Knight-Swift Transportation (KNX) 8-K Results of Operations and Financial Condition

Exhibit 99.4

QUARTERLY ADJUSTED OPERATING INCOME AND OPERATING RATIO RECONCILIATION

TO COMPARABLE GAAP MEASURES BY SEGMENT (UNAUDITED)

FOR THE THREE YEAR PERIOD ENDED DECEMBER 31, 2012

(Amounts in thousands)

	Three Months Ended																																				Years Ended December 31,
	3/31/2010			6/30/2010			9/30/2010			12/31/2010			3/31/2011			6/30/2011			9/30/2011			12/31/2011			3/31/2012			6/30/2012			9/30/2012			12/31/2012			2010			2011			2012
Truckload:
Operating revenue	$	466,061			526,301			538,127			548,198			543,883			611,985			606,990			573,198			551,247			575,193			564,802			591,100		$	2,078,687			2,336,056			2,282,342
Less: Fuel surcharge revenue		68,567			86,443			84,089			91,176			106,643			136,054			129,742			119,384			116,866			124,059			117,344			125,354			330,275			491,823			483,623
Revenue xFSR		397,494			439,858			454,038			457,022			437,240			475,931			477,248			453,814			434,381			451,134			447,458			465,746			1,748,412			1,844,233			1,798,719
Operating expense		441,251			483,767			479,721			480,459			515,052			554,663			538,484			504,903			504,693			507,199			510,984			513,461			1,885,198			2,113,102			2,036,337
Adjusted for:
Fuel surcharge revenue		(68,567	)		(86,443	)		(84,089	)		(91,176	)		(106,643	)		(136,054	)		(129,742	)		(119,384	)		(116,866	)		(124,059	)		(117,344	)		(125,354	)		(330,275	)		(491,823	)		(483,623	)
Adjusted operating expense		372,684			397,324			395,632			389,283			408,409			418,609			408,742			385,519			387,827			383,140			393,640			388,107			1,554,923			1,621,279			1,552,714
Adjusted operating income	$	24,810			42,534			58,406			67,739			28,831			57,322			68,506			68,295			46,554			67,994			53,818			77,639		$	193,489			222,954			246,005
Adjusted Operating Ratio		93.8	%		90.3	%		87.1	%		85.2	%		93.4	%		88.0	%		85.6	%		85.0	%		89.3	%		84.9	%		88.0	%		83.3	%		88.9	%		87.9	%		86.3	%
Operating Ratio		94.7	%		91.9	%		89.1	%		87.6	%		94.7	%		90.6	%		88.7	%		88.1	%		91.6	%		88.2	%		90.5	%		86.9	%		90.7	%		90.5	%		89.2	%
Dedicated:
Operating revenue	$	119,899			128,583			130,182			135,341			137,485			154,225			158,922			174,636			171,539			181,873			182,843			188,150		$	514,005			625,268			724,405
Less: Fuel surcharge revenue		13,573			16,547			15,733			18,077			21,709			29,679			28,911			31,593			31,131			34,415			32,953			35,999			63,930			111,892			134,498
Revenue xFSR		106,326			112,036			114,449			117,264			115,776			124,546			130,011			143,043			140,408			147,458			149,890			152,151			450,075			513,376			589,907
Operating expense		105,066			112,853			114,106			115,407			124,055			137,334			140,782			153,344			157,032			163,358			165,761			164,228			447,432			555,515			650,379
Adjusted for:
Fuel surcharge revenue		(13,573	)		(16,547	)		(15,733	)		(18,077	)		(21,709	)		(29,679	)		(28,911	)		(31,593	)		(31,131	)		(34,415	)		(32,953	)		(35,999	)		(63,930	)		(111,892	)		(134,498	)
Adjusted operating expense		91,493			96,306			98,373			97,330			102,346			107,655			111,871			121,751			125,901			128,943			132,808			128,229			383,502			443,623			515,881
Adjusted operating income	$	14,833			15,730			16,076			19,934			13,430			16,891			18,140			21,292			14,507			18,515			17,082			23,922		$	66,573			69,753			74,026
Adjusted Operating Ratio		86.0	%		86.0	%		86.0	%		83.0	%		88.4	%		86.4	%		86.0	%		85.1	%		89.7	%		87.4	%		88.6	%		84.3	%		85.2	%		86.4	%		87.5	%
Operating Ratio		87.6	%		87.8	%		87.7	%		85.3	%		90.2	%		89.0	%		88.6	%		87.8	%		91.5	%		89.8	%		90.7	%		87.3	%		87.0	%		88.8	%		89.8	%
Intermodal:
Operating revenue	$	43,383			52,372			58,864			57,666			47,525			54,344			63,176			72,830			69,045			81,120			86,063			97,710		$	212,285			237,875			333,938
Less: Fuel surcharge revenue		6,784			9,136			9,612			9,468			9,400			12,320			13,677			14,822			14,467			17,278			18,139			20,902			35,000			50,219			70,786
Revenue xFSR		36,599			43,236			49,252			48,198			38,125			42,024			49,499			58,008			54,578			63,842			67,924			76,808			177,285			187,656			263,152
Operating expense		44,266			52,105			54,788			55,299			46,791			55,148			62,837			69,953			73,072			80,997			88,568			98,155			206,458			234,729			340,792
Adjusted for:
Fuel surcharge revenue		(6,784	)		(9,136	)		(9,612	)		(9,468	)		(9,400	)		(12,320	)		(13,677	)		(14,822	)		(14,467	)		(17,278	)		(18,139	)		(20,902	)		(35,000	)		(50,219	)		(70,786	)
Adjusted operating expense		37,482			42,969			45,176			45,831			37,391			42,828			49,160			55,131			58,605			63,719			70,429			77,253			171,458			184,510			270,006
Adjusted operating income	$	(883	)		267			4,076			2,367			734			(804	)		339			2,877			(4,027	)		123			(2,505	)		(445	)	$	5,827			3,146			(6,854	)
Adjusted Operating Ratio		102.4	%		99.4	%		91.7	%		95.1	%		98.1	%		101.9	%		99.3	%		95.0	%		107.4	%		99.8	%		103.7	%		100.6	%		96.7	%		98.3	%		102.6	%
Operating Ratio		102.0	%		99.5	%		93.1	%		95.9	%		98.5	%		101.5	%		99.5	%		96.0	%		105.8	%		99.8	%		102.9	%		100.5	%		97.3	%		98.7	%		102.1	%