Marten Transport (MRTN) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 26, 2021
Document Information [Line Items]
Entity Central Index Key	0000799167
Entity Registrant Name	MARTEN TRANSPORT LTD
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	0-15010
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1140809
Entity Address, Address Line One	129 Marten Street
Entity Address, City or Town	Mondovi
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54755
City Area Code	715
Local Phone Number	926-4216
Title of 12(b) Security	COMMON STOCK, PAR VALUE
Trading Symbol	MRTN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,880,930

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 80,672	$ 66,127
Trade, net	92,920	83,426
Other	4,904	4,202
Prepaid expenses and other	23,444	21,903
Total current assets	201,940	175,658
Property and equipment:
Revenue equipment, buildings and land, office equipment and other	947,071	930,123
Accumulated depreciation	(266,342)	(275,950)
Net property and equipment	680,729	654,173
Other noncurrent assets	1,694	1,805
Total assets	884,363	831,636
Current liabilities:
Accounts payable	39,279	25,702
Insurance and claims accruals	41,438	39,595
Accrued and other current liabilities	26,272	24,497
Total current liabilities	106,989	89,794
Deferred income taxes	123,312	121,098
Noncurrent operating lease liabilities	421	411
Total liabilities	230,722	211,303
Stockholders’ equity:
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $.01 par value per share; 192,000,000 shares authorized; 82,880,930 shares at June 30, 2021, and 82,705,005 shares at December 31, 2020, issued and outstanding	829	827
Additional paid-in capital	85,578	85,070
Retained earnings	567,234	534,436
Total stockholders’ equity	653,641	620,333
Total liabilities and stockholders’ equity	$ 884,363	$ 831,636

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	192,000,000	192,000,000
Common stock, shares issued (in shares)	82,880,930	82,705,005
Common stock, shares outstanding (in shares)	82,880,930	82,705,005

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating revenue	$ 232,442	$ 212,384	$ 455,488	$ 431,030
Operating expenses (income):
Salaries, wages and benefits	75,296	73,476	148,294	146,237
Purchased transportation	45,003	36,165	85,768	76,610
Fuel and fuel taxes	32,007	20,868	60,944	49,165
Supplies and maintenance	11,167	11,833	22,182	24,061
Depreciation	25,540	25,972	51,227	51,399
Operating taxes and licenses	2,718	2,615	5,430	5,254
Insurance and claims	9,391	11,633	20,837	23,917
Communications and utilities	2,056	1,977	4,139	3,962
Other	6,085	4,805	11,474	10,908
Total operating expenses	203,924	187,128	402,972	387,742
Operating income	28,518	25,256	52,516	43,288
Other	(9)	(13)	(19)	(110)
Income before income taxes	28,527	25,269	52,535	43,398
Income taxes expense	7,109	7,135	13,111	11,546
Net income	$ 21,418	$ 18,134	$ 39,424	$ 31,852
Basic earnings per common share (in dollars per share)	$ 0.26	$ 0.22	$ 0.48	$ 0.39
Diluted earnings per common share (in dollars per share)	0.26	0.22	0.47	0.38
Dividends declared per common share (in dollars per share)	$ 0.04	$ 0.027	$ 0.08	$ 0.053
Revenue Equipment [Member]
Operating expenses (income):
Gain on disposition of property, plant and equipment	$ (5,339)	$ (2,216)	$ (7,323)	$ (3,771)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	82,055,000
Balance at Dec. 31, 2019	$ 821,000	$ 79,465,000	$ 517,303,000	$ 597,589,000
Net income	$ 0	0	13,718,000	13,718,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	259,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 3,000	1,052,000	(1,000)	1,054,000
Employee taxes paid in exchange for shares withheld	0	(437,000)	0	(437,000)
Share-based payment arrangement compensation expense	0	246,000	0	246,000
Dividends on common stock	$ 0	0	(2,193,000)	$ (2,193,000)
Repurchase and retirement of common stock (in shares)	(53,000)			(53,064)
Repurchase and retirement of common stock	$ (1,000)	(596,000)	0	$ (597,000)
Balance (in shares) at Mar. 31, 2020	82,261,000
Balance at Mar. 31, 2020	$ 823,000	79,730,000	528,827,000	609,380,000
Balance (in shares) at Dec. 31, 2019	82,055,000
Balance at Dec. 31, 2019	$ 821,000	79,465,000	517,303,000	597,589,000
Net income				31,852,000
Balance (in shares) at Jun. 30, 2020	82,662,000
Balance at Jun. 30, 2020	$ 827,000	83,816,000	544,755,000	629,398,000
Balance (in shares) at Mar. 31, 2020	82,261,000
Balance at Mar. 31, 2020	$ 823,000	79,730,000	528,827,000	609,380,000
Net income	$ 0	0	18,134,000	18,134,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	401,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 4,000	3,360,000	(1,000)	3,363,000
Share-based payment arrangement compensation expense	0	726,000	0	726,000
Dividends on common stock	$ 0	0	(2,205,000)	(2,205,000)
Balance (in shares) at Jun. 30, 2020	82,662,000
Balance at Jun. 30, 2020	$ 827,000	83,816,000	544,755,000	629,398,000
Balance (in shares) at Mar. 31, 2020	82,261,000
Balance at Mar. 31, 2020	$ 823,000	79,730,000	528,827,000	$ 609,380,000
Repurchase and retirement of common stock (in shares)				0
Balance (in shares) at Dec. 31, 2020	82,705,000
Balance at Dec. 31, 2020	$ 827,000	85,070,000	534,436,000	$ 620,333,000
Net income	$ 0	0	18,006,000	18,006,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	70,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1,000	160,000	0	161,000
Employee taxes paid in exchange for shares withheld	0	(547,000)	0	(547,000)
Share-based payment arrangement compensation expense	0	336,000	0	336,000
Dividends on common stock	$ 0	0	(3,311,000)	(3,311,000)
Balance (in shares) at Mar. 31, 2021	82,775,000
Balance at Mar. 31, 2021	$ 828,000	85,019,000	549,131,000	634,978,000
Balance (in shares) at Dec. 31, 2020	82,705,000
Balance at Dec. 31, 2020	$ 827,000	85,070,000	534,436,000	620,333,000
Net income				$ 39,424,000
Repurchase and retirement of common stock (in shares)				0
Balance (in shares) at Jun. 30, 2021	82,881,000
Balance at Jun. 30, 2021	$ 829,000	85,578,000	567,234,000	$ 653,641,000
Balance (in shares) at Mar. 31, 2021	82,775,000
Balance at Mar. 31, 2021	$ 828,000	85,019,000	549,131,000	634,978,000
Net income	$ 0	0	21,418,000	21,418,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	106,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1,000	335,000	0	336,000
Employee taxes paid in exchange for shares withheld	0	(706,000)	0	(706,000)
Share-based payment arrangement compensation expense	0	930,000	0	930,000
Dividends on common stock	$ 0	0	(3,315,000)	(3,315,000)
Balance (in shares) at Jun. 30, 2021	82,881,000
Balance at Jun. 30, 2021	$ 829,000	$ 85,578,000	$ 567,234,000	$ 653,641,000

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows provided by operating activities:
Net income	$ 39,424	$ 31,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	51,227	51,399
Tires in service amortization	3,263	3,328
Deferred income taxes	2,214	1,263
Share-based payment arrangement compensation expense	1,266	972
Changes in other current operating items:
Receivables	(7,596)	14,764
Prepaid expenses and other	(3,425)	(3,798)
Accounts payable	392	951
Insurance and claims accruals	1,843	4,105
Accrued and other current liabilities	2,080	3,002
Net cash provided by operating activities	83,365	104,067
Cash flows used for investing activities:
Other	(36)	(39)
Net cash used for investing activities	(61,438)	(59,190)
Cash flows used for financing activities:
Dividends on common stock	(6,626)	(4,398)
Repurchase and retirement of common stock	0	(597)
Issuance of common stock from share-based payment arrangement exercises	497	4,417
Employee taxes paid in exchange for shares withheld	(1,253)	(437)
Net cash used for financing activities	(7,382)	(1,015)
Net change in cash and cash equivalents	14,545	43,862
Cash and cash equivalents:
Beginning of period	66,127	31,461
End of period	80,672	75,323
Supplemental non-cash disclosure:
Change in property and equipment not yet paid	10,585	(5,985)
Operating lease assets and liabilities acquired	0	88
Supplemental disclosure of cash flow information:
Income taxes	8,319	987
Interest	0	0
Revenue Equipment [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of property, plant and equipment	(7,323)	(3,771)
Cash flows used for investing activities:
Property, plant and equipment additions	(98,877)	(75,463)
Proceeds from property, plant and equipment dispositions	38,995	19,788
Buildings And Land Office Equipment And Other [Member]
Cash flows used for investing activities:
Property, plant and equipment additions	$ (1,520)	$ (3,476)

Note 1 - Consolidated Condensed

Note 1 - Consolidated Condensed Financial Statements	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	( 1 The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements, and therefore do not not 2020 10

Note 2 - Earnings per Common Sh

Note 2 - Earnings per Common Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	( 2 Basic and diluted earnings per common share were computed as follows: Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income $ 21,418 $ 18,134 $ 39,424 $ 31,852 Denominator: Basic earnings per common share - weighted-average shares 82,840 82,527 82,799 82,371 Effect of dilutive stock options 557 606 585 647 Diluted earnings per common share - weighted-average shares and assumed conversions 83,397 83,133 83,384 83,018 Basic earnings per common share $ 0.26 $ 0.22 $ 0.48 $ 0.39 Diluted earnings per common share $ 0.26 $ 0.22 $ 0.47 $ 0.38 Options totaling 322,150 equivalent shares for each of the three six June 30, 2021, three six June 30, 2020, not Unvested performance unit awards totaling 66,912 and 109,371 equivalent shares for the three six June 30, 2021, three six June 30, 2020, not

Note 3 - Stock Split

Note 3 - Stock Split	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Stock Split Disclosure [Text Block]	( 3 On August 13, 2020, three two $.01

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Debt Disclosure [Text Block]	( 4 We maintain a credit agreement that provides for an unsecured committed credit facility with an aggregate principal amount of $30.0 million which matures in August 2023. June 30, 2021, December 31, 2020, June 30, 2021. Our credit facility prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver allowing stock redemptions and dividends in excess of the 25% 2020 November 2020. June 30, 2021 December 31, 2020.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	( 5 We purchase fuel and tires and obtain related services from Bauer Built, Inc., or BBI. Jerry M. Bauer, the chairman of the board and chief executive officer of BBI, is one first six 2021 first six 2020 first six 2021 first six 2020

Note 6 - Share Repurchase Progr

Note 6 - Share Repurchase Program	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Treasury Stock [Text Block]	( 6 In August 2019, August 2020 three two August 13, 2020. 10b 18 not We repurchased and retired 53,064 shares of common stock for $597,000 in the first 2020. not 2020 first six 2021. June 30, 2021,

Note 7 - Dividends

Note 7 - Dividends	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Dividends [Text Block]	( 7 In 2010, first two 2021 first two 2020 Our ability to pay cash dividends is currently limited by restrictions contained in our revolving credit facility, which prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of 25% of our net income from the prior fiscal year. A waiver allowing stock redemptions and dividends in excess of the 25% 2020 November 2020.

Note 8 - Accounting for Share-b

Note 8 - Accounting for Share-based Payment Arrangement Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 8 We account for share-based payment arrangements in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 718, Compensation Stock Compensation first six 2021, no first six 2021 2020

Note 9 - Termination of Deferre

Note 9 - Termination of Deferred Compensation Plan	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Compensation Related Costs, General [Text Block]	( 9 On May 5, 2020, May 5, 2021. May 5, 2022.

Note 10 - Fair Value of Financi

Note 10 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 10 The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 11 We are committed to new revenue equipment purchases of $52.1 million through the remainder of 2021. 2025 We self-insure, in part, for losses relating to workers’ compensation, auto liability, general liability, cargo and property damage claims, along with employees’ health insurance with varying risk retention levels. We maintain insurance coverage for per-incident and total losses in excess of these risk retention levels in amounts we consider adequate based upon historical experience and our ongoing review, and reserve currently for the estimated cost of the uninsured portion of pending claims. We are also involved in other legal actions that arise in the ordinary course of business. In the opinion of management, based upon present knowledge of the facts, it is remote that the ultimate outcome of any such legal actions will have a material adverse effect upon our long-term financial position or results of operations.

Note 12 - Revenue and Business

Note 12 - Revenue and Business Segments	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 12 We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers four 606. We have strategically transitioned from a refrigerated long-haul carrier to a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across our five The primary source of our operating revenue is provided by our Truckload segment through a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, along with dry freight, across the United States and into and out of Mexico and Canada. Our agreements with customers are typically for one Our Dedicated segment provides customized transportation solutions tailored to meet individual customers’ requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our agreements with customers range from three five Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other accessorial services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue. Our Intermodal segment transports our customers’ freight within the United States utilizing our temperature-controlled trailers and, beginning in September 2019, Our Brokerage segment develops contractual relationships with and arranges for third 2007 Operating results of our MRTN de Mexico business which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers is reported within our Truckload and Brokerage segments. Our customer agreements are typically for one three five 606, four four no four one June 30, 2021 December 31, 2020, first six 2021 2020. 30 We account for revenue of our Intermodal and Brokerage segments and revenue on freight transported by independent contractors within our Truckload and Dedicated segments on a gross basis because we are the principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense within our consolidated condensed statements of operations. The following table sets forth for the periods indicated our operating revenue and operating income by segment. We do not not Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2021 2020 2021 2020 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 83,633 $ 85,966 $ 167,552 $ 169,823 Truckload fuel surcharge revenue 12,308 8,234 23,304 19,509 Total Truckload revenue 95,941 94,200 190,856 189,332 Dedicated revenue, net of fuel surcharge revenue 67,227 67,076 134,129 131,235 Dedicated fuel surcharge revenue 12,894 8,351 24,229 19,229 Total Dedicated revenue 80,121 75,427 158,358 150,464 Intermodal revenue, net of fuel surcharge revenue 22,031 18,542 41,477 39,136 Intermodal fuel surcharge revenue 3,561 1,759 6,119 4,845 Total Intermodal revenue 25,592 20,301 47,596 43,981 Brokerage revenue 30,788 22,456 58,678 47,253 Total operating revenue $ 232,442 $ 212,384 $ 455,488 $ 431,030 Operating income: Truckload $ 13,197 $ 11,036 $ 24,612 $ 17,821 Dedicated 10,617 11,452 19,553 19,985 Intermodal 1,850 954 3,311 2,260 Brokerage 2,854 1,814 5,040 3,222 Total operating income $ 28,518 $ 25,256 $ 52,516 $ 43,288 Truckload segment depreciation expense was $12.9 million and $14.0 million, Dedicated segment depreciation expense was $10.7 million and $10.3 million, Intermodal segment depreciation expense was $1.6 million and $1.3 million, and Brokerage segment depreciation expense was $298,000 and $306,000 in the three June 30, 2021 2020, Truckload segment depreciation expense was $26.1 million and $27.8 million, Dedicated segment depreciation expense was $21.4 million and $20.2 million, Intermodal segment depreciation expense was $3.1 million and $2.7 million, and Brokerage segment depreciation expense was $580,000 and $667,000 in the six June 30, 2021 2020,

Note 13 - Use of Estimates

Note 13 - Use of Estimates	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Significant Accounting Policies [Text Block]	( 13 We must make estimates and assumptions to prepare the consolidated condensed financial statements in conformity with U.S. generally accepted accounting principles. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities in the consolidated condensed financial statements and the reported amount of revenue and expenses during the reporting period. These estimates are primarily related to insurance and claims accruals and depreciation. Ultimate results could differ from these estimates.

Note 2 - Earnings per Common _2

Note 2 - Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands, except per share amounts) 2021 2020 2021 2020 Numerator: Net income $ 21,418 $ 18,134 $ 39,424 $ 31,852 Denominator: Basic earnings per common share - weighted-average shares 82,840 82,527 82,799 82,371 Effect of dilutive stock options 557 606 585 647 Diluted earnings per common share - weighted-average shares and assumed conversions 83,397 83,133 83,384 83,018 Basic earnings per common share $ 0.26 $ 0.22 $ 0.48 $ 0.39 Diluted earnings per common share $ 0.26 $ 0.22 $ 0.47 $ 0.38

Note 12 - Revenue and Busines_2

Note 12 - Revenue and Business Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2021 2020 2021 2020 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 83,633 $ 85,966 $ 167,552 $ 169,823 Truckload fuel surcharge revenue 12,308 8,234 23,304 19,509 Total Truckload revenue 95,941 94,200 190,856 189,332 Dedicated revenue, net of fuel surcharge revenue 67,227 67,076 134,129 131,235 Dedicated fuel surcharge revenue 12,894 8,351 24,229 19,229 Total Dedicated revenue 80,121 75,427 158,358 150,464 Intermodal revenue, net of fuel surcharge revenue 22,031 18,542 41,477 39,136 Intermodal fuel surcharge revenue 3,561 1,759 6,119 4,845 Total Intermodal revenue 25,592 20,301 47,596 43,981 Brokerage revenue 30,788 22,456 58,678 47,253 Total operating revenue $ 232,442 $ 212,384 $ 455,488 $ 431,030 Operating income: Truckload $ 13,197 $ 11,036 $ 24,612 $ 17,821 Dedicated 10,617 11,452 19,553 19,985 Intermodal 1,850 954 3,311 2,260 Brokerage 2,854 1,814 5,040 3,222 Total operating income $ 28,518 $ 25,256 $ 52,516 $ 43,288

Note 2 - Earnings per Common _3

Note 2 - Earnings per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	322,150	280,950	322,150	301,350
Unvested Performance Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	66,912	99,987	109,371	99,987

Note 2 - Earnings per Common _4

Note 2 - Earnings per Common Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income	$ 21,418	$ 18,006	$ 18,134	$ 13,718	$ 39,424	$ 31,852
Denominator:
Basic earnings per common share - weighted-average shares (in shares)	82,840		82,527		82,799	82,371
Effect of dilutive stock options (in shares)	557		606		585	647
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	83,397		83,133		83,384	83,018
Basic earnings per common share (in dollars per share)	$ 0.26		$ 0.22		$ 0.48	$ 0.39
Diluted earnings per common share (in dollars per share)	$ 0.26		$ 0.22		$ 0.47	$ 0.38

Note 3 - Stock Split (Details T

Note 3 - Stock Split (Details Textual)	Aug. 13, 2020$ / shares	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01	$ 0.01
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Split from [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Stock Split [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Stockholders' Equity Note, Stock Split, Dividend Settlement, Percent	50.00%

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Nov. 30, 2020	Aug. 31, 2018
Line of Credit Facility, Maximum Borrowing Capacity				$ 30,000
Long-term Line of Credit, Total	$ 0	$ 0
Letters of Credit Outstanding, Amount	18,500	$ 17,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 11,500
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit			25.00%
Line of Credit Facility, Waiver to Pay Dividends, Maximum			$ 60,000
Credit Facility [Member]
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.78%

Note 5 - Related Party Transa_2

Note 5 - Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Purchase of Fuel, Tires and Related Services [Member]
Related Party Transaction, Amounts of Transaction	$ 140,000	$ 124,000
Tire Purchases [Member]
Related Party Transaction, Amounts of Transaction	$ 1,000,000	$ 1,200,000

Note 6 - Share Repurchase Pro_2

Note 6 - Share Repurchase Program (Details Textual)	Aug. 13, 2020	Mar. 31, 2020USD ($)shares	Jun. 30, 2021USD ($)shares	Dec. 31, 2020shares	Aug. 31, 2020shares	Aug. 31, 2019USD ($)shares
Stock Repurchase Program, Authorized Amount | $						$ 34,000,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares					2,700,000	1,800,000
Stock Repurchased and Retired During Period, Shares (in shares) | shares		53,064	0	0
Stock Repurchased and Retired During Period, Value | $		$ 597,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $			$ 33,400,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares			2,600,000
Stock Split To [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	3
Stock Split from [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2

Note 7 - Dividends (Details Tex

Note 7 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Nov. 30, 2020
Payments of Ordinary Dividends, Common Stock	$ 6,626	$ 4,398
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit			25.00%
Line of Credit Facility, Waiver to Pay Dividends, Maximum			$ 60,000
Paid Quarterly [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.04	$ 0.027

Note 8 - Accounting for Share_2

Note 8 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock or Unit Option Plan Expense	$ 1,300,000	$ 972,000

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual)	Jun. 30, 2021USD ($)
Lessee, Operating Lease, Liability, to be Paid, Total	$ 832,000
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	$ 52,100,000

Note 12 - Revenue and Busines_3

Note 12 - Revenue and Business Segments (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Number of Operating Segments			5
Number of Reportable Segments			4
Customer Contract Term (Year)			1 year
Capitalized Contract Cost, Impairment Loss			$ 0	$ 0
Prepaid Expenses and Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 2,500,000		2,500,000		$ 1,500,000
Dedicated [Member]
Depreciation, Depletion and Amortization, Total	10,700,000	$ 10,300,000	$ 21,400,000	20,200,000
Dedicated [Member] | Minimum [Member]
Customer Contract Term (Year)			3 years
Dedicated [Member] | Maximum [Member]
Customer Contract Term (Year)			5 years
Truckload [Member]
Depreciation, Depletion and Amortization, Total	12,900,000	14,000,000	$ 26,100,000	27,800,000
Intermodal [Member]
Depreciation, Depletion and Amortization, Total	1,600,000	1,300,000	3,100,000	2,700,000
Brokerage [Member]
Depreciation, Depletion and Amortization, Total	$ 298,000	$ 306,000	$ 580,000	$ 667,000

Note 12 - Revenue and Busines_4

Note 12 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating revenue	$ 232,442	$ 212,384	$ 455,488	$ 431,030
Operating Income	28,518	25,256	52,516	43,288
Truckload [Member]
Operating revenue	95,941	94,200	190,856	189,332
Operating Income	13,197	11,036	24,612	17,821
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	83,633	85,966	167,552	169,823
Truckload [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	12,308	8,234	23,304	19,509
Dedicated [Member]
Operating revenue	80,121	75,427	158,358	150,464
Operating Income	10,617	11,452	19,553	19,985
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	67,227	67,076	134,129	131,235
Dedicated [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	12,894	8,351	24,229	19,229
Intermodal [Member]
Operating revenue	25,592	20,301	47,596	43,981
Operating Income	1,850	954	3,311	2,260
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	22,031	18,542	41,477	39,136
Intermodal [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	3,561	1,759	6,119	4,845
Brokerage [Member]
Operating revenue	30,788	22,456	58,678	47,253
Operating Income	$ 2,854	$ 1,814	$ 5,040	$ 3,222