Saia (SAIA) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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		26,408,402
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, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 141,325	$ 106,588
Accounts receivable, net	322,343	276,755
Prepaid expenses and other	46,998	32,912
Total current assets	510,666	416,255
Property and Equipment, at cost	2,162,492	2,144,528
Less: accumulated depreciation	890,927	864,074
Net property and equipment	1,271,565	1,280,454
Operating Lease Right-of-Use Assets	103,892	107,781
Goodwill and Identifiable Intangibles, net	18,866	19,157
Other Noncurrent Assets	27,360	21,603
Total assets	1,932,349	1,845,250
Current Liabilities:
Accounts payable	130,163	114,010
Wages, vacation and employees’ benefits	62,125	73,109
Claims and insurance accruals	44,853	54,717
Other current liabilities	61,618	38,551
Current portion of long-term debt	18,373	19,396
Current portion of operating lease liability	21,989	21,565
Total current liabilities	339,121	321,348
Other Liabilities:
Long-term debt, less current portion	26,506	31,008
Operating lease liability, less current portion	84,062	88,409
Deferred income taxes	122,106	124,137
Claims, insurance and other	69,064	60,015
Total other liabilities	301,738	303,569
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, 26,408,402 and 26,336,589 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	26	26
Additional paid-in-capital	267,745	274,633
Deferred compensation trust, 80,174 and 94,627 shares of common stock at cost at March 31, 2022 and December 31, 2021, respectively	(5,480)	(4,101)
Retained earnings	1,029,199	949,775
Total stockholders’ equity	1,291,490	1,220,333
Total liabilities and stockholders’ equity	$ 1,932,349	$ 1,845,250

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	26,408,402	26,336,589
Common stock, shares outstanding	26,408,402	26,336,589
Deferred compensation trust	80,174	94,627

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Operating Revenue	$ 661,216	$ 484,074
Operating Expenses:
Salaries, wages and employees' benefits	289,463	244,437
Purchased transportation	78,248	45,031
Fuel, operating expenses and supplies	122,771	84,901
Operating taxes and licenses	16,573	14,338
Claims and insurance	10,736	11,480
Depreciation and amortization	39,952	35,372
Loss (gain) from property disposals, net	24	(199)
Total operating expenses	557,767	435,360
Operating Income	103,449	48,714
Nonoperating Expenses (Income):
Interest expense	692	852
Other, net	235	(131)
Nonoperating expenses, net	927	721
Income Before Income Taxes	102,522	47,993
Income Tax Provision	23,098	10,702
Net Income	$ 79,424	$ 37,291
Weighted average common shares outstanding – basic	26,391	26,285
Weighted average common shares outstanding – diluted	26,670	26,671
Basic Earnings Per Share	$ 3.01	$ 1.42
Diluted Earnings Per Share	$ 2.98	$ 1.40

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, 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
Beginning Balance at Dec. 31, 2021	1,220,333	$ 26	274,633	(4,101)	949,775
Beginning Balance, Shares at Dec. 31, 2021		26,336,589
Stock compensation, including options and long-term incentives	2,056		2,056
Exercise of stock options less shares withheld for taxes	907		907
Exercise of stock options less shares withheld for taxes, Shares		10,992
Shares issued for long-term incentive awards, net of shares withheld for taxes, Shares		60,821
Shares issued for long-term incentive awards, net of shares withheld for taxes	(11,230)		(11,230)
Purchase of shares by Deferred Compensation Trust			2,445	(2,445)
Sale of shares by Deferred Compensation Trust			(1,066)	1,066
Net income	79,424				79,424
Ending Balance at Mar. 31, 2022	$ 1,291,490	$ 26	$ 267,745	$ (5,480)	$ 1,029,199
Ending Balance, Shares at Mar. 31, 2022		26,408,402

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net income	$ 79,424	$ 37,291
Noncash items included in net income:
Depreciation and amortization	39,952	35,372
Deferred income taxes	(2,030)	1,327
Other, net	181	2,365
Changes in operating assets and liabilities, net	(21,566)	(15,384)
Net cash provided by operating activities	95,961	60,971
Investing Activities:
Acquisition of property and equipment	(46,259)	(25,568)
Proceeds from disposal of property and equipment	883	180
Net cash used in investing activities	(45,376)	(25,388)
Financing Activities:
Repayments of revolving credit agreement		(7,713)
Borrowings of revolving credit agreement		7,713
Proceeds from stock option exercises	907	3,678
Shares withheld for taxes	(11,230)	(6,350)
Repayment of finance leases	(5,525)	(4,959)
Net cash used in financing activities	(15,848)	(7,631)
Net Increase in Cash and Cash Equivalents	34,737	27,952
Cash and Cash Equivalents, beginning of period	106,588	25,308
Cash and Cash Equivalents, end of period	$ 141,325	$ 53,260

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021. Operating results for the quarter ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2022. Business The Company provides national 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 45 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 and accepted, 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 one to five 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 is recognized based on transit status at the end of 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 transac tion price allocated to future periods for freight services started but not compl eted at the reporting date. These amounts include 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 generally 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 ” ) Topic 606 , Revenue from Contracts with Customers, as it relates 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 could 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 were 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 was extended for one additional year to March 1, 2022. The Company recognized the remaining . Effective March 1, 2022, the Company extended the policy term for one additional year to March 1, 2023. Additionally, the Company is required to pay an additional premium of up to if losses paid by the insurer are greater than over the four-year policy period ending March 1, 2023. Based on claims occurring since March 1, 2019, such additional premium was accrued at March 31, 2022. Commencing on August 30, 2023, 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, 2023. 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 five years ended March 1, 2023. Effective March 1, 2022, the Company entered into an additional automobile liability insurance policy with a three-year Thereafter, the policy provides insurance coverage for a single loss of aggregate loss limit for the three-year As a result, if the Company elects to commute the policy as to such period, the Company will be self-insured for the $10 million to $15 million loss layer per occurrence for the three years ended March 1, 2025. The decision whether to commute the policy can not be made before June 1, 2024 and must be made prior to December 1, 2025, unless the insurer agrees to extend such date. 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, 2025. Based on claims occurring since March 1, 2022, such additional premium was accrued at March 31, 2022

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Numerator: Net income $ 79,424 $ 37,291 Denominator: Denominator for basic earnings per share–weighted average common shares 26,391 26,285 Dilutive effect of share-based awards 279 386 Denominator for diluted earnings per share–adjusted weighted average common shares 26,670 26,671 Basic Earnings Per Share $ 3.01 $ 1.42 Diluted Earnings Per Share $ 2.98 $ 1.40 For the quarter ended March 31, 2022, options and restricted stock for 15,808 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, 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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, 2022. 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, 2022
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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 was $44.8 million and $50.8 million, respectively, based upon level two in the fair value hierarchy. The carrying value of the debt was $44.9 million and $50.4 million at March 31, 2022 and December 31, 2021, respectively.

Debt and Financing Arrangements

Debt and Financing Arrangements	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt and Financing Arrangements	(5) Debt and Financing Arrangements At March 31, 2022 and December 31, 2021, debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 44,879 50,404 Total debt 44,879 50,404 Less: current portion of long-term debt 18,373 19,396 Long-term debt, less current portion $ 26,506 $ 31,008 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 T he Company is a party to a Sixth Amended and Restated Credit Agreement with its banking group (the Amended Credit Agreement), which provides up to a $300 million revolving line of credit through February 2024. The Amended Credit Agreement also has an accordion feature that allows for an additional , subject to certain conditions and availability of lender commitments. The Amended Credit Agreement provides for a LIBOR rate margin range from The Amended Credit Agreement contains certain customary representations and warranties, affirmative and negative covenants and provisions relating to events of default. Under the Amended Credit Agreement, if an event of default occurs, the banks will be entitled to take various actions, including the acceleration of amounts due At March 31, 2022, the Company had no outstanding borrowings and outstanding letters of credit of $32.0 million under the Amended Credit Agreement. At December 31, 2021, the Company had no outstanding borrowings and outstanding letters of credit of $29.3 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 $78.4 million and $85.1 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 2022 $ 14,997 2023 15,409 2024 10,606 2025 5,453 2026 919 Thereafter — Total 47,384 Less: Amounts Representing Interest on Finance Leases 2,505 Total $ 44,879

Covid-19

Covid-19	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Covid-19	( 6) COVID-19 The Company continues to monitor the progression of the COVID-19 pandemic, further government response, and development of treatments and vaccines and their potential effect on our short-term and long-term financial results and liquidity. These events could have an impact in future periods on certain estimates used in the preparation of our 2022 financial results. Local, state and national governments have designated transportation as an essential service. The Company has made a variety of efforts to ensure the ongoing availability of Saia’s transportation services, while instituting actions and policies to help keep employees and customers safe. The Company has considered the impact of COVID-19 on its estimates and assumptions and determined that there were no material adverse impacts on the Company’s financial position. Given the uncertainty surrounding the duration of the pandemic, it is possible that these assumptions and estimates may materially change in the future.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021. Operating results for the quarter ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ended December 31, 2022.
Business	Business The Company provides national 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 45 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 and accepted, 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 one to five 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 is recognized based on transit status at the end of 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 transac tion price allocated to future periods for freight services started but not compl eted at the reporting date. These amounts include 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 generally 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 ” ) Topic 606 , Revenue from Contracts with Customers, as it relates 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 could 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 were 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 was extended for one additional year to March 1, 2022. The Company recognized the remaining . Effective March 1, 2022, the Company extended the policy term for one additional year to March 1, 2023. Additionally, the Company is required to pay an additional premium of up to if losses paid by the insurer are greater than over the four-year policy period ending March 1, 2023. Based on claims occurring since March 1, 2019, such additional premium was accrued at March 31, 2022. Commencing on August 30, 2023, 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, 2023. 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 five years ended March 1, 2023. Effective March 1, 2022, the Company entered into an additional automobile liability insurance policy with a three-year Thereafter, the policy provides insurance coverage for a single loss of aggregate loss limit for the three-year As a result, if the Company elects to commute the policy as to such period, the Company will be self-insured for the $10 million to $15 million loss layer per occurrence for the three years ended March 1, 2025. The decision whether to commute the policy can not be made before June 1, 2024 and must be made prior to December 1, 2025, unless the insurer agrees to extend such date. 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, 2025. Based on claims occurring since March 1, 2022, such additional premium was accrued at March 31, 2022

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 Numerator: Net income $ 79,424 $ 37,291 Denominator: Denominator for basic earnings per share–weighted average common shares 26,391 26,285 Dilutive effect of share-based awards 279 386 Denominator for diluted earnings per share–adjusted weighted average common shares 26,670 26,671 Basic Earnings Per Share $ 3.01 $ 1.42 Diluted Earnings Per Share $ 2.98 $ 1.40

Debt and Financing Arrangemen_2

Debt and Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Reconciliation of Debt	At March 31, 2022 and December 31, 2021, debt consisted of the following (in thousands): March 31, 2022 December 31, 2021 Credit Agreement with Banks, described below $ — $ — Finance Leases, described below 44,879 50,404 Total debt 44,879 50,404 Less: current portion of long-term debt 18,373 19,396 Long-term debt, less current portion $ 26,506 $ 31,008
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 2022 $ 14,997 2023 15,409 2024 10,606 2025 5,453 2026 919 Thereafter — Total 47,384 Less: Amounts Representing Interest on Finance Leases 2,505 Total $ 44,879

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 01, 2022	Mar. 01, 2018	Aug. 31, 2019	Mar. 31, 2022
New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
New automobile liability insurance policy, effective date	Mar. 1, 2022	Mar. 1, 2018
New automobile liability insurance policy, term	3 years	3 years
Risk retention amount per occurrence under new policy		$ 2,000,000
Returnable premium for changes in claims	$ 1,400,000
Provisional extended term of policy		1 year
Maximum amount received return on premium availability	1,100,000		$ 5,200,000
Self insurance, per occurrence			$ 10,000,000
Reduction in insurance premium expenses				$ 300,000
Accrued additional premium				$ 0
New automobile liability insurance amount occurrence exceeds	10,000,000
New automobile liability insurance policy losses	1,400,000
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of revenue derived from transporting				97.00%
Average transit time				1 day
Minimum [Member] | New Automobile Liability Insurance Policy [Member]
Summary of Significant Accounting Policies [Line Items]
Self insurance, per occurrence	10,000,000
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		$ 17,500,000
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	5,000,000	8,000,000
Aggregate loss limit for each policy year	10,000,000	24,000,000
Aggregate loss limit during policy period	$ 20,000,000	48,000,000
Provisional extended term of policy	3 years
Self insurance, per occurrence	$ 15,000,000
Paid losses specified limit to pay additional premium		17,500,000
Additional premium to be paid, if losses are paid by insurer are greater than limit specified	$ 7,500,000	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, 2022
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
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, 2022	Mar. 31, 2021
Numerator:
Net income	$ 79,424	$ 37,291
Denominator:
Denominator for basic earnings per share–weighted average common shares	26,391	26,285
Dilutive effect of share-based awards	279	386
Denominator for diluted earnings per share–adjusted weighted average common shares	26,670	26,671
Basic Earnings Per Share	$ 3.01	$ 1.42
Diluted Earnings Per Share	$ 2.98	$ 1.40

Computation of Earnings Per S_4

Computation of Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Common stock excluded from the calculation of diluted earnings per share	15,808	20,164

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)
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, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Estimated fair value of total debt	$ 44,800	$ 50,800
Total debt	$ 44,879	$ 50,404

Debt and Financing Arrangemen_3

Debt and Financing Arrangements - Summary of Reconciliation of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Leases, described below	$ 44,879	$ 50,404
Total debt	44,879	50,404
Less: current portion of long-term debt	18,373	19,396
Long-term debt, less current portion	$ 26,506	$ 31,008

Debt and Financing Arrangemen_4

Debt and Financing Arrangements - Additional Information (Detail) - USD ($)	Feb. 05, 2019	Mar. 31, 2022	Dec. 31, 2021
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		$ 44,879,000	$ 50,404,000
Lease expiration period		7 years
Property and Equipment [Member]
Debt Instrument [Line Items]
Finance leased assets, net		$ 78,400,000	$ 85,100,000
Finance Lease Obligations [Member]
Debt Instrument [Line Items]
Weighted average interest rates for finance lease		3.60%	3.60%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity under credit agreement	$ 300,000,000
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		$ 32,000,000	$ 29,300,000
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, 2022	Dec. 31, 2021
Debt Instruments [Abstract]
2022	$ 14,997
2023	15,409
2024	10,606
2025	5,453
2026	919
Total	47,384
Less: Amounts Representing Interest on Finance Leases	2,505
Total	$ 44,879	$ 50,404