View Filing Data

Earnings Per Share [Text Block]

4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share information):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	19,883	$	23,478	$	56,240	$	55,330

Denominator–
Denominator for basic earnings per share – weighted average shares outstanding		40,361		40,008		40,235		39,700
Effect of dilutive securities– Employee and director stock options and restricted share awards		775		1,083		830		1,120
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		41,136		41,091		41,065		40,820
Basic earnings per common share	$	.49	$	.59	$	1.40	$	1.39
Diluted earnings per common share and common share equivalents	$	.48	$	.57	$	1.37	$	1.36

Options to purchase shares of common stock that were outstanding for the three months and nine months ended September 30, 2015 and 2014 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows (in thousands):

	Three Months Ended September 30,				Nine months Ended September 30,
	2015		2014		2015		2014
Anti-dilutive options		1,328		395		1,139		516

Note 5 - Stock Options and Restricted Stock Awards	9 Months Ended
Note 5 - Stock Options and Restricted Stock Awards	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5 – Stock Options and Restricted Stock Awards Valuation and Expense Information The Company accounts for stock-based compensation in accordance with Accounting Standards Codification (“ASC”) 718-10, “Compensation – Stock Compensation,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to the Company’s employees and directors, including employee stock options, restricted share awards, restricted stock unit awards and employee stock purchases related to the Employee Stock Purchase Plan based on estimated fair values. Stock-based compensation expense, calculated using the Black-Scholes option-pricing model and included in selling, general and administrative expense, was $2.7 million for the three months ended September 30, 2015, and $2.0 million for the three months ended September 30, 2014. Stock-based compensation expense, included in selling, general and administrative expense, for the nine months ended September 30, 2015, was $9.9 million and for the nine months ended September 30, 2014, was $9.1 million. As of September 30, 2015 , there was $18.8 million of total unrecognized compensation expense related to non-vested, share-based compensation arrangements to be recognized over a weighted-average period of 2.7 years.

Note 6 - Financial Instruments and Fair Value

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Text Block]

6 – Financial Instruments and Fair Value

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Financial instruments consist primarily of cash, accounts receivable, accounts payable and floor plan notes payable. The carrying values of our financial instruments approximate fair value due to either their short-term nature or the existence of variable interest rates, which approximate market rates.

Certain methods and assumptions were used by the Company in estimating the fair value of financial instruments at September 30, 2015, and December 31, 2014. The carrying value of current assets and current liabilities approximates the fair value due to the short maturity of these items.

The fair value of the Company’s long-term debt is based on secondary market indicators. Because the Company’s debt is not quoted, estimates are based on each obligation’s characteristics, including remaining maturities, interest rate, credit rating, collateral and liquidity. Accordingly, the Company concluded that the valuation measurement inputs of its long-term debt represent, at its lowest level, current market interest rates available to the Company for similar debt and our current credit standing and has categorized such debt within Level 2 of the hierarchy framework. The carrying amount approximates fair value.

If investments are deemed to be impaired, the Company determines whether the impairment is temporary or other than temporary. If the impairment is deemed to be temporary, the Company records an unrealized loss in other comprehensive income. If the impairment is deemed other than temporary, the Company records the impairment in the Company’s Consolidated Statements of Income.

Auction Rate Securities

In prior years, the Company invested in interest-bearing short-term investments primarily consisting of investment-grade auction rate securities classified as available-for-sale and reported at fair value. These types of investments were designed to provide liquidity through an auction process that reset the applicable interest rates at predetermined periods ranging from 1 to 35 days. This reset mechanism was intended to allow existing investors to continue to own their respective interest in the auction rate security or to gain immediate liquidity by selling their interests at par.

Auctions for investment grade securities held by the Company have failed. However, a failed auction does not represent a default by the issuer. The auction rate securities continue to pay interest in accordance with the terms of the underlying security; however, liquidity will be limited until there is a successful auction or until such time as other markets for these investments develop. The Company has the intent and ability to hold these auction rate securities until liquidity returns to the market. The Company does not believe that the lack of liquidity relating to its auction rate securities will have a material impact on its ability to fund operations.

The Company holds auction rate securities with underlying tax-exempt municipal bonds that mature in 2030 and have a fair value of $6.6 million and a cost basis of $7.2 million as of September 30, 2015, and a fair value of $6.9 million and a cost basis of $7.4 million as of December 31, 2014. The Company redeemed $275,000 of the auction rate securities, at par, during the second quarter of 2015. These bonds have credit wrap insurance and a credit rating of A by a major credit rating agency.

The Company valued the auction rate securities at September 30, 2015 using a discounted cash flow model based on the characteristics of the individual securities, which the Company believes yields the best estimate of fair value. The first step in the valuation included a credit analysis of the security which considered various factors, including the credit quality of the issuer, the instrument’s position within the capital structure of the issuing authority, and the composition of the authority’s assets including the effect of insurance and/or government guarantees. Next, the future cash flows of the instruments were projected based on certain assumptions regarding the auction rate market significant to the valuation, including that the auction rate market will remain illiquid and auctions will continue to fail, causing the interest rate to be the maximum applicable rate. This assumption resulted in discounted cash flow analysis being performed through 2019, the point at which the Company estimates the securities will be redeemed by the municipality. The projected cash flows were then discounted using the applicable yield curve plus a 225 basis point liquidity premium added to the applicable discount rate.

The Company recorded a pre-tax impairment charge of $1.0 million on these auction rate securities in 2011 and a subsequent pre-tax increase in fair value of $427,000 during 2014. The Company believes that the impairment is temporary and has included the impairment in accumulated other comprehensive loss.

The table below presents disclosures about the auction rate securities measured at fair value on a recurring basis in the Company’s financial statements as follows (in thousands):

	At September 30, 2015						At December 31, 2014
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Investment in auction rate securities	$	—	$	—	$	6,650	$	—	$	—	$	6,905

	C ost Basis Amount		Gross Unrealized Loss In Accumulated OCI		Fair Value
September 30, 2015
Investment in auction rate securities	$	7,150	$	500	$	6,650

December 31, 2014
Investment in auction rate securities	$	7,425	$	520	$	6,905

Interest Rate Swap Agreements

In January 2012, the Company entered into swap agreements to hedge against the potential impact of increases in interest rates on its floating-rate debt instruments. At September 30, 2015, the Company did not have any interest rate swap contracts. Swap agreements that hedge exposures to changes in interest rates exposed the Company to credit risk and market risk.

These swap contracts were designated as cash flow hedges, to pay fixed rates of interest and receive a floating interest rate based on LIBOR. The fixed interest rates specified in the interest rate swap contracts became effective on or about January 1, 2012. The Company’s interest rate swaps qualified for cash flow hedge accounting treatment. Unrealized gains or losses were recorded in Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheets. Amounts received or paid under the contracts were recognized as interest expense over the life of the contracts.

The fair value of cash flow hedges was calculated as the present value of expected future cash flows, determined on the basis of forward interest rates and present value factors. As such, the carrying amounts for these swaps were designated to be Level 2 fair values. The carrying value of these swaps is included in Other Long-Term Liabilities on the accompanying Consolidated Balance Sheet as of December 31, 2014.

Derivative instruments are on the accompanying Consolidated Balance Sheet and Consolidated Statements of Income and Comprehensive Income as follows (in thousands):

		Fair Value at
Derivative Liabilities Designated as Hedging Instruments	Balance Sheet Location		September 30 , 201 5	December 31, 2014
Interest Rate Swaps	Other Long-Term Liabilities	$	˗	$	235

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) during the Three Months Ended				Location of Loss	Loss Reclassified from Accumulated OCI into Income (Effective Portion) during the Three Months Ended
	September 30 , 201 5		September 30 , 201 4		Reclassified into Income	September 30 , 201 5		September 30 , 201 4
Interest rate swaps	$	-	$	216	Interest Expense	$	-	$	(55	)

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) during the Nine Months Ended				Location of Loss	Loss Reclassified from Accumulated OCI into Income (Effective Portion) during the Nine Months Ended
	September 30 , 201 5		September 30 , 201 4		Reclassified into Income	September 30 , 201 5			September 30 , 201 4
Interest rate swaps	$	235	$	587	Interest Expense	$	(55	)	$	(166	)

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 7 - Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting Disclosure [Text Block]

7 – Segment Information

The Company currently has one reportable business segment - the Truck Segment. The Truck Segment includes the Company’s operation of a network of commercial vehicle dealerships that provide an integrated one-stop source for the commercial vehicle needs of its customers, including retail sales of new and used commercial vehicles; aftermarket parts, service and body shop facilities; and a wide array of financial services, including the financing of new and used commercial vehicle purchases, insurance products and truck leasing and rentals. The commercial vehicle dealerships are deemed a single reporting unit because they have similar economic characteristics. Our chief operating decision maker considers the entire Truck Segment, not individual dealerships, when making decisions about resources to be allocated to the segment and assessing its performance.

The Company also has revenues attributable to three other operating segments. These segments include a retail tire company, an insurance agency and a guest ranch operation and are included in the All Other column below. None of these segments has ever met any of the quantitative thresholds for determining reportable segments.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income before income taxes, not including extraordinary items.

The following table contains summarized information about reportable segment revenue, segment income or loss from continuing operations and segment assets for the periods ended September 30, 2015, and 2014 (in thousands):

	Truck Segment		All Other			Totals

As of and for the three months ended September 30, 2015

Revenues from external customers	$	1,289,929	$	4,147		$	1,294,076
Segment income (loss) before taxes		33,069		(607	)		32,462
Segment assets		2,837,256		33,234			2,870,490

For the nine months ended September 30, 2015

Revenues from external customers	$	3,806,276	$	11,638		$	3,817,914
Segment income (loss) before taxes		92,981		(1,169	)		91,812

As of and for the three months ended September 30, 2014

Revenues from external customers	$	1,236,101	$	4,921		$	1,241,022
Segment income (loss) before taxes		38,366		(37	)		38,329
Segment assets		2,426,368		30,244			2,456,612

For the nine months ended September 30, 2014

Revenues from external customers	$	3,368,037	$	14,113		$	3,382,150
Segment income (loss) before taxes		90,459		(126	)		90,333

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Note 8 - Income Taxes	9 Months Ended
Note 8 - Income Taxes	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8 – Income Taxes The Company had unrecognized income tax benefits totaling $1.5 million as a component of accrued liabilities at September 30, 2015 and December 31, 2014, the total of which, if recognized, would impact its effective tax rate. An unfavorable settlement may require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. No amounts were accrued for penalties. The Company had approximately $98,500 accrued for the payment of interest at September 30, 2015 and December 31, 2014. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of September 30, 2015, the tax years ended December 31, 2011 through 2014 remained subject to audit by federal tax authorities and the tax years ended December 31, 2010 through 2014 remained subject to audit by state tax authorities.

Note 9 - Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2015

Comprehensive Income (Loss) Note [Text Block]

9 – Accumulated Other Comprehensive Income

The following table shows the components of accumulated other comprehensive loss, net of tax, (in thousands):

	Three Months Ended September 30, 2015
	Cash Flow Swaps		Available for Sale Securities			Total
Balance at June 30, 2015	$	0	$	(305	)	$	(305	)
Change in fair value		0		−			−
Income tax deferred		0		−			−
Balance at September 30, 2015	$	0	$	(305	)	$	(305	)

	Three Months Ended September 30, 2014
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at June 30, 2014	$	(398	)	$	(374	)	$	(772	)
Change in fair value		216			−			216
Income tax deferred		(84	)		−			(84	)
Balance at September 30, 2014	$	(266	)	$	(374	)	$	(640	)

	Nine Months Ended September 30, 2015
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at December 31, 2014	$	(143	)	$	(317	)	$	(460	)
Change in fair value		235			19			254
Income tax deferred		(92	)		(7	)		(99	)
Balance at September 30, 2015	$	−		$	(305	)	$	(305	)

	Nine Months Ended September 30, 2014
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at December 31, 2013	$	(624	)	$	(578	)	$	(1,202	)
Change in fair value		587			334			921
Income tax deferred		(229	)		(130	)		(359	)
Balance at September 30, 2014	$	(266	)	$	(374	)	$	(640	)

The following table shows the amount of loss reclassified from accumulated other comprehensive loss into earnings (in thousands):

	Three Months Ended					Nine Months Ended
	September 30, 2015		September 30, 2014			September 30, 2015			September 30, 2014
Losses on cash flow swaps to:
Interest expense	$	−	$	(55	)	$	(55	)	$	(166	)
Income tax benefit		−		21			21			65
Total reclassifications	$	−	$	(34	)	$	(34	)	$	(101	)

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Note 10 - Acquisitions

9 Months Ended

Sep. 30, 2015

Business Combination Disclosure [Text Block]

10 – Acquisitions

All of the following acquisitions, unless otherwise noted, were considered business combinations accounted for under ASC 805 “Business Combinations.” Pro forma information is not included in accordance with ASC 805 since no acquisitions were considered material individually or in the aggregate.

As the value of certain assets and liabilities acquired in 2015 are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances that existed at the acquisition date. The property and equipment, inventory and valuation of intangibles is subject to change during the purchase price allocation period.

On September 28, 2015, in connection with the divestiture of the Company’s Peterbilt dealership in Charlotte, North Carolina, the Company acquired certain assets of Peterbilt of Las Vegas, Inc., which operated a commercial vehicle dealership in Las Vegas, Nevada. This location is operating as a Rush Truck Center and is a full-service Peterbilt dealership. The acquisition also included a PacLease commercial vehicle rental and leasing business. The dealership swap was a like-kind exchange for tax purposes and enabled the Company to be consistent with its strategy of not having dealerships representing multiple Class 8 manufacturers in the same market as the Company continues to operate a facility representing International, Hino and Isuzu trucks in Charlotte. The sale price for the assets in Charlotte, North Carolina was approximately $6.4 million, which was offset by floor plan and accounts payable of $5.9 million.

The purchase price for the assets in Las Vegas, Nevada was approximately $3.4 million, which was paid in cash. The operations of Peterbilt of Las Vegas, Inc. are included in the accompanying consolidated financial statements from the date of the acquisition. The preliminary purchase price was allocated based on the fair values of the assets at the date of acquisition as follows (in thousands):

Property, equipment and capital lease assets	$	16,430
Inventory		3,662
Prepaid expenses		295
Other		60
Accrued expenses		(172	)
Capital lease obligations		(16,925	)

Total	$	3,350

On July 27, 2015,

the Company acquired certain assets of Dallas Truck Center, Inc., which included real estate and used truck inventory, in Dallas, Texas

. The transaction was valued at approximately $3.3 million, with the purchase price paid in cash.

Property	$	2,308
Inventory		949

Total	$	3,257

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Note 11 - New Accounting Pronouncements	9 Months Ended
Note 11 - New Accounting Pronouncements	Sep. 30, 2015
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	1 1 – New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09), which replaces existing revenue recognition rules with a comprehensive revenue measurement and recognition standard and expanded disclosure requirements. ASU 2014-09 becomes effective for annual reporting periods beginning after December 15, 2017, following the July 2015 approval of a one-year deferral of the effective date by the FASB. We continue to evaluate the impact of the new standard and available adoption methods. In September 2015, the FASB issued ASU No 2015-16, “Business Combinations—Simplifying the Accounting for Measurement-Period Adjustments” (ASU 2015-16), which will result in the recognition, in current-period earnings, of any changes in provisional amounts during the measurement period after the closing of an acquisition, eliminating the requirement to retroactively account for these changes. ASU 2015-16 becomes effective January 1, 2016, subject to early adoption, and will require prospective application to adjustments to provisional amounts that occur after the effective date of ASU 2015-16. We are evaluating the impact of the new standard on our operating results.

Note 4 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Numerator:
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$	19,883	$	23,478	$	56,240	$	55,330

Denominator–
Denominator for basic earnings per share – weighted average shares outstanding		40,361		40,008		40,235		39,700
Effect of dilutive securities– Employee and director stock options and restricted share awards		775		1,083		830		1,120
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions		41,136		41,091		41,065		40,820
Basic earnings per common share	$	.49	$	.59	$	1.40	$	1.39
Diluted earnings per common share and common share equivalents	$	.48	$	.57	$	1.37	$	1.36

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Three Months Ended September 30,				Nine months Ended September 30,
	2015		2014		2015		2014
Anti-dilutive options		1,328		395		1,139		516

Note 6 - Financial Instruments and Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	At September 30, 2015						At December 31, 2014
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs
Investment in auction rate securities	$	—	$	—	$	6,650	$	—	$	—	$	6,905

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

	C ost Basis Amount		Gross Unrealized Loss In Accumulated OCI		Fair Value
September 30, 2015
Investment in auction rate securities	$	7,150	$	500	$	6,650

December 31, 2014
Investment in auction rate securities	$	7,425	$	520	$	6,905

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

		Fair Value at
Derivative Liabilities Designated as Hedging Instruments	Balance Sheet Location		September 30 , 201 5	December 31, 2014
Interest Rate Swaps	Other Long-Term Liabilities	$	˗	$	235

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) during the Three Months Ended				Location of Loss	Loss Reclassified from Accumulated OCI into Income (Effective Portion) during the Three Months Ended
	September 30 , 201 5		September 30 , 201 4		Reclassified into Income	September 30 , 201 5		September 30 , 201 4
Interest rate swaps	$	-	$	216	Interest Expense	$	-	$	(55	)

	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) during the Nine Months Ended				Location of Loss	Loss Reclassified from Accumulated OCI into Income (Effective Portion) during the Nine Months Ended
	September 30 , 201 5		September 30 , 201 4		Reclassified into Income	September 30 , 201 5			September 30 , 201 4
Interest rate swaps	$	235	$	587	Interest Expense	$	(55	)	$	(166	)

Note 7 - Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Truck Segment		All Other			Totals

As of and for the three months ended September 30, 2015

Revenues from external customers	$	1,289,929	$	4,147		$	1,294,076
Segment income (loss) before taxes		33,069		(607	)		32,462
Segment assets		2,837,256		33,234			2,870,490

For the nine months ended September 30, 2015

Revenues from external customers	$	3,806,276	$	11,638		$	3,817,914
Segment income (loss) before taxes		92,981		(1,169	)		91,812

As of and for the three months ended September 30, 2014

Revenues from external customers	$	1,236,101	$	4,921		$	1,241,022
Segment income (loss) before taxes		38,366		(37	)		38,329
Segment assets		2,426,368		30,244			2,456,612

For the nine months ended September 30, 2014

Revenues from external customers	$	3,368,037	$	14,113		$	3,382,150
Segment income (loss) before taxes		90,459		(126	)		90,333

Note 9 - Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2015

Reclassifications [Member]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended					Nine Months Ended
	September 30, 2015		September 30, 2014			September 30, 2015			September 30, 2014
Losses on cash flow swaps to:
Interest expense	$	−	$	(55	)	$	(55	)	$	(166	)
Income tax benefit		−		21			21			65
Total reclassifications	$	−	$	(34	)	$	(34	)	$	(101	)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended September 30, 2015
	Cash Flow Swaps		Available for Sale Securities			Total
Balance at June 30, 2015	$	0	$	(305	)	$	(305	)
Change in fair value		0		−			−
Income tax deferred		0		−			−
Balance at September 30, 2015	$	0	$	(305	)	$	(305	)

	Three Months Ended September 30, 2014
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at June 30, 2014	$	(398	)	$	(374	)	$	(772	)
Change in fair value		216			−			216
Income tax deferred		(84	)		−			(84	)
Balance at September 30, 2014	$	(266	)	$	(374	)	$	(640	)

	Nine Months Ended September 30, 2015
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at December 31, 2014	$	(143	)	$	(317	)	$	(460	)
Change in fair value		235			19			254
Income tax deferred		(92	)		(7	)		(99	)
Balance at September 30, 2015	$	−		$	(305	)	$	(305	)

	Nine Months Ended September 30, 2014
	Cash Flow Swaps			Available for Sale Securities			Total
Balance at December 31, 2013	$	(624	)	$	(578	)	$	(1,202	)
Change in fair value		587			334			921
Income tax deferred		(229	)		(130	)		(359	)
Balance at September 30, 2014	$	(266	)	$	(374	)	$	(640	)

Note 10 - Acquisitions (Tables)

9 Months Ended

Sep. 30, 2015

Dallas Truck Center, Inc. [Member]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Property	$	2,308
Inventory		949

Total	$	3,257

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Property, equipment and capital lease assets	$	16,430
Inventory		3,662
Prepaid expenses		295
Other		60
Accrued expenses		(172	)
Capital lease obligations		(16,925	)

Total	$	3,350

Note 2 - Other Assets (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
Note 2 - Other Assets (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Computer Software, Intangible Asset [Member]
Amortization of Intangible Assets	$ 800,000		$ 800,000	$ 2,500,000	$ 2,400,000
Finite-Lived Intangible Asset, Useful Life				15 years
Finite-Lived Intangible Assets, Amortization Expense, Year Two	3,300,000			$ 3,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	3,300,000			3,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	3,300,000			3,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	3,300,000			3,300,000
Goodwill and Intangible Asset Impairment		$ 0
Capitalized Computer Software, Net	36,500,000	38,500,000		36,500,000
Capitalized Computer Software, Accumulated Amortization	12,600,000	10,300,000		12,600,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	3,300,000			3,300,000
Indefinite-Lived Franchise Rights	$ 7,900,000	$ 7,000,000		$ 7,900,000

Note 4 - Earnings Per Share Calculation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator for basic and diluted earnings per share – Net income available to common shareholders	$ 19,883	$ 23,478	$ 56,240	$ 55,330
Denominator for basic earnings per share – weighted average shares outstanding (in shares)	40,361	40,008	40,235	39,700
Effect of dilutive securities– Employee and director stock options and restricted share awards (in shares)	775	1,083	830	1,120
Denominator for diluted earnings per share – adjusted weighted average shares outstanding and assumed conversions (in shares)	41,136	41,091	41,065	40,820
Basic earnings per common share (in dollars per share)	$ 0.49	$ 0.59	$ 1.40	$ 1.39
Diluted earnings per common share and common share equivalents (in dollars per share)	$ 0.48	$ 0.57	$ 1.37	$ 1.36

Note 4 - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Option [Member]
Anti-dilutive options (in shares)	1,328	395	1,139	516

Note 5 - Stock Options and Restricted Stock Awards (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	$ 2.7	$ 2.0	$ 9.9	$ 9.1
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 18.8		$ 18.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 255 days

Note 6 - Financial Instruments and Fair Value (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2011	Sep. 30, 2015
Auction Rate Securities [Member]
Available-for-sale Securities		$ 6,905,000		$ 6,650,000
Available-for-sale Securities, Amortized Cost Basis		7,425,000		$ 7,150,000
Available-for-sale Securities, Sold at Par	$ 275,000
Derivative, Basis Spread on Variable Rate				2.25%
Asset Impairment Charges			$ 1,000,000
Available-for-sale Debt Securities Gross Unrealized Gain		$ 427,000

Note 6 - Investment in Auction Rate Securities - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities
Fair Value, Inputs, Level 2 [Member]
Available-for-sale Securities
Fair Value, Inputs, Level 3 [Member]
Available-for-sale Securities	$ 6,650	$ 6,905

Note 6 - Investment in Auction Rate Securities (Details) - Auction Rate Securities [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Securities, Amortized Cost Basis	$ 7,150	$ 7,425
Gross unrealized loss in accumulated OCI	500	520
Available-for-sale Securities	$ 6,650	$ 6,905

Note 6 - Fair Values of Derivative Instruments (Details) $ in Thousands	Dec. 31, 2014 USD ($)
Other Liabilities [Member]
Interest Rate Swaps	$ 235

Note 6 - Pre-tax Effect of Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest Expense [Member]
Interest rate swaps		$ (55)	$ (55)	$ (166)
Interest rate swaps		216	235	587
Interest rate swaps		$ (34)	$ (34)	$ (101)

Note 7 - Segment Information (Details Textual)	9 Months Ended
Note 7 - Segment Information (Details Textual)	Sep. 30, 2015
Number of Reportable Segments	1
Number of Operating Segments	3

Note 7 - Segment Reporting Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Truck Segment [Member]
Revenues from external customers	$ 1,289,929,000	$ 1,236,101,000	$ 3,806,276,000	$ 3,368,037,000
Segment income (loss) before taxes	33,069,000	38,366,000	92,981,000	90,459,000
Segment assets	2,837,256,000	2,426,368,000	2,837,256,000	2,426,368,000
Other Segments [Member]
Revenues from external customers	4,147,000	4,921,000	11,638,000	14,113,000
Segment income (loss) before taxes	(607,000)	(37,000)	(1,169,000)	(126,000)
Segment assets	33,234,000	30,244,000	33,234,000	30,244,000
Revenues from external customers	1,294,076,000	1,241,022,000	3,817,914,000	3,382,150,000
Segment income (loss) before taxes	32,462,000	38,329,000	91,812,000	90,333,000
Segment assets	$ 2,870,490,000	$ 2,456,612,000	$ 2,870,490,000	$ 2,456,612,000

Note 8 - Income Taxes (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
Note 8 - Income Taxes (Details Textual) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 1,500,000	$ 1,500,000
Unrecognized Tax Benefits, Interest on Income Taxes Expense	98,500	98,500
Unrecognized Tax Benefits, Income Tax Penalties Accrued	$ 0	$ 0

Note 9 - Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Balance, cash flow swaps		$ (398)	$ (143)	$ (624)
Balance, available for sale securities	(305)	(374)	(317)	(578)
Balance	(305)	(772)	(460)	(1,202)
Change in fair value, cash flow swaps		216	235	587
Change in fair value, available for sale securities			19	334
Change in fair value		216	254	921
Income tax deferred, cash flow swaps		(84)	(92)	(229)
Income tax deferred, available for sale securities			(7)	(130)
Income tax deferred		(84)	(99)	(359)
Balance, cash flow swaps		(266)		(266)
Balance, available for sale securities	(305)	(374)	(305)	(374)
Balance	$ (305)	$ (640)	$ (305)	$ (640)