Note 8 - Leases and Commitments

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

Note 8 –LEASES AND Commitments

CAPITAL LEASES

USA Truck leases certain equipment under capital leases with terms ranging from 15 to 60 months. Balances related to these capitalized leases are included in property and equipment in the accompanying condensed 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, 2015	$	62,763	$	23,267	$	39,496
December 31, 2014		75,188		27,770		47,418

The Company has capitalized lease obligations relating to revenue equipment of $38.0 million, of which $19.1 million represents the current portion. Such leases have various termination dates extending through August 2018 and contain renewal or fixed price purchase options. The effective interest rates on the leases range from 1.6% to 3.1% as of March 31, 2015. The lease agreements require payment of property taxes, maintenance and operating expenses. The Company has entered into various long-term financing agreements of approximately $0.1 million for the purchases of information technology related hardware, which bear interest ranging from 3.1% to 4.5%. Amortization of capital leases was $2.7 million and $3.4 million for the three months ended March 31, 2015 and 2014, respectively.

OPERATING LEASES

Rent expense associated with operating leases was $1.3 million for the three months ended March 31, 2015 and 2014, respectively. Rent expense relating to tractors, trailers and other operating equipment is included in operations and maintenance expense, while rent expense relating to office equipment is included in other operating expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

As of March 31, 2015, the Company has entered into leases with lessors who do not participate in the Credit Facility. Currently, such leases do not contain cross-default provisions with the Credit Facility.

As of March 31, 2015, 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).

	2015		2016		2017		2018		2019		Thereafter
Capital leases	$	20,160	$	16,733	$	1,155	$	1,911	$	--	$	--
Operating leases		4,082		3,654		3,581		2,463		10		236

OTHER COMMITMENTS

As of March 31, 2015, the Company had no commitments for purchases of non-revenue equipment and commitments of approximately $36.7 million for purchases of revenue equipment, of which none is cancellable. The Company anticipates taking delivery of these purchases throughout the remainder of 2015.