Note 9 - Leases and Commitments

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

9.      Leases and Commitments

The Company leases certain revenue equipment under capital leases with terms of 15 to 60 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 as of December 31 for the years indicated.

	(in thousands)
	Capitalized Costs		Accumulated Amortization		Net Book Value
December 31, 2013	$	84,410	$	20,942	$	63,468
December 31, 2012		67,788		16,366		51,422

Amortization of leased assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Rent expense relating to operating leases for facilities and certain revenue equipment is included in operations and maintenance expense and rent expense relating to operating leases for office equipment is included in other operating expenses and costs. The total rent expense incurred is included in the accompanying consolidated statements of operations. Amortization of leased assets and rent expense under operating leases are reflected in the table below for the years indicated.

	(in thousands)
	Year Ended December 31,
	2013		2012
Amortization of leased assets	$	12,667	$	10,745
Rent expense under operating leases		2,778		3,148

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.

At December 31, 2013, the future minimum payments under capitalized leases with initial terms of one year or more and future rentals under operating leases for certain facilities, office equipment and revenue equipment with initial terms of one year or more were as follows for the years indicated.

	(in thousands)
	2014		2015		2016		2017		2018		Thereafter
Future minimum payments	$	20,133	$	23,090	$	14,557	$	6,264	$	2,118	$	--
Future rentals under operating leases		1,195		408		297		281		135		168

In the fourth quarter of 2013, we entered into two fair market value leases to finance the acquisition of revenue equipment. These leases are deemed to be operating leases and accordingly this equipment is not recorded on the balance sheet.

As of December 31, 2013, the remaining minimum capital lease payments were $63.6 million, which excludes amounts representing interest of $2.9 million. The current portion of net minimum lease payments, including interest, is $20.1 million.

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.

During 2013, our Board of Directors authorized the use of up to $45.0 million in new capital leases under existing facilities through 2013, of which $27.6 million was utilized. In February 2014, the Board of Directors authorized the use of up to $20.0 million in new capital leases under existing facilities through 2014.

As of December 31, 2013, we had commitments for purchases of revenue equipment in the approximate amount of $8.6 million.