Covenant Logistics (CVLG) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Document Information [Line Items]
Entity Registrant Name	COVENANT TRANSPORTATION GROUP INC
Entity Central Index Key	928,658
Trading Symbol	cvti
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,993,164
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		2,350,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 122,146	$ 15,356
Accounts receivable, net of allowance of $1,538 in 2018 and $1,460 in 2017	103,053	104,153
Drivers' advances and other receivables, net of allowance of $628 in 2018 and $496 in 2017	12,804	15,062
Inventory and supplies	4,313	4,232
Prepaid expenses	13,268	8,699
Assets held for sale	3,225	1,444
Income taxes receivable	5,099	11,551
Other short-term assets	2,165	1,817
Total current assets	266,073	162,314
Property and equipment, at cost	614,381	650,988
Less: accumulated depreciation and amortization	(177,803)	(186,916)
Net property and equipment	436,578	464,072
Other assets, net	27,175	23,282
Total assets	729,826	649,668
Current liabilities:
Accounts payable	12,295	11,857
Accrued expenses	29,420	26,520
Current maturities of long-term debt	32,450	24,596
Current portion of capital lease obligations	4,863	2,962
Current portion of insurance and claims accrual	14,594	15,042
Other short-term liabilities		243
Total current liabilities	93,622	81,220
Long-term debt	196,038	164,465
Long-term portion of capital lease obligations	35,160	21,777
Insurance and claims accrual	19,492	21,836
Deferred income taxes	70,552	63,344
Other long-term liabilities	1,411	1,825
Total liabilities	416,275	354,467
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	139,362	137,242
Accumulated other comprehensive income	1,544	293
Retained earnings	172,450	157,471
Total stockholders' equity	313,551	295,201
Total liabilities and stockholders' equity	729,826	649,668
Common Class A [Member]
Stockholders' equity:
Common stock	171	171
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable allowance	$ 1,538	$ 1,460
Drivers' advances and other receivables, allowance	$ 628	$ 496
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	15,993,164	15,979,703
Common stock, shares outstanding (in shares)	15,993,164	15,979,703
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	2,350,000	2,350,000
Common stock, shares outstanding (in shares)	2,350,000	2,350,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Total revenue	$ 196,318	$ 164,326	$ 369,884	$ 323,070
Operating expenses:
Salaries, wages, and related expenses	64,633	58,584	125,253	117,908
Fuel expense	29,209	24,911	56,390	50,313
Operations and maintenance	12,595	12,044	24,325	24,457
Revenue equipment rentals and purchased transportation	37,388	28,987	68,079	54,358
Operating taxes and licenses	2,613	2,097	5,273	4,832
Insurance and claims	9,908	7,914	18,593	16,632
Communications and utilities	1,666	1,706	3,406	3,334
General supplies and expenses	6,423	3,462	10,562	7,190
Depreciation and amortization, including gains and losses on disposition of property and equipment	17,818	20,659	37,513	39,775
Total operating expenses	182,253	160,364	349,394	318,799
Operating income	14,065	3,962	20,490	4,271
Interest expense, net	1,941	1,961	3,900	4,041
Income from equity method investment	(1,775)	(800)	(3,265)	(1,825)
Income before income taxes	13,899	2,801	19,855	2,055
Income tax expense	3,928	1,253	5,467	545
Net income	$ 9,971	$ 1,548	$ 14,388	$ 1,510
Income per share:
Basic and diluted net income per share (in dollars per share)	$ 0.54	$ 0.08	$ 0.78	$ 0.08
Basic weighted average shares outstanding (in shares)	18,337	18,281	18,334	18,269
Diluted weighted average shares outstanding (in shares)	18,441	18,359	18,424	18,347
Cargo and Freight [Member]
Revenue:
Total revenue	$ 170,635	$ 145,586	$ 321,097	$ 285,712
Fuel Surcharge [Member]
Revenue:
Total revenue	$ 25,683	$ 18,740	$ 48,787	$ 37,358

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 9,971	$ 1,548	$ 14,388	$ 1,510
Other comprehensive income (loss):
Unrealized gain (loss) on effective portion of cash flow hedges, net of tax of $357 and $650 in 2018 and $723 and $1,846 in 2017, respectively	943	(1,156)	1,712	(2,949)
Reclassification of cash flow hedges (gain) loss into statement of operations, net of tax of $137 and $175 in 2018 and $613 and $1,122 in 2017, respectively	(363)	978	(461)	1,792
Total other comprehensive income (loss)	580	(178)	1,251	(1,157)
Comprehensive income	$ 10,551	$ 1,370	$ 15,639	$ 353

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Unrealized gain (loss) on effective portion of cash flow hedges, tax	$ 357	$ 723	$ 650	$ 1,846
Reclassification of cash flow hedges (gain) loss into statement of operations, tax	$ 137	$ 613	$ 175	$ 1,122

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 171	$ 24	$ 137,242	$ 293	$ 157,471	$ 295,201
Net income					14,388	14,388
Effect of adoption of ASU 2014-09 at Jun. 30, 2018					591	591
Other comprehensive income				1,251		1,251
Stock-based employee compensation expense			1,763			1,763
Issuance of restricted shares			357			357
Balance at Jun. 30, 2018	$ 171	$ 24	$ 139,362	$ 1,544	$ 172,450	$ 313,551

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 14,388	$ 1,510
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for losses on accounts receivable	113	177
Reversal of gain on sales to equity method investee	(171)	(95)
Depreciation and amortization	36,829	37,268
Amortization of deferred financing fees	73	136
Deferred income tax expense	6,495	1,102
Income tax benefit arising from restricted share vesting	4	84
Stock-based compensation expense	2,138	604
Equity in income of affiliate	(3,265)	(1,825)
Return on investment in affiliated company		1,960
Loss on disposition of property and equipment	684	2,507
Changes in operating assets and liabilities:
Receivables and advances	11,821	6,264
Prepaid expenses and other assets	(5,238)	(456)
Inventory and supplies	(81)	19
Insurance and claims accrual	(2,793)	3,222
Accounts payable and accrued expenses	1,635	(6,167)
Net cash flows provided by operating activities	62,632	46,310
Cash flows from investing activities:
Acquisition of property and equipment	(31,771)	(50,177)
Proceeds from disposition of property and equipment	38,127	26,060
Net cash flows provided by (used in) investing activities	6,356	(24,117)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances		3,328
Proceeds from issuance of notes payable	78,832	54,749
Repayments of notes payable	(30,455)	(54,977)
Repayments of capital lease obligations	(1,534)	(6,044)
Proceeds under revolving credit facility	755,886	585,729
Repayments under revolving credit facility	(764,892)	(593,834)
Payment of minimum tax withholdings on stock compensation	(18)	(203)
Debt refinancing costs	(17)
Net cash provided by (used in) financing activities	37,802	(11,252)
Net change in cash and cash equivalents	106,790	10,941
Cash and cash equivalents at beginning of period	15,356	7,750
Cash and cash equivalents at end of period	122,146	18,691
Supplemental disclosure of cash flow information:
Equipment purchased under capital leases	$ 16,820	$ 5,786

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1. Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2017, three six June 30, 2018 not may December 31, 2018. 10 December 31, 2017. Recent Accounting Pronouncements Accounting Standards adopted In May 2014 2014 09, five January 1, 2018. As permitted by the guidance, we elected the modified retrospective approach and thus recognized the cumulative effect of adoption of $0.6 first 2018 Based on our review of our customer shipping arrangements and the related guidance, we have concluded that we will recognize revenue from loads proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice. Revenue will be recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Our recognition of revenue under the new standard approximates our recognition of revenue under the prior standard, as there will generally be a consistent amount of freight in process at the beginning and end of the period; however, seasonality and the day on which the period ends may The following tables summarize the impacts of adopting ASU 606 three six June 30, 2018. Three Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 170,635 (34 ) 170,601 Total revenue 196,318 (34 ) 196,284 Salaries, wages and related expenses 64,633 (1 ) 64,632 Revenue equipment rentals and purchased transportation 37,388 60 37,448 Total operating expenses 182,253 59 182,312 Income tax expense 3,928 (25 ) 3,903 Net income 9,971 (68 ) 9,903 Consolidated Statement of Comprehensive Income Net income 9,971 (68 ) 9,903 Comprehensive income 10,551 (68 ) 10,483 Consolidated Statement of Cash Flows Operating Cash Flows Net income 9,971 (68 ) 9,903 Deferred income tax expense 4,805 (25 ) 4,780 Change in: Receivables and advances (1,174 ) 34 (1,140 ) Change in: Accounts payable and accrued expenses 5,881 59 5,940 Net cash flows provided by operating activities 25,936 - 25,936 Six Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 321,097 (315 ) 320,782 Total revenue 369,884 (315 ) 369,569 Salaries, wages and related expenses 125,253 14 125,267 Revenue equipment rentals and purchased transportation 68,079 41 68,120 Total operating expenses 349,394 55 349,449 Income tax expense 5,467 (101 ) 5,366 Net income 14,388 (269 ) 14,119 Consolidated Statement of Comprehensive Income Net income 14,388 (269 ) 14,119 Comprehensive income 15,639 (269 ) 15,370 Consolidated Statement of Cash Flows Operating Cash Flows Net income 14,388 (269 ) 14,119 Deferred income tax expense 6,495 (101 ) 6,394 Change in: Receivables and advances 11,821 315 12,136 Change in: Accounts payable and accrued expenses 1,635 55 1,690 Net cash flows provided by operating activities 62,632 - 62,632 We have two The Truckload segment consists of three three Managed Freight is comprised primarily of freight brokerage and logistics services. Also included in Managed Freight is our accounts receivable factoring business, which does not $2.0 2018 The following table summarizes our revenue by reportable segment by operating fleet, as used by our chief operating decision maker of the Company in making decisions regarding allocation of resources, etc., for the three six June 30, 2018: (in thousands) Three Months ended June 30, Six Months ended June 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 105,648 $ 89,444 $ 201,361 $ 177,287 Truckload: SRT 45,594 41,823 86,297 82,523 Truckload: Star Transportation 19,469 16,364 37,601 33,446 Managed Freight 25,607 16,695 44,625 29,814 Total $ 196,318 $ 164,326 $ 369,884 $ 323,070 Accounting Standards not In February 2016, 2016 02, not twelve January 1, 2019, Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five 15% seven ten 25% not

Note 2 - Income Per Share

Note 2 - Income Per Share	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were no three six June 30, 2018. no June 30, 2018. The following table sets forth for the periods indicated the calculation of net income per share included in the condensed consolidated statements of operations: (in thousands except per share data) Three Months ended June 30, Six Months ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 9,971 $ 1,548 $ 14,388 $ 1,510 Denominator: Denominator for basic earnings per share – weighted-average shares 18,337 18,281 18,334 18,269 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted stock 104 78 90 78 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions 18,441 18,359 18,424 18,347 Basic and diluted income per share: $ 0.54 $ 0.08 $ 0.78 $ 0.08

Note 3 - Segment Information

Note 3 - Segment Information	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 3. Segment Information We have two not $2.0 six June 30, 2018. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our 2017 10 The following table summarizes our segment information used by our chief operating decision maker of the Company in making decisions regarding allocation of resources, etc., as of and for the three six June 30, 2018: (in thousands) Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Total Revenues: Truckload $ 170,711 $ 147,631 $ 325,259 $ 293,256 Managed Freight 25,607 16,695 44,625 29,814 Total $ 196,318 $ 164,326 $ 369,884 $ 323,070 Operating Income: Truckload $ 11,734 $ 2,377 $ 17,095 $ 1,239 Managed Freight 2,331 1,585 3,395 3,032 Total $ 14,065 $ 3,962 $ 20,490 $ 4,271

Note 4 - Income Taxes

Note 4 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 4. Income Taxes Income tax expense varies from the amount computed by applying the federal corporate income tax rates of 21% 35% 2018 2017, Our liability recorded for uncertain tax positions as of June 30, 2018 $0.1 December 31, 2017. The net deferred tax liability of $70.6 not may June 30, 2018, $0.1 may Provisional Amounts in the Effective Rate The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. No. 118 June 30, 2018, not three six June 30, 2018, no December 31, 2017. may Deferred tax assets and liabilities: We remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. 35% $40.1 December 31, 2017 three six June 30, 2018, no not

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	Note 5. Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The fair value of the hedge derivative liability was determined based on quotes from the counterparty which were verified by comparing them to the exchange on which the related futures are traded, adjusted for counterparty credit risk. The fair value of our interest rate swap agreements is determined using the market-standard methodology of netting the discounted future fixed-cash payments and the discounted expected variable-cash receipts. The variable-cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These analyses reflect the contractual terms of the swap, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities. The fair value calculation also includes an amount for risk of non-performance of our counterparties using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate swap agreements. A three ● Level 1. ● Level 2. ● Level 3. no Derivatives Measured at Fair Value on a Recurring Basis (in thousands) Hedge derivatives June 30, 2018 December 31, 2017 (1) Net Fair Value of Derivatives $2,129 $393 Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) $2,129 $393 Significant Unobservable Inputs (Level 3) - - ( 1 Includes derivative liabilities of $487 December 31, 2017. Our financial instruments consist primarily of cash and cash equivalents, certificates of deposit, accounts receivable, commodity contracts, accounts payable, debt, and interest rate swaps. The carrying amount of cash and cash equivalents, certificates of deposit, accounts receivable, accounts payable, and current debt approximates their fair value because of the short-term maturity of these instruments. Included in accounts receivable is $38.3 $31.9 June 30, 2018 December 31, 2017, $0.3 $0.2 85% 95% June 30, 2018 December 31, 2017, $0.7 $0.6 30 40 Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value at June 30, 2018, 6,

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 6. Derivative Instruments We engage in activities that expose us to market risks, including the effects of changes in fuel prices and in interest rates. Financial exposures are evaluated as an integral part of our risk management program, which seeks, from time-to-time, to reduce the potentially adverse effects that the volatility of fuel markets and interest rate risk may In an effort to seek to reduce the variability of the ultimate cash flows associated with fluctuations in diesel fuel prices, we periodically enter into various derivative instruments, including forward futures swap contracts. Specifically, we enter into hedging contracts with respect to ultra-low sulfur diesel ("ULSD"). Under these contracts, we pay a fixed rate per gallon of ULSD and receive the monthly average price of Gulf Coast ULSD. The retrospective and prospective regression analyses provided that changes in the prices of diesel fuel and ULSD were deemed to be highly effective based on the relevant authoritative guidance. We do not In August 2015, $28.0 7. 4.2% August 1, 2035. 2016 2017, 815, no June 30, 2018, $0.9 $0.1 three June 30, 2018, June 30, 2018, $0.1 twelve We recognize all derivative instruments at fair value on our condensed consolidated balance sheets. Our derivative instruments are designated as cash flow hedges, thus the gain or loss on the derivatives is reported as a component of accumulated other comprehensive income and will be reclassified into earnings in the same period during which the hedged transaction affects earnings. The change in fair value of the hedge offsets the change in fair value of the hedged item. At June 30, 2018, 3.8 2018, 16.9% 2018 The fair value of the fuel hedge contracts that were in effect at June 30, 2018, $1.3 second 2018, $2.25 $1.92 2017 $1.62 $1.33 Additionally, $0.5 $0.7 three six June 30, 2018, June 30, 2018, $0.9 twelve We perform both a prospective and retrospective assessment of the effectiveness of our fuel hedge contracts at inception and quarterly, including assessing the possibility of counterparty default. If we determine that a derivative is no June 30, 2018, Outstanding financial derivative instruments expose us to credit loss in the event of nonperformance by the counterparties to the agreements. We do not

Note 7 - Debt

Note 7 - Debt	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7. Debt Current and long-term debt consisted of the following at June 30, 2018 December 31, 2017: (in thousands) June 30, 2018 December 31, 2017 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ - Revenue equipment installment notes with finance companies; weighted average interest rate of 3.6% and 3.3% at June 30, 2018 and December 31, 2017, respectively, due in monthly installments with final maturities at various dates ranging from July 2018 to July 2023, secured by related revenue equipment 31,579 171,973 23,732 130,946 Real estate note; interest rate of 3.7% and 3.1% at June 30, 2018 and December 31, 2017, respectively, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,019 24,299 1,004 24,810 Deferred loan costs (148 ) (234 ) (140 ) (298 ) Total debt 32,450 196,038 24,596 164,465 Principal portion of capital lease obligations, secured by related revenue equipment 4,863 35,160 2,962 21,777 Total debt and capital lease obligations $ 37,313 $ 231,198 $ 27,558 $ 186,242 We and substantially all of our subsidiaries are parties to a Third Amended and Restated Credit Facility (the "Credit Facility") with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. (together with the Agent, the "Lenders"). The Credit Facility is a $95.0 no $50.0 $95.0 $95.0 $10.0 10% September 2021. Borrowings under the Credit Facility are classified as either "base rate loans" or "LIBOR loans." Base rate loans accrue interest at a base rate equal to the greater of the Agent's prime rate, the federal funds rate plus 0.5%, 1.0%, 0.5% 1.0%; 1.5% 2.0%. 0.25% Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $95.0 85% 85% 95% 35% $25.0 75% June 30, 2018, $36.8 $56.4 no June 30, 2018 December 31, 2017, no The Credit Facility includes usual and customary events of default for a facility of this nature and provides that, upon the occurrence and continuation of an event of default, payment of all amounts payable under the Credit Facility may may Capital lease obligations are utilized to finance a portion of our revenue equipment and are entered into with certain finance companies who are not June 30, 2018 July 2018 September 2023 Pricing for the revenue equipment installment notes is quoted by the respective financial affiliates of our primary revenue equipment suppliers and other lenders at the funding of each group of equipment acquired and include fixed annual rates for new equipment under retail installment contracts. The notes included in the funding are due in monthly installments with final maturities at various dates ranging from July 2018 July 2023. not $169.7 $1.2 June 30, 2018, 2018,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 8 . Stock -Based Compensation Our 2006 February 2013, 162 2013 May 29, 2013. The Incentive Plan permits annual awards of shares of our Class A common stock to executives, other key employees, consultants, non-employee directors, and eligible participants under various types of options, restricted stock awards, or other equity instruments. At June 30, 2018, 96,665 1,550,000 No may 200,000 No may March 31, 2023. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is $0.9 $0.2 three June 30, 2018 2017, $1.8 $0.4 six June 30, 2018 2017, 2018 2017 no $0.4 $0.3 three six June 30, 2018 2017, The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through June 30, 2018, 655 $27.16 2018, $0.1

Note 9 - Equity Method Investme

Note 9 - Equity Method Investment	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Equity Method Investment [Text Block]	Note 9 . Equity Method Investment We own a minority investment in Transport Enterprise Leasing, LLC ("TEL"). TEL is a tractor and trailer equipment leasing company and used equipment reseller. We have not no May 2016, $0.1 $0.1 six June 30, 2018 2017, $3.9 $2.2 $0.2 $0.1 six June 30, 2018 2017, 49% third $0.2 June 30, 2018, June 30, 2018 December 31, 2017, $5.1 $8.6 We have accounted for our investment in TEL using the equity method of accounting and thus our financial results include our proportionate share of TEL's 2018 June 30, 2018, $3.3 $23.6 $20.1 June 30, 2018 December 31, 2017, See TEL’s summarized financial information below: (in thousands) As of June 30, 2018 As of December 31, 2017 Current Assets $ 21,298 $ 19,660 Non-current Assets 221,673 183,905 Current Liabilities 13,060 53,981 Non-current Liabilities 190,981 117,135 Total Equity $ 38,930 $ 32,449 For the three months ended June 30, 2018 For the three months ended June 30, 2017 For the six months ended June 30, 2018 For the six months ended June 30, 2017 Revenue $ 23,574 $ 23,712 $ 48,715 $ 46,245 Operating Expenses 18,374 20,516 38,999 40,314 Operating Income 5,200 3,196 9,716 5,931 Net Income $ 3,464 $ 2,023 $ 6,482 $ 3,689

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 10. Commitments and Contingencies From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and property damage incurred in connection with the transportation of freight. We maintain insurance to cover liabilities arising from the transportation of freight for amounts in excess of certain self-insured retentions. In management's opinion, our potential exposure under pending legal proceedings is adequately provided for in the accompanying condensed consolidated financial statements. On May 8, 2017, 2008. 2014, 2015. $0.9 first 2017 August 1, 2018. Our SRT subsidiary is a defendant in a lawsuit filed on December 16, 2016 four February, 2017 July, 2017, 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 We had $36.8 $32.9 June 30, 2018 December 31, 2017,

Note 11 - Other Comprehensive I

Note 11 - Other Comprehensive Income (Loss) ("OCI")	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 1 1 . Other comprehensive income (loss) ( " OCI " ) OCI is comprised of net income and other adjustments, including changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The following table summarizes the change in the components of our OCI balance for the periods presented (in thousands; presented net of tax): Details about OCI Components Amount Reclassified from OCI for the three months ended June 30, 201 8 Amount Reclassified from OCI for the six months ended June 30, 201 8 Affected Line Item in the Statement of Operations Losses on cash flow hedges Commodity derivative contracts $(533) $(732) Fuel expense 146 201 Income tax benefit $(387) $(531) Net of tax Interest rate swap contract $33 $96 Interest expense (9) (26) Income tax benefit $24 $70 Net of tax

Note 12 - Subsequent Event

Note 12 - Subsequent Event	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	Note 1 2 . Subsequent Event On July 3, 2018 3PL Under the terms of the agreement, the Company purchased 100% $83.0 $15.5 $45.5 February 2018 $53.0 Landair operates approximately 430 900 12 1.8 $121 December 31, 2017. $60 2017 $41 $20 one

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Transportation Group, Inc., a Nevada holding company, and its wholly owned subsidiaries. References in this report to "we," "us," "our," the "Company," and similar expressions refer to Covenant Transportation Group, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10 10 X 1933. Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2017, three six June 30, 2018 not may December 31, 2018. 10 December 31, 2017. not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Accounting Standards adopted In May 2014 2014 09, five January 1, 2018. As permitted by the guidance, we elected the modified retrospective approach and thus recognized the cumulative effect of adoption of $0.6 first 2018 Based on our review of our customer shipping arrangements and the related guidance, we have concluded that we will recognize revenue from loads proportionally as the transportation service is performed based on the percentage of miles completed as of the period end, as opposed to recognizing revenue upon the completion of the load, which was our historic practice. Revenue will be recognized on a gross basis at amounts charged to our customers because we control and are primarily responsible for the fulfillment of the promised service. Our recognition of revenue under the new standard approximates our recognition of revenue under the prior standard, as there will generally be a consistent amount of freight in process at the beginning and end of the period; however, seasonality and the day on which the period ends may The following tables summarize the impacts of adopting ASU 606 three six June 30, 2018. Three Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 170,635 (34 ) 170,601 Total revenue 196,318 (34 ) 196,284 Salaries, wages and related expenses 64,633 (1 ) 64,632 Revenue equipment rentals and purchased transportation 37,388 60 37,448 Total operating expenses 182,253 59 182,312 Income tax expense 3,928 (25 ) 3,903 Net income 9,971 (68 ) 9,903 Consolidated Statement of Comprehensive Income Net income 9,971 (68 ) 9,903 Comprehensive income 10,551 (68 ) 10,483 Consolidated Statement of Cash Flows Operating Cash Flows Net income 9,971 (68 ) 9,903 Deferred income tax expense 4,805 (25 ) 4,780 Change in: Receivables and advances (1,174 ) 34 (1,140 ) Change in: Accounts payable and accrued expenses 5,881 59 5,940 Net cash flows provided by operating activities 25,936 - 25,936 Six Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 321,097 (315 ) 320,782 Total revenue 369,884 (315 ) 369,569 Salaries, wages and related expenses 125,253 14 125,267 Revenue equipment rentals and purchased transportation 68,079 41 68,120 Total operating expenses 349,394 55 349,449 Income tax expense 5,467 (101 ) 5,366 Net income 14,388 (269 ) 14,119 Consolidated Statement of Comprehensive Income Net income 14,388 (269 ) 14,119 Comprehensive income 15,639 (269 ) 15,370 Consolidated Statement of Cash Flows Operating Cash Flows Net income 14,388 (269 ) 14,119 Deferred income tax expense 6,495 (101 ) 6,394 Change in: Receivables and advances 11,821 315 12,136 Change in: Accounts payable and accrued expenses 1,635 55 1,690 Net cash flows provided by operating activities 62,632 - 62,632 We have two The Truckload segment consists of three three Managed Freight is comprised primarily of freight brokerage and logistics services. Also included in Managed Freight is our accounts receivable factoring business, which does not $2.0 2018 The following table summarizes our revenue by reportable segment by operating fleet, as used by our chief operating decision maker of the Company in making decisions regarding allocation of resources, etc., for the three six June 30, 2018: (in thousands) Three Months ended June 30, Six Months ended June 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 105,648 $ 89,444 $ 201,361 $ 177,287 Truckload: SRT 45,594 41,823 86,297 82,523 Truckload: Star Transportation 19,469 16,364 37,601 33,446 Managed Freight 25,607 16,695 44,625 29,814 Total $ 196,318 $ 164,326 $ 369,884 $ 323,070 Accounting Standards not In February 2016, 2016 02, not twelve January 1, 2019,
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation for book purposes is determined using the straight-line method over the estimated useful lives of the assets, while depreciation for tax purposes is generally recorded using an accelerated method. Depreciation of revenue equipment is our largest item of depreciation. We have historically depreciated new tractors (excluding day cabs) over five 15% seven ten 25% not

Note 1 - Significant Accounti22

Note 1 - Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Three Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 170,635 (34 ) 170,601 Total revenue 196,318 (34 ) 196,284 Salaries, wages and related expenses 64,633 (1 ) 64,632 Revenue equipment rentals and purchased transportation 37,388 60 37,448 Total operating expenses 182,253 59 182,312 Income tax expense 3,928 (25 ) 3,903 Net income 9,971 (68 ) 9,903 Consolidated Statement of Comprehensive Income Net income 9,971 (68 ) 9,903 Comprehensive income 10,551 (68 ) 10,483 Consolidated Statement of Cash Flows Operating Cash Flows Net income 9,971 (68 ) 9,903 Deferred income tax expense 4,805 (25 ) 4,780 Change in: Receivables and advances (1,174 ) 34 (1,140 ) Change in: Accounts payable and accrued expenses 5,881 59 5,940 Net cash flows provided by operating activities 25,936 - 25,936 Six Months Ended June 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance S heet Accounts receivable, net of allowances $ 103,053 $ (1,325 ) $ 101,728 Total assets 729,826 (1,325 ) 728,501 Accrued expenses 29,420 (140 ) 29,280 Deferred income taxes 70,552 (326 ) 70,226 Total liabilities 416,275 (466 ) 415,809 Retained earnings 172,450 (859 ) 171,591 Total stockholders’ equity 313,551 (859 ) 312,692 Total liabilities and stockholders’ equity 729,826 (1,325 ) 728,501 Consolidated Statement of Operations Freight revenue 321,097 (315 ) 320,782 Total revenue 369,884 (315 ) 369,569 Salaries, wages and related expenses 125,253 14 125,267 Revenue equipment rentals and purchased transportation 68,079 41 68,120 Total operating expenses 349,394 55 349,449 Income tax expense 5,467 (101 ) 5,366 Net income 14,388 (269 ) 14,119 Consolidated Statement of Comprehensive Income Net income 14,388 (269 ) 14,119 Comprehensive income 15,639 (269 ) 15,370 Consolidated Statement of Cash Flows Operating Cash Flows Net income 14,388 (269 ) 14,119 Deferred income tax expense 6,495 (101 ) 6,394 Change in: Receivables and advances 11,821 315 12,136 Change in: Accounts payable and accrued expenses 1,635 55 1,690 Net cash flows provided by operating activities 62,632 - 62,632
Disaggregation of Revenue [Table Text Block]	(in thousands) Three Months ended June 30, Six Months ended June 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 105,648 $ 89,444 $ 201,361 $ 177,287 Truckload: SRT 45,594 41,823 86,297 82,523 Truckload: Star Transportation 19,469 16,364 37,601 33,446 Managed Freight 25,607 16,695 44,625 29,814 Total $ 196,318 $ 164,326 $ 369,884 $ 323,070

Note 2 - Income Per Share (Tabl

Note 2 - Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands except per share data) Three Months ended June 30, Six Months ended June 30, 2018 2017 2018 2017 Numerator: Net income $ 9,971 $ 1,548 $ 14,388 $ 1,510 Denominator: Denominator for basic earnings per share – weighted-average shares 18,337 18,281 18,334 18,269 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted stock 104 78 90 78 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions 18,441 18,359 18,424 18,347 Basic and diluted income per share: $ 0.54 $ 0.08 $ 0.78 $ 0.08

Note 3 - Segment Information (T

Note 3 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Total Revenues: Truckload $ 170,711 $ 147,631 $ 325,259 $ 293,256 Managed Freight 25,607 16,695 44,625 29,814 Total $ 196,318 $ 164,326 $ 369,884 $ 323,070 Operating Income: Truckload $ 11,734 $ 2,377 $ 17,095 $ 1,239 Managed Freight 2,331 1,585 3,395 3,032 Total $ 14,065 $ 3,962 $ 20,490 $ 4,271

Note 5 - Fair Value of Financ25

Note 5 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) Hedge derivatives June 30, 2018 December 31, 2017 (1) Net Fair Value of Derivatives $2,129 $393 Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) $2,129 $393 Significant Unobservable Inputs (Level 3) - -

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	(in thousands) June 30, 2018 December 31, 2017 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ - Revenue equipment installment notes with finance companies; weighted average interest rate of 3.6% and 3.3% at June 30, 2018 and December 31, 2017, respectively, due in monthly installments with final maturities at various dates ranging from July 2018 to July 2023, secured by related revenue equipment 31,579 171,973 23,732 130,946 Real estate note; interest rate of 3.7% and 3.1% at June 30, 2018 and December 31, 2017, respectively, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,019 24,299 1,004 24,810 Deferred loan costs (148 ) (234 ) (140 ) (298 ) Total debt 32,450 196,038 24,596 164,465 Principal portion of capital lease obligations, secured by related revenue equipment 4,863 35,160 2,962 21,777 Total debt and capital lease obligations $ 37,313 $ 231,198 $ 27,558 $ 186,242

Note 9 - Equity Method Invest27

Note 9 - Equity Method Investment (Tables)	6 Months Ended
	Jun. 30, 2018
Balance Sheet [Member]
Notes Tables
Equity Method Investments [Table Text Block]	(in thousands) As of June 30, 2018 As of December 31, 2017 Current Assets $ 21,298 $ 19,660 Non-current Assets 221,673 183,905 Current Liabilities 13,060 53,981 Non-current Liabilities 190,981 117,135 Total Equity $ 38,930 $ 32,449
Income Statement [Member]
Notes Tables
Equity Method Investments [Table Text Block]	For the three months ended June 30, 2018 For the three months ended June 30, 2017 For the six months ended June 30, 2018 For the six months ended June 30, 2017 Revenue $ 23,574 $ 23,712 $ 48,715 $ 46,245 Operating Expenses 18,374 20,516 38,999 40,314 Operating Income 5,200 3,196 9,716 5,931 Net Income $ 3,464 $ 2,023 $ 6,482 $ 3,689

Note 11 - Other Comprehensive28

Note 11 - Other Comprehensive Income (Loss) ("OCI") (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Details about OCI Components Amount Reclassified from OCI for the three months ended June 30, 201 8 Amount Reclassified from OCI for the six months ended June 30, 201 8 Affected Line Item in the Statement of Operations Losses on cash flow hedges Commodity derivative contracts $(533) $(732) Fuel expense 146 201 Income tax benefit $(387) $(531) Net of tax Interest rate swap contract $33 $96 Interest expense (9) (26) Income tax benefit $24 $70 Net of tax

Note 1 - Significant Accounti29

Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Number of Reportable Segments				2
Number of Asset-based Operating Fleets Aggregated in a Segment				3
Revenue from Contract with Customer, Including Assessed Tax	$ 196,318		$ 164,326	$ 369,884	$ 323,070
Tractors [Member]
Property, Plant and Equipment, Useful Life				5 years
Property, Plant and Equipment, Salvage Value, Percentage	15.00%			15.00%
Refrigerated Trailers [Member]
Property, Plant and Equipment, Useful Life				7 years
Dry Van Trailers [Member]
Property, Plant and Equipment, Useful Life				10 years
Property, Plant and Equipment, Salvage Value, Percentage	25.00%			25.00%
Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 25,607		$ 16,695	$ 44,625	$ 29,814
Managed Freight [Member] | Accounts Receivable Factoring Business [Member]
Revenue from Contract with Customer, Including Assessed Tax				$ 2,000
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total		$ 600

Note 1 - Significant Accounti30

Note 1 - Significant Accounting Policies - Impacts of Adopting ASU 2014-09 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Accounts receivable, net of allowances	$ 103,053		$ 103,053		$ 104,153
Total assets	729,826		729,826		649,668
Accrued expenses	29,420		29,420		26,520
Deferred income taxes	70,552		70,552		63,344
Total liabilities	416,275		416,275		354,467
Retained earnings	172,450		172,450		157,471
Total stockholders’ equity	313,551		313,551		295,201
Total liabilities and stockholders’ equity	729,826		729,826		$ 649,668
Revenue from Contract with Customer, Including Assessed Tax	196,318	$ 164,326	369,884	$ 323,070
Salaries, wages and related expenses	64,633	58,584	125,253	117,908
Revenue equipment rentals and purchased transportation	37,388	28,987	68,079	54,358
Total operating expenses	182,253	160,364	349,394	318,799
Income Tax Expense (Benefit), Total	3,928	1,253	5,467	545
Net income	9,971	1,548	14,388	1,510
Comprehensive income	10,551	1,370	15,639	353
Deferred income tax expense	4,805		6,495	1,102
Receivables and advances	(1,174)		11,821	6,264
Accounts payable and accrued expenses	5,881		1,635	(6,167)
Net cash flows provided by operating activities	25,936		62,632	46,310
Cargo and Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	170,635	$ 145,586	321,097	$ 285,712
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Accounts receivable, net of allowances	101,728		101,728
Total assets	728,501		728,501
Accrued expenses	29,280		29,280
Deferred income taxes	70,226		70,226
Total liabilities	415,809		415,809
Retained earnings	171,591		171,591
Total stockholders’ equity	312,692		312,692
Total liabilities and stockholders’ equity	728,501		728,501
Revenue from Contract with Customer, Including Assessed Tax	196,284		369,569
Salaries, wages and related expenses	64,632		125,267
Revenue equipment rentals and purchased transportation	37,448		68,120
Total operating expenses	182,312		349,449
Income Tax Expense (Benefit), Total	3,903		5,366
Net income	9,903		14,119
Comprehensive income	10,483		15,370
Deferred income tax expense	4,780		6,394
Receivables and advances	(1,140)		12,136
Accounts payable and accrued expenses	5,940		1,690
Net cash flows provided by operating activities	25,936		62,632
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Cargo and Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	170,601		320,782
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Accounts receivable, net of allowances	(1,325)		(1,325)
Total assets	(1,325)		(1,325)
Accrued expenses	(140)		(140)
Deferred income taxes	(326)		(326)
Total liabilities	(466)		(466)
Retained earnings	(859)		(859)
Total stockholders’ equity	(859)		(859)
Total liabilities and stockholders’ equity	(1,325)		(1,325)
Revenue from Contract with Customer, Including Assessed Tax	(34)		(315)
Salaries, wages and related expenses	(1)		14
Revenue equipment rentals and purchased transportation	60		41
Total operating expenses	59		55
Income Tax Expense (Benefit), Total	(25)		(101)
Net income	(68)		(269)
Comprehensive income	(68)		(269)
Deferred income tax expense	(25)		(101)
Receivables and advances	34		315
Accounts payable and accrued expenses	59		55
Net cash flows provided by operating activities
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Cargo and Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ (34)		$ (315)

Note 1 - Significant Accounti31

Note 1 - Significant Accounting Policies - Segment By Operating Fleet Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total revenue	$ 196,318	$ 164,326	$ 369,884	$ 323,070
Truckload [Member]
Total revenue	170,711	147,631	325,259	293,256
Truckload [Member] | Covenant Transport, Inc. [Member]
Total revenue	105,648	89,444	201,361	177,287
Truckload [Member] | Southern Refrigerated Transport, Inc. [Member]
Total revenue	45,594	41,823	86,297	82,523
Truckload [Member] | Star Transportation Inc [Member]
Total revenue	19,469	16,364	37,601	33,446
Managed Freight [Member]
Total revenue	$ 25,607	$ 16,695	$ 44,625	$ 29,814

Note 2 - Income Per Share (Deta

Note 2 - Income Per Share (Details Textual) shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018shares	Jun. 30, 2018shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Ending Balance	0	0

Note 2 - Income (Loss) Per Shar

Note 2 - Income (Loss) Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net income	$ 9,971	$ 1,548	$ 14,388	$ 1,510
Denominator:
Basic weighted average shares outstanding (in shares)	18,337	18,281	18,334	18,269
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock (in shares)	104	78	90	78
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions (in shares)	18,441	18,359	18,424	18,347
Basic and diluted net income per share (in dollars per share)	$ 0.54	$ 0.08	$ 0.78	$ 0.08

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Number of Reportable Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 196,318	$ 164,326	$ 369,884	$ 323,070
Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 25,607	$ 16,695	44,625	$ 29,814
Managed Freight [Member] | Accounts Receivable Factoring Business [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ 2,000

Note 3 - Segment Information -

Note 3 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue from Contract with Customer, Including Assessed Tax	$ 196,318	$ 164,326	$ 369,884	$ 323,070
Operating income	14,065	3,962	20,490	4,271
Truckload [Member]
Revenue from Contract with Customer, Including Assessed Tax	170,711	147,631	325,259	293,256
Operating income	11,734	2,377	17,095	1,239
Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	25,607	16,695	44,625	29,814
Operating income	$ 2,331	$ 1,585	$ 3,395	$ 3,032

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	35.00%
Income Tax Expense (Benefit), Total	$ 3,928	$ 1,253	$ 5,467	$ 545
Deferred Tax Liabilities, Net, Total	70,600		70,600
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability					$ 40,100
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 100		100
Interest and Penalties Recognized for Uncertain Tax Positions [Member]
Income Tax Expense (Benefit), Total			$ (100)

Note 5 - Fair Value of Financ37

Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Trade Receivables Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 38,300	$ 31,900
Allowance for Doubtful Accounts Receivable, Ending Balance	300	200
Accounts Payable, Total	$ 700	600
Minimum [Member]
Factoring Receivables, Percentage Advanced	85.00%
Factoring Receivables, Term	30 days
Maximum [Member]
Factoring Receivables, Percentage Advanced	95.00%
Factoring Receivables, Term	40 days
Interest Rate Swap [Member]
Derivative Liability, Total		$ 487

Note 5 - Fair Value of Financ38

Note 5 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	[1]
Fair Value of Derivatives	$ 2,129	$ 393
Fair Value, Inputs, Level 1 [Member]
Fair Value of Derivatives
Fair Value, Inputs, Level 2 [Member]
Fair Value of Derivatives	2,129	393
Fair Value, Inputs, Level 3 [Member]
Fair Value of Derivatives
[1]	Includes derivative liabilities of $487 at December 31, 2017.

Note 6 - Derivative Instrumen39

Note 6 - Derivative Instruments (Details Textual) gal in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)$ / gal	Jun. 30, 2017$ / gal	Jun. 30, 2018USD ($)gal	Aug. 31, 2015USD ($)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total	$ 0.5		$ 0.7
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 1.3		1.3
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			0.9
Maximum [Member]
Underlying, Derivative Volume | $ / gal	2.25	1.62
Minimum [Member]
Underlying, Derivative Volume | $ / gal	1.92	1.33
Interest Rate Swap [Member]
Derivative, Notional Amount				$ 28
Derivative, Fixed Interest Rate				4.20%
Derivative Instruments in Hedges, Liabilities, at Fair Value, Total	$ 0.9		0.9
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred			$ 0.1
Interest Rate Swap [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total	$ 0.1
Fuel Hedge Contracts for 2018 Requirements [Member]
Derivative, Nonmonetary Notional Amount, Volume | gal			3.8
Percent of Projected Fuel Requirements			16.90%

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Line of Credit Facility, Maximum Borrowing Capacity	$ 95,000
Line of Credit Facility, Maximum Increase in Borrowing Capacity	$ 50,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Percent of Eligible Accounts Receivable	85.00%
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment	85.00%
Percent of Net Book Value of Eligible Revenue Equipment	95.00%
Line of Credit Facility, Availability as Percentage of Revolver Commitment	35.00%
Line of Credit Facility, Revolver Commitment, Amount	$ 25,000
Percent of Appraised Fair Market Value of Eligible Real Estate	75.00%
Letters of Credit Outstanding, Amount	$ 36,800	$ 32,900
Line of Credit Facility, Remaining Borrowing Capacity	56,400
Long-term Line of Credit, Total	0
Fixed Charge Coverage Requirement	0	$ 0
Debt, Secured with a Cross Default Feature	169,700
Commodity Contract Asset, Current	$ 1,200
Federal Funds Rate [Member] | Base Rate Loans [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
London Interbank Offered Rate (LIBOR) [Member] | Base Rate Loans [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Applicable Margin [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Applicable Margin [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 95,000
Swing Line Sub Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000
Percent of Aggregate Commitments under Credit Facility	10.00%

Note 7 - Debt - Current and Lon

Note 7 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Borrowings under Credit Facility, current
Borrowings under Credit Facility, long-term
Long-term debt, current	32,450	24,596
Long-term debt, noncurrent	196,038	164,465
Deferred loan costs, current	(148)	(140)
Deferred loan costs, noncurrent	(234)	(298)
Principal portion of capital lease obligations, secured by related revenue equipment, current	4,863	2,962
Principal portion of capital lease obligations, secured by related revenue equipment, noncurrent	35,160	21,777
Total debt and capital lease obligations, current	37,313	27,558
Total debt and capital lease obligations, noncurrent	231,198	186,242
Revenue Equipment Installment Notes [Member]
Long-term debt, current	31,579	23,732
Long-term debt, noncurrent	171,973	130,946
Real Estate Note [Member]
Long-term debt, current	1,019	1,004
Long-term debt, noncurrent	$ 24,299	$ 24,810

Note 7 - Debt - Current and L42

Note 7 - Debt - Current and Long-term Debt (Details) (Parentheticals)	Jun. 30, 2018	Dec. 31, 2017
Revenue Equipment Installment Notes [Member]
Long term debt, interest rate	3.60%	3.30%
Real Estate Note [Member]
Long term debt, interest rate	3.70%	3.10%

Note 8 - Stock-based Compensa43

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	96,665		96,665
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,550,000		1,550,000
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year	200,000		200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0	0
Payments Related to Tax Withholding for Share-based Compensation			$ 18	$ 203
Common Class A [Member]
Shares Paid for Tax Withholding for Share Based Compensation			655
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 27.16		$ 27.16
Payments Related to Tax Withholding for Share-based Compensation			$ 100
Salaries Wages And Related Expenses [Member]
Allocated Share-based Compensation Expense, Total	$ 900	$ 200	1,800	400
General Supplies and Expenses [Member]
Allocated Share-based Compensation Expense, Total	$ 400	$ 300	$ 400	$ 300

Note 9 - Equity Method Invest44

Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 38,127	$ 26,060
Income (Loss) from Equity Method Investments, Total	$ 1,775	$ 800	3,265	1,825
Transport Enterprise Leasing LLC [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			100	100
Revenue from Related Parties			3,900	2,200
Deferred Gain on Sale of Property	$ 200	$ 100	$ 200	$ 100
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Due from Related Parties, Total	$ 5,100		$ 5,100		$ 8,600
Income (Loss) from Equity Method Investments, Total			3,300
Equity Method Investments	23,600		23,600		$ 20,100
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member]
Deferred Gain on Sale of Property	$ 200		$ 200

Note 9 - Equity Method Invest45

Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets	$ 21,298	$ 19,660
Non-current Assets	221,673	183,905
Current Liabilities	13,060	53,981
Non-current Liabilities	190,981	117,135
Total Equity	$ 38,930	$ 32,449

Note 9 - Equity Method Invest46

Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 23,574	$ 23,712	$ 48,715	$ 46,245
Operating Expenses	18,374	20,516	38,999	40,314
Operating Income	5,200	3,196	9,716	5,931
Net Income	$ 3,464	$ 2,023	$ 6,482	$ 3,689

Note 10 - Commitments and Con47

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2018	Dec. 31, 2017
Letters of Credit Outstanding, Amount		$ 36,800	$ 32,900
Cargo Claim [Member] | Judicial Ruling [Member]
Increase (Decrease) in Estimated Litigation Liability	$ 900

Note 11 - Other Comprehensive48

Note 11 - Other Comprehensive Income (Loss) ("OCI") - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	$ (137)	$ (613)	$ (175)	$ (1,122)
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	363	$ (978)	461	$ (1,792)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax	33		96
Commodity Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	(387)		(531)
Commodity Contract [Member] | Fuel Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax	(533)		(732)
Commodity Contract [Member] | Income Tax Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	146		201
Interest Rate Cap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	24		70
Interest Rate Cap [Member] | Income Tax Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	$ (9)		$ (26)

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual) - Subsequent Event [Member] ft² in Millions, $ in Millions	Jul. 03, 2018USD ($)ft²
Landair [Member]
Number of Tractors Operated	430
Number of Trailers Operated	900
Number of Distribution Facilities Managed	12
Landair [Member] | Warehouse Space [Member]
Area of Real Estate Property | ft²	1.8
Acquisition of Landair [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Payments to Acquire Businesses, Gross	$ 83
Business Combination, Consideration Transferred, Liabilities Incurred	15.5
Business Combination, Consideration Transferred, Funded By Cash On Hand From Positive Operating Cash Flows	45.5
Business Combination, Consideration Transferred, Funded by Previously Unencumbered Used Revenue Equipment Financing	53
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	121
Acquisition of Landair [Member] | Dedicated Truckload Operations [Member]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	60
Acquisition of Landair [Member] | Managed Freight [Member]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	41
Acquisition of Landair [Member] | One-way Truckload Operations [Member]
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period	$ 20