2013 Q1 Form 10-Q Financial Statement

#000079923313000025 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $134.3M $134.8M
YoY Change -0.42% 5.59%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $96.40M $97.40M
YoY Change -1.03% 3.84%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.23M $14.11M
YoY Change 7.99% 12.56%
% of Gross Profit
Operating Expenses $115.3M $115.3M
YoY Change 0.0% 5.1%
Operating Profit $30.21M $23.78M
YoY Change 27.04% 8.71%
Interest Expense $100.0K $100.0K
YoY Change 0.0% -50.0%
% of Operating Profit 0.33% 0.42%
Other Income/Expense, Net
YoY Change
Pretax Income $30.33M $23.92M
YoY Change 26.8% 8.19%
Income Tax $10.60M $7.332M
% Of Pretax Income 34.94% 30.65%
Net Earnings $19.73M $16.59M
YoY Change 18.97% 11.49%
Net Earnings / Revenue 14.7% 12.3%
Basic Earnings Per Share $0.23 $0.19
Diluted Earnings Per Share $0.23 $0.19
COMMON SHARES
Basic Shares Outstanding 84.77M shares 86.48M shares
Diluted Shares Outstanding 85.05M shares 86.83M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.5M $172.3M
YoY Change -26.0% 18.26%
Cash & Equivalents $127.5M $172.3M
Short-Term Investments
Other Short-Term Assets $10.20M $3.631M
YoY Change 181.02% -23.43%
Inventory
Prepaid Expenses
Receivables $51.75M $50.12M
Other Receivables $0.00 $0.00
Total Short-Term Assets $209.5M $253.2M
YoY Change -17.24% 13.62%
LONG-TERM ASSETS
Property, Plant & Equipment $271.7M $233.6M
YoY Change 16.29% 2.55%
Goodwill $4.815M $4.815M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.00M $50.50M
YoY Change -60.4% -31.11%
Other Assets $9.100M $8.500M
YoY Change 7.06% 28.79%
Total Long-Term Assets $305.7M $297.5M
YoY Change 2.75% -4.81%
TOTAL ASSETS
Total Short-Term Assets $209.5M $253.2M
Total Long-Term Assets $305.7M $297.5M
Total Assets $515.2M $550.7M
YoY Change -6.44% 2.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.60M $11.30M
YoY Change 144.25% -35.8%
Accrued Expenses $38.40M $38.10M
YoY Change 0.79% -8.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.63M $59.88M
YoY Change 19.63% -3.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $79.90M $78.80M
YoY Change 1.4% -1.87%
Total Long-Term Liabilities $134.8M $134.3M
YoY Change 0.41% 6.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.63M $59.88M
Total Long-Term Liabilities $134.8M $134.3M
Total Liabilities $206.4M $194.1M
YoY Change 6.34% 3.22%
SHAREHOLDERS EQUITY
Retained Earnings $386.3M $413.6M
YoY Change -6.58% 18.5%
Common Stock $4.229M $2.398M
YoY Change 76.36% 78.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $80.54M $56.35M
YoY Change 42.93%
Treasury Stock Shares 5.919M shares 4.214M shares
Shareholders Equity $308.8M $356.5M
YoY Change
Total Liabilities & Shareholders Equity $515.2M $550.7M
YoY Change -6.44% 2.86%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $19.73M $16.59M
YoY Change 18.97% 11.49%
Depreciation, Depletion And Amortization $15.23M $14.11M
YoY Change 7.99% 12.56%
Cash From Operating Activities $28.45M $28.36M
YoY Change 0.32% 18.46%
INVESTING ACTIVITIES
Capital Expenditures $38.23M $3.980M
YoY Change 860.6% -83.01%
Acquisitions $0.00
YoY Change
Other Investing Activities $31.00K $8.200M
YoY Change -99.62% -65.98%
Cash From Investing Activities -$20.79M $4.180M
YoY Change -597.27% 523.88%
FINANCING ACTIVITIES
Cash Dividend Paid $1.700M $1.700M
YoY Change 0.0% -5.56%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities $0.00 $0.00
YoY Change
NET CHANGE
Cash From Operating Activities $28.45M $28.36M
Cash From Investing Activities -$20.79M $4.180M
Cash From Financing Activities $0.00 $0.00
Net Change In Cash $7.668M $32.54M
YoY Change -76.44% 32.22%
FREE CASH FLOW
Cash From Operating Activities $28.45M $28.36M
Capital Expenditures $38.23M $3.980M
Free Cash Flow -$9.778M $24.38M
YoY Change -140.1% 4662.11%

Facts In Submission

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1700000 USD
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CY2013Q1 us-gaap Preferred Stock Shares Issued
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0 USD
CY2012Q4 us-gaap Preferred Stock Value
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us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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177200000 USD
CY2013Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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25000 USD
CY2012Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
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25000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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17452000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
308751000 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
450393000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
432330000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
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271711000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
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242371000 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents
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9100000 USD
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RestrictedCashAndCashEquivalents
9100000 USD
CY2013Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
9141000 USD
CY2012Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
9110000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
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386346000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
368313000 USD
CY2013Q1 us-gaap Revenues
Revenues
134273000 USD
CY2012Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Self Insurance Reserve Current
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12631000 USD
CY2012Q4 us-gaap Self Insurance Reserve Current
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13924000 USD
CY2012Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
57590000 USD
CY2013Q1 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
57760000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
354000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
902000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
.20
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
13.57
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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0.00
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
274400 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
351000 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
351000 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.57
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.57
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.57
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.57
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
13.57
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2013Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Lower Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeLowerBound
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CY2013Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
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CY2011 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
351000 shares
CY2013Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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19300000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
290364000 USD
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5919000 shares
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
5919000 shares
CY2013Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
80540000 USD
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
80540000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15105000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15723000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
185000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7000000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7400000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-800000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-400000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
208000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
616000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-900000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-600000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1257000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
10100000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
9500000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;Actual results could differ from those estimates. There were no significant changes in estimates and assumptions used by management related to our critical accounting policies during the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">March&#160;31, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2013Q1 us-gaap Valuation Allowance Amount
ValuationAllowanceAmount
400000 USD
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85046000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86826000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86475000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84770000 shares
CY2013Q1 htld Amortization Period Of Tires
AmortizationPeriodOfTires
P2Y
CY2013Q1 htld Auction Rate Securities Debt Rate Setting Interval
AuctionRateSecuritiesDebtRateSettingInterval
35 days
CY2013Q1 htld Auction Rate Security Investments Percentage Of Total Assets
AuctionRateSecurityInvestmentsPercentageOfTotalAssets
0.039
CY2013Q1 htld Basis Of Tested Impact On Securities
BasisOfTestedImpactOnSecurities
0.005
CY2012Q1 htld Common Stock Dividends Declared In Accounts Payable
CommonStockDividendsDeclaredInAccountsPayable
1736000 USD
CY2013Q1 htld Common Stock Dividends Declared In Accounts Payable
CommonStockDividendsDeclaredInAccountsPayable
1701000 USD
CY2013Q1 htld Number Of Office Locations
NumberOfOfficeLocations
10 locations
CY2013Q1 htld Number Of Regional Operating Divisions
NumberOfRegionalOperatingDivisions
11 divisions
CY2013Q1 htld Numer Of Segments
NumerOfSegments
1 segments
CY2013Q1 htld Percent Of Portfolio With Aaa Credit Rating
PercentOfPortfolioWithAaaCreditRating
0.41
CY2013Q1 htld Portionoftaxbenefitrecordedpositionsmorelikelythannottobesustained
Portionoftaxbenefitrecordedpositionsmorelikelythannottobesustained
0.50
CY2012Q1 htld Rent And Purchased Transportation
RentAndPurchasedTransportation
1662000 USD
CY2013Q1 htld Rent And Purchased Transportation
RentAndPurchasedTransportation
1298000 USD
CY2011Q3 htld Restricted Stock Shares Authorized
RestrictedStockSharesAuthorized
900000 shares
CY2012Q4 htld Revenue Equipment
RevenueEquipment
378583000 USD
CY2013Q1 htld Revenue Equipment
RevenueEquipment
395857000 USD
CY2013Q1 htld Stock Repurchase Shares
StockRepurchaseShares
3200000 shares
CY2001Q3 htld Stock Repurchase Shares
StockRepurchaseShares
15400000 shares
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000799233
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
84769619 shares
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
HEARTLAND EXPRESS INC

Files In Submission

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0000799233-13-000025.txt Edgar Link pending
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exhibit3112013q1.htm Edgar Link pending
exhibit3122013q1.htm Edgar Link pending
exhibit3212013q1.htm Edgar Link pending
exhibit3222013q1.htm Edgar Link pending
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htld-20130331_def.xml Edgar Link unprocessable
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htld-20130331_pre.xml Edgar Link unprocessable
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