	—		$	—		$	—		$	—		$	417,830		$	432,830
Accounts payable	104,357		11,125			684			—			—			—			116,166
Accrued expenses and other current liabilities	48,657		288			15,225			17,644			—			108			81,922
Total current liabilities	168,014		11,413			15,909			17,644			—			417,938			630,918
Long-term debt, net of current maturities	417,830		—			—			—			—			(417,830		)	—
Long-term deferred tax liabilities	104,400		—			—			—			—			688			105,088
Other long-term liabilities	16,005		—			(697		)	—			—			—			15,308
Total liabilities	706,249		11,413			15,212			17,644			—			796			751,314
Commitments and contingencies (Note 10)
Stockholders’ investment:
Common stock	383		—			—			—			—			—			383
Additional paid-in capital	397,253		—			—			—			—			—			397,253
Retained earnings	215,671		(26,038		)	(26,270		)	(20,049		)	(13,115		)	28,604			158,803
Total stockholders’ investment	613,307		(26,038		)	(26,270		)	(20,049		)	(13,115		)	28,604			556,439
Total liabilities and stockholders’ investment	$	1,319,556	$	(14,625	)	$	(11,058	)	$	(2,405	)	$	(13,115	)	$	29,400		$	1,307,753

Impact on Condensed Consolidated Statements of Cash Flows

The net effect of the restatement described above on the Company's previously issued condensed consolidated statements of cash flows for the three months ended March 31, 2016 and 2015 is as follows (in thousands):



	Three Months Ended March 31, 2016
	As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income	$	3,065		$	(2,165	)	$	900
Depreciation and amortization	10,215			(329		)	9,886
Loss on disposal of property and equipment	261			235			496
Provision for bad debts	337			427			764
Deferred tax provision	367			—			367
Share-based compensation	549			—			549
Tax deficiency on share-based compensation	253			—			253
Changes in:
Accounts receivable	3,398			(2,930		)	468
Income tax receivable	—			(626		)	(626		)
Prepaid expenses and other assets	1,647			1,934			3,581
Accounts payable	7,005			2,071			9,076
Accrued expenses and other liabilities	(1,671		)	(570		)	(2,241		)
Net cash provided by operating activities	25,426			(1,953		)	23,473
Cash flows from investing activities:
Capital expenditures	(7,574		)	1,527			(6,047		)
Proceeds from sale of property and equipment	213			—			213
Net cash used in investing activities	(7,361		)	1,527			(5,834		)
Cash flows from financing activities:
Net cash used in financing activities	(18,665		)	(36		)	(18,701		)
Net decrease in cash and cash equivalents	(600		)	(462		)	(1,062		)
Cash and cash equivalents:
Beginning of period	8,664			(734		)	7,930
End of period	$	8,064		$	(1,196	)	$	6,868



	Three Months Ended March 31, 2015
	As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:
Net income	$	13,604		$	(3,784	)	$	9,820
Depreciation and amortization	7,395			(70		)	7,325
Loss on disposal of property and equipment	109			182			291
Provision for bad debts	612			597			1,209
Deferred tax provision	607			—			607
Share-based compensation	796			—			796
Adjustment to contingent purchase obligations	—			(244		)	(244		)
Excess tax benefit on share-based compensation	(811		)	—			(811		)
Changes in:
Accounts receivable	(3,858		)	113			(3,745		)
Income tax receivable	—			(1,506		)	(1,506		)
Prepaid expenses and other assets	(1,109		)	1,268			159
Accounts payable	(11,292		)	752			(10,540		)
Accrued expenses and other liabilities	6,231			1,774			8,005
Net cash provided by operating activities	12,284			(918		)	11,366
Cash flows from investing activities:
Capital expenditures	(15,833		)	901			(14,932		)
Proceeds from sale of property and equipment	522						522
Net cash used in investing activities	(15,311		)	901			(14,410		)
Cash flows from financing activities:
Net cash provided by financing activities	3,666			(23		)	3,643
Net increase in cash and cash equivalents	639			(40		)	599
Cash and cash equivalents:
Beginning of period	11,345			(536		)	10,809
End of period	$	11,984		$	(576	)	$	11,408