Marten Transport (MRTN) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	0-15010
Entity Registrant Name	MARTEN TRANSPORT, LTD
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 (in shares)		81,301,468
Entity Central Index Key	0000799167
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 80,528	$ 80,600
Trade, net	111,577	120,702
Other	10,646	7,218
Prepaid expenses and other	29,208	27,320
Total current assets	231,959	235,840
Property and equipment:
Revenue equipment, buildings and land, office equipment and other	1,122,659	1,074,832
Accumulated depreciation	(352,139)	(346,665)
Net property and equipment	770,520	728,167
Other noncurrent assets	1,605	1,672
Total assets	1,004,084	965,679
Current liabilities:
Accounts payable	36,107	37,299
Insurance and claims accruals	47,665	45,747
Accrued and other current liabilities	47,248	41,264
Total current liabilities	131,020	124,310
Deferred income taxes	132,737	137,041
Noncurrent operating lease liabilities	307	409
Total liabilities	264,064	261,760
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; 81,301,468 shares at June 30, 2023, and 81,115,132 shares at December 31, 2022, issued and outstanding	813	811
Additional paid-in capital	48,663	47,188
Retained earnings	690,544	655,920
Total stockholders’ equity	740,020	703,919
Total liabilities and stockholders’ equity	$ 1,004,084	$ 965,679

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred Stock, Par or Stated Value Per Share (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, Ending Balance (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized (in shares)	192,000,000	192,000,000
Common Stock, Shares, Outstanding (in shares)	81,301,468	81,115,132
Common Stock, Shares, Issued (in shares)	81,301,468	81,115,132

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenue	$ 285,672	$ 329,565	$ 583,695	$ 616,846
Operating expenses (income):
Salaries, wages and benefits	96,332	96,460	194,848	185,809
Purchased transportation	48,299	67,480	102,402	124,790
Fuel and fuel taxes	42,215	61,337	89,011	105,705
Supplies and maintenance	17,408	13,352	33,395	25,665
Depreciation	29,427	26,865	58,957	53,008
Operating taxes and licenses	2,756	2,663	5,524	5,303
Insurance and claims	12,481	13,443	27,551	26,147
Communications and utilities	2,510	2,239	5,041	4,504
Gain on disposition of revenue equipment	(3,550)	(4,812)	(8,796)	(9,352)
Other	9,581	9,601	18,539	18,472
Total operating expenses	257,459	288,628	526,472	540,051
Operating income	(28,213)	(40,937)	(57,223)	(76,795)
Other	1,077	36	1,921	43
Income before income taxes	29,290	40,973	59,144	76,838
Income taxes expense	7,416	9,312	14,768	17,644
Net income	$ 21,874	$ 31,661	$ 44,376	$ 59,194
Basic earnings per common share (in dollars per share)	$ 0.27	$ 0.39	$ 0.55	$ 0.72
Diluted earnings per common share (in dollars per share)	0.27	0.39	0.55	0.72
Dividends declared per common share (in dollars per share)	$ 0.06	$ 0.06	$ 0.12	$ 0.12

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	83,034,000
Balance at Dec. 31, 2021	$ 830	$ 85,718	$ 565,129	$ 651,677
Net income	$ 0	0	27,533	27,533
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	220,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 2	766	0	768
Employee taxes paid in exchange for shares withheld	$ 0	(1,610)	0	(1,610)
Share-based payment arrangement compensation expense		369	0	369
Dividends on common stock		0	(4,975)	$ (4,975)
Issuance of common stock from share-based payment arrangement exercises (in shares)	220,000
Repurchase and retirement of common stock (in shares)	(1,307,000)			(1,300,000)
Repurchase and retirement of common stock	$ (13)	(24,987)	0	$ (25,000)
Balance (in shares) at Mar. 31, 2022	81,947,000
Balance at Mar. 31, 2022	$ 819	60,256	587,687	648,762
Balance (in shares) at Dec. 31, 2021	83,034,000
Balance at Dec. 31, 2021	$ 830	85,718	565,129	651,677
Net income				59,194
Balance (in shares) at Jun. 30, 2022	81,015,000
Balance at Jun. 30, 2022	$ 810	44,867	614,480	660,157
Balance (in shares) at Mar. 31, 2022	81,947,000
Balance at Mar. 31, 2022	$ 819	60,256	587,687	648,762
Net income		0	31,661	31,661
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	31,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1	150	0	151
Share-based payment arrangement compensation expense		1,204	0	1,204
Dividends on common stock	$ 0	0	(4,868)	$ (4,868)
Issuance of common stock from share-based payment arrangement exercises (in shares)	31,000
Repurchase and retirement of common stock (in shares)	(963,000)			(963,000)
Repurchase and retirement of common stock	$ (10)	(16,743)	0	$ (16,753)
Balance (in shares) at Jun. 30, 2022	81,015,000
Balance at Jun. 30, 2022	$ 810	44,867	614,480	660,157
Balance (in shares) at Dec. 31, 2022	81,115,000
Balance at Dec. 31, 2022	$ 811	47,188	655,920	703,919
Net income	$ 0	0	22,502	22,502
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	119,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1	535	0	536
Employee taxes paid in exchange for shares withheld	0	(926)	0	(926)
Share-based payment arrangement compensation expense		354	0	354
Dividends on common stock	$ 0	0	(4,874)	(4,874)
Issuance of common stock from share-based payment arrangement exercises (in shares)	119,000
Balance (in shares) at Mar. 31, 2023	81,234,000
Balance at Mar. 31, 2023	$ 812	47,151	673,548	721,511
Balance (in shares) at Dec. 31, 2022	81,115,000
Balance at Dec. 31, 2022	$ 811	47,188	655,920	703,919
Net income				$ 44,376
Repurchase and retirement of common stock (in shares)				0
Balance (in shares) at Jun. 30, 2023	81,301,000
Balance at Jun. 30, 2023	$ 813	48,663	690,544	$ 740,020
Balance (in shares) at Mar. 31, 2023	81,234,000
Balance at Mar. 31, 2023	$ 812	47,151	673,548	721,511
Net income	$ 0	0	21,874	21,874
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	67,000
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1	507	0	508
Share-based payment arrangement compensation expense		1,005	0	1,005
Dividends on common stock	$ 0	0	(4,878)	(4,878)
Issuance of common stock from share-based payment arrangement exercises (in shares)	67,000
Balance (in shares) at Jun. 30, 2023	81,301,000
Balance at Jun. 30, 2023	$ 813	$ 48,663	$ 690,544	$ 740,020

Consolidated condensed Statem_3

Consolidated condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows provided by operating activities:
Net income	$ 44,376	$ 59,194
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	58,957	53,008
Tires in service amortization	3,584	3,161
Gain on disposition of revenue equipment	(8,796)	(9,352)
Deferred income taxes	(4,304)	4,809
Share-based payment arrangement compensation expense	1,359	1,573
Changes in other current operating items:
Receivables	13,087	(37,619)
Prepaid expenses and other	(3,633)	(5,040)
Accounts payable	(1,450)	19,927
Insurance and claims accruals	1,918	3,675
Accrued and other current liabilities	(6,897)	5,334
Net cash provided by operating activities	98,201	98,670
Cash flows used for investing activities:
Other	(45)	(38)
Net cash used for investing activities	(88,639)	(35,004)
Cash flows used for financing activities:
Dividends on common stock	(9,752)	(9,843)
Repurchase and retirement of common stock	0	(41,753)
Issuance of common stock from share-based payment arrangement exercises, deferred compensation plan distributions and vesting of performance unit awards	1,044	919
Employee taxes paid in exchange for shares withheld	(926)	(1,610)
Net cash used for financing activities	(9,634)	(52,287)
Net change in cash and cash equivalents	(72)	11,379
Cash and cash equivalents:
Beginning of period	80,600	56,995
End of period	80,528	68,374
Supplemental non-cash disclosure:
Change in property and equipment not yet paid	5,870	9,765
Supplemental disclosure of cash flow information:
Cash paid for income taxes	6,809	9,045
Revenue Equipment [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of revenue equipment	(8,796)	(9,352)
Cash flows used for investing activities:
Revenue equipment	(118,294)	(54,202)
Proceeds from revenue equipment dispositions	34,000	23,854
Buildings And Land Office Equipment And Other [Member]
Cash flows used for investing activities:
Revenue equipment	(4,311)	(4,618)
Proceeds from revenue equipment dispositions	$ 11	$ 0

Note 1 - Consolidated Condensed

Note 1 - Consolidated Condensed Financial Statements	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	(1) Consolidated Condensed Financial Statements 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 include all information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, such statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our consolidated financial condition, results of operations and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2022 Annual Report on Form 10-K.

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	(2) Earnings per Common Share 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) 2023 2022 2023 2022 Numerator: Net income $ 21,874 $ 31,661 $ 44,376 $ 59,194 Denominator: Basic earnings per common share - weighted-average shares 81,263 81,689 81,236 82,310 Effect of dilutive stock options 149 326 158 307 Diluted earnings per common share - weighted-average shares and assumed conversions 81,412 82,015 81,394 82,617 Basic earnings per common share $ 0.27 $ 0.39 $ 0.55 $ 0.72 Diluted earnings per common share $ 0.27 $ 0.39 $ 0.55 $ 0.72 Options totaling 132,000 equivalent shares for each of the three-month and six-month periods ended June 30, 2023, and 486,000 and 495,500 equivalent shares for the three-month and six-month periods ended June 30, 2022, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive. Unvested performance unit awards totaling 106,582 equivalent shares for each of the three-month and six-month periods ended June 30, 2023 were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive. There were no

Note 3 - Long-term Debt

Note 3 - Long-term Debt	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	(3) Long-Term Debt In August 2022, we entered into a credit agreement that provides for an unsecured committed credit facility with an aggregate principal amount of $30.0 million which matures in August 2027. The credit agreement amends, restates and continues in its entirety our previous credit agreement, as amended. At June 30, 2023, there was no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of $19.5 million and remaining borrowing availability of $10.5 million. At December 31, 2022, there was also no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of $16.1 million on the facility. This facility bears interest at a variable rate based on the Term SOFR Rate plus applicable margins. The interest rate for the facility that would apply to outstanding principal balances was 8.25% at June 30, 2023. Our credit agreement effective in August 2022 prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of $150 million. Our previous credit agreement prohibited us from making such payments 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% limitation in total amounts of up to $80 million in 2022 was obtained from the lender in March 2022. The current and previous credit agreements also contain restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at June 30, 2023 and December 31, 2022.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	(4) Related Party Transactions 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 of our directors. We paid BBI $141,000 in the first six months of 2023 and $252,000 in the first six months of 2022 for fuel, tires and related services. In addition, we paid $1.1 million in the first six months of 2023 and $790,000 in the first six months of 2022 to tire manufacturers for tires that were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases.

Note 5 - Share Repurchase Progr

Note 5 - Share Repurchase Program	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Treasury Stock [Text Block]	(5) Share Repurchase Program In August 2019, our Board of Directors approved and we announced an increase from current availability in our existing share repurchase program providing for the repurchase of up to $34.0 million, or approximately 1.8 million shares, of our common stock, which was increased by our Board of Directors to 2.7 million shares in August 2020 to reflect the three two We repurchased and retired 1.3 million shares of common stock for $25.0 million in the first quarter of 2022, and 963,000 shares of common stock for $16.8 million in the second quarter of 2022. We did not

Note 6 - Dividends

Note 6 - Dividends	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Dividends [Text Block]	(6) Dividends In 2010, we announced that our Board of Directors approved a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.06 per share of common stock were paid in each of the first two quarters of both 2023 and 2022, and totaled $9.8 million in each of the six-month periods.

Note 7 - Accounting for Share-b

Note 7 - Accounting for Share-based Payment Arrangement Compensation	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	(7) Accounting for Share-based Payment Arrangement Compensation 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

Note 8 - Termination of Deferre

Note 8 - Termination of Deferred Compensation Plan	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Compensation Related Costs, General [Text Block]	(8) Termination of Deferred Compensation Plan In May 2020, our Compensation Committee and Board of Directors approved the termination of our Deferred Compensation Plan. The plan was an unfunded, nonqualified deferred compensation plan designed to allow board elected officers and other select members of our management designated by our Compensation Committee to save for retirement on a tax-deferred basis. The termination was effective in May 2021. All shares of Company common stock within the plan were distributed by March 31, 2022.

Note 9 - Fair Value of Financia

Note 9 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(9) Fair Value of Financial Instruments The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments.

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(10) Commitments and Contingencies We are committed to new revenue equipment purchases of $84.2 million and building construction obligations of $2.5 million through the remainder of 2023. Operating lease obligation expenditures through 2028 total $674,000. 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. A number of trucking companies, including us, have been subject to lawsuits alleging violations of various federal and state wage and hour laws. A number of these lawsuits have resulted in the payment of substantial settlements or damages by the defendants. The outcome of all litigation is difficult to assess or quantify, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. The cost to defend litigation may also be significant. Not all claims are covered by our insurance, and there can be no assurance that our coverage limits will be adequate to cover all amounts in dispute. To the extent we experience claims that are uninsured, exceed our coverage limits or cause increases in future premiums, the resulting expense could have a materially adverse effect on our business and operating results. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely to have a materially adverse effect on our consolidated condensed financial statements, however, any future liability claims or adverse developments in existing claims could impact this analysis.

Note 11 - Revenue and Business

Note 11 - Revenue and Business Segments	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(11) Revenue and Business Segments We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers five four 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 distinct business platforms – Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Our Truckload segment provides 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 year. 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 refrigerated containers and our temperature-controlled trailers, each on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. The main factors that affect our Intermodal revenue are the rate per mile and other charges we receive from our customers. Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 and operates pursuant to brokerage authority granted by the United States Department of Transportation, or DOT. We retain the billing, collection and customer management responsibilities. The main factors that affect our Brokerage revenue are the rate per mile and other charges that we receive from our customers. 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-year no 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 prepare separate balance sheets by segment and, as a result, assets are not separately identifiable by segment. Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2023 2022 2023 2022 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 101,268 $ 101,808 $ 203,588 $ 196,978 Truckload fuel surcharge revenue 15,870 25,164 34,176 42,784 Total Truckload revenue 117,138 126,972 237,764 239,762 Dedicated revenue, net of fuel surcharge revenue 87,437 84,389 174,268 162,810 Dedicated fuel surcharge revenue 17,548 25,966 37,166 44,305 Total Dedicated revenue 104,985 110,355 211,434 207,115 Intermodal revenue, net of fuel surcharge revenue 18,754 27,681 42,155 53,286 Intermodal fuel surcharge revenue 3,611 9,286 8,799 15,323 Total Intermodal revenue 22,365 36,967 50,954 68,609 Brokerage revenue 41,184 55,271 83,543 101,360 Total operating revenue $ 285,672 $ 329,565 $ 583,695 $ 616,846 Operating income: Truckload $ 9,569 $ 16,088 $ 19,610 $ 31,659 Dedicated 14,173 14,039 27,857 24,684 Intermodal (165 ) 4,097 622 9,133 Brokerage 4,636 6,713 9,134 11,319 Total operating income $ 28,213 $ 40,937 $ 57,223 $ 76,795 Truckload segment depreciation expense was $15.3 million and $13.5 million, Dedicated segment depreciation expense was $11.9 million and $11.2 million, Intermodal segment depreciation expense was $1.8 million and $1.9 million, and Brokerage segment depreciation expense was $454,000 and $349,000 in the three-month periods ended June 30, 2023 and 2022, respectively. Truckload segment depreciation expense was $30.6 million and $26.4 million, Dedicated segment depreciation expense was $23.7 million and $22.3 million, Intermodal segment depreciation expense was $3.7 million and $3.6 million, and Brokerage segment depreciation expense was $903,000 and $687,000 in the six-month periods ended June 30, 2023 and 2022, respectively.

Note 12 - Use of Estimates

Note 12 - Use of Estimates	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(12) Use of Estimates 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, 2023
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) 2023 2022 2023 2022 Numerator: Net income $ 21,874 $ 31,661 $ 44,376 $ 59,194 Denominator: Basic earnings per common share - weighted-average shares 81,263 81,689 81,236 82,310 Effect of dilutive stock options 149 326 158 307 Diluted earnings per common share - weighted-average shares and assumed conversions 81,412 82,015 81,394 82,617 Basic earnings per common share $ 0.27 $ 0.39 $ 0.55 $ 0.72 Diluted earnings per common share $ 0.27 $ 0.39 $ 0.55 $ 0.72

Note 11 - Revenue and Busines_2

Note 11 - Revenue and Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2023 2022 2023 2022 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 101,268 $ 101,808 $ 203,588 $ 196,978 Truckload fuel surcharge revenue 15,870 25,164 34,176 42,784 Total Truckload revenue 117,138 126,972 237,764 239,762 Dedicated revenue, net of fuel surcharge revenue 87,437 84,389 174,268 162,810 Dedicated fuel surcharge revenue 17,548 25,966 37,166 44,305 Total Dedicated revenue 104,985 110,355 211,434 207,115 Intermodal revenue, net of fuel surcharge revenue 18,754 27,681 42,155 53,286 Intermodal fuel surcharge revenue 3,611 9,286 8,799 15,323 Total Intermodal revenue 22,365 36,967 50,954 68,609 Brokerage revenue 41,184 55,271 83,543 101,360 Total operating revenue $ 285,672 $ 329,565 $ 583,695 $ 616,846 Operating income: Truckload $ 9,569 $ 16,088 $ 19,610 $ 31,659 Dedicated 14,173 14,039 27,857 24,684 Intermodal (165 ) 4,097 622 9,133 Brokerage 4,636 6,713 9,134 11,319 Total operating income $ 28,213 $ 40,937 $ 57,223 $ 76,795

Note 2 - Earnings Per Common _3

Note 2 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0		0
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	132,000	486,000	132,000	495,500
Unvested Performance Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	106,582		106,582

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 21,874	$ 22,502	$ 31,661	$ 27,533	$ 44,376	$ 59,194
Basic earnings per common share - weighted-average shares (in shares)	81,263		81,689		81,236	82,310
Effect of dilutive stock options (in shares)	149		326		158	307
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	81,412		82,015		81,394	82,617
Basic earnings per common share (in dollars per share)	$ 0.27		$ 0.39		$ 0.55	$ 0.72
Diluted earnings per common share (in dollars per share)	$ 0.27		$ 0.39		$ 0.55	$ 0.72

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility, Maximum Borrowing Capacity	$ 30
Letters of Credit Outstanding, Amount	19.5	$ 16.1
Line of Credit Facility, Remaining Borrowing Capacity	10.5
Line of Credit Facility, Dividends Payment, Maximum	$ 150
Line Of Credit Facility Dividend Restrictions Percentage Of Net Income Limit	25%
Line of Credit Facility Dividend Restrictions Percentage of Net Income Limit1	25%
Line of Credit Facility, Waiver to Pay Dividends, Maximum	$ 80
Credit Facility [Member]
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	8.25%

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Purchase of Fuel, Tires and Related Services [Member]
Related Party Transaction, Amounts of Transaction	$ 141,000	$ 252,000
Tire Purchases [Member]
Related Party Transaction, Amounts of Transaction	$ 1,100,000	$ 790,000

Note 5 - Share Repurchase Pro_2

Note 5 - Share Repurchase Program (Details Textual) $ in Thousands		3 Months Ended			6 Months Ended
	Aug. 13, 2020	Dec. 31, 2022 shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	May 03, 2022 USD ($) shares	Aug. 31, 2020 shares	Aug. 31, 2019 USD ($) shares
Stock Repurchase Program, Authorized Amount | $						$ 50,000		$ 34,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | shares						3,100,000	2,700,000	1,800,000
Stock Repurchased and Retired During Period, Shares (in shares) | shares		0	963,000	1,300,000	0
Stock Repurchased and Retired During Period, Value | $			$ 16,753	$ 25,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $					$ 33,200
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | shares					2,200,000
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 6 - Dividends (Details Tex

Note 6 - Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.06	$ 0.06	$ 0.12	$ 0.12
Payments of Ordinary Dividends, Common Stock			$ 9,752	$ 9,843
Paid Quarterly [Member]
Common Stock, Dividends, Per Share, Declared			$ 0.06	$ 0.06
Payments of Ordinary Dividends, Common Stock			$ 9,800	$ 9,800

Note 7 - Accounting for Share_2

Note 7 - Accounting for Share-based Payment Arrangement Compensation (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock or Unit Option Plan Expense	$ 1.4	$ 1.6

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual)	Jun. 30, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Total	$ 674,000
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	84,200,000
Capital Addition Purchase Commitments [Member] | Building Construction [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	$ 2,500,000

Note 11 - Revenue and Busines_3

Note 11 - Revenue and Business Segments (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
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	$ 2,200,000		2,200,000		$ 2,700,000
Dedicated [Member]
Depreciation, Depletion and Amortization, Total	11,900,000	$ 11,200,000	$ 23,700,000	22,300,000
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	15,300,000	13,500,000	$ 30,600,000	26,400,000
Intermodal [Member]
Depreciation, Depletion and Amortization, Total	1,800,000	1,900,000	3,700,000	3,600,000
Brokerage [Member]
Depreciation, Depletion and Amortization, Total	$ 454,000	$ 349,000	$ 903,000	$ 687,000

Note 11 - Revenue and Busines_4

Note 11 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating revenue	$ 285,672	$ 329,565	$ 583,695	$ 616,846
Operating income	28,213	40,937	57,223	76,795
Truckload [Member]
Operating revenue	117,138	126,972	237,764	239,762
Operating income	9,569	16,088	19,610	31,659
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	101,268	101,808	203,588	196,978
Truckload [Member] | Truckload Fuel Surcharge Revenue [Member]
Operating revenue	15,870	25,164	34,176	42,784
Dedicated [Member]
Operating revenue	104,985	110,355	211,434	207,115
Operating income	14,173	14,039	27,857	24,684
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	87,437	84,389	174,268	162,810
Dedicated [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	17,548	25,966	37,166	44,305
Intermodal [Member]
Operating revenue	22,365	36,967	50,954	68,609
Operating income	(165)	4,097	622	9,133
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	18,754	27,681	42,155	53,286
Intermodal [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	3,611	9,286	8,799	15,323
Brokerage [Member]
Operating revenue	41,184	55,271	83,543	101,360
Operating income	$ 4,636	$ 6,713	$ 9,134	$ 11,319