Marten Transport (MRTN) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
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)		81,414,959
Entity Central Index Key	0000799167
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 77,199	$ 53,213
Trade, net	99,926	105,501
Other	11,450	10,356
Prepaid expenses and other	30,995	27,512
Total current assets	219,570	196,582
Property and equipment:
Revenue equipment, buildings and land, office equipment and other	1,149,771	1,162,336
Accumulated depreciation	(360,974)	(370,103)
Net property and equipment	788,797	792,233
Other noncurrent assets	1,520	1,524
Total assets	1,009,887	990,339
Current liabilities:
Accounts payable	47,214	36,516
Insurance and claims accruals	44,296	47,017
Accrued and other current liabilities	27,466	26,709
Total current liabilities	118,976	110,242
Deferred income taxes	123,938	122,462
Noncurrent operating lease liabilities	220	249
Total liabilities	243,134	232,953
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; 81,414,959 shares at June 30, 2024, and 81,312,168 shares at December 31, 2023, issued and outstanding	814	813
Additional paid-in capital	51,385	49,789
Retained earnings	714,554	706,784
Total stockholders’ equity	766,753	757,386
Total liabilities and stockholders’ equity	$ 1,009,887	$ 990,339

Consolidated Condensed Balanc_2

Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	81,414,959	81,312,168
Common Stock, Shares, Issued (in shares)	81,414,959	81,312,168

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenue	$ 246,238	$ 285,672	$ 495,910	$ 583,695
Operating expenses (income):
Salaries, wages and benefits	86,519	96,332	175,281	194,848
Purchased transportation	43,235	48,299	85,049	102,402
Fuel and fuel taxes	38,809	42,215	78,370	89,011
Supplies and maintenance	16,472	17,408	32,542	33,395
Depreciation	28,206	29,427	56,733	58,957
Operating taxes and licenses	2,539	2,756	5,114	5,524
Insurance and claims	12,559	12,481	24,216	27,551
Communications and utilities	2,297	2,510	4,668	5,041
Gain on disposition of revenue equipment	(2,532)	(3,550)	(3,703)	(8,796)
Other	8,160	9,581	15,416	18,539
Total operating expenses	236,264	257,459	473,686	526,472
Operating income	(9,974)	(28,213)	(22,224)	(57,223)
Other	1,014	1,077	1,810	1,921
Income before income taxes	10,988	29,290	24,034	59,144
Income taxes expense	3,099	7,416	6,499	14,768
Net income	$ 7,889	$ 21,874	$ 17,535	$ 44,376
Basic earnings per common share (in dollars per share)	$ 0.1	$ 0.27	$ 0.22	$ 0.55
Diluted earnings per common share (in dollars per share)	0.1	0.27	0.22	0.55
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 ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	81,115
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
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
Net income	$ 0	0	22,502	22,502
Employee taxes paid in exchange for shares withheld	0	926	0	926
Dividends on common stock	$ 0	0	4,874	4,874
Balance (in shares) at Mar. 31, 2023	81,234
Balance at Mar. 31, 2023	$ 812	47,151	673,548	721,511
Balance (in shares) at Dec. 31, 2022	81,115
Balance at Dec. 31, 2022	$ 811	47,188	655,920	703,919
Net income				44,376
Net income				44,376
Balance (in shares) at Jun. 30, 2023	81,301
Balance at Jun. 30, 2023	$ 813	48,663	690,544	740,020
Balance (in shares) at Mar. 31, 2023	81,234
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
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
Net income	$ 0	0	21,874	21,874
Dividends on common stock	$ 0	0	4,878	4,878
Balance (in shares) at Jun. 30, 2023	81,301
Balance at Jun. 30, 2023	$ 813	48,663	690,544	740,020
Balance (in shares) at Dec. 31, 2023	81,312
Balance at Dec. 31, 2023	$ 813	49,789	706,784	757,386
Net income	$ 0	0	9,646	9,646
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	51
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 1	306	0	307
Employee taxes paid in exchange for shares withheld	0	(382)	0	(382)
Share-based payment arrangement compensation expense		353	0	353
Dividends on common stock	$ 0	0	(4,881)	(4,881)
Issuance of common stock from share-based payment arrangement exercises (in shares)	51
Net income	$ 0	0	9,646	9,646
Employee taxes paid in exchange for shares withheld	0	382	0	382
Dividends on common stock	$ 0	0	4,881	4,881
Balance (in shares) at Mar. 31, 2024	81,363
Balance at Mar. 31, 2024	$ 814	50,066	711,549	762,429
Balance (in shares) at Dec. 31, 2023	81,312
Balance at Dec. 31, 2023	$ 813	49,789	706,784	757,386
Net income				17,535
Net income				17,535
Balance (in shares) at Jun. 30, 2024	81,415
Balance at Jun. 30, 2024	$ 814	51,385	714,554	766,753
Balance (in shares) at Mar. 31, 2024	81,363
Balance at Mar. 31, 2024	$ 814	50,066	711,549	762,429
Net income	$ 0	0	7,889	7,889
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards (in shares)	52
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	$ 0	308	0	308
Share-based payment arrangement compensation expense		1,011	0	1,011
Dividends on common stock	$ 0	0	(4,884)	(4,884)
Issuance of common stock from share-based payment arrangement exercises (in shares)	52
Net income	$ 0	0	7,889	7,889
Dividends on common stock	$ 0	0	4,884	4,884
Balance (in shares) at Jun. 30, 2024	81,415
Balance at Jun. 30, 2024	$ 814	$ 51,385	$ 714,554	$ 766,753

Consolidated condensed Statem_3

Consolidated condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows provided by operating activities:
Net income	$ 17,535	$ 44,376
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	56,733	58,957
Tires in service amortization	3,543	3,584
Gain on disposition of revenue equipment	(3,703)	(8,796)
Deferred income taxes	1,476	(4,304)
Share-based payment arrangement compensation expense	1,364	1,359
Changes in other current operating items:
Receivables	9,185	13,087
Prepaid expenses and other	(5,675)	(3,633)
Accounts payable	2,885	(1,450)
Insurance and claims accruals	(2,721)	1,918
Accrued and other current liabilities	921	(6,897)
Net cash provided by operating activities	81,543	98,201
Cash flows used for investing activities:
Other	(49)	(45)
Net cash used for investing activities	(48,025)	(88,639)
Cash flows used for financing activities:
Dividends on common stock	(9,765)	(9,752)
Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards	615	1,044
Employee taxes paid in exchange for shares withheld	(382)	(926)
Net cash used for financing activities	(9,532)	(9,634)
Net change in cash and cash equivalents	23,986	(72)
Beginning of period	53,213	80,600
Cash and cash equivalents:	77,199	80,528
Supplemental non-cash disclosure:
Change in property and equipment not yet paid	3,109	5,870
Operating lease assets and liabilities acquired	88	0
Cash paid for income taxes	2,362	6,809
Revenue Equipment [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of revenue equipment	(3,703)	(8,796)
Cash flows used for investing activities:
Revenue equipment additions	(91,884)	(118,294)
Proceeds from revenue equipment dispositions	47,658	34,000
Buildings And Land Office Equipment And Other [Member]
Cash flows used for investing activities:
Revenue equipment additions	(3,758)	(4,311)
Proceeds from revenue equipment dispositions	$ 8	$ 11

Note 1 - Consolidated Condensed

Note 1 - Consolidated Condensed Financial Statements	6 Months Ended
	Jun. 30, 2024
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 2023 Annual Report on Form 10-K.

Note 2 - Earnings Per Common Sh

Note 2 - Earnings Per Common Share	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator: Net income $ 7,889 $ 21,874 $ 17,535 $ 44,376 Denominator: Basic earnings per common share - weighted-average shares 81,381 81,263 81,365 81,236 Effect of dilutive stock options 65 149 77 158 Diluted earnings per common share - weighted-average shares and assumed conversions 81,446 81,412 81,442 81,394 Basic earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55 Diluted earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55 Options totaling 543,500 and 533,400 equivalent shares for the three-month and six-month periods ended June 30, 2024, respectively, and 132,000 equivalent shares for each of the three-month and six-month periods ended June 30, 2023, 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 148,520 equivalent shares for each of the three-month and six-month periods ended June 30, 2024, and 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.

Note 3 - Long-term Debt

Note 3 - Long-term Debt	6 Months Ended
	Jun. 30, 2024
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, 2024, 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 $23.1 million and remaining borrowing availability of $6.9 million. At December 31, 2023, there was also no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of $20.7 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 8.5% at June 30, 2024. Our credit agreement effective in August 2022 prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of $150 million. The current credit agreement also contains 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, 2024 and December 31, 2023.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	(4) Related Party Transactions We purchase 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 $14,000 in the first six months of 2024 and $141,000 in the first six months of 2023 for tires and related services. In addition, we paid $1.2 million in the first six months of 2024 and $1.1 million in the first six months of 2023 to tire manufacturers for tires that were provided by BBI. BBI received commissions from the tire manufacturers related to these purchases. We paid Durand Builders Service, Inc. $7,000 in the first six months of 2024 for building repairs and had no transactions with that company in the first six months of 2023. Larry B. Hagness, one of our directors, is the chief executive officer and the principal stockholder of Durand Builders Service, Inc.

Note 5 - Share Repurchase Progr

Note 5 - Share Repurchase Program	6 Months Ended
	Jun. 30, 2024
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, 2024
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 2024 and 2023 which totaled $9.8 million in each period.

Note 7 - Accounting for Share-b

Note 7 - Accounting for Share-based Payment Arrangement Compensation	6 Months Ended
	Jun. 30, 2024
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 - Fair Value of Financia

Note 8 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(8) 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 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(9) Commitments and Contingencies We are committed to new revenue equipment purchases of $119.1 million and construction obligations of $308,000 for the remainder of 2024. Operating lease obligation expenditures through 2028 total $512,000. 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 renewed our liability insurance policies effective June 1, 2024 and are responsible for the first $2.0 million on each auto liability claim with an annual $5.0 million aggregate for claims between $10.0 million and $20.0 million. For the policy years effective June 1, 2022 and June 1, 2023, we are responsible for the first $1.0 million on each auto liability claim with no aggregates. We continue to be responsible for the first $750,000 on each workers’ compensation claim. 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 10 - Revenue and Business

Note 10 - Revenue and Business Segments	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(10) 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 time and temperature-sensitive and dry truck-based transportation and distribution 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 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) 2024 2023 2024 2023 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 96,046 $ 101,268 $ 191,068 $ 203,588 Truckload fuel surcharge revenue 16,477 15,870 33,006 34,176 Total Truckload revenue 112,523 117,138 224,074 237,764 Dedicated revenue, net of fuel surcharge revenue 67,444 87,437 139,182 174,268 Dedicated fuel surcharge revenue 13,822 17,548 28,544 37,166 Total Dedicated revenue 81,266 104,985 167,726 211,434 Intermodal revenue, net of fuel surcharge revenue 12,660 18,754 25,941 42,155 Intermodal fuel surcharge revenue 2,404 3,611 5,095 8,799 Total Intermodal revenue 15,064 22,365 31,036 50,954 Brokerage revenue 37,385 41,184 73,074 83,543 Total operating revenue $ 246,238 $ 285,672 $ 495,910 $ 583,695 Operating income/(loss): Truckload $ 1,115 $ 9,569 $ 1,604 $ 19,610 Dedicated 6,650 14,173 15,908 27,857 Intermodal (684 ) (165 ) (878 ) 622 Brokerage 2,893 4,636 5,590 9,134 Total operating income $ 9,974 $ 28,213 $ 22,224 $ 57,223 Truckload segment depreciation expense was $16.2 million and $15.3 million, Dedicated segment depreciation expense was $9.9 million and $11.9 million, Intermodal segment depreciation expense was $1.6 million and $1.8 million, and Brokerage segment depreciation expense was $509,000 and $454,000 in the three-month periods ended June 30, 2024 and 2023, respectively. Truckload segment depreciation expense was $32.3 million and $30.6 million, Dedicated segment depreciation expense was $20.3 million and $23.7 million, Intermodal segment depreciation expense was $3.1 million and $3.7 million, and Brokerage segment depreciation expense was $1.0 million and $903,000 in the six-month periods ended June 30, 2024 and 2023, respectively.

Note 11 - Use of Estimates

Note 11 - Use of Estimates	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(11) 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.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. During the six months ended June 30, 2024, none
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 2 - Earnings Per Common _2

Note 2 - Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator: Net income $ 7,889 $ 21,874 $ 17,535 $ 44,376 Denominator: Basic earnings per common share - weighted-average shares 81,381 81,263 81,365 81,236 Effect of dilutive stock options 65 149 77 158 Diluted earnings per common share - weighted-average shares and assumed conversions 81,446 81,412 81,442 81,394 Basic earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55 Diluted earnings per common share $ 0.10 $ 0.27 $ 0.22 $ 0.55

Note 10 - Revenue and Busines_2

Note 10 - Revenue and Business Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Six Months Ended June 30, Ended June 30, (In thousands) 2024 2023 2024 2023 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 96,046 $ 101,268 $ 191,068 $ 203,588 Truckload fuel surcharge revenue 16,477 15,870 33,006 34,176 Total Truckload revenue 112,523 117,138 224,074 237,764 Dedicated revenue, net of fuel surcharge revenue 67,444 87,437 139,182 174,268 Dedicated fuel surcharge revenue 13,822 17,548 28,544 37,166 Total Dedicated revenue 81,266 104,985 167,726 211,434 Intermodal revenue, net of fuel surcharge revenue 12,660 18,754 25,941 42,155 Intermodal fuel surcharge revenue 2,404 3,611 5,095 8,799 Total Intermodal revenue 15,064 22,365 31,036 50,954 Brokerage revenue 37,385 41,184 73,074 83,543 Total operating revenue $ 246,238 $ 285,672 $ 495,910 $ 583,695 Operating income/(loss): Truckload $ 1,115 $ 9,569 $ 1,604 $ 19,610 Dedicated 6,650 14,173 15,908 27,857 Intermodal (684 ) (165 ) (878 ) 622 Brokerage 2,893 4,636 5,590 9,134 Total operating income $ 9,974 $ 28,213 $ 22,224 $ 57,223

Note 2 - Earnings Per Common _3

Note 2 - Earnings Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	543,500	132,000	533,400	132,000
Unvested Performance Unit Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	148,520	106,582	148,520	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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 7,889	$ 9,646	$ 21,874	$ 22,502	$ 17,535	$ 44,376
Basic earnings per common share - weighted-average shares (in shares)	81,381		81,263		81,365	81,236
Effect of dilutive stock options (in shares)	65		149		77	158
Diluted earnings per common share - weighted-average shares and assumed conversions (in shares)	81,446		81,412		81,442	81,394
Basic earnings per common share (in dollars per share)	$ 0.1		$ 0.27		$ 0.22	$ 0.55
Diluted earnings per common share (in dollars per share)	$ 0.1		$ 0.27		$ 0.22	$ 0.55

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility, Maximum Borrowing Capacity	$ 30
Letters of Credit Outstanding, Amount	23.1	$ 20.7
Line of Credit Facility, Remaining Borrowing Capacity	$ 6.9
Line of Credit Facility, Dividends Payment, Maximum		$ 150
Credit Facility [Member]
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	8.50%

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Purchase of Fuel, Tires and Related Services [Member]
Related Party Transaction, Amounts of Transaction	$ 14,000	$ 141,000
Tire Purchases [Member]
Related Party Transaction, Amounts of Transaction	1,200,000	$ 1,100,000
Building Repairs [Member]
Related Party Transaction, Amounts of Transaction	$ 7,000

Note 5 - Share Repurchase Pro_2

Note 5 - Share Repurchase Program (Details Textual) $ in Millions		3 Months Ended				6 Months Ended
	Aug. 13, 2020	Dec. 31, 2022 shares	Sep. 30, 2022 shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 shares	May 03, 2022 USD ($) shares	Aug. 31, 2020 shares	Aug. 31, 2019 USD ($) shares
Stock Repurchase Program, Authorized Amount | $								$ 50		$ 34
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	0	963,000	1,300,000	0	0
Stock Repurchased and Retired During Period, Value | $				$ 16.8	$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $						$ 33.2
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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock, Dividends, Per Share, Declared	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.12	$ 0.12
Payments of Ordinary Dividends, Common Stock		$ 9,800			$ 9,765	$ 9,752

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, 2024	Jun. 30, 2023
Stock or Unit Option Plan Expense	$ 1.4	$ 1.4

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)	Jun. 30, 2024	Jun. 01, 2023	Jun. 01, 2022
Lessee, Operating Lease, Liability, to be Paid, Total	$ 512,000
Auto Liability Claim [Member] | Minimum [Member]
Liability Claim, Amount	10,000,000
Auto Liability Claim [Member] | Maximum [Member]
Liability Claim, Amount	20,000,000
Auto Liability Claim [Member] | Uninsured Risk [Member]
Loss Contingency Range Possible Loss Per Claim	2,000,000	$ 1,000,000	$ 1,000,000
Claim Limit, Aggregate Cost	5,000,000
Workers Compensation Liability Claim [Member] | Uninsured Risk [Member]
Loss Contingency Range Possible Loss Per Claim	750,000
Capital Addition Purchase Commitments [Member] | Revenue Equipment [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	119,100,000
Capital Addition Purchase Commitments [Member] | Building Construction [Member]
Purchase Obligation, to be Paid, Remainder of Fiscal Year	$ 308,000

Note 10 - Revenue and Busines_3

Note 10 - Revenue and Business Segments (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 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	$ 2,900,000		2,900,000		$ 2,100,000
Dedicated [Member]
Depreciation, Depletion and Amortization, Total	9,900,000	$ 11,900,000	$ 20,300,000	23,700,000
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	16,200,000	15,300,000	$ 32,300,000	30,600,000
Intermodal [Member]
Depreciation, Depletion and Amortization, Total	1,600,000	1,800,000	3,100,000	3,700,000
Brokerage [Member]
Depreciation, Depletion and Amortization, Total	$ 509,000	$ 454,000	$ 1,000,000	$ 903,000

Note 10 - Revenue and Busines_4

Note 10 - Revenue and Business Segments - Operating Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating revenue	$ 246,238	$ 285,672	$ 495,910	$ 583,695
Operating income	9,974	28,213	22,224	57,223
Truckload [Member]
Operating revenue	112,523	117,138	224,074	237,764
Operating income	1,115	9,569	1,604	19,610
Truckload [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	96,046	101,268	191,068	203,588
Truckload [Member] | Truckload Fuel Surcharge Revenue [Member]
Operating revenue	16,477	15,870	33,006	34,176
Dedicated [Member]
Operating revenue	81,266	104,985	167,726	211,434
Operating income	6,650	14,173	15,908	27,857
Dedicated [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	67,444	87,437	139,182	174,268
Dedicated [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	13,822	17,548	28,544	37,166
Intermodal [Member]
Operating revenue	15,064	22,365	31,036	50,954
Operating income	(684)	(165)	(878)	622
Intermodal [Member] | Revenue, Net of Fuel Surcharge [Member]
Operating revenue	12,660	18,754	25,941	42,155
Intermodal [Member] | Fuel Surcharge Revenue [Member]
Operating revenue	2,404	3,611	5,095	8,799
Brokerage [Member]
Operating revenue	37,385	41,184	73,074	83,543
Operating income	$ 2,893	$ 4,636	$ 5,590	$ 9,134