Note 12 - Leases and Commitments

3 Months Ended

Mar. 31, 2013

Leases of Lessee Disclosure [Text Block]

NOTE 12 – LEASES AND COMMITMENTS

We lease certain revenue equipment under capital leases with terms of 36, 42 or 45 months.  Balances related to these capitalized leases are included in property and equipment in the accompanying consolidated balance sheets and are set forth in the table below for the periods indicated.

	(in thousands)
	Capitalized Costs		Accumulated Amortization		Net Book Value
March 31, 2013	$	73,143	$	13,191	$	59,952
December 31, 2012	$	67,788	$	16,366	$	51,422

We have entered into leases with lenders who participate in the Revolver.  Those leases contain cross-default provisions with the Revolver.  We have also entered into leases with other lenders who do not participate in our Revolver.  Multiple leases with lenders who do not participate in our Revolver generally contain cross-default provisions.

We routinely monitor our equipment acquisition needs and adjust our purchase schedule from time to time based on our analysis of factors such as new equipment prices, the condition of the used equipment market, demand for our freight services, prevailing interest rates, technological improvements, fuel efficiency, equipment durability, equipment specifications, our operating performance and the availability of qualified drivers.

As of March 31, 2013, for the remainder of 2013, we had no commitments for purchases of non-revenue equipment and commitments for the purchases of revenue equipment in the amount of approximately $43.8 million, $22.8 million of which is cancelable by us upon 75 days advance written notice.  We anticipate taking delivery of these purchases throughout the remainder of 2013.