Saia (SAIA) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Saia, Inc.
Entity Central Index Key	0001177702
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		26,333,692
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	0-49983
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	48-1229851
Document Quarterly Report	true
Document Transition Report	false
Entity Address, Address Line One	11465 Johns Creek Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Johns Creek
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30097
City Area Code	770
Local Phone Number	232-5067
Title of each class	Common Stock, par value $.001 per share
Trading Symbol	SAIA
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 53,260	$ 25,308
Accounts receivable, net	242,895	216,899
Income tax receivable		96
Prepaid expenses and other	52,160	29,393
Total current assets	348,315	271,696
Property and Equipment, at cost	1,918,279	1,901,244
Less: accumulated depreciation	796,511	765,217
Net property and equipment	1,121,768	1,136,027
Operating Lease Right-of-Use Assets	111,737	113,715
Goodwill and Identifiable Intangibles, net	20,030	20,321
Other Noncurrent Assets	8,735	7,015
Total assets	1,610,585	1,548,774
Current Liabilities:
Accounts payable	121,613	89,381
Wages, vacation and employees’ benefits	49,007	55,392
Claims and insurance accruals	46,962	49,613
Other current liabilities	48,285	40,571
Current portion of long-term debt	21,055	20,588
Current portion of operating lease liability	20,336	20,209
Total current liabilities	307,258	275,754
Other Liabilities:
Long-term debt, less current portion	44,962	50,388
Operating lease liability, less current portion	93,366	95,321
Deferred income taxes	121,144	119,818
Claims, insurance and other	46,237	46,205
Total other liabilities	305,709	311,732
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 50,000,000 shares authorized, 26,333,692 and 26,236,570 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	26	26
Additional paid-in-capital	267,430	267,666
Deferred compensation trust, 94,888 and 91,888 shares of common stock at cost at March 31, 2021 and December 31, 2020, respectively	(3,669)	(2,944)
Retained earnings	733,831	696,540
Total stockholders’ equity	997,618	961,288
Total liabilities and stockholders’ equity	$ 1,610,585	$ 1,548,774

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	26,333,692	26,236,570
Common stock, shares outstanding	26,333,692	26,236,570
Deferred compensation trust	94,888	91,888

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Operating Revenue	$ 484,074	$ 446,396
Operating Expenses:
Salaries, wages and employees' benefits	244,437	238,645
Purchased transportation	45,031	30,059
Fuel, operating expenses and supplies	84,901	82,899
Operating taxes and licenses	14,338	14,396
Claims and insurance	11,480	10,421
Depreciation and amortization	35,372	32,590
Gain from property disposals, net	(199)	(1,390)
Total operating expenses	435,360	407,620
Operating Income	48,714	38,776
Nonoperating Expenses (Income):
Interest expense	852	1,402
Other, net	(131)	547
Nonoperating expenses, net	721	1,949
Income Before Income Taxes	47,993	36,827
Income Tax Provision	10,702	8,716
Net Income	$ 37,291	$ 28,111
Weighted average common shares outstanding – basic	26,285	26,070
Weighted average common shares outstanding – diluted	26,671	26,492
Basic Earnings Per Share	$ 1.42	$ 1.08
Diluted Earnings Per Share	$ 1.40	$ 1.06

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation Trust [Member]	Retained Earnings [Member]
Beginning Balance at Dec. 31, 2019	$ 815,226	$ 26	$ 260,871	$ (3,871)	$ 558,200
Beginning Balance, Shares at Dec. 31, 2019		25,936,532
Stock compensation, including options and long-term incentives	1,317		1,317
Exercise of stock options less shares withheld for taxes	2,137		2,137
Exercise of stock options less shares withheld for taxes, Shares		69,640
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares		57,176
Shares issued for long-term incentive awards, net of shares withheld for taxes	(3,404)		(3,404)
Purchase of shares by Deferred Compensation Trust			1,146	(1,146)
Sale of shares by Deferred Compensation Trust			(59)	59
Net income	28,111				28,111
Ending Balance at Mar. 31, 2020	843,387	$ 26	262,008	(4,958)	586,311
Ending Balance, Shares at Mar. 31, 2020		26,063,348
Beginning Balance at Dec. 31, 2020	961,288	$ 26	267,666	(2,944)	696,540
Beginning Balance, Shares at Dec. 31, 2020		26,236,570
Stock compensation, including options and long-term incentives	1,711		1,711
Exercise of stock options less shares withheld for taxes	3,678		3,678
Exercise of stock options less shares withheld for taxes, Shares		46,741
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares		50,381
Shares issued for long-term incentive awards, net of shares withheld for taxes	(6,350)		(6,350)
Purchase of shares by Deferred Compensation Trust			742	(742)
Sale of shares by Deferred Compensation Trust			(17)	17
Net income	37,291				37,291
Ending Balance at Mar. 31, 2021	$ 997,618	$ 26	$ 267,430	$ (3,669)	$ 733,831
Ending Balance, Shares at Mar. 31, 2021		26,333,692

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net income	$ 37,291	$ 28,111
Noncash items included in net income:
Depreciation and amortization	35,372	32,590
Deferred income taxes	1,327	7,069
Other, net	2,365	2,129
Changes in operating assets and liabilities, net	(15,384)	(18,632)
Net cash provided by operating activities	60,971	51,267
Investing Activities:
Acquisition of property and equipment	(25,568)	(107,591)
Proceeds from disposal of property and equipment	180	4,915
Net cash used in investing activities	(25,388)	(102,676)
Financing Activities:
Repayment of revolving credit agreement	(7,713)	(86,734)
Borrowing of revolving credit agreement	7,713	190,874
Proceeds from stock option exercises	3,678	2,137
Shares withheld for taxes	(6,350)	(3,404)
Repayment of finance leases	(4,959)	(4,803)
Net cash provided by (used in) financing activities	(7,631)	98,070
Net Increase in Cash and Cash Equivalents	27,952	46,661
Cash and cash equivalents, beginning of period	25,308	248
Cash and cash equivalents, end of period	$ 53,260	$ 46,909

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries (together, the Company or Saia). All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared by the Company without audit by the independent registered public accounting firm. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, stockholders’ equity and cash flows for the interim periods included herein have been made. These interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information, the instructions to Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2021. Business The Company provides regional and interregional less-than-truckload (LTL) services through a single integrated organization. While more than 97 percent of its revenue has been derived from transporting LTL shipments across 44 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited and logistics services across North America. The Company’s customer base is diversified across numerous industries. Revenue Recognition The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (“BOL”) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. A customer may submit many BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from 1 to 5 days. Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited services over the transit time of the shipment as it moves from origin to destination. Revenue for services started but not completed at the reporting date is recognized on actual transit status in each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided. Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for freight shipments in transit that the Company expects to recognize as revenue in the period subsequent to the reporting date, which is on average less than one week. The Company has elected to apply the optional exemption in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606 as it pertains to additional quantitative disclosures pertaining to remaining performance obligations . Claims and Insurance Accruals Effective March 1, 2018, the Company entered into a new automobile liability insurance policy with a three-year Generally, the Company is responsible for the risk retention amount per occurrence of Thereafter, the policy provides insurance coverage for a single loss of aggregate loss limit for the 36-month term originally ended March 1, 2021. Under the policy, the Company may elect to commute the policy with respect to the first 12 months of the policy term and concurrently extend the policy for an additional one-year period if paid losses in the first 12 months of the policy are less than the Company elected to commute the policy for such period. As a result, the Company received a return of of the premium paid (the maximum return premium available), based on the amount of claims paid and the insurer was released from all liability in connection with claims occurring in such 12-month period. The Company is now self-insured for the first per occurrence with respect to such 12-month period and the policy has been extended for one additional year to March 1, 2022. As a result of the return premium and policy extension, the Company recognized a The Company will continue to recognize the remainder of the return premium as a reduction in insurance premium expense ratably over the remainder of the policy period now ending March 1, 2022. Additionally, the Company is required to pay an additional premium of up to if losses paid by the insurer are greater than over the three-year policy period ending March 1, 2022. Based on claims occurring since March 1, 2019, such additional premium was accrued at March 31, 2021. Commencing on August 30, 2022, the Company may elect to commute the policy with respect to the insurer’s entire liability under the policy in which case the Company would be entitled to a return of a portion of the premium paid, up to , based on the amount of claims paid and the insurer would be released from all liability under the policy ending March 1, 2022. As a result, if the Company elects to commute the policy as to the entire policy term, the Company would be self-insured for $10 million per occurrence for the four years ended March 1, 2022.

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Earnings Per Share	(2) Computation of Earnings Per Share The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts): First Quarter 2021 2020 Numerator: Net income $ 37,291 $ 28,111 Denominator: Denominator for basic earnings per share–weighted average common shares 26,285 26,070 Effect of dilutive stock options 121 96 Effect of other common stock equivalents 265 326 Denominator for diluted earnings per share–adjusted weighted average common shares 26,671 26,492 Basic Earnings Per Share $ 1.42 $ 1.08 Diluted Earnings Per Share $ 1.40 $ 1.06 For the quarter ended March 31, 2021, options and restricted stock for 20,164 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter ended March 31, 2020, options and restricted stock for 69,211 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(3) Commitments and Contingencies The Company pays its pro rata share of the cost of letters of credit outstanding for certain workers’ compensation claims incurred prior to March 1, 2000 that Saia’s former parent maintains for insurance programs. The Company’s pro rata share of these outstanding letters of credit was $1.8 million at March 31, 2021. The Company is subject to legal proceedings that arise in the ordinary course of its business. Management believes that adequate provisions for the resolution of all contingencies, claims and pending litigation have been made for probable and estimable losses and that the ultimate outcome of these actions will not have a material adverse effect on its financial condition but could have a material adverse effect on the results of operations in a given quarter or annual period.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(4) Fair Value of Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximated fair value as of March 31, 2021 and December 31, 2020, because of the relatively short maturity of these instruments. Based on the borrowing rates currently available to the Company for debt with similar terms and remaining maturities, the estimated fair value of total debt at March 31, 2021 and December 31, 2020 was $66.2 million and $71.2 million, respectively, based upon level two in the fair value hierarchy. The carrying value of the debt was $66.0 million and $71.0 million at March 31, 2021 and December 31, 2020, respectively.

Debt and Financing Arrangements

Debt and Financing Arrangements	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Financing Arrangements	(5) Debt and Financing Arrangements At March 31, 2021 and December 31, 2020, debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 66,017 70,976 Total debt 66,017 70,976 Less: current portion of long-term debt 21,055 20,588 Long-term debt, less current portion $ 44,962 $ 50,388 The Company’s liquidity needs arise primarily from capital investment in new equipment, land and structures, information technology and letters of credit required under insurance programs, as well as funding working capital requirements. The Company is party to a revolving credit agreement with a group of banks to fund capital investments, letters of credit and working capital needs. Credit Agreement On February 5, 2019, the Company entered into the Sixth Amended and Restated Credit Agreement with its banking group (as amended, the Amended Credit Agreement). The amendment increased the amount of the revolver from $250 million to $300 million and extended the term until February 2024. $100 million availability 100 basis points to 200 basis points, base rate margins from minus 50 basis points to plus 50 basis points, an unused portion fee from 17.5 basis points to 30 basis points and letter of credit fees from 100 basis points to 200 basis points, in each case based on the Company’s leverage ratio. Under the Amended Credit Agreement, the Company must maintain a minimum debt service coverage ratio set at 1.25 to 1.00 and a maximum leverage ratio set at 3.25 to 1.00. The Amended Credit Agreement provides for a pledge by the Company of certain land and structures, accounts receivable and other assets to secure indebtedness under this agreement. . At March 31, 2021, the Company had no outstanding borrowings and outstanding letters of credit of $28.8 million under the Amended Credit Agreement. At December 31, 2020, the Company had no outstanding borrowings and outstanding letters of credit of $27.2 million under the Amended Credit Agreement. The available portion of the Amended Credit Agreement may be used for general corporate purposes, including capital expenditures, working capital and letter of credit requirements as needed. Finance Leases The Company is obligated under finance leases with seven-year s of and , approximately $97.3 million and $100.1 million of finance leased assets, net of depreciation, were included in Property and Equipment, respectively. Principal Maturities of Long-Term Debt The principal maturities of long-term debt, including interest on finance leases, for the next five years (in thousands) are as follows: Amount 2021 $ 17,170 2022 20,960 2023 15,409 2024 10,606 2025 5,453 Thereafter 927 Total 70,525 Less: Amounts Representing Interest on Finance Leases 4,508 Total $ 66,017

Covid-19

Covid-19	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Covid-19	( 6) COVID-19 In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The Company is considered an essential and critical business by the U.S. Department of Homeland Security’s Cyber and Infrastructure Security Agency (CISA) and will continue to operate under state of emergency and shelter in place orders issued in various jurisdictions across the country. Management has made a variety of efforts seeking to ensure the ongoing availability of Saia’s transportation services, while instituting actions and policies to help safeguard employees and customers from COVID-19, including limiting physical employee and customer contact, implementing enhanced cleaning and hygiene protocols at Saia’s facilities, and instituting telecommuting where possible. Through the date of this filing, the Company has not experienced significant disruptions in the Company’s LTL network operations. The Company’s consolidated financial statements reflect estimates and assumptions made by management that affect the reported amounts of assets and liabilities. The Company has considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s first quarter 2021 financial position. It is possible that these assumptions and estimates may materially change in the future. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which includes modifications to the limitation on business interest expense and net operating loss provisions, and provides a payment delay of employer payroll taxes during 2020 after the date of enactment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Saia, Inc. and its wholly-owned subsidiaries (together, the Company or Saia). All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. The condensed consolidated financial statements have been prepared by the Company without audit by the independent registered public accounting firm. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, stockholders’ equity and cash flows for the interim periods included herein have been made. These interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information, the instructions to Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted from these statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2021.
Business	Business The Company provides regional and interregional less-than-truckload (LTL) services through a single integrated organization. While more than 97 percent of its revenue has been derived from transporting LTL shipments across 44 states, the Company also offers customers a wide range of other value-added services, including non-asset truckload, expedited and logistics services across North America. The Company’s customer base is diversified across numerous industries.
Revenue Recognition	Revenue Recognition The Company’s revenues are derived primarily from the transportation of freight as it satisfies performance obligations that arise from contracts with its customers. The Company’s performance obligations arise when it receives a bill of lading (“BOL”) to transport a customer's commodities at negotiated prices contained in either a transportation services agreement or a publicly disclosed tariff rate. Once a BOL is received, a legally-enforceable contract is formed whereby the parties are committed to perform and the rights of the parties, shipping terms and conditions, and payment terms have been identified. A customer may submit many BOLs for transportation services at various times throughout a service agreement term but each shipment represents a distinct service that is a separately identified performance obligation. The typical transit time to complete a shipment is from 1 to 5 days. Billing for transportation services normally occurs after completion of the service and payment is generally due within 30 days after the invoice date. The Company recognizes revenue related to the Company’s LTL, non-asset truckload and expedited services over the transit time of the shipment as it moves from origin to destination. Revenue for services started but not completed at the reporting date is recognized on actual transit status in each reporting period. Key estimates included in the recognition and measurement of revenue and related accounts receivable are as follows: • Revenue associated with shipments in transit is recognized ratably over transit time; and • Adjustments to revenue for billing adjustments and collectability. The portion of the gross invoice related to interline transportation services that involve the services of another party, such as another LTL service provider, is not recorded in the Company’s revenues. Revenue from logistics services is recognized as the services are provided. Remaining performance obligations represent the transaction price allocated to future reporting periods for freight services started but not completed at the reporting date. This includes the unearned portion of billed and unbilled amounts for freight shipments in transit that the Company expects to recognize as revenue in the period subsequent to the reporting date, which is on average less than one week. The Company has elected to apply the optional exemption in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606 as it pertains to additional quantitative disclosures pertaining to remaining performance obligations .
Claims and Insurance Accruals	Claims and Insurance Accruals Effective March 1, 2018, the Company entered into a new automobile liability insurance policy with a three-year Generally, the Company is responsible for the risk retention amount per occurrence of Thereafter, the policy provides insurance coverage for a single loss of aggregate loss limit for the 36-month term originally ended March 1, 2021. Under the policy, the Company may elect to commute the policy with respect to the first 12 months of the policy term and concurrently extend the policy for an additional one-year period if paid losses in the first 12 months of the policy are less than the Company elected to commute the policy for such period. As a result, the Company received a return of of the premium paid (the maximum return premium available), based on the amount of claims paid and the insurer was released from all liability in connection with claims occurring in such 12-month period. The Company is now self-insured for the first per occurrence with respect to such 12-month period and the policy has been extended for one additional year to March 1, 2022. As a result of the return premium and policy extension, the Company recognized a The Company will continue to recognize the remainder of the return premium as a reduction in insurance premium expense ratably over the remainder of the policy period now ending March 1, 2022. Additionally, the Company is required to pay an additional premium of up to if losses paid by the insurer are greater than over the three-year policy period ending March 1, 2022. Based on claims occurring since March 1, 2019, such additional premium was accrued at March 31, 2021. Commencing on August 30, 2022, the Company may elect to commute the policy with respect to the insurer’s entire liability under the policy in which case the Company would be entitled to a return of a portion of the premium paid, up to , based on the amount of claims paid and the insurer would be released from all liability under the policy ending March 1, 2022. As a result, if the Company elects to commute the policy as to the entire policy term, the Company would be self-insured for $10 million per occurrence for the four years ended March 1, 2022.

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share	The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts): First Quarter 2021 2020 Numerator: Net income $ 37,291 $ 28,111 Denominator: Denominator for basic earnings per share–weighted average common shares 26,285 26,070 Effect of dilutive stock options 121 96 Effect of other common stock equivalents 265 326 Denominator for diluted earnings per share–adjusted weighted average common shares 26,671 26,492 Basic Earnings Per Share $ 1.42 $ 1.08 Diluted Earnings Per Share $ 1.40 $ 1.06

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Reconciliation of Debt	At March 31, 2021 and December 31, 2020, debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 66,017 70,976 Total debt 66,017 70,976 Less: current portion of long-term debt 21,055 20,588 Long-term debt, less current portion $ 44,962 $ 50,388
Schedule of Principal Maturities of Long-Term Debt Including Interest On Finance Leases	The principal maturities of long-term debt, including interest on finance leases, for the next five years (in thousands) are as follows: Amount 2021 $ 17,170 2022 20,960 2023 15,409 2024 10,606 2025 5,453 Thereafter 927 Total 70,525 Less: Amounts Representing Interest on Finance Leases 4,508 Total $ 66,017

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 01, 2018	Aug. 31, 2019	Mar. 31, 2021
Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted			true
Change in accounting principle, accounting standards update, adoption date			Jan. 1, 2021
Change in accounting principle, accounting standards update, immaterial effect			true
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201912Member
New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
New automobile liability insurance policy, effective date	Mar. 1, 2018
New automobile liability insurance policy, term	3 years
Risk retention amount per occurrence under new policy	$ 2,000,000
Provisional extended term of policy	1 year
Maximum amount received return on premium availability		$ 5,200,000
Self insurance, per occurrence		$ 10,000,000
Reduction in insurance premium expenses			$ 500,000
Accrued additional premium			$ 0
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of revenue derived from transporting			97.00%
Average transit time			1 day
Minimum [Member] | Entire 36 Months [Member] | New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
Returnable premium for changes in claims	$ 15,600,000
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Average transit time			5 days
Maximum [Member] | New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
Single loss limit	8,000,000
Aggregate loss limit for each policy year	24,000,000
Aggregate loss limit during policy period	48,000,000
Paid losses specified limit to pay additional premium	15,600,000
Additional premium to be paid, if losses are paid by insurer are greater than limit specified	11,000,000
Maximum [Member] | First 12 months [Member] | New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
Returnable premium for changes in claims	$ 5,200,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information1 (Detail)	Mar. 31, 2021
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-10-01
Summary of Significant Accounting Policies [Line Items]
Payment terms	30 days

Computation of Earnings Per S_3

Computation of Earnings Per Share - Summary of Calculation of Basic Earnings Per Common Share and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 37,291	$ 28,111
Denominator:
Denominator for basic earnings per share–weighted average common shares	26,285	26,070
Effect of dilutive stock options	121	96
Effect of other common stock equivalents	265	326
Denominator for diluted earnings per share–adjusted weighted average common shares	26,671	26,492
Basic Earnings Per Share	$ 1.42	$ 1.08
Diluted Earnings Per Share	$ 1.40	$ 1.06

Computation of Earnings Per S_4

Computation of Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Common stock excluded from the calculation of diluted earnings per share	20,164	69,211

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Pro rata share of letters of credit outstanding	$ 1.8

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Estimated fair value of total debt	$ 66,200	$ 71,200
Total debt	$ 66,017	$ 70,976

Debt and Financing Arrangemen_3

Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance Leases, described below	$ 66,017	$ 70,976
Total debt	66,017	70,976
Less: current portion of long-term debt	21,055	20,588
Long-term debt, less current portion	$ 44,962	$ 50,388

Debt and Financing Arrangemen_4

Debt and Financing Arrangements - Additional Information (Detail) - USD ($)	Feb. 05, 2019	Mar. 31, 2021	Dec. 31, 2020	Feb. 04, 2019
Debt Instrument [Line Items]
Amendment line of credit facility expiration year and month	2024-02
Letter of credit facility outstanding amount		$ 1,800,000
Liabilities recognized under finance leases		$ 66,017,000	$ 70,976,000
Lease expiration period		7 years
Property and Equipment [Member]
Debt Instrument [Line Items]
Finance leased assets, net		$ 97,300,000	$ 100,100,000
Finance Lease Obligations [Member]
Debt Instrument [Line Items]
Weighted average interest rates for finance lease		3.50%	3.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity under credit agreement	$ 300,000,000			$ 250,000,000
Additional borrowing capacity under revolving credit facility	$ 100,000,000
Minimum debt service coverage ratio	125.00%
Maximum leverage ratio	325.00%
Revolving Credit Facility [Member] | Existing Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowing capacity under credit agreement		$ 0	$ 0
Letter of credit facility outstanding amount		$ 28,800,000	$ 27,200,000
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Rate margin	1.00%
Letter of credit unused portion fee	0.175%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Rate margin	2.00%
Letter of credit unused portion fee	0.30%
Revolving Credit Facility [Member] | LIBOR Rate Margin [Member] | Minimum [Member]
Debt Instrument [Line Items]
Rate margin	1.00%
Revolving Credit Facility [Member] | LIBOR Rate Margin [Member] | Maximum [Member]
Debt Instrument [Line Items]
Rate margin	2.00%
Revolving Credit Facility [Member] | Base Rate Margin [Member] | Minimum [Member]
Debt Instrument [Line Items]
Rate margin	0.50%
Revolving Credit Facility [Member] | Base Rate Margin [Member] | Maximum [Member]
Debt Instrument [Line Items]
Rate margin	0.50%

Debt and Financing Arrangemen_5

Debt and Financing Arrangements - Schedule of Principal Maturities of Long-Term Debt Including Interest On Finance Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instruments [Abstract]
2021	$ 17,170
2022	20,960
2023	15,409
2024	10,606
2025	5,453
Thereafter	927
Total	70,525
Less: Amounts Representing Interest on Finance Leases	4,508
Total	$ 66,017	$ 70,976