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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Feb. 20, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	XPO Logistics, Inc.
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		8,369,249
Entity Public Float			$ 84,900,000
Amendment Flag	false
Entity Central Index Key	0001166003
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($)	Dec. 31, 2011	Dec. 31, 2010
Current assets:
Cash	$ 74,007,000	$ 561,000
Accounts receivable, net of allowances of $356,000 and $136,000, respectively	22,425,000	24,272,000
Prepaid expenses	426,000	257,000
Deferred tax asset, current	955,000	314,000
Income tax receivable	1,109,000	1,348,000
Other current assets	219,000	813,000
Total current assets	99,141,000	27,565,000
Property and equipment, net of $3,937,000 and $3,290,000 in accumulated depreciation, respectively	2,979,000	2,960,000
Goodwill	16,959,000	16,959,000
Identifiable intangible assets, net of $3,356,000 and $2,827,000 in accumulated amortization, respectively	8,053,000	8,546,000
Loans and advances	128,000	126,000
Other long-term assets	381,000	516,000
Total long-term assets	28,500,000	29,107,000
Total assets	127,641,000	56,672,000
Current liabilities:
Accounts payable	8,565,000	8,756,000
Accrued salaries and wages	2,234,000	1,165,000
Accrued expenses, other	2,789,000	2,877,000
Current maturities of long-term debt and capital leases	1,675,000	1,680,000
Other current liabilities	808,000	773,000
Total current liabilities	16,071,000	15,251,000
Line of credit		2,749,000
Long-term debt and capital leases, net of current maturities	454,000	2,083,000
Deferred tax liability, long-term	2,346,000	2,032,000
Other long-term liabilities	410,000	544,000
Total long-term liabilities	3,210,000	7,408,000
Stockholders’ equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized; 75,000 shares and none issued and outstanding, respectively	42,794,000	0
Common stock, $.001 par value; 150,000,000 shares authorized; 8,410,353 and 8,171,881 shares issued, respectively; and 8,365,353 and 8,126,881 shares outstanding, respectively	8,000	8,000
Additional paid-in capital	102,613,000	27,233,000
Treasury stock, at cost, 45,000 shares held	(107,000)	(107,000)
Accumulated (deficit) earnings	(36,948,000)	6,879,000
Total stockholders’ equity	108,360,000	34,013,000
Total liabilities and stockholders' equity	$ 127,641,000	$ 56,672,000

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2011	Dec. 31, 2010
Accounts receivable, allowance (in Dollars)	$ 356,000	$ 136,000
Property and equipment, accumulated depreciation (in Dollars)	3,937,000	3,290,000
Identifiable intangible assets, accumulated amortization (in Dollars)	$ 3,356,000	$ 2,827,000
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares	10,000,000	10,000,000
Preferred stock, shares issued	75,000	0
Preferred stock, shares outstanding	75,000	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	8,410,353	8,171,881
Common stock, shares outstanding	8,365,353	8,126,881
Treasury stock, shares	45,000	45,000

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues
Operating revenue	$ 177,076,000	$ 157,987,000	$ 100,136,000
Expenses
Direct expense	147,298,000	130,587,000	83,396,000
Gross margin	29,778,000	27,400,000	16,740,000
Selling, general and administrative expense	28,054,000	18,954,000	13,569,000
Operating income	1,724,000	8,446,000	3,171,000
Other expense	56,000	140,000	51,000
Interest expense	191,000	205,000	105,000
Income from continuing operations before income tax	1,477,000	8,101,000	3,015,000
Income tax provision	718,000	3,213,000	1,325,000
Income from continuing operations	759,000	4,888,000	1,690,000
Income from discontinued operations, net of tax			15,000
Net income	759,000	4,888,000	1,705,000
Preferred stock beneficial conversion charge and dividends	(45,336,000)
Net (loss) income available to common shareholders	$ (44,577,000)	$ 4,888,000	$ 1,705,000
Basic earnings per common share
Income from continuing operations (in Dollars per share)	$ (5.41)	$ 0.61	$ 0.21
Income from discontinued operations (in Dollars per share)		0
Net (loss) income (in Dollars per share)	(5.41)	0.61	0.21
Diluted earnings per common share
Income from continuing operations (in Dollars per share)	(5.41)	0.59	0.21
Income from discontinued operations (in Dollars per share)		0
Net (loss) income (in Dollars per share)	$ (5.41)	$ 0.59	$ 0.21
Weighted average common shares outstanding
Basic weighted average common shares outstanding (in Shares)	8,246,577	8,060,346	8,008,805
Diluted weighted average common shares outstanding (in Shares)	8,246,577	8,278,995	8,041,862

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating activities
Net income	$ 759,000	$ 4,888,000	$ 1,705,000
Adjustments to reconcile net income to net cash from operating activities
(Recovery) provisions for allowance for doubtful accounts	219,000	(84,000)	92,000
Depreciation and amortization expense	1,240,000	1,290,000	1,191,000
Stock compensation expense	1,180,000	157,000	172,000
Loss (gain) on disposal of equipment	12,000	4,000	(29,000)
Non-cash impairment of incentive payments		75,000	124,000
Changes in assets and liabilities
Account receivable	1,627,000	(6,618,000)	(5,459,000)
Deferred tax expense	(327,000)	900,000	713,000
Income tax receivable	239,000	(1,348,000)
Other current assets	595,000	(355,000)	104,000
Prepaid expenses	(170,000)	(99,000)	214,000
Other long-term assets and advances	97,000	338,000	(93,000)
Accounts payable	(191,000)	1,987,000	191,000
Accrued expenses	1,097,000	1,780,000	1,529,000
Other liabilities	234,000	(658,000)	(553,000)
Cash provided (used) by operating activities	6,611,000	2,257,000	(99,000)
Investing activities
Acquisition of business, net of cash acquired			(2,250,000)
Payment of acquisition earn-out	(450,000)	(500,000)	(1,100,000)
Payment for purchases of property and equipment	(754,000)	(811,000)	(186,000)
Proceeds from sale of property and equipment	13,000	2,000	62,000
Cash used by investing activities	(1,191,000)	(1,309,000)	(3,474,000)
Financing activities
Line of credit, net	(2,749,000)	(3,781,000)	4,210,000
Proceeds from issuance of long-term debt		5,000,000
Payments of long-term debt and capital leases	(1,633,000)	(2,665,000)	(1,249,000)
Excess tax benefit from stock options	451,000
Proceeds from issuance of preferred stock and warrants	71,628,000
Net proceeds from exercise of options	704,000	564,000
Dividends paid to preferred stockholders	(375,000)
Cash provided (used) by financing activities	68,026,000	(882,000)	2,961,000
Net increase (decrease) in cash	73,446,000	66,000	(612,000)
Cash, beginning of period	561,000	495,000	1,107,000
Cash, end of period	74,007,000	561,000	495,000
Supplemental disclosures:
Cash paid during the period for interest	110,000	124,000	105,000
Cash paid during the period for income taxes	$ 233,000	$ 3,521,000	396,000
Increase of goodwill due to accrual of aquisition earnout			$ 687,000

Consolidated Statement of Changes in Stockholders’ Equity - USD ($)

Preferred Stock [Member]

Common Stock [Member]

Treasury Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Total

Balance, December 31, 2008 at Dec. 31, 2008

$ 8,000

$ (107,000)

$ 26,340,000

$ 286,000

$ 26,527,000

Balance, December 31, 2008 (in Shares) at Dec. 31, 2008

^[1]

8,053,805

(45,000)

Stock option expense

172,000

Net income

1,705,000

Balance at Dec. 31, 2009

$ 8,000

$ (107,000)

26,512,000

1,991,000

28,404,000

Balance (in Shares) at Dec. 31, 2009

^[1]

8,053,805

(45,000)

Stock option expense

157,000

Net income

4,888,000

Balance at Dec. 31, 2010

$ 8,000

$ (107,000)

27,233,000

6,879,000

$ 34,013,000

Balance (in Shares) at Dec. 31, 2010

8,171,882

^[1]

(45,000)

^[1]

8,126,881

Issuance of stock for exercise of options

564,000

$ 564,000

Issuance of stock for exercise of options (in Shares)

118,077

Stock option expense

1,180,000

Excess tax benefit from stock options

451,000

Dividends paid to preferred stockholders $5 per share

(375,000)

Net income

759,000

Balance at Dec. 31, 2011

$ 42,794,000

$ 8,000

$ (107,000)

102,613,000

(36,948,000)

$ 108,360,000

Balance (in Shares) at Dec. 31, 2011

75,000

8,410,353

^[1]

(45,000)

^[1]

8,365,353

Issuance of stock for exercise of options

704,000

$ 704,000

Issuance of stock for exercise of options (in Shares)

^[1]

237,826

Issuance of ESOP shares (in Shares)

645

Issuance of preferred stock and warrants, net of issuance costs

$ 42,794,000

28,834,000

$ 71,628,000

Issuance of preferred stock and warrants, net of issuance costs (in Shares)

75,000

Deemed distribution for recognition of beneficial conversion feature on preferred stock

$ 44,211,000

$ (44,211,000)

[1]	Amounts have been retrospectively adjusted for a 4-for-1 reverse stock split that was effective on September 2, 2011.

Note 1 - Significant Accounting Principles

12 Months Ended

Dec. 31, 2011

Significant Accounting Policies [Text Block]

1. Significant Accounting Policies

Nature of Business

XPO Logistics, Inc. – (the “Company”) provides premium transportation and logistics services to thousands of customers primarily through its three business units:

Expedited Transportation – provides time critical expedited transportation to our customers through our wholly owned subsidiary Express-1, Inc. (Express-1). This typically involves dedicating one truck and driver to a load which has a specified time delivery requirement. Most of the services provided are completed through a fleet of exclusive use vehicles that are owned and operated by independent contract drivers. The use of non-owned resources to provide services minimizes the amount of capital investment required and is often described with the terms “non-asset” or “asset-light.” In January of 2009, certain assets and liabilities of First Class Expediting Services Inc. (FCES) were purchased to complement the operations of Express-1. Express-1 began consolidating the results of FCES as of the purchase date.

Freight Forwarding – provides freight forwarding services through a chain of independently owned stations located throughout the United States, along with our two company owned international branches through our wholly owned subsidiary Concert Group Logistics, Inc. (CGL). These stations are responsible for selling and operating freight forwarding transportation services within their geographic area under the authority of CGL. In October of 2009, certain assets and liabilities of LRG International Inc. (LRG) were purchased to complement the operations of CGL. CGL began consolidating the results of LRG as of the purchase date.

Freight Brokerage – provides truckload brokerage transportation services to our customers throughout the United States through our wholly owned subsidiaries Bounce Logistics, Inc. (Bounce) and XPO Logistics, LLC.

For specific financial information relating to the above subsidiaries refer to Note 17 – Operating Segments.

During 2008, the Company discontinued its Express-1 Dedicated business unit, in anticipation of the cessation of these operations in February 2009. All revenues and costs associated with this operation have been accounted for, net of taxes, in the line item labeled “Income from discontinued operations”. More information on the discontinuance of the Express-1 Dedicated operations can be found in Note 3 – Discontinued Operations.

Principles of Consolidation

The accompanying Consolidated Financial Statements include the accounts of the Company and all of its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The Company does not have any variable interest entities whose financial results are not included in the Consolidated Financial Statements.

Use of Estimates

The Company prepares its Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The Company reviews its estimates, including but not limited to: accrued revenue, purchased transportation, recoverability of long-lived assets, accrual of acquisition earn-outs, estimated legal accruals, valuation allowances for deferred taxes, reserve for uncertain tax positions, and allowance for doubtful accounts on a regular basis and makes adjustments based on historical experiences and existing and expected future conditions. These evaluations are performed and adjustments are made as information is available. Management believes that these estimates are reasonable and have been discussed with the audit committee; however, actual results could differ from these estimates.

Concentration of Risk

Financial instruments, that potentially subject the Company to concentrations of credit risk, are cash and cash equivalents and accounts receivable.

Cash and cash equivalents consist primarily of cash and money market accounts with an original maturity of three months or less and are maintained at financial institutions. At times, these balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. All of the non-interest bearing cash balances were fully insured at December 31, 2011, due to a temporary federal program in effect from December 31, 2010 through December 31, 2012. Under the program, there is no limit to the amount of insurance for eligible accounts. Beginning in 2013, insurance coverage will revert to $250,000 per depositor at each financial institution, and the non-interest bearing cash balances may again exceed federally insured limits. At December 31, 2011, $72,344,000 was held in an interest bearing money market account. At December 31, 2010, there were no amounts held in interest bearing accounts.

The Company continues to mitigate the concentration of credit risk with respect to trade receivables for any one customer by the expansion of customer base, industry base, and service areas. For the year ended December 31, 2011, a domestic automotive manufacturer accounted for approximately 8% of the Company’s consolidated revenue. During 2011, the Company generated approximately 10% of its consolidated revenue from the Big Three domestic automotive manufacturers. Additionally, at December 31, 2011, account receivable balances related to the Big Three automotive makers equaled 5% of the Company’s consolidated accounts receivable. The concentration of credit risk extends to major automotive industry suppliers, international automotive manufacturers, and many customers who support and derive revenue from the automotive industry.

For the year ended December 31, 2010, a domestic automotive manufacturer accounted for approximately 5% of the Company’s consolidated revenue. During 2010, the Company generated approximately 8% of its consolidated revenue from the Big Three domestic automotive manufacturers. Additionally, at December 31, 2010, account receivable balances related to the Big Three automotive makers equaled 6% of the Company’s consolidated account receivable balance. The concentration of credit risk extends to major automotive industry suppliers, international automotive manufacturers, and many customers who support and derive revenue from the automotive industry.

The Company extends credit to its various customers based on evaluation of the customer’s financial condition and ability to pay in accordance with the payment terms. The Company provides for estimated losses on accounts receivable considering a number of factors, including the overall aging of accounts receivable, customers’ payment history and customers’ current ability to pay their obligations. The Company writes off accounts receivable against the allowance for doubtful accounts when an account is deemed uncollectible. We do not accrue interest on past due receivables.

Activity in the allowance for doubtful accounts for the years ended December 31, 2011, 2010 and 2009 were as follows:

	Year Ending December 31,
	2011			2010			2009
Balance at beginning of year	$	136,000		$	225,000		$	133,000
Additions: Charged to cost and expense		250,000			-			92,000
Deductions and adjustments		(30,000	)		(89,000	)		-
Balance at end of year	$	356,000		$	136,000		$	225,000

Property and Equipment

Property and equipment are stated at cost. Expenditures for maintenance and repair costs are expensed as incurred. Major improvements that increase the estimated useful life of an asset are capitalized. When property and equipment are sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in the results of operations. Depreciation is calculated by the straight-line method over the following estimated useful lives of the related assets:


	Years
Land	0
Building and improvements		39
Office equipment		3-10
Warehouse equipment and shelving		3-7
Computer equipment and software		3-5
Leasehold improvements	Lease term

Goodwill and Intangible Assets with Indefinite Lives

Goodwill consists of the excess of cost over the fair value of net assets acquired in business combinations. Intangible assets with indefinite lives consist principally of the Express-1 and CGL trade names. The Company follows the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standard Codification (“ASC”) Topic 350, “Intangibles – Goodwill and Other”, which requires an annual impairment test for goodwill and intangible assets with indefinite lives. If the carrying value of intangibles with indefinite lives exceeds their fair value, an impairment loss is recognized in an amount equal to that excess. Goodwill is evaluated using a two-step impairment test at the reporting unit level. The first step compares the book value of a reporting unit, including goodwill, with its fair value. If the book value of a reporting unit exceeds its fair value, we complete the second step in order to determine the amount of goodwill impairment loss that we should record. In the second step, we determine an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill. The amount of impairment is equal to the excess of the book value of goodwill over the implied fair value of that goodwill.

The Company performs the annual impairment testing during the third quarter unless events or circumstances indicate impairment of the goodwill may have occurred before that time. For the years presented, we did not recognize any goodwill impairment as the estimated fair value of our reporting units with goodwill significantly exceeded the book value of these reporting units.

Identified Intangible Assets

The Company follows the provisions of ASC Topic 360, “Property, Plant and Equipment” which establishes accounting standards for the impairment of long-lived assets such as property, plant and equipment and intangible assets subject to amortization. The Company reviews long-lived assets to be held-and-used for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If the sum of the undiscounted expected future cash flows over the remaining useful life of a long-lived asset group is less than its carrying amount, the asset is considered to be impaired. Impairment losses are measured as the amount by which the carrying amount of the asset group exceeds the fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset. During 2011 and 2010, there was no impairment of identified intangible assets.

The Company’s intangible assets subject to amortization consist of trade names, non-compete agreements, customer relationships, and other intangibles that are amortized on a straight-line basis over the estimated useful lives of the related intangible asset. The estimated useful lives of the respective intangible assets range from four to 12 years.

Other Long-Term Assets

Other long-term assets consist primarily of balances representing various deposits, the long-term portion of the Company’s non-qualified deferred compensation plan and notes receivable from various CGL independent station owners. Also included within this account classification are incentive payments to independent station owners within the CGL network. These payments are made by CGL to certain station owners as an incentive to join the network. These amounts are amortized over the life of each independent station contract and the unamortized portion is recoverable in the event of default under the terms of the agreements.

Fair Value Measurements

FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and classifies the inputs used to measure fair value into the following hierarchy:

·	Level 1 – Quoted prices for identical instruments in active markets;

·	Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets; and

·	Level 3 – Valuations based on inputs that are unobservable, generally utilizing pricing models or other valuation techniques that reflect management’s judgment and estimates.

Estimated Fair Value of Financial Instruments

The aggregate net fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain financial instruments approximated their fair values. These financial instruments include cash, accounts receivable, notes receivable, accounts payable, accrued expenses and short-term borrowings. Fair values approximate carrying values for these financial instruments since they are short-term in nature and they are receivable or payable on demand. The fair value of the Company’s long-term debt and CGL notes receivable approximated their respective carrying values based on the interest rates associated with these instruments.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain assets and liabilities are measured at fair value on a non-recurring basis, which means that the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value measurements or adjustments in certain circumstances, for example, when the Company makes an acquisition or in connection with goodwill and trade name impairment testing.

In accordance with FASB ASC Topic 350, “Intangibles—Goodwill and Other”, the Company’s goodwill and indefinite lived intangibles are tested for impairment annually or more frequently if significant events or changes indicate possible impairment. The Company’s annual impairment analyses were completed in the third quarter of fiscal years 2011 and 2010, and resulted in no impairments. For the years presented, we did not recognize any goodwill impairment as the estimated fair value of our reporting unit with goodwill significantly exceeded its carrying amount.

As discussed further in Note 11 — Acquisitions, the Company completed an acquisition in the fourth quarter of fiscal year 2009. The acquisition-date fair values of the intangible assets acquired have been estimated by management using income approach methodologies, pricing models and valuation techniques. The valuation of these identifiable intangible assets, as well as the other assets acquired and liabilities assumed, was based on management’s estimates, available information and reasonable and supportable assumptions. The fair value measurements were determined primarily based on Level 3 unobservable input data that reflect the Company’s assumptions regarding how market participants would value the assets.

Revenue Recognition

The Company recognizes revenue at the point in time delivery is completed on the freight shipments it handles, with related costs of delivery being expensed within the same period in which the associated revenue is recognized. The Company uses the following supporting criteria to determine that revenue has been earned and should be recognized:

·	Persuasive evidence of an arrangement exists;

·	Services have been rendered;

·	The sales price is fixed and determinable; and

·	Collectability is reasonably assured.

The Company reports revenue on a gross basis in accordance with ASC Topic 605, “Reporting Revenue Gross as Principal Versus Net as an Agent,” and, as such, presentation on a gross basis is required as:

·	The Company is the primary obligor and is responsible for providing the service desired by the customer.

·	The customer holds the Company responsible for fulfillment including the acceptability of the service (requirements may include, for example, on-time delivery, handling freight loss and damage claims, establishing pick-up and delivery times, and tracing shipments in transit).

For Expedited Transportation and Freight Brokerage, the Company has complete discretion to select its drivers, contractors or other transportation providers (collectively, “service providers”). For Freight Forwarding, the Company enters into agreements with significant service providers that specify the cost of services, among other things, and has ultimate authority in providing approval for all service providers that can be used by Freight Forwarding independently owned stations. Independently owned stations may further negotiate the cost of services with Freight Forwarding approved service providers for individual customer shipments.

·	Expedited Transportation and Freight Brokerage have complete discretion to establish sales prices. Independently owned stations within Freight Forwarding have the discretion to establish sales prices.

The Company bears credit risk for all receivables. In the case of Freight Forwarding the independently owned stations reimburse Freight Forwarding for a portion (typically 70-80%) of credit losses. Freight Forwarding retains the risk that the independent station owners will not meet this obligation.

Income Taxes

Taxes on income are provided in accordance with ASC Topic 740, “Income Taxes”. Deferred income tax assets and liabilities are recognized for the expected future tax consequences of events that have been reflected in the Consolidated Financial Statements. Deferred tax assets and liabilities are determined based on the differences between the book values, and the tax basis of particular assets and liabilities and the tax effects of net operating loss and capital loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized as income or expense in the period that included the enactment date. A valuation allowance is provided to offset the net deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

Accounting for uncertainty in income taxes is determined based on ASC Topic 740, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements and provides guidance on the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosures and transition. As of December 31, 2011 and 2010, the Company accrued approximately $200,000 and $135,000 for certain potential state income taxes.

During 2010 the Internal Revenue Service completed its review of the Company’s 2006 tax year, and based upon the review, no assessments or adjustments were required.

Stock-Based Compensation

The Company accounts for share-based compensation based on the equity instrument’s grant date fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”. The Company has recorded compensation expense related to stock options and restricted stock units of $1.2 million, $157,000 and $172,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

The Company has in place stock-based compensation plans approved by the Company’s stockholders for up to 1,900,000 shares of its common stock. Through the plan, the Company offers stock options and restricted stock units to employees and directors.

Options and restricted stock units generally become fully vested three to five years from the date of grant and expire five to ten years from the grant date. Certain of the restricted stock units also contain performance based vesting criteria. As of December 31, 2011, the Company had no shares available for future equity grants under its existing plans. During the life of the plans 356,000 stock options have been exercised.

The weighted-average fair value of each stock option recorded in expense for the years ended December 31, 2011, 2010 and 2009 was estimated on the date of grant using the Black-Scholes option pricing model and amortized over the requisite service period of the underlying options. The Company has used one grouping for the assumptions, as its option grants have similar characteristics. The expected term of options granted has been derived based upon the Company’s history of actual exercise behavior and represents the period of time that options granted are expected to be outstanding. Historical data was also used to estimate option exercises and employee terminations. Estimated volatility is based upon the Company’s historical market price at consistent points in a period equal to the expected life of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant and the dividend yield is zero. The assumptions outlined in the table below were utilized in the calculations of compensation expense from option grants in the reporting periods reflected.

	Twelve Months Ended December 31,
	2011		2010		2009
Risk-free interest rate		1.5%		2.5%		2.5%
Expected term	6.2 years		5.8 years		5.1 years
Expected volatility		48%		35%		35%
Expected dividend yield	none		none		none
Grant date fair value	$	5.96	$	2.12	$	1.24

As of December 31, 2011, the Company had approximately $4.0 million of unrecognized compensation cost related to non-vested stock option-based compensation that is anticipated to be recognized over a weighted average period of approximately 4.3 years. Remaining estimated compensation expense related to existing stock-option based plans is $1.2 million, $875,000, $781,000, $652,000 and $395,000 for the years ending December 31, 2012, 2013, 2014, 2015, and 2016, respectively.

As of December 31, 2011, the Company had approximately $6.9 million of unrecognized compensation cost related to non-vested restricted stock-based compensation that is anticipated to be recognized over a weighted average period of approximately 4.5 years. Remaining estimated compensation expense related to existing restricted stock-based plans is $1.6 million, $1.5 million, $1.5 million, $1.4 million and $900,000 for the years ending December 31, 2012, 2013, 2014, 2015 and 2016, respectively.

At December 31, 2011 and 2010, the aggregate intrinsic value of options outstanding and exercisable was $12,800,000 and $3,200,000, respectively. During the years ended December 31, 2011, 2010 and 2009 the intrinsic value of options exercised was $1,034,000, $159,000 and zero, respectively. During the years ended December 31, 2011, 2010, and 2009 stock options with a fair value of $785,000, $159,000 and 199,000 vested, respectively. For additional information regarding our plan refer to Note 10 – Stockholders’ Equity.

Earnings per Share

Earnings per common share are computed in accordance with ASC Topic 260, “Earnings per Share”, which requires companies to present basic earnings per share and diluted earnings per share. Basic earnings per common share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share are computed by dividing net income by the combined weighted average number of shares of common stock outstanding and dilutive options outstanding during the year. The table below identifies the weighted average number of shares outstanding and the associated earnings per common share for the periods represented.

	Twelve Months Ended December 31,
	2011			2010		2009
Basic weighted average common shares outstanding		8,246,577			8,060,346		8,008,805
Diluted weighted average common shares outstanding		8,246,577			8,278,995		8,041,862

Net income	$	759,000		$	4,888,000	$	1,705,000
Less:
Declared cumulative paid preferred dividends		(375,000	)		-		-
Undeclared cumulative preferred dividends		(750,000	)		-		-
Deemed dividends from amortization of beneficial conversion feature		(44,211,000	)		-		-
Net (loss) income available to common shareholders	$	(44,577,000	)	$	4,888,000	$	1,705,000

Basic earnings per share	$	(5.41	)	$	0.61	$	0.21
Diluted earnings per share	$	(5.41	)	$	0.59	$	0.21

Diluted earnings per common share are computed by dividing net income by the combined weighted average number of shares of common stock outstanding and the potential dilution of stock options, warrants, restricted stock units and convertible preferred stock outstanding during the period, if dilutive. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. For the year ended December 31, 2011, the weighted average of potentially dilutive securities excluded from the computation of diluted earnings per share was as follows:

	Twelve Months Ended December 31,
	2011		2010		2009
Shares underlying the conversion of preferred stock to common stock		3,522,505		-		-
Shares underlying warrants to purchase common stock		3,618,061		-		-
Shares underlying stock options to purchase common stock		298,017		218,649		33,057
Shares underlying restricted stock units		6,456		-		-
		7,445,039		218,649		33,057

The Company has in place an Employee Stock Ownership Plan (“ESOP”). Shares issued to this plan are included in both the basic and diluted weighted average common shares outstanding amounts. Common shares outstanding from the ESOP were 64,395 and 63,750 and 63,750 for the years ended December 31, 2011, 2010 and 2009, respectively. For additional information refer to Note 14 – Employee Benefit Plans.

Recently Issued Financial Accounting Standards

The Company’s management does not believe that any recent codified pronouncements by the FASB will have a material impact on the Company’s current or future Consolidated Financial Statements.

Note 2 - Subsequent Events	12 Months Ended
Note 2 - Subsequent Events	Dec. 31, 2011
Subsequent Events [Text Block]	2. Subsequent Events On January 9, 2012, our board of directors approved the declaration of a dividend payable to holders of our Series A Convertible Perpetual Preferred Stock. The declared dividend equaled $10 per share of preferred stock as specified in the Certificate of Designation of the preferred stock. The total declared dividend equaled $750,000 and was paid on January 17, 2012.

Note 3 - Discontinued Operations

12 Months Ended

Dec. 31, 2011

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3. Discontinued Operations

During the fourth quarter of 2008, the Company discontinued its Express-1 Dedicated business unit. The Company had operated this unit under the terms of a dedicated contract to supply transportation services to a domestic automotive manufacturer.

Substantially all of the assets of Express-1 Dedicated have been redeployed in other operating units of the Company, and therefore, no impairment charges or assets held for sale were recorded on the Company’s financial statements during 2011, 2010 or 2009. Management does not anticipate recording any additional material activity on its discontinued operations in future periods.

The following table reflects the revenue, operating expenses, gross margins, and net income of the Company’s discontinued Express-1 Dedicated business unit for 2011, 2010 and 2009.

	Years Ending December 31,
	2011		2010		2009
Operating revenue	$	-	$	-	$	666,000
Operating expense		-		-		532,000
Gross margin		-		-		134,000
Selling, general and administrative		-		-		106,000
Income from discontined operations, before tax provision		-		-		28,000
Tax provision		-		-		13,000
Income from discontined operations, net of tax	$	-	$	-	$	15,000

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 360
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+ Details

Note 4 - Property and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment Disclosure [Text Block]

4. Property and Equipment

Property and equipment is summarized as follows:

	Year Ending December 31,
	2011			2010
Buildings	$	1,115,000		$	1,115,000
Leasehold improvements		392,000			345,000
Office equipment		739,000			586,000
Trucks and trailers		1,860,000			1,786,000
Warehouse equipment		103,000			117,000
Computer equipment		1,689,000			1,390,000
Computer software		1,018,000			911,000
		6,916,000			6,250,000
Less: accumulated depreciation		(3,937,000	)		(3,290,000	)
Total property and equipment, net	$	2,979,000		$	2,960,000

Depreciation expense of property and equipment totaled approximately $710,000, $641,000 and $608,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

Within our Consolidated Statements of Operations, depreciation expense is included in both “direct expense” and “selling general and administrative expense”. For 2011, 2010 and 2009 depreciation expense of $193,000, $192,000 and $191,000 was included within “direct expense,” while depreciation expense of $517,000, $449,000 and $417,000 was included within “selling, general and administrative expense”, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Note 5 - Goodwill

12 Months Ended

Dec. 31, 2011

Goodwill Disclosure [Text Block]

5. Goodwill

The carrying amount of goodwill at both December 31, 2011 and 2010 was $16,959,000.

In October 2009, the Company, through its subsidiary CGL, acquired certain assets of LRG International, Inc., a Florida based international forwarding company (“LRG”). As consideration the former owners of LRG were paid $2,000,000 in cash at closing, and received $500,000 on the one year anniversary of the closing, October 1, 2010. Additionally, earn-out consideration of $450,000 was earned by the former owners of LRG based on financial criteria being met in 2010. In the first quarter of 2011, the $450,000 earn-out above was paid in cash. The final earn-out of $450,000 was earned based on 2011 financial criteria being met. The initial fair value liability of the potential earn-out payments were based on the Company’s third-party valuation and was approximately $737,000 as of December 31, 2009. Increases in the liability of approximately $81,000 and $82,000 were recorded as interest expense during 2011 and 2010, respectively. As of December 31, 2011, based on the net present value of the expected cash payments, the earn-out liability was approximately $450,000.The last earn-out payment may be made in cash, shares of the Company’s common stock, or a combination of the two, at the discretion of the Company.

In conjunction with the purchase of CGL in January of 2008, the Company recorded goodwill totaling $7,178,000 of which $500,000 represented a note payable to the former owners of CGL payable on the one year anniversary of the transaction. In addition to the goodwill created at the time of the initial transaction, the contract provided for contingent consideration to be paid to the former owners of CGL in the event certain performance measures were achieved. Based on the achievement of these performance measures and negotiations between the Company and the former owners of CGL, an earn-out of $687,000 was negotiated. The earn-out was comprised of a $600,000 obligation payable to the former owners of CGL in addition to the forgiveness of an $87,000 note receivable due from the former owners of CGL. The $600,000 obligation was paid in the first quarter of 2009 in addition to the $500,000 note payable established at the time of purchase. This transaction resulted in a cash payment of $1.1 million to the former owners of CGL and an additional $687,000 being added to goodwill for the year ended December 31, 2009. The negotiated earn-out represented payment in full for all future earn-out compensation related to the CGL purchase agreement. For additional information refer to Note 11 – Acquisitions.

Note 6 - Identified Intangible Assets

12 Months Ended

Dec. 31, 2011

Intangible Assets Disclosure [Text Block]

6. Identified Intangible Assets

	Remaining Weighted Average
	Amortization		Year Ending December 31,
	In Years		2011		2010
Intangible not subject to amortization:
Trade names		-	$	6,420,000	$	6,420,000
Intangibles subject to amortization:
Trade Names, net of accumulated amortization of $94,000 and $52,000, respectively		2.97		126,000		168,000
Non-compete Agreements, net of accumulated amortization of $730,000 and $654,000, respectively		2.97		33,000		109,000
Independent Participant Network, net of accumulated amortization of $786,000 and $591,000 respectively		0.94		194,000		389,000
Customer relationships, net of accumulated amortization of $809,000 and $676,000, respectively		9.71		1,165,000		1,298,000
Other intangibles, net of accumulated amortization of $631,000 and $584,000, respectively		2.54		115,000		162,000
		7.50		1,633,000		2,126,000
Total identifiable intangible assets			$	8,053,000	$	8,546,000

The following is a schedule by year of future expected amortization expense related to identifiable intangible assets as of December 31, 2011:

2012	$	426,000
2013		232,000
2014		203,000
2015		129,000
2016		115,000
Thereafter		528,000
Total future expected amortization expense	$	1,633,000

The Company recorded amortization expense of approximately $493,000, $649,000 and $580,00 for the years ended December 31, 2011, 2010 and 2009, respectively.

Note 7 - Long-term Debt and Capital Leases

12 Months Ended

Dec. 31, 2011

Long-term Debt [Text Block]

7. Long-term Debt and Capital Leases

The Company enters into long-term debt and capital leases with various third parties from time to time to finance certain operational equipment and other assets used in its business operations. The Company also uses financing for acquisitions and business start ups, among other items. Generally these loans and capital leases bear interest at market rates, and are collateralized with accounts receivable, equipment and certain assets of the Company.

The table below outlines the Company’s long-term debt and capital lease obligations as of December 31, 2011 and 2010.

						Year Ending December 31,
	Interest rates			Term (months)		2011		2010
Capital leases for equipment		10 - 18	%		24 - 60	$	45,000	$	13,000
Notes Payables		2.5	%		36		2,084,000		3,750,000
Total notes payable and capital leases							2,129,000		3,763,000
Less: current maturities of long-term debt and capital leases							1,675,000		1,680,000
Non-current maturities of long term-debt and capital leases						$	454,000	$	2,083,000

The Company recorded interest expense for the long-term debt of $75,000, $91,000 and $37,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

The following is a schedule by year of future minimum principal payments required under the terms of the above long-term debt and capital lease obligations as of December 31, 2011:

2012	$	1,675,000
2013		427,000
2014		10,000
2015		11,000
2016		6,000
Total future principal payments	$	2,129,000

The Company entered into a $5.0 million term loan on March 31, 2010. Commencing April 30, 2010, the term loan is payable in 36 consecutive monthly installments consisting of $139,000 in monthly principal payments plus the unpaid interest accrued on the loan. Interest is payable at the one-month LIBOR plus 225 basis points (2.51% as of December 31, 2011).

Note 8 - Revolving Credit Facilities

12 Months Ended

Dec. 31, 2011

Schedule of Line of Credit Facilities [Table Text Block]

8. Revolving Credit Facility

On March 31, 2011, the Company amended the credit agreement governing the Company’s revolving credit facility and the term loan described in Note 7 above to extend the maturity date of the revolving credit facility to March 31, 2013 and to eliminate the receivables borrowing base limitation previously applicable to the revolving credit facility. The revolving credit facility continues to provide for a line of credit of up to $10.0 million. The Company may draw upon this line of credit up to $10.0 million, less amounts outstanding under letters of credit. The proceeds of the line of credit will be used exclusively for working capital purposes.

Substantially all of the assets of the Company and its wholly owned subsidiaries are pledged as collateral securing the Company’s performance under the revolving credit facility and term loan. The revolving credit facility bears interest based at the one-month LIBOR plus an initial increment of 175 basis points (2.01% as of December 31, 2011).

The credit agreement governing the revolving credit facility and the term loan contains certain covenants related to the Company’s financial performance. Included among the covenants are a fixed charge coverage ratio and a total funded debt to earnings before interest, taxes, depreciation and amortization ratio. As of December 31, 2011, the Company was not in compliance with the terms of the credit agreement with respect to the declaration and payment of cash dividends in 2011 by the Company to the holders of the Company’s Series A Convertible Perpetual Preferred Stock, as well as certain other technical matters not involving the Company’s financial performance or financial maintenance covenants. Subsequent to December 31, 2011, the Company received a waiver from its lender regarding the payment of dividends on the preferred stock in October 2011 and January 2012 and the other technical matters noted above. As of December 31, 2011, the Company was in compliance with all other terms under the credit agreement and no other events of default existed under the terms of such agreement.

The Company had outstanding standby letters of credit as of both December 31, 2011 and 2010 totaling $410,000 related to insurance policies either continuing in force or recently canceled. Amounts outstanding for letters of credit reduce the amount available under the revolving credit facility, on a dollar-for-dollar basis.

Available capacity in excess of outstanding borrowings under the line was approximately $9.6 million and $6.8 million of the as of December 31, 2011 and 2010, respectively. The line of credit carries a maturity date of March 31, 2013. As of December 31, 2011 and 2010 the line of credit balance was $0 and $2,749,000, respectively.

Note 9 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Text Block]

9. Commitments and Contingencies

Lease Commitments

The following is a schedule by year of future minimum payments required under operating leases for various transportation and office equipment and real estate lease commitments that have an initial or remaining non-cancelable lease term as of December 31, 2011.

For the Year Ended December 31,
2012	$	584,000
2013		874,000
2014		611,000
2015		519,000
2016		481,000
Thereafter		3,082,000
Total	$	6,151,000

Rent expense was approximately $514,000, $472,000 and $446,000 for the years ended December 31, 2011, 2010 and 2009, respectively.

Litigation

In the course of its business, the Company may be a party to a variety of legal actions. The Company does not currently anticipate any of these matters or any matters in the aggregate to have a materially adverse effect on the Company’s business or its financial position or results of operations.

The Company carries liability and excess umbrella insurance policies that it deems sufficient to cover potential legal claims arising in the normal course of conducting its operations as a transportation company. In the event the Company is required to satisfy a legal claim in excess of the coverage provided by this insurance, the cash flows and earnings of the Company could be negatively impacted.

During 2008, Express-1, Inc. became involved in litigation relating to a vehicular accident involving an Express-1 vehicle. Throughout 2009, legal discovery took place and during November of 2009 the Company received an order from the court to begin mediation. As a result of mediation, an agreement was reached to settle the litigation for an amount in excess of the Company’s insured limits. As such, the Company recorded $400,000 in expense in the fourth quarter of 2009 that was included in sales, general and administrative expense.

Regulatory Compliance

The Company’s activities are regulated by state and federal regulatory agencies under requirements that are subject to broad interpretations. The Company cannot predict positions that may be taken by these third parties that could require changes to the manner in which the Company operates.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Note 10 - Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity Note Disclosure [Text Block]

10. Stockholders’ Equity

Equity Investment-Convertible Preferred Stock and Warrants

On September 2, 2011, pursuant to the Investment Agreement, dated as of June 13, 2011 (the “Investment Agreement”), by and among Jacobs Private Equity, LLC (“JPE”), the other investors party thereto (collectively with JPE, the “Investors”) and XPO Logistics, Inc., a Delaware corporation, the Company issued to the Investors, for $75,000,000 in cash: (i) an aggregate of 75,000 shares of Series A Convertible Perpetual Preferred Stock of the Company (the “Series A Preferred Stock”), which are initially convertible into an aggregate of 10,714,286 shares of common stock, and (ii) warrants initially exercisable for an aggregate of 10,714,286 shares of common stock at an initial exercise price of $7.00 per common share (the “Warrants”). The Company’s stockholders approved the issuance of the Series A Preferred Stock and the Warrants at the special meeting of the Company’s stockholders on September 1, 2011. We refer to this investment as the “Equity Investment.”

The Series A Preferred Stock has an initial liquidation preference of $1,000 per share and is convertible at any time in whole or in part at the option of the holder thereof into shares of common stock at an initial conversion price of $7.00 per common share (subject to customary anti-dilution adjustments), for an effective initial aggregate conversion rate of 10,714,286 shares of common stock. The Series A Preferred Stock pays and or accrues quarterly cash dividends equal to the greater of (i) the as-converted dividends on the underlying common stock for the relevant quarter and (ii) 4% of the then-applicable liquidation preference per annum. Accrued and unpaid dividends for any quarter accrete to liquidation preference for all purposes. As of December 31, 2011 there were $750,000 of arrearages in cumulative preferred dividends. The liquidation preference of the Series A Preferred Stock at December 31, 2011 was $75,000,000. The Series A Preferred Stock votes together with the common stock on an as-converted basis on all matters, except as otherwise required by law, and separately as a class with respect to certain matters involving the rights of holders of the Series A Preferred Stock.

The Warrants are initially exercisable at any time in whole or in part until September 2, 2021 at the option of the holder thereof for one share of common stock per Warrant at an initial exercise price of $7.00 in cash per common share (subject to customary anti-dilution adjustments), for an effective initial aggregate number of shares of common stock subject to Warrants of 10,714,286.

After deducting $3,372,000 of direct incremental issuance costs, the Company received net proceeds of $71,628,000 for the Series A Preferred Stock and the Warrants, which was recorded in equity based on the relative fair values of the Series A Preferred Stock and the Warrants, resulting in $42,794,000 allocated to the Series A Preferred Stock and $28,834,000 allocated to the Warrants.

The conversion feature of the Series A Preferred Stock was determined to be a beneficial conversion feature (“BCF”) based on the effective initial conversion price and the market value of the Company’s common stock at the commitment date for the issuance of the Series A Preferred Stock. ASC Topic 470, “Debt”, requires recognition of the BCF related to the Series A Preferred Stock as a discount on the Series A Preferred Stock and amortization of such amount as a deemed distribution through the earliest conversion date. The calculated value of the BCF was in excess of the relative fair value of net proceeds allocated to the Series A Preferred Stock. The Company therefore recorded a discount on the Series A Preferred Stock of $44,211,000 with immediate recognition of this amount as a deemed distribution because the Series A Preferred Stock is convertible at any time.

The authorized preferred stock of the Company consists of 10,000,000 shares at $.001 par value, of which 75,000 shares were issued and outstanding as of December 31, 2011. No shares were issued and outstanding as of December 31, 2010 or 2009.

Reverse Stock Split

In connection with the closing of the Equity Investment, the Company effected a 4-for-1 reverse stock split on September 2, 2011. The Company’s stockholders approved the amendment to the Company’s certificate of incorporation effecting the reverse stock split at the special meeting of the Company’s stockholders on September 1, 2011. Unless otherwise noted, all share-related amounts herein reflect the reverse stock split.

In connection with the reverse stock split, stockholders received one new share of common stock for every four shares of common stock held at the effective time. Proportional adjustments were made to the number of shares issuable upon the exercise of outstanding options to purchase shares of common stock and the per share exercise price of those options.

Common Stock

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividend payments whenever funds are legally available and dividends are declared by our board of directors, subject to the prior rights of the holders of all classes of stock outstanding. The Company records stock as issued when the consideration is received or the obligation is incurred.

Treasury Stock

In 2005, the Company received 45,000 shares of its common stock from the holders thereof in settlement of certain loans and deposits between the Company and these stockholders. The shares were recorded at market price on the dates on which they were acquired by the Company.

Options and Restricted Stock Units

The Company has in place stock-based compensation plans in which 1,900,000 shares of its common stock have been approved by the shareholders to be issued. Through the plans, the Company offers shares to assist in the recruitment and retention of qualified employees and non-employee directors. Outstanding options granted to employees and non-employee directors totaled 1,382,000 and 751,000 as of December 31, 2011 and 2010, respectively. Restricted stock units granted to employees and non-employee directors totaled 695,000 and zero as of December 31, 2011 and 2010, respectively.

The following table summarizes the Company’s equity awards outstanding and exercisable as of December 31, 2011 and 2010:

	Options									Restricted Stock Units

	Options			Weighted Average Exercise Price		Exercise Price Range		Weighted Average Remaining Term		Restricted Stock Units		Weighted Average Grant Date Fair Value

Outstanding at December 31, 2009		785,750		$	4.56		2.28 - 5.92		5.1
Granted		158,750			5.64		5.00 - 6.60
Expired		(75,250	)		5.16		3.92 - 6.08
Exercised		(118,000	)		4.76		3.92 - 5.00
Outstanding at December 31, 2010		751,250		$	4.72		2.28 - 6.60		6.2		-

Vested & Exercisable at December 31, 2010		582,595		$	4.57		2.28 - 6.60		5.5		-		-

Outstanding at December 31, 2010		751,250		$	4.72		2.28 - 6.60		6.2		-
Granted		1,059,250			10.89		9.28 - 16.92				695,000		10.34
Expired		(190,716	)		10.83		2.28 - 16.92				-
Exercised		(237,826	)		5.14		2.28 - 10.56				-
Outstanding at December 31, 2011		1,381,958		$	8.53		2.28 - 16.92		9.0		695,000		10.34

Vested & Exercisable at December 31, 2011		471,653		$	5.52		2.68 - 10.56		6.2		-

Of the 695,000 restricted stock units, 583,000 vest subject to service conditions and 112,000 vest subject to service and performance-based conditions.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Note 11 - Acquisitions

12 Months Ended

Dec. 31, 2011

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

11. Acquisitions

First Class

In January of 2009, the Company purchased certain assets and liabilities from First Class Expediting Services Inc. (FCES). FCES was a Rochester Hills, Michigan based company providing regional expedited transportation in the Midwest. The Company paid the former owners of FCES $250,000 in cash and received approximately $40,000 of net assets consisting primarily of fixed assets, net of related debt. The Company funded the transaction through cash available from working capital.

For financial reporting purposes, FCES is included with the operating results of Express-1. The Company has recognized identifiable intangible assets of $210,000 amortizable over a 2-5 year period.

The purchase price allocation for FCES as of January 2009 was as follows:

Property and equipment	$	82,000
Intangibles		210,000
Liabilities assumed		(42,000	)
Total purchase price	$	250,000

LRG

On October 1, 2009, CGL purchased certain assets and liabilities of Tampa, Florida based LRG International, Inc. (LRG), an international freight forwarder. The LRG purchase complements and expands CGL’s ability to move international freight competitively. LRG’s financial activity is included within CGL’s segment information.

At closing the Company paid the former owners of LRG $2 million in cash. The Company used its then-existing line of credit to finance the transaction. On the one year anniversary of the closing, the Company paid the former owners $500,000. The transaction also provided for potential earn-outs of $900,000 provided certain performance criteria are met within the new CGL International division over a 2 year period. During the first quarter of 2011, the Company paid a $450,000 cash earn-out. One additional potential earn-out of $450,000 can also be earned based on 2011 financial criteria being met. At the October 1, 2009 closing date the company recorded approximately $1,237,000 in liabilities related to the fair value of these future payments, which are measured using Level 3 fair value inputs (see Note 6 – Identified Intangible Assets).

The Company accounted for the acquisition as a purchase and included the results of operation of the acquired business in the Consolidated Financial Statements from the effective date of the acquisition.

The purchase price allocation for LRG as of October 1, 2009 was as follows:

Property and equipment	$	30,000
Trademarks/names		220,000
Association memberships		160,000
Customer lists		1,410,000
Non-compete agreements		60,000
Goodwill		1,357,000
Earn-outs		(1,237,000	)
Total purchase price	$	2,000,000

The following table sets forth the components of identifiable intangible assets associated with the acquisition of LRG:

	Fair Value		Useful Lives
Trademark/name	$	220,000	5 years
Association memberships		160,000	5 years
Customer list		1,410,000	12 years
Non-compete agreements		60,000	5 years
Total identifiable intangible assets	$	1,850,000

The following unaudited Pro forma consolidated information presents the results of operations of the Company for the twelve months ended December 31, 2009, as if the acquisition of LRG had taken place at the beginning of the year presented. The 2010 and 2011 Consolidated Financial Statements include a full year of LRG (currently CGL International) results. Pro forma results presented within the table do not include adjustments for amortization of intangibles and depreciation of fixed assets as a result of the LRG acquisition.

	Pro forma Consolidated Results
	(Unaudited)
	For the year ended
	December 31, 2009
Operating revenue	$	106,540,000
Income from continuing operations before tax		3,409,000
Income from continuing operations	$	1,926,000

Basic income from continuing operations per share	$	0.06
Diluted income from continuing operations per share	$	0.06

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

+ Details

Note 12 - Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Text Block]

12. Income Taxes

The components of the income tax provision consist of the following:

	Year Ended December 31,
	2011			2010		2009
Current
Federal	$	552,000		$	1,968,000	$	172,000
State		364,000			330,000		453,000
		916,000			2,298,000		625,000
Deferred
Federal		(142,000	)		798,000		591,000
State		(56,000	)		117,000		122,000
		(198,000	)		915,000		713,000
Total income tax provision		718,000			3,213,000		1,338,000
Income tax provision included in discontinued operations		-			-		13,000
Income tax provision included in continuing operations	$	718,000		$	3,213,000	$	1,325,000

The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference are as follows:

	Year Ended December 31,
	2011			2010		2009
Income tax provision at statutory rate	$	519,000		$	2,754,000	$	1,038,000
Increase (decrease) in income tax due to:
State tax		137,000			317,000		379,000
Uncertain tax position provision		65,000			135,000		-
All other non-deductible items		(3,000	)		7,000		(79,000	)
Total provision for income tax	$	718,000		$	3,213,000	$	1,338,000

The tax effects of temporary differences that give rise to significant portions of the current deferred tax asset and non-current deferred tax liability at December 31, 2011 and 2010 are as follows:

	Year Ended December 31,
Current deferred tax items	2011			2010
Allowance for doubtful accounts	$	141,000		$	53,000
Prepaid expenses		(142,000	)		(93,000	)
Accrued expenses		896,000			294,000
Accrued insurance claims		60,000			60,000
Total deferred tax asset, current	$	955,000		$	314,000
Non-current deferred tax items
Property, plant & equipment	$	(478,000	)	$	(396,000	)
Intangible assets		(2,569,000	)		(1,984,000	)
Accrued expenses		20,000			20,000
Stock option expense		594,000			253,000
Net operating loss carryforward		87,000			75,000
Total deferred tax liability, long-term		(2,346,000	)		(2,032,000	)
Net deferred tax liability	$	(1,391,000	)	$	(1,718,000	)

As of December 31, 2011, the Company had no remaining federal net operating loss carry forward. The Company’s gross state net operating loss carry forward at December 31, 2011, totaled approximately $1,600,000 and will begin expiring in 2021. The Company is subject to examination by the IRS for the calendar years 2007 through 2010. The Company is also subject to examination by various state taxing authorities for the calendar years 2006 through 2010. The Company does not anticipate any significant increase or decrease in unrecognized tax benefit within the next 12 months. The Company has not recorded a valuation allowance related to the current deferred tax asset as of December 31, 2011 and 2010 as the current and historical taxable income supports the realization of the assets.

Liability for Uncertain Tax Positions

In July 2006, the FASB issued guidance which clarifies the accounting for uncertainty in income taxes recognized in an entity’s financial statements in accordance with ASC Topic 740, and prescribed a recognition threshold and measurement attributes for financial statement disclosure of tax positions taken or expected to be taken on a tax return. Under this guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Additionally, this guidance provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

The Company adopted this guidance on January 1, 2007, however, the adoption did not have a material impact on the Company’s Consolidated Financial Statements until fiscal year 2010. As a result of the implementation of this guidance, the Company has recognized the following liability for the year ended December 31, 2011 and 2010. A reconciliation of the beginning to ending amount of the recognized uncertain tax position liability is as follows:

	Year Ended December 31,
	2011		2010
Balance at January 1	$	135,000	$	-
Additions based on tax positions related to the current year		65,000		70,000
Additions for tax positions of prior years		-		65,000
Reductions for tax positions of prior years		-		-
Reductions due to the statute of limitations		-		-
Settlements		-		-

Balance at December 31	$	200,000	$	135,000

The Company recognizes interest accrued to unrecognized tax benefits in interest expense and penalties in sales, general and administrative expense. During the years ended December 31, 2011 and 2010, the Company recognized $0 for interest and penalties due to the immaterial nature of both items.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 136, 172
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Note 13 - Related Party Transactions

12 Months Ended

Dec. 31, 2011

13. Related Party Transactions

Pursuant to the terms of the Investment Agreement, on September 2, 2011, the Company paid JPE $1,000,000 as reimbursement for certain expenses incurred by JPE in connection with the transactions contemplated by the Investment Agreement, which reduced the net proceeds received for the Series A Preferred Stock and the Warrants. With the approval of the audit committee of the Company’s board of directors, the Company also agreed to pay an incremental $261,000 of expenses incurred by JPE in connection with the transactions contemplated by the Investment Agreement. In addition, with the approval of the Company’s board of directors, the Company agreed to pay JPE $297,000 as reimbursement for certain executive search firm and other expenses incurred by JPE on behalf of the Company.

In March 2010, the Company issued a promissory note to an employee for $150,000. The note accrues interest at 5.5% per annum, and is collateralized by a mortgage on real property. The note has no stated maturity; however, the note and accrued interest are payable in full to the Company upon termination of the employee’s employment. The note and accrued interest will be paid by the employee in the form of performance bonuses in the future. As of December 30, 2011, the note had an outstanding balance of $143,000, of which approximately $15,000 was classified as a current note receivable based on the expected bonus to be paid to the employee in 2012, and approximately $128,000 was classified as a long-term note receivable.

In December 2010, an owner of one of CGL’s independently owned stations sold his interest in such station and became employed by CGL. In connection with his prior ownership and operation of his CGL station, this employee was the obligor on a promissory note in favor of CGL in an aggregate principal amount of $128,000. The note accrues interest at the prime rate, as in effect from time to time, and is uncollateralized. The note matures on August 31, 2012 and requires bi-weekly payments of $2,600. As of December 31, 2011, the note had an outstanding balance of $56,000, which has been classified as a current note receivable.

The above transactions are not necessarily indicative of amounts, terms and conditions that the Company may have received in transactions with unrelated third parties.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
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-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Note 14 - Employee Benefit Plans

12 Months Ended

Dec. 31, 2011

Pension and Other Postretirement Benefits Disclosure [Text Block]

14. Employee Benefit Plans

The Company has a defined contribution 401(k) salary reduction plan intended to qualify under Section 401(a) of the Internal Revenue Code of 1986 (the “401(k) Plan”). The 401(k) Plan allows eligible employees, as defined in the plan document, to defer up to the federally allowed limits of their eligible compensation, with the Company contributing an amount determined at the discretion of the board of directors. The Company contributed approximately $120,000, $120,000 and $65,000 to the 401(k) Plan for the years ended December 31, 2011, 2010 and 2009, respectively.

The Company also maintained a Non-qualified Deferred Compensation Plan for certain employees. This plan allowed participants to defer a portion of their salary on a pre-tax basis and accumulate tax-deferred earnings plus interest. These deferrals were in addition to those allowed under the 401(k) Plan. The Company provided a discretionary matching contribution of 25 percent of the employee contribution, subject to a maximum Company contribution of $2,500 per employee. The Company’s matching contribution expense for such plans was $0, $0 and $0 for the years ended December 31, 2011, 2010 and 2009, respectively. During the fourth quarter of 2009, the Company decided to terminate this plan effective in January 2010. Liabilities totaling $350,000 were paid out to plan participants during 2011 in conjunction with the termination of the plan.

The Company has in place an Employee Stock Ownership Plan (“ESOP”) for all employees. The ESOP allows employer contributions, at the sole discretion of the board of directors. To be eligible to receive contributions, an employee must complete one year of full time service and be employed on the last day of the year. Contributions to the ESOP vest over a five-year period. The following table reflects activity to the Company’s ESOP plan:

	ESOP Shares Awarded		Stock Valuation		Issuance Date	Expense Recognized
Outstanding prior to 2005		6,250		4.80	3/31/2005	$	30,000
2005		12,500		2.96	10/6/2006		124,000
2006		22,500		5.52	4/10/2007		101,000
2007		22,500		4.48	12/11/2007		101,000
2008		-		-			2,000
2009		-		-			40,000
2010		-		-			-
2011		645		9.28	4/25/2011		-
Total		64,395				$	398,000

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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+ Details

Note 15 - Employment Agreements

12 Months Ended

Dec. 31, 2011

Compensation and Employee Benefit Plans [Text Block]

15. Employment Agreements

The Company has in place with certain managers and executives employment agreements calling for base compensation payments totaling $4,154,000, $3,600,000, $3,600,000, $3,432,000 and $2,063,000 for the years ending December 31, 2012 2013, 2014, 2015 and 2016, respectively. These agreements expire on various dates within the listed periods and also provide for performance based bonus and equity awards, provided the Company’s performance meets defined performance objectives. These employment contracts vary in length and provide for continuity of employment pending termination “for cause” for the covered individuals.

Note 16 - Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information [Text Block]

16. Quarterly Financial Data (Unaudited)

XPO Logistics, Inc.

Quarterly Financial Data

	March 31,		June 30,		September 30,			December 31,
	2011		2011		2011			2011
Operating revenue	$	41,508,000	$	44,094,000	$	47,389,000		$	44,085,000
Direct expense		34,301,000		36,914,000		39,169,000			36,914,000
Gross margin		7,207,000		7,180,000		8,220,000			7,171,000
Sales, general and administrative expense		5,207,000		5,537,000		7,750,000			9,560,000
Other expense (income)		29,000		33,000		-			(6,000	)
Interest expense		49,000		47,000		49,000			46,000
Income (loss) before income tax		1,922,000		1,563,000		421,000			(2,429,000	)
Income tax provision		805,000		649,000		231,000			(967,000	)
Net income (loss)		1,117,000		914,000		190,000			(1,462,000	)
Preferred stock beneficial conversion charge and dividends		-		-		(44,586,000	)		(750,000	)
Net income (loss) available to common shareholders	$	1,117,000	$	914,000	$	(44,396,000	)	$	(2,212,000	)
Basic income per share
Net income	$	0.14	$	0.11	$	(5.38	)	$	(0.27	)
Diluted income per share
Net income	$	0.13	$	0.11	$	(5.38	)	$	(0.27	)

	March 31,		June 30,		September 30,		December 31,
	2010		2010		2010		2010
Operating revenue	$	31,642,000	$	40,340,000	$	44,448,000	$	41,557,000
Direct expense		26,043,000		33,101,000		36,309,000		35,134,000
Gross margin		5,599,000		7,239,000		8,139,000		6,423,000
Sales, general and administrative expense		4,075,000		4,598,000		5,219,000		5,062,000
Other expense		20,000		34,000		48,000		38,000
Interest expense		20,000		88,000		32,000		65,000
Income before income tax		1,484,000		2,519,000		2,840,000		1,258,000
Income tax provision		650,000		1,015,000		1,110,000		438,000
Net income	$	834,000	$	1,504,000	$	1,730,000	$	820,000
Basic income per share
Net income	$	0.10	$	0.19	$	0.21	$	0.10
Diluted income per share
Net income	$	0.10	$	0.18	$	0.21	$	0.10

	March 31,			June 30,			September 30,		December 31,
	2009			2009			2009		2009
Operating revenue	$	20,072,000		$	22,243,000		$	26,211,000	$	31,610,000
Direct expense		16,856,000			18,606,000			21,482,000		26,452,000
Gross margin		3,216,000			3,637,000			4,729,000		5,158,000
Sales, general and administrative expense		3,243,000			3,006,000			3,284,000		4,036,000
Other expense		(10,000	)		19,000			19,000		23,000
Interest expense		22,000			26,000			26,000		31,000
Income from continuing operations before income tax		(39,000	)		586,000			1,400,000		1,068,000
Income tax provision		(14,000	)		273,000			599,000		467,000
Income from continuing operations		(25,000	)		313,000			801,000		601,000
Income from discontinued operations, net of tax		30,000			(25,000	)		10,000		-
Net income	$	5,000		$	288,000		$	811,000	$	601,000
Basic income per share
Income from continuing operations	$	-		$	0.04		$	0.10	$	0.08
Income from discontinued operations		-			-			-		-
Net income		-			0.04			0.10		0.08
Diluted income per share
Income from continuing operations		-			0.04			0.10		0.07
Income from discontinued operations		-			-			-		-
Net income	$	-		$	0.04		$	0.10	$	0.07

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Note 17 - Operating Segments

12 Months Ended

Dec. 31, 2011

Segment Reporting Disclosure [Text Block]

17. Operating Segments

The Company has three reportable segments based on the type of service provided, to its customers:

Expedited Transportation— provides time critical expedited transportation to its customers. This typically involves dedicating one truck to a load which has a specified time delivery requirement. Most of the services provided are completed through a fleet of exclusive use vehicles that are owned and operated by independent contract drivers. The use of non-owned resources to provide transportation services minimizes the amount of capital investment required and is often described with the terms “non-asset” or “asset-light”.

Freight Forwarding— provides freight forwarding services through a chain of independently owned stations located throughout the United States, along with our two CGL-owned CGL International branches. These stations are responsible for selling and operating freight forwarding transportation services within their geographic area under the authority of CGL. In October of 2009, certain assets and liabilities of LRG International (currently CGL International) were purchased to complement the operations of CGL.

Freight Brokerage— provides premium truckload brokerage transportation services to its customers throughout the United States.

The costs of the Company’s board of directors, executive team and certain corporate costs associated with operating as a public company are referred to as “corporate” charges. In addition to the aforementioned items, the Company also commonly records items such as its income tax provision and other charges that are reported on a consolidated basis within the corporate classification item.

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on operating income of the respective business segments.

The following schedule identifies select financial data for each of the business segments.

XPO Logistics, Inc.

Operating Segment Data

Year Ended December 31, 2011	Expedited Transportation		Freight Forwarding		Freight Brokerage		Corporate			Eliminations			Total Continuing Operations		Discontinued Operations E-1 Dedicated
Revenues	$	87,558,000	$	65,148,000	$	29,186,000	$	-		$	(4,816,000	)	$	177,076,000
Operating income (loss) from continuing operations		8,199,000		1,545,000		1,305,000		(9,325,000	)					1,724,000
Depreciation and amortization		596,000		576,000		44,000		24,000						1,240,000
Interest expense		4,000		150,000		33,000		4,000						191,000
Tax provision (benefit)		356,000		-		42,000		320,000						718,000
Goodwill		7,737,000		9,222,000		-		-						16,959,000
Total assets		22,448,000		23,394,000		4,854,000		97,667,000			(20,722,000	)		127,641,000
Year Ended December 31, 2010
Revenues	$	76,644,000	$	65,222,000	$	19,994,000	$	-		$	(3,873,000	)	$	157,987,000
Operating income (loss) from continuing operations		7,606,000		1,882,000		865,000		(1,907,000	)					8,446,000
Depreciation and amortization		686,000		629,000		31,000		19,000						1,365,000
Interest expense		-		171,000		31,000		3,000						205,000
Tax provision		2,382,000		529,000		262,000		40,000						3,213,000
Goodwill		7,737,000		9,222,000		-		-						16,959,000
Total assets		24,509,000		25,106,000		4,836,000		25,867,000			(23,646,000	)		56,672,000
Year Ended December 31, 2009
Revenues	$	50,642,000	$	41,162,000	$	10,425,000	$	-		$	(2,093,000	)	$	100,136,000	$	666,000
Operating income (loss) from continuing operations		3,446,000		1,121,000		458,000		(1,854,000	)					3,171,000		28,000
Depreciation and amortization		711,000		452,000		27,000		-						1,190,000		1,000
Interest expense		-		76,000		24,000		5,000						105,000		-
Tax provision		-		-		-		1,325,000						1,325,000		13,000
Goodwill		7,737,000		9,222,000		-		-						16,959,000		-
Total assets		23,381,000		23,509,000		2,150,000		16,858,000			(16,859,000	)		49,039,000		-

- Definition

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.

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+ Details