Heartland Express (HTLD) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 08, 2022
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Entity Incorporation, State or Country Code	NV
Entity Registrant Name	HEARTLAND EXPRESS INC
City Area Code	319
Local Phone Number	645-7060
Entity Central Index Key	0000799233
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Entity File Number	0-15087
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		78,936,981
Entity Tax Identification Number	93-0926999
Entity Address, Address Line One	901 Heartland Way,
Entity Address, City or Town	North Liberty,
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52317
Trading Symbol	HTLD
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 171,879	$ 157,742
Trade receivables, net of $1.3 and $1.1 million allowance in 2022 and 2021, respectively	95,712	52,812
Prepaid tires	8,570	9,168
Other current assets	19,955	9,406
Income Taxes Receivable, Current	0	4,095
Total current assets	296,116	233,223
PROPERTY AND EQUIPMENT
Land and land improvements	71,458	90,218
Buildings	98,877	95,305
Furniture and fixtures	5,187	5,365
Shop and service equipment	16,737	15,727
Revenue equipment	548,541	500,311
Construction in progress	8,951	3,834
Property, Plant and Equipment, Gross	749,751	710,760
Less accumulated depreciation	238,944	222,845
Property and equipment, net	510,807	487,915
GOODWILL	208,800	168,295
OTHER INTANGIBLES, NET	49,230	22,355
OTHER ASSETS	19,454	16,754
Operating Lease, Right-of-Use Asset	28,796	0
Assets	1,113,203	928,542
CURRENT LIABILITIES
Accounts payable and accrued liabilities	28,804	20,538
Compensation and benefits	27,778	21,411
Insurance accruals	15,859	15,677
Long-term Debt, Current Maturities	2,304	0
Operating Lease, Liability, Current	14,318	0
Finance Lease, Liability, Current	7,544	0
Other Accrued Liabilities	16,410	13,968
Accrued Income Taxes, Current	13,335	0
Total current liabilities	126,352	71,594
LONG-TERM LIABILITIES
Income taxes payable	6,461	5,491
Long-term Debt, Excluding Current Maturities	8,623	0
Operating Lease, Liability, Noncurrent	14,478	0
Finance Lease, Liability, Noncurrent	27,199	0
Deferred Tax and Other Liabilities, Noncurrent	77,262	89,971
Insurance accruals less current portion	34,926	34,384
Total long-term liabilities	168,949	129,846
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY
Preferred stock, par value $.01; authorized 5,000 shares; none issued	0	0
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2022 and 2021; outstanding 78,936 and 78,923 in 2022 and 2021, respectively	907	907
Additional paid-in capital	4,191	4,141
Retained earnings	1,014,898	924,375
Treasury stock, at cost; 11,753 and 11,766 in 2022 and 2021, respectively	(202,094)	(202,321)
Stockholders' Equity Attributable to Parent	817,902	727,102
Liabilities and Stockholders' Equity	$ 1,113,203	$ 928,542

Consolidated Balance Sheets Con

Consolidated Balance Sheets Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheets Parentheticals [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 1.3	$ 1.1
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	5,000	5,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	395,000	395,000
Common Stock, Shares, Issued	90,689	90,689
Common Stock, Shares, Outstanding	78,936	78,923
Treasury Stock, Shares	11,753	11,766

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Operating Revenue	$ 187,821	$ 154,128	$ 339,097	$ 306,530
Operating Expenses
Salaries, wages, and benefits	65,869	62,931	124,506	127,713
Rent and purchased transportation	3,127	1,009	3,874	1,973
Fuel	42,046	24,804	71,758	48,961
Operating Costs and Expenses	6,066	5,670	11,146	11,358
Cost, Direct Tax and License	3,352	3,413	6,562	7,034
Insurance and claims	6,339	4,678	11,905	10,117
Communications and utilities	1,126	967	2,204	2,193
Depreciation and amortization	24,309	25,956	47,620	52,882
Other operating expenses	12,244	5,204	18,042	10,756
Gain on disposal of property and equipment	(81,712)	(7,855)	(85,970)	(12,088)
Total operating expenses	82,766	126,777	211,647	260,899
Operating income	105,055	27,351	127,450	45,631
Interest income	260	175	406	312
Interest Expense	(174)	0	(174)	0
Income before income taxes	105,141	27,526	127,682	45,943
Federal and state income taxes	28,235	6,784	34,001	11,466
Net Income	76,906	20,742	93,681	34,477
Other comprehensive income, net of tax	0	0	0	0
Comprehensive income	$ 76,906	$ 20,742	$ 93,681	$ 34,477
Net income per share
Basic	$ 0.97	$ 0.26	$ 1.19	$ 0.43
Diluted	$ 0.97	$ 0.26	$ 1.19	$ 0.43
Weighted average shares outstanding
Basic	78,934	79,906	78,931	80,028
Diluted	78,959	79,957	78,956	80,081
Dividends declared per share	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital Stock, Common	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance at Dec. 31, 2020	$ 724,334	$ 907	$ 4,330	$ 890,970	$ (171,873)
Net income	13,734	0	0	13,734	0
Dividends on common stock, $0.02 per share	(1,599)	0	0	(1,599)	0
Repurchases of common stock	(14,537)	0	0	0	(14,537)
Stock-based compensation, net of tax	485	0	146	0	339
Balance at Mar. 31, 2021	722,417	907	4,476	903,105	(186,071)
Net income	20,742	0	0	20,742	0
Dividends on common stock, $0.02 per share	(1,598)	0	0	(1,598)	0
Stock-based compensation, net of tax	205	0	55	0	150
Balance at Jun. 30, 2021	741,766	907	4,531	922,249	(185,921)
Balance at Dec. 31, 2021	727,102	907	4,141	924,375	(202,321)
Net income	16,775	0	0	16,775	0
Dividends on common stock, $0.02 per share	(1,579)	0	0	(1,579)	0
Stock-based compensation, net of tax	230	0	64	0	166
Balance at Mar. 31, 2022	742,528	907	4,205	939,571	(202,155)
Net income	76,906	0	0	76,906	0
Dividends on common stock, $0.02 per share	(1,579)	0	0	(1,579)	0
Stock-based compensation, net of tax	47	0	(14)	0	61
Balance at Jun. 30, 2022	$ 817,902	$ 907	$ 4,191	$ 1,014,898	$ (202,094)

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity Parentheticals - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dividends declared per share	$ 0.02	$ 0.02	$ 0.04	$ 0.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
OPERATING ACTIVITIES
Net income	$ 93,681	$ 34,477
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,620	52,977
Deferred income taxes	(12,709)	(5,369)
Stock-based compensation	343	800
Gain on disposal of property and equipment	(85,970)	(12,088)
Changes in certain working capital items:
Trade receivables	(10,600)	(3,713)
Prepaid expenses and other current assets	(778)	2,073
Accounts payable, accrued liabilities, and accrued expenses	8,521	(5,502)
Accrued income taxes	18,400	(880)
Net cash provided by operating activities	58,508	62,775
INVESTING ACTIVITIES
Proceeds from sale of property and equipment	129,820	56,030
Purchases of property and equipment	(50,563)	(47,585)
Payments to Acquire Businesses, Net of Cash Acquired	(122,049)	0
Change in other assets	(9)	(174)
Net cash provided by (used in) investing activities	(42,801)	8,271
FINANCING ACTIVITIES
Payments of cash dividends	(1,579)	(3,198)
Shares withheld for employee taxes related to stock-based compensation	(66)	(110)
Repayments on finance leases and debt	(1,113)	0
Repurchases of common stock	0	(15,022)
Net cash used in financing activities	(2,758)	(18,330)
Net increase in cash, cash equivalents and restricted cash	12,949	52,716
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	173,767	131,140
Ending Period	186,716	183,856
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest Paid, Excluding Capitalized Interest, Operating Activities	159	0
Cash paid during the period for income taxes, net of refunds	28,310	17,715
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	1,033	6,415
Sold revenue equipment and property in other current assets	3,084	1,516
Common stock dividends declared in accounts payable	1,579	0
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	4,653	0
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions	24,143	0
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and Cash Equivalents, at Carrying Value	171,879	167,241
Restricted Cash and Investments, Current	897	1,007
Restricted Cash and Cash Equivalents, Noncurrent	13,940	15,608
Ending Period	$ 186,716	$ 183,856

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Basis of Presentation and Accounting Pronouncements [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Basis of Presentation and New Accounting PronouncementsHeartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following active legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. ("Heartland Express"), and Midwest Holding Group, LLC and Millis Transfer, LLC ("Millis Transfer"), and Smith Transport, Inc., Smith Trucking, Inc., and Franklin Logistics, Inc. ("Smith Transport"). On May 31, 2022, Heartland Express, Inc. of Iowa acquired Smith Transport, a truckload carrier headquartered in Roaring Spring, Pennsylvania. We, together with our subsidiaries, are a short-to-medium haul truckload carrier (predominately 500 miles or less per load). We primarily provide nationwide asset-based dry van truckload service for major shippers across the United States.The accompanying consolidated financial statements include the parent company, Heartland Express, Inc., and its subsidiaries, all of which are wholly owned. All material intercompany items and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes to the financial statements required by U.S. GAAP for complete financial statements. In the opinion of management, all normal, recurring adjustments considered necessary for a fair presentation have been included. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021 included in the Annual Report on Form 10-K the Company filed with the Securities and Exchange Commission (the "SEC") on February 25, 2022. Interim results of operations are not necessarily indicative of the results to be expected for the full year or any other interim periods. There were no changes to the Company's significant accounting policies during the three and six months ended June 30, 2022.

Use of Estimates

Use of Estimates	6 Months Ended
	Jun. 30, 2022
Use of Estimates [Abstract]
Use of Estimates	Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. There were no significant changes in estimates and assumptions used by management related to our critical accounting policies during the three and six months ended June 30, 2022.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationWe provide truckload services across the United States (U.S.) and parts of Canada. These truckload services are primarily asset-based transportation services in the dry van truckload market, and we also offer truckload temperature-controlled transportation services to select dedicated customers, which are not significant to our operations. Our Chief Operating Decision Maker (“CODM”) oversees and manages all of our transportation services, on a combined basis, including previously acquired entities. As a result of the foregoing, we have determined that we have one segment, consistent with the authoritative accounting guidance on disclosures about segments of an enterprise and related information.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	Revenue Recognition The Company recognizes revenue over time as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The delivery of the shipment and completion of the performance obligation allows for the collection of payment generally within 30 days after the delivery date of the shipment for the majority of our customers. The Company's operations are consistent with those in the trucking industry where freight is hauled twenty-four hours a day and seven days a week, subject to hours of service rules. The Company’s average length of haul is 400-500 miles per trip and each individual shipment accepted by the Company is considered a separate contract with the performance obligation being the delivery of the freight. Our average length of haul for each load of freight generally equals less than one day of continuous transit time. The Company estimates revenue for multiple-stop loads based on miles run and estimates revenue for single stop loads based on transit time, as the customer simultaneously receives and consumes the benefit provided. The Company hauls freight and earns revenue on a consistent basis throughout the periods presented. A corresponding contract asset existed for the estimated revenue of these in-process loads for $1.7 million and $1.3 million at June 30, 2022 and December 31, 2021, respectively. Recorded contract assets are included in the accounts receivable line item of the balance sheet. Corresponding liabilities are recorded in the accounts payable and accrued liabilities and compensation and benefits line items for the estimated expenses on these same in-process loads. The Company had no contract liabilities associated with our operations as of June 30, 2022 and December 31, 2021, respectively. Total revenues recorded were $187.8 million and $154.1 million for the three months ended June 30, 2022 and 2021, respectively. Fuel surcharge revenues were $36.4 million and $19.1 million for the three months ended June 30, 2022 and 2021, respectively. Accessorial and other revenues recorded in the consolidated statements of comprehensive income collectively represented $4.3 million and $2.8 million for the three months ended June 30, 2022 and 2021, respectively. Total revenues recorded were $339.1 million and $306.5 million for the six months ended June 30, 2022 and 2021, respectively. Fuel surcharge revenues were $60.3 million and $35.9 million for the six months ended June 30, 2022 and 2021, respectively. Accessorial and other revenues recorded in the consolidated statements of comprehensive income collectively represented $7.5 million and $5.9 million for the six months ended June 30, 2022 and 2021, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash EquivalentsCash equivalents are short-term, highly liquid investments with insignificant interest rate risk and original maturities of three months or less at acquisition. At June 30, 2022, restricted and designated cash and investments totaled $14.8 million, of which $0.9 million was included in other current assets and $13.9 million was included in other non-current assets in the consolidated balance sheet. Restricted and designated cash and investments totaled $16.0 million at December 31, 2021, of which $0.9 million was included in other current assets and $15.1 million was included in other non-current assets in the consolidated balance sheet. The restricted funds represent deposits required by state agencies for self-insurance purposes and designated funds that are earmarked for a specific purpose and not for general business use.

Smith Transport Acquisition

Smith Transport Acquisition	May 31, 2022
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Acquisition of Smith Transport On May 31, 2022, Heartland Express, Inc. of Iowa (the “Buyer”) and Heartland Express, Inc., as guarantor, entered into a Stock Purchase Agreement with Smith Transport. Smith Transport is a truckload carrier headquartered in Roaring Spring, Pennsylvania, providing asset-based dry van truckload transportation services, including local, regional, and dedicated services. Pursuant to the Stock Purchase Agreement, the Buyer acquired all of Smith Transport’s outstanding equity (the “Transaction”) under an Internal Revenue Code Section 338(h)(10) election. The Buyer's purchase price of $169.4 million includes total cash consideration and assumed indebtedness of Smith Transport subject to purchase accounting adjustments including final valuation of intangibles. Gross cash paid in transaction was $140.6 million. Net cash paid was $122.0 million after consideration of $18.6 million of Smith Transport cash on the date of acquisition. Gross cash paid was funded out of the Company’s available cash. The transaction included the assumption of $46.8 million of Smith Transport's indebtedness, including finance leases, of which $45.7 million was outstanding at June 30, 2022. The Stock Purchase Agreement contains customary representations, warranties, covenants, escrow, and indemnification provisions. The results of the acquired business have been included in the consolidated financial statements since the date of acquisition and represented 20.3% of consolidated total assets as of June 30, 2022, and represented 10.4% and 5.8% of operating revenue for the three and six months ended June 30, 2022, respectively. Acquisition related expenses of $0.7 million and $1.0 million are included in the consolidated statement of comprehensive income for the three and six months ended June 30, 2022, respectively. The allocation of the purchase price is detailed in the table below. The final purchase price allocation remains subject to other purchase accounting adjustments which may be identified, such as the final valuation of intangible assets, and therefore may differ materially from that reflected below. The goodwill recognized represents expected synergies from combining the operations of the Company with Smith Transport, as well as other intangible assets that did not meet the criteria for separate recognition. Goodwill and intangible assets recognized in the transaction are deductible for tax purposes. The assets and liabilities associated with Smith Transport were recorded at their fair values as of the acquisition date and the amounts are as follows: (in thousands) Trade and other accounts receivable $ 32,300 Other current assets 6,238 Property and equipment 68,196 Operating lease right of use assets 27,133 Other non-current assets 3,848 Intangible assets 28,070 Goodwill 40,505 Total assets 206,290 Accounts payable and accrued expenses (8,379) Insurance accruals (1,946) Long-term debt (11,424) Finance lease liabilities (35,359) Operating lease liabilities (27,133) Net cash paid $ 122,049

Prepaid Tires, Property, Equipm

Prepaid Tires, Property, Equipment and Depreciation	6 Months Ended
	Jun. 30, 2022
Property, Plant and Depreciation [Abstract]
Property, Equipment, and Depreciation	Prepaid Tires, Property, Equipment, and DepreciationProperty and equipment are reported at cost, net of accumulated depreciation. Maintenance and repairs are charged to operations as incurred. New tires are capitalized separately from revenue equipment and are reported separately as “Prepaid tires” in the consolidated balance sheets and amortized over two years. Depreciation for financial statement purposes is computed by the straight-line method for all assets other than tractors. We recognize depreciation expense on new tractors (excludes assets acquired in an acquisition) using the 125% declining balance method. Revenue equipment acquired through acquisitions is generally revalued to current market values as of the acquisition date. These acquired assets are depreciated on a straight-line basis aligned with the remaining period of expected use. As acquired equipment is replaced, our fleet returns to our base methods of declining balance depreciation for tractors and straight-line depreciation for trailers. New tractors are depreciated to salvage values of $15,000 while new trailers are depreciated to salvage values of $4,000. At June 30, 2022, there was $3.1 million amounts receivable related to equipment sales recorded in other current assets compared to $1.5 million at December 31, 2021.

Other Intangible, Net and Goodw

Other Intangible, Net and Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Other Intangibles, Net and GoodwillAll intangible assets determined to have finite lives are amortized over their estimated useful lives. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to future cash flows. As a result of the acquisition of Smith Transport on May 31, 2022, there was a $28.1 million increase in the gross intangible assets made up of $20.1 million finite lived intangible assets and $8.0 million of indefinite lived intangible assets during the three and six months ended June 30, 2022. The increase in gross indefinite lived intangible assets is associated with the Smith Transport trade name, while the intangible assets for customer relationships and covenants not to compete have finite lives. Amortization expense of $0.6 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Amortization expense of $1.2 million and $1.2 million for the six months ended June 30, 2022 and 2021, respectively, was included in depreciation and amortization in the consolidated statements of comprehensive income. Intangible assets subject to amortization consisted of the following at June 30, 2022: Amortization period (years) Gross Amount Accumulated Amortization Net finite intangible assets (in thousands) Customer relationships 15-20 $ 42,582 $ 6,497 $ 36,085 Trade name 0.5-6 12,900 9,460 3,440 Covenants not to compete 1-10 5,832 4,083 1,749 $ 61,314 $ 20,040 $ 41,274 Change in carrying amount of goodwill: Goodwill (in thousands) Balance at December 31, 2021 168,295 Acquisition 40,505 Balance at June 30, 2022 $ 208,800

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per ShareBasic earnings per share is based upon the weighted average common shares outstanding during each year. Diluted earnings per share is based on the basic weighted earnings per share with additional weighted common shares for common stock equivalents. During the three and six months ended June 30, 2022 and June 30, 2021, we had outstanding restricted shares of common stock to certain of our employees under the Company's 2011 Restricted Stock Award Plan (the "2011 Plan"). We had no outstanding restricted shares of common stock under the Company's 2021 Restricted Stock Award Plan (the "2021 Plan"). A reconciliation of the numerator (net income) and denominator (weighted average number of shares outstanding of the basic and diluted earnings per share ("EPS")) for the three and six months ended June 30, 2022 and June 30, 2021 is as follows (in thousands, except per share data): Three months ended June 30, 2022 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 76,906 78,934 $ 0.97 Effect of restricted stock — 25 Diluted EPS $ 76,906 78,959 $ 0.97 Three months ended June 30, 2021 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 20,742 79,906 $ 0.26 Effect of restricted stock — 51 Diluted EPS $ 20,742 79,957 $ 0.26 Six months ended June 30, 2022 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 93,681 78,931 $ 1.19 Effect of restricted stock — 25 Diluted EPS $ 93,681 78,956 $ 1.19 Six months ended June 30, 2021 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 34,477 80,028 $ 0.43 Effect of restricted stock — 53 Diluted EPS $ 34,477 80,081 $ 0.43

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Share Repurchases [Abstract]
Stockholders' Equity	Equity We have a stock repurchase program with 6.6 million shares remaining authorized for repurchase as of June 30, 2022. During the three months ended June 30, 2022 and 2021, there were no shares repurchased on the open market. There were no shares repurchased in the open market during the six months ended June 30, 2022 and there were 0.8 million shares repurchased in the open market for $14.5 million during the six months ended June 30, 2021. Repurchases are expected to continue from time to time, as determined by market conditions, cash flow requirements, securities law limitations, and other factors, until the number of shares authorized have been repurchased, or until the authorization is terminated. The share repurchase authorization is discretionary and has no expiration date. During the three months ended June 30, 2022 and 2021, our Board of Directors declared dividends totaling $1.6 million and $1.6 million, respectively. During the six months ended June 30, 2022 and 2021, our Board of Directors declared dividends totaling $3.2 million and $3.2 million, respectively. Future payment of cash dividends and the amount of such dividends will depend upon our financial condition, our results of operations, our cash requirements, tax treatment, and certain corporate law requirements, as well as factors deemed relevant by our Board of Directors.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation In July 2011, a Special Meeting of Stockholders of Heartland Express, Inc. was held, at which meeting the approval of the Heartland Express, Inc. 2011 Restricted Stock Award Plan (the "2011 Plan") was ratified. The 2011 Plan made available up to 0.9 million shares for the purpose of making restricted stock grants to our eligible officers and employees. In May 2021, at the 2021 Annual Meeting of Stockholders, the Heartland Express, Inc. 2021 Restricted Stock Award Plan (the "2021 Plan") was approved. The 2021 Plan made available up to 0.6 million shares for the purpose of making restricted stock grants to our eligible employees, directors and consultants. All shares granted and vested during the three and six months ended June 30, 2022, as well as shares that remain unvested at June 30, 2022, were issued from the 2011 plan. There were no shares that were issued during the period 2011 to 2018 that remain unvested at June 30, 2022. Shares granted in 2019 through 2022 have various vesting terms that range from immediate to four years from the date of grant. Compensation expense associated with these awards is based on the market value of our stock on the grant date. Compensation expense associated with restricted stock awards is included in salaries, wages and benefits in the consolidated statements of comprehensive income. There were no significant assumptions made in determining fair value. Compensation expense associated with restricted stock awards was $0.1 million and $0.3 million respectively, for the three and six months ended June 30, 2022. Compensation expense associated with restricted stock awards was $0.2 million and $0.8 million respectively, for the three and six months ended June 30, 2021. Unrecognized compensation expense was $0.2 million at June 30, 2022 which will be recognized over a weighted average period of 0.8 years. The following tables summarize our restricted stock award activity for the three and six months ended June 30, 2022 and 2021. Three Months Ended June 30, 2022 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 27.0 $ 17.37 Granted 3.0 14.79 Vested (5.0) 16.60 Forfeited — — Outstanding (unvested) at end of period 25.0 $ 17.21 Three Months Ended June 30, 2021 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 53.7 $ 19.95 Granted — — Vested (9.5) 20.52 Forfeited — — Outstanding (unvested) at end of period 44.2 $ 19.83 Six Months Ended June 30, 2022 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 14.0 $ 19.70 Granted 28.0 15.13 Vested (17.0) 15.83 Forfeited — — Outstanding (unvested) at end of period 25.0 $ 17.21 Six Months Ended June 30, 2021 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 59.7 $ 20.29 Granted 19.3 18.69 Vested (34.8) 19.98 Forfeited — — Outstanding (unvested) at end of period 44.2 $ 19.83

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Long-term Line of Credit [Abstract]
Long-Term Debt	Long-Term Debt The May 31, 2022 acquisition of Smith Transport included the assumption of $46.8 million of debt and financing lease obligations associated with the fleet of revenue equipment of which $45.7 million was outstanding at June 30, 2022. The $10.9 million debt is made up of installment notes with a weighted average interest rate of 4.5% at June 30, 2022, due in monthly installments with final maturities at various dates ranging from July 2022 to January 2029, secured by related revenue equipment. The $34.7 million finance lease obligations include leases with a weighted average interest rate of 4.0% at June 30, 2022, due in monthly installments with final maturities at various dates ranging from July 2023 to April 2026 with the weighted average remaining lease term of 2.7 years. In November 2013, Heartland Express, Inc. of Iowa, (the "Borrower"), a wholly owned subsidiary of the Company, entered into a Credit Agreement with Wells Fargo Bank, National Association, (the “Bank”). On August 31, 2021, the Borrower and the Bank entered into the Second Amendment to this Credit Agreement. The Second Amendment (i) provides for a $25.0 million Revolver, which may be used for working capital, equipment financing, permitted acquisitions, and general corporate purposes, (ii) provides an uncommitted accordion feature, which allows the Company a one-time request, at the discretion of the Bank, to increase the Revolver by up to an additional $100.0 million, (iii) decreases the letter of credit subfeature of the Credit Agreement from $30.0 million to $20.0 million, and (iv) extends the maturity of the Credit Agreement to August 31, 2023, subject to the Borrower’s ability to terminate the commitment at any time at no additional cost to the Borrower. The Credit Agreement is unsecured, with a negative pledge against all assets of our consolidated group, except for debt associated with permitted acquisitions, new purchase-money debt and capital lease obligations as described in the Credit Agreement. Interest on outstanding indebtedness under the Second Amendment is based on the Secured Overnight Financing Rate (“SOFR”) plus a spread based on the Company’s consolidated funded debt to adjusted EBITDA ratio. A non-usage fee is payable on the unused portion of the Revolver based on the Company’s consolidated funded debt to adjusted EBITDA ratio. The Credit Agreement contains customary financial covenants including, but not limited to, (i) a maximum adjusted leverage ratio of 2:1, measured quarterly on a trailing twelve month basis, (ii) a minimum net income requirement of $1.00, measured quarterly on a trailing twelve month basis, (iii) a minimum tangible net worth of $250.0 million requirement, measured quarterly, and (iv) limitations on other indebtedness and liens. The Credit Agreement also includes customary events of default, covenants, representations and warranties, and indemnification provisions. We were in compliance with the respective financial covenants at June 30, 2022 and during the three and six months then ended. We had no outstanding debt on the Credit Agreement at June 30, 2022 and December 31, 2021, respectively. Outstanding letters of credit associated with the revolving line of credit at June 30, 2022 were $10.1 million. As of June 30, 2022, the line of credit available for future borrowing was $14.9 million.

Lease Obligations

Lease Obligations	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Operating Leases	Lease Obligations In May 2022, the Company completed a sale of an owned terminal property. In a separate transaction related to the sale, we entered into a lease agreement with a base term of two years plus a five-year renewal option with the purchaser. The right-of-use asset associated with the leased terminal facility is $4.7 million as of June 30, 2022. Smith Transport has revenue equipment operating lease right-of-use assets from leases entered into before the May 31, 2022 acquisition. These right-of-use operating lease assets have a total balance of $24.1 million as of June 30, 2022. The operating leases have a weighted average interest rate of 3.8% at June 30, 2022, due in monthly installments with final maturities at various dates ranging from July 2022 to March 2026 with the weighted average remaining lease term of 2.4 years. Smith Transport also has related party operating leases with the founder of Smith Transport, where Smith Transport is both a lessor and lessee of certain real estate properties. These leases represent an insignificant portion of the right-of-use lease assets discussed above. See Note 12. Long-Term Debt for additional details on the finance leases. Our future minimum lease payments as of June 30, 2022, are summarized as follows by lease category: (in thousands) Operating Finance 2022 (remaining) $ 8,224 $ 4,392 2023 12,503 13,317 2024 6,193 8,329 2025 3,003 7,511 2026 151 3,901 Thereafter — — Total minimum lease payments $ 30,074 $ 37,450 Less: future payment amount for interest 1,278 2,707 Present value of minimum lease payments $ 28,796 $ 34,743 Less: current portion 14,318 7,544 Lease obligations, long-term $ 14,478 $ 27,199

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when temporary differences reverse. The effect of changes in tax rates on deferred taxes is recognized in the period that the change is enacted. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized. We had no recorded valuation allowance at June 30, 2022 and December 31, 2021. Our effective tax rate was 26.9% and 24.6% for the three months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate is primarily the result of an increase in the accrual of tax for uncertain tax positions specific to transactions occurring during the three months ended June 30, 2022. Our effective tax rate was 26.6% and 25.0% for the six months ended June 30, 2022 and 2021, respectively. The increase in the effective tax rate is primarily the result of an increase in the accrual of tax for uncertain tax positions specific to transactions occurring during the six months ended June 30, 2022. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense. At June 30, 2022 and December 31, 2021, we had a total of $5.8 million and $4.7 million in gross unrecognized tax benefits, respectively included in long-term income taxes payable in the consolidated balance sheet. Of this amount, $4.6 million and $3.7 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate as of June 30, 2022 and December 31, 2021. The net change in unrecognized tax benefits was an increase of $1.3 million and a decrease of $0.1 million during the three months ended June 30, 2022 and June 30, 2021, respectively. The net change in unrecognized tax benefits was an increase of $1.1 million and a decrease of $0.4 million during the six months ended June 30, 2022 and June 30, 2021, respectively. The net increase in unrecognized tax benefits for the three and six month periods ended June 30, 2022 is due to specific non-recurring transactions in 2022, that did not occur in 2021. The total net amount of accrued interest and penalties for such unrecognized tax benefits was $0.7 million and $0.8 million at June 30, 2022 and December 31, 2021, respectively and is included in long-term income taxes payable in the consolidated balance sheets. These unrecognized tax benefits relate to risks associated with state income tax filing positions for our subsidiaries. Income tax expense is increased each period for the accrual of interest on outstanding positions and penalties when the uncertain tax position is initially recorded. Income tax expense is reduced in periods by the amount of accrued interest and penalties associated with reversed uncertain tax positions due to lapse of applicable statute of limitations, when applicable or when a position is settled. Net interest and penalties included in income tax expense for the three month period ended June 30, 2022 and June 30, 2021 was a net benefit of approximately $0.1 million and $0.1 million, respectively. Net interest and penalties included in income tax expense for the six month period ended June 30, 2022 and June 30, 2021 was a net benefit of approximately $0.2 million and $0.1 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 (in thousands) Balance at December 31, 2021 $ 4,671 Additions based on tax positions related to current year 1,803 Additions for tax positions of prior years 130 Reductions for tax positions of prior years (28) Reductions due to lapse of applicable statute of limitations (771) Balance at June 30, 2022 $ 5,805 A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. We do not have any outstanding litigation related to income tax matters. At this time, management’s best estimate of the reasonably possible change in the amount of gross unrecognized tax benefits is approximately no change to an increase of $1.0 million during the next twelve months, due to the combination of expiration of certain statute of limitations and estimated additions. The federal statute of limitations remains open for the years 2019 and forward. Tax years 2012 and forward are subject to audit by state tax authorities depending on the tax code and administrative practice of each state.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are a party to ordinary, routine litigation and administrative proceedings incidental to our business. In the opinion of management, our potential exposure under pending legal proceedings is adequately provided for in the accompanying consolidated financial statements. The total estimated purchase commitments for tractors (net of tractor sale commitments) and trailer equipment as of June 30, 2022 was $66.6 million. These commitments extend through the remainder of 2022 and into 2023.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation and New Accounting PronouncementsHeartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following active legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. ("Heartland Express"), and Midwest Holding Group, LLC and Millis Transfer, LLC ("Millis Transfer"), and Smith Transport, Inc., Smith Trucking, Inc., and Franklin Logistics, Inc. ("Smith Transport"). On May 31, 2022, Heartland Express, Inc. of Iowa acquired Smith Transport, a truckload carrier headquartered in Roaring Spring, Pennsylvania. We, together with our subsidiaries, are a short-to-medium haul truckload carrier (predominately 500 miles or less per load). We primarily provide nationwide asset-based dry van truckload service for major shippers across the United States.The accompanying consolidated financial statements include the parent company, Heartland Express, Inc., and its subsidiaries, all of which are wholly owned. All material intercompany items and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and notes to the financial statements required by U.S. GAAP for complete financial statements. In the opinion of management, all normal, recurring adjustments considered necessary for a fair presentation have been included. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2021 included in the Annual Report on Form 10-K the Company filed with the Securities and Exchange Commission (the "SEC") on February 25, 2022. Interim results of operations are not necessarily indicative of the results to be expected for the full year or any other interim periods.
Use of Estimates, Policy [Policy Text Block]	Use of EstimatesThe preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting, Policy [Policy Text Block]	Segment InformationWe provide truckload services across the United States (U.S.) and parts of Canada. These truckload services are primarily asset-based transportation services in the dry van truckload market, and we also offer truckload temperature-controlled transportation services to select dedicated customers, which are not significant to our operations. Our Chief Operating Decision Maker (“CODM”) oversees and manages all of our transportation services, on a combined basis, including previously acquired entities. As a result of the foregoing, we have determined that we have one segment, consistent with the authoritative accounting guidance on disclosures about segments of an enterprise and related information.
Revenue [Policy Text Block]	The Company recognizes revenue over time as control of the promised services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The delivery of the shipment and completion of the performance obligation allows for the collection of payment generally within 30 days after the delivery date of the shipment for the majority of our customers.The Company's operations are consistent with those in the trucking industry where freight is hauled twenty-four hours a day and seven days a week, subject to hours of service rules. The Company’s average length of haul is 400-500 miles per trip and each individual shipment accepted by the Company is considered a separate contract with the performance obligation being the delivery of the freight. Our average length of haul for each load of freight generally equals less than one day of continuous transit time. The Company estimates revenue for multiple-stop loads based on miles run and estimates revenue for single stop loads based on transit time, as the customer simultaneously receives and consumes the benefit provided. The Company hauls freight and earns revenue on a consistent basis throughout the periods presented.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash EquivalentsCash equivalents are short-term, highly liquid investments with insignificant interest rate risk and original maturities of three months or less at acquisition.
Property, Plant and Equipment, Policy [Policy Text Block]	Prepaid Tires, Property, Equipment, and DepreciationProperty and equipment are reported at cost, net of accumulated depreciation. Maintenance and repairs are charged to operations as incurred. New tires are capitalized separately from revenue equipment and are reported separately as “Prepaid tires” in the consolidated balance sheets and amortized over two years. Depreciation for financial statement purposes is computed by the straight-line method for all assets other than tractors. We recognize depreciation expense on new tractors (excludes assets acquired in an acquisition) using the 125% declining balance method. Revenue equipment acquired through acquisitions is generally revalued to current market values as of the acquisition date. These acquired assets are depreciated on a straight-line basis aligned with the remaining period of expected use. As acquired equipment is replaced, our fleet returns to our base methods of declining balance depreciation for tractors and straight-line depreciation for trailers. New tractors are depreciated to salvage values of $15,000 while new trailers are depreciated to salvage values of $4,000.
Earnings Per Share, Policy [Policy Text Block]	Earnings per ShareBasic earnings per share is based upon the weighted average common shares outstanding during each year. Diluted earnings per share is based on the basic weighted earnings per share with additional weighted common shares for common stock equivalents.
Income Tax, Policy [Policy Text Block]	We use the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when temporary differences reverse. The effect of changes in tax rates on deferred taxes is recognized in the period that the change is enacted. A valuation allowance is recorded to reduce the Company's deferred tax assets to the amount that is more likely than not to be realized.
Income Tax Uncertainties, Policy [Policy Text Block]	We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits in income tax expense.

Smith Transport Acquisition (Ta

Smith Transport Acquisition (Tables)	May 31, 2022
Business Combination, Separately Recognized Transactions [Line Items]
Business Combination, Separately Recognized Transactions [Table Text Block]	(in thousands) Trade and other accounts receivable $ 32,300 Other current assets 6,238 Property and equipment 68,196 Operating lease right of use assets 27,133 Other non-current assets 3,848 Intangible assets 28,070 Goodwill 40,505 Total assets 206,290 Accounts payable and accrued expenses (8,379) Insurance accruals (1,946) Long-term debt (11,424) Finance lease liabilities (35,359) Operating lease liabilities (27,133) Net cash paid $ 122,049

Other Intangible, Net and Goo_2

Other Intangible, Net and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Amortization period (years) Gross Amount Accumulated Amortization Net finite intangible assets (in thousands) Customer relationships 15-20 $ 42,582 $ 6,497 $ 36,085 Trade name 0.5-6 12,900 9,460 3,440 Covenants not to compete 1-10 5,832 4,083 1,749 $ 61,314 $ 20,040 $ 41,274
Goodwill [Line Items]
Schedule of Goodwill [Table Text Block]	Goodwill (in thousands) Balance at December 31, 2021 168,295 Acquisition 40,505 Balance at June 30, 2022 $ 208,800

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended June 30, 2022 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 76,906 78,934 $ 0.97 Effect of restricted stock — 25 Diluted EPS $ 76,906 78,959 $ 0.97 Three months ended June 30, 2021 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 20,742 79,906 $ 0.26 Effect of restricted stock — 51 Diluted EPS $ 20,742 79,957 $ 0.26 Six months ended June 30, 2022 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 93,681 78,931 $ 1.19 Effect of restricted stock — 25 Diluted EPS $ 93,681 78,956 $ 1.19 Six months ended June 30, 2021 Net Income (numerator) Shares (denominator) Per Share Amount Basic EPS $ 34,477 80,028 $ 0.43 Effect of restricted stock — 53 Diluted EPS $ 34,477 80,081 $ 0.43

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Disclosure of restricted stock award activity	The following tables summarize our restricted stock award activity for the three and six months ended June 30, 2022 and 2021. Three Months Ended June 30, 2022 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 27.0 $ 17.37 Granted 3.0 14.79 Vested (5.0) 16.60 Forfeited — — Outstanding (unvested) at end of period 25.0 $ 17.21 Three Months Ended June 30, 2021 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 53.7 $ 19.95 Granted — — Vested (9.5) 20.52 Forfeited — — Outstanding (unvested) at end of period 44.2 $ 19.83 Six Months Ended June 30, 2022 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 14.0 $ 19.70 Granted 28.0 15.13 Vested (17.0) 15.83 Forfeited — — Outstanding (unvested) at end of period 25.0 $ 17.21 Six Months Ended June 30, 2021 Number of Shares of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Unvested at beginning of period 59.7 $ 20.29 Granted 19.3 18.69 Vested (34.8) 19.98 Forfeited — — Outstanding (unvested) at end of period 44.2 $ 19.83

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	Our future minimum lease payments as of June 30, 2022, are summarized as follows by lease category: (in thousands) Operating Finance 2022 (remaining) $ 8,224 $ 4,392 2023 12,503 13,317 2024 6,193 8,329 2025 3,003 7,511 2026 151 3,901 Thereafter — — Total minimum lease payments $ 30,074 $ 37,450 Less: future payment amount for interest 1,278 2,707 Present value of minimum lease payments $ 28,796 $ 34,743 Less: current portion 14,318 7,544 Lease obligations, long-term $ 14,478 $ 27,199

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 (in thousands) Balance at December 31, 2021 $ 4,671 Additions based on tax positions related to current year 1,803 Additions for tax positions of prior years 130 Reductions for tax positions of prior years (28) Reductions due to lapse of applicable statute of limitations (771) Balance at June 30, 2022 $ 5,805

Segment Information (Details)

Segment Information (Details)	6 Months Ended
	Jun. 30, 2022 segments
Segment Reporting Information [Line Items]
Number of Segments	1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract with Customer, Asset, after Allowance for Credit Loss	$ 1,700		$ 1,700		$ 1,300
Operating Revenue	187,821	$ 154,128	339,097	$ 306,530
Accessorial and other revenues	4,300	2,800	7,500	5,900
fuel surcharge [Member]
Disaggregation of Revenue [Line Items]
Fuel surcharge revenue	$ 36,400	$ 19,100	$ 60,300	$ 35,900

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Restricted Cash and Cash Equivalents	$ 14,800	$ 16,000
Restricted Cash included in other current assets	900	900	$ 1,007
Restricted Cash included in other assets	$ 13,900	$ 15,100	$ 15,608

Smith Transport Acquisition (De

Smith Transport Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	May 31, 2022	Jun. 30, 2022	Jun. 30, 2022
Business Combinations [Abstract]
Business Combination, Accounts and Other Receivables, Net, Current	$ 32,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	6,238
Business Combination, Property, Plant and Equipment, Net	68,196
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Operating Lease right of use assets	27,133
Business Combination, Other Assets, Noncurrent	3,848
Business Combination, Intangible Assets, Current	28,070
Business Combination, Goodwill, Acquired During Period	40,505
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	206,290
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(8,379)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Insurance	(1,946)
Business Combination, Finance Lease, Liability	(35,359)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	(11,424)
Business Combination, Operating lease liabilities	27,133
Business Combination, Payments to Acquire Businesses, Net	122,049
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt and finance lease liability	(46,800)	$ (45,700)	$ (45,700)
Business Combination, Acquired Business Percent of Assets		20.30%	20.30%
Business Combination, Acquired business percent of revenue		10.40%	5.80%
Business Combination, Acquisition Related Costs		$ 700	$ 1,000
Business Acquisition, Consideration Transferred and debt assumed	169,400
Business Combination, Gross Cash Paid	140,600
Business Combination, Cash Acquired	$ 18,600

Prepaid Tires, Property, Equi_2

Prepaid Tires, Property, Equipment and Depreciation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Amortization Period of Tires	two years
Sold revenue equipment in other current assets	$ 3,100	$ 1,500
Tractors [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Salvage Value	15
Trailers [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Salvage Value	$ 4

Other Intangible, Net and Goo_3

Other Intangible, Net and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense	$ 600	$ 600	$ 1,200	$ 1,200
Carrying amount of goodwill	208,800		208,800		$ 168,295
Goodwill, Acquired During Period	40,505
Gross Intangible Assets Acquired	28,100		28,100
Indefinite-lived Intangible Assets Acquired	8,000		8,000
Finite-Lived Intangible Assets [Line Items]
Gross Amount	61,314		61,314
Accumulated Amortization	20,040		20,040
Net Intangible Assets	41,274		41,274
Finite-lived Intangible Assets Acquired	20,100		20,100	$ 0
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	42,582		42,582
Accumulated Amortization	6,497		6,497
Net Intangible Assets	36,085		36,085
Tradename
Finite-Lived Intangible Assets [Line Items]
Gross Amount	12,900		12,900
Accumulated Amortization	9,460		9,460
Net Intangible Assets	3,440		3,440
Covenants Not to Compete
Finite-Lived Intangible Assets [Line Items]
Gross Amount	5,832		5,832
Accumulated Amortization	4,083		4,083
Net Intangible Assets	$ 1,749		$ 1,749
Maximum [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			20 years
Maximum [Member] | Tradename
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			6 years
Maximum [Member] | Covenants Not to Compete
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			10 years
Minimum [Member] | Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			15 years
Minimum [Member] | Tradename
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			6 months
Minimum [Member] | Covenants Not to Compete
Finite-Lived Intangible Assets [Line Items]
Amortization period (years)			1 year

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income	$ 76,906	$ 20,742	$ 93,681	$ 34,477
Basic EPS, Shares	78,934	79,906	78,931	80,028
Basic EPS, Per Share Amount	$ 0.97	$ 0.26	$ 1.19	$ 0.43
Effect of restricted stock	$ 0	$ 0	$ 0	$ 0
Effect of restricted stock, Shares	25	51	25	53
Diluted EPS, Net Income	$ 76,906	$ 20,742	$ 93,681	$ 34,477
Diluted EPS, Shares	78,959	79,957	78,956	80,081
Diluted EPS, Per Share Amount	$ 0.97	$ 0.26	$ 1.19	$ 0.43

Equity (Details)

Equity (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Repurchases [Abstract]
Treasury Stock, Shares, Acquired	0	0	0	800
Dividends, Common Stock, Cash	$ 1.6	$ 1.6	$ 3.2	$ 3.2
Number of Shares Authorized to be Repurchased	6,600		6,600
Treasury Stock Value, Acquired, Cost Method				$ 14.5

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 13, 2021	Jul. 11, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			9 months 18 days
Restricted Stock Shares Authorized					600,000	900,000
Stock-based Compensation	$ 100	$ 200	$ 300	$ 800
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 200		$ 200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unvested at beginning of year, Number of Restricted Stock Awards (in shares)	27,000	53,700	14,000	59,700
Unvested at beginning of year, Weighted Average Grant Date Fair Value (in dollars)	$ 17.37	$ 19.95	$ 19.70	$ 20.29
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	3,000	0	28,000	19,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.79	$ 0	$ 15.13	$ 18.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(5,000)	(9,500)	(17,000)	(34,800)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 16.60	$ 20.52	$ 15.83	$ 19.98
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	0	0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 0	$ 0	$ 0	$ 0
Outstanding (unvested) at end of year, Number of Restricted Stock Awards (in shares)	25,000	44,200	25,000	44,200
Outstanding (unvested) at end of year, Weighted Average Grant Date Fair Value (in dollars)	$ 17.21	$ 19.83	$ 17.21	$ 19.83

Long-Term Debt (Details)

Long-Term Debt (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) Rate	May 31, 2022 USD ($)	Aug. 31, 2018 USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity, Current	$ 25,000,000
Allowable Amount For Issuance of Letters of Credit	$ 20,000,000		$ 30,000,000
Debt Instrument, Covenant, Leverage Ratio	2
Debt Covenant, Minimum Net Income Requirement	$ 1
Debt Covenant, Minimum Tangible Net Worth	250,000,000
Letters of Credit Outstanding, Amount	10,100,000
Line of Credit Facility, Current Borrowing Capacity	14,900,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt and finance lease liability	$ 45,700,000	$ 46,800,000
Debt, Weighted Average Interest Rate | Rate	4.50%
Finance Lease, Weighted Average Discount Rate, Percent | Rate	4%
Finance Lease, Weighted Average Remaining Lease Term	2 years 8 months 12 days
Finance Lease Obligations	$ 34,700,000
Debt	10,900,000
Asset-based credit facility, Maximum borrowing capacity	25,000,000
Accordion Feature [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity, Current	$ 100,000,000

Lease Obligations (Details)

Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Operating Leases [Abstract]
2022 (remaining)	$ 8,224
2023	12,503
2024	6,193
2025	3,003
2026	151
Thereafter	0
Lessee, Operating Lease, Liability, to be Paid	30,074
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	1,278
Operating Lease, Liability	28,796
Operating Lease, Liability, Current	14,318	$ 0
Operating Lease, Liability, Noncurrent	14,478	0
Right of Use Asset associated with the leased terminal facility	$ 4,700
Operating Lease, Weighted Average Remaining Lease Term	2 years 4 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	3.80%
Right of Use Operating Lease Assets Acquired	$ 24,100
Finance Leases [Abstract]
2022 (remaining)	4,392
2023	13,317
2024	8,329
2025	7,511
2026	3,901
Thereafter	0
Finance Lease, Liability, Payment, Due	37,450
Finance Lease, Liability, Undiscounted Excess Amount	2,707
Finance Lease, Liability	34,743
Finance Lease, Liability, Current	7,544	0
Finance Lease, Liability, Noncurrent	$ 27,199	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective Income Tax Rate, Percent	26.90%	24.60%	26.60%	25%
Valuation Allowance [Abstract]
Valuation Allowance, Amount	$ 0		$ 0		$ 0
Income Tax Uncertainties [Abstract]
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4,600		4,600		3,700
Unrecognized Tax Benefits, Period Increase (Decrease)	1,300	$ (100)	1,100	$ (400)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	700		700		$ 800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	(100)	$ (100)	(200)	$ (100)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance beginning of period			4,671
Additions based on tax positions related to current year			1,803
Additions for tax positions of prior years			130
Reductions for tax positions of prior years			(28)
Reductions due to lapse of applicable statute of limitations			(771)
Balance end of period	5,805		5,805
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	1,000		1,000
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unrecorded Unconditional Purchase Obligation	$ 66.6