Covenant Logistics (CVLG) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 06, 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 Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		2,350,000
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,996,066

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 19,612	$ 15,356
Accounts receivable, net of allowance of $1,817 in 2018 and $1,460 in 2017	134,957	104,153
Drivers' advances and other receivables, net of allowance of $672 in 2018 and $496 in 2017	15,340	15,062
Inventory and supplies	4,337	4,232
Prepaid expenses	12,045	8,699
Assets held for sale	1,325	1,444
Income taxes receivable	1,585	11,551
Other short-term assets	2,333	1,817
Total current assets	191,534	162,314
Property and equipment, at cost	635,909	650,988
Less: accumulated depreciation and amortization	(187,144)	(186,916)
Net property and equipment	448,765	464,072
Goodwill	41,086
Other intangibles, net	33,269
Other assets, net	32,828	23,282
Total assets	747,482	649,668
Current liabilities:
Checks outstanding in excess of bank balances	605
Accounts payable	21,488	11,857
Accrued expenses	47,797	26,520
Current maturities of long-term debt	27,643	24,596
Current portion of capital lease obligations	5,074	2,962
Current portion of insurance and claims accrual	24,785	15,042
Other short-term liabilities		243
Total current liabilities	127,392	81,220
Long-term debt	169,037	164,465
Long-term portion of capital lease obligations	33,877	21,777
Insurance and claims accrual	16,291	21,836
Deferred income taxes	73,347	63,344
Other long-term liabilities	1,388	1,825
Total liabilities	421,332	354,467
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	140,404	137,242
Accumulated other comprehensive income	1,487	293
Retained earnings	184,064	157,471
Total stockholders' equity	326,150	295,201
Total liabilities and stockholders' equity	747,482	649,668
Common Class A [Member]
Stockholders' equity:
Common stock	171	171
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts receivable allowance	$ 1,817	$ 1,460
Drivers' advances and other receivables, allowance	$ 672	$ 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)	15,996,066	15,979,703
Common stock, shares outstanding (in shares)	15,996,066	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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue:
Total revenue	$ 243,303	$ 178,631	$ 613,187	$ 501,701
Operating expenses:
Salaries, wages, and related expenses	86,249	60,732	211,621	178,639
Fuel expense	33,428	25,998	89,817	76,310
Operations and maintenance	16,457	13,046	40,783	37,504
Revenue equipment rentals and purchased transportation	47,445	36,361	115,525	90,719
Operating taxes and licenses	3,377	2,364	8,649	7,197
Insurance and claims	12,675	7,681	31,269	24,313
Communications and utilities	1,810	1,747	5,216	5,081
General supplies and expenses	6,391	3,729	16,833	10,919
Depreciation and amortization, including gains and losses on disposition of property and equipment	19,290	17,932	56,803	57,707
Total operating expenses	227,122	169,590	576,516	488,389
Operating income	16,181	9,041	36,671	13,312
Interest expense, net	2,460	2,174	6,360	6,216
Income from equity method investment	(2,142)	(750)	(5,407)	(2,575)
Income before income taxes	15,863	7,617	35,718	9,671
Income tax expense	4,249	2,985	9,716	3,530
Net income	$ 11,614	$ 4,632	$ 26,002	$ 6,141
Income per share:
Basic net income per share (in dollars per share)	$ 0.63	$ 0.25	$ 1.42	$ 0.34
Diluted net income per share (in dollars per share)	$ 0.63	$ 0.25	$ 1.41	$ 0.33
Basic weighted average shares outstanding (in shares)	18,343	18,288	18,337	18,275
Diluted weighted average shares outstanding (in shares)	18,497	18,404	18,448	18,366
Cargo and Freight [Member]
Revenue:
Total revenue	$ 214,623	$ 159,500	$ 535,721	$ 445,212
Fuel Surcharge [Member]
Revenue:
Total revenue	$ 28,680	$ 19,131	$ 77,466	$ 56,489

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 11,614	$ 4,632	$ 26,002	$ 6,141
Other comprehensive income (loss):
Unrealized gain (loss) on effective portion of cash flow hedges, net of tax of $133 and $782 in 2018 and $1,050 and $796 in 2017, respectively	353	1,678	2,065	(1,271)
Reclassification of cash flow hedges (gain) loss into statement of operations, net of tax of $155 and $330 in 2018 and $424 and $1,546 in 2017, respectively	(406)	677	(868)	2,469
Unrealized holding loss on investments classified as available-for-sale	(3)		(3)
Total other comprehensive income (loss)	(56)	2,355	1,194	1,198
Comprehensive income	$ 11,558	$ 6,987	$ 27,196	$ 7,339

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Unrealized gain (loss) on effective portion of cash flow hedges, tax	$ 133	$ 782	$ 1,050	$ 796
Reclassification of cash flow hedges (gain) loss into statement of operations, tax	$ 155	$ 330	$ 424	$ 1,546

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 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					26,002	26,002
Other comprehensive income				1,194		1,194
Stock-based employee compensation expense			2,868			2,868
Issuance of restricted shares			294			294
Balance at Sep. 30, 2018	$ 171	$ 24	$ 140,404	$ 1,487	184,064	326,150
Effect of adoption of ASU 2014-09					$ 591	$ 591

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 26,002	$ 6,141
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for losses on accounts receivable	168	241
Reversal of gain on sales to equity method investee	(185)	(153)
Depreciation, Depletion and Amortization, Nonproduction, Total	56,370	54,489
Amortization of deferred financing fees	111	206
Deferred income tax expense	9,172	16,437
Income tax benefit arising from restricted share vesting	19	96
Stock-based compensation expense	3,243	896
Equity in income of affiliate	(5,407)	(2,575)
Return on investment in affiliated company		1,960
Loss on disposition of property and equipment	433	3,217
Loss on investment in available-for-sale securities	(6)
Changes in operating assets and liabilities:
Receivables and advances	(4,717)	(19,975)
Prepaid expenses and other assets	(2,763)	1,439
Inventory and supplies	(102)	(69)
Insurance and claims accrual	1,553	837
Accounts payable and accrued expenses	17,723	(400)
Net cash flows provided by operating activities	101,614	62,787
Cash flows from investing activities:
Acquisition of Landair Holdings, Inc., net of cash acquired	(106,060)
Purchase of available-for-sale securities	(1,496)
Acquisition of property and equipment	(44,528)	(89,917)
Proceeds from disposition of property and equipment	49,302	32,739
Net cash flows used in investing activities	(102,782)	(57,178)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances	605	1,325
Proceeds from issuance of notes payable	83,746	110,762
Repayments of notes payable	(73,376)	(101,717)
Repayments of capital lease obligations	(2,608)	(6,689)
Proceeds under revolving credit facility	1,153,310	930,161
Repayments under revolving credit facility	(1,156,162)	(938,667)
Payment of minimum tax withholdings on stock compensation	(81)	(257)
Debt refinancing costs	(10)
Net cash provided by (used in) financing activities	5,424	(5,082)
Net change in cash and cash equivalents	4,256	527
Cash and cash equivalents at beginning of period	15,356	7,750
Cash and cash equivalents at end of period	19,612	8,277
Supplemental disclosure of cash flow information:
Equipment purchased under capital leases	$ 16,820	$ 9,953

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	9 Months Ended
	Sep. 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 nine September 30, 2018 not may December 31, 2018. 10 December 31, 2017. not 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 nine September 30, 2018. Three Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 214,623 49 214,672 Total revenue 243,303 49 243,352 Salaries, wages and related expenses 86,249 (1 ) 86,248 Revenue equipment rentals and purchased transportation 47,445 (95 ) 47,350 Total operating expenses 227,122 (96 ) 227,026 Income tax expense 4,249 40 4,289 Net income 11,614 105 11,719 Consolidated Statement of Comprehensive Income Net income 11,614 105 11,719 Comprehensive income 11,558 105 11,663 Consolidated Statement of Cash Flows Operating Cash Flows Net income 11,614 105 11,719 Deferred income tax expense 2,676 40 2,716 Change in: Receivables and advances (16,537 ) (49 ) (16,586 ) Change in: Accounts payable and accrued expenses 16,087 (96 ) 15,991 Net cash flows provided by operating activities 38,981 - 38,981 Nine Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 535,721 (266 ) 535,455 Total revenue 613,187 (266 ) 612,921 Salaries, wages and related expenses 211,621 13 211,634 Revenue equipment rentals and purchased transportation 115,525 (54 ) 115,471 Total operating expenses 576,516 (41 ) 576,475 Income tax expense 9,716 (62 ) 9,654 Net income 26,002 (164 ) 25,838 Consolidated Statement of Comprehensive Income Net income 26,002 (163 ) 25,838 Comprehensive income 27,196 (163 ) 27,032 Consolidated Statement of Cash Flows Operating Cash Flows Net income 26,002 (163 ) 25,838 Deferred income tax expense 9,172 (62 ) 9,110 Change in: Receivables and advances (4,717 ) 266 (4,451 ) Change in: Accounts payable and accrued expenses 17,723 (41 ) 17,682 Net cash flows provided by operating activities 101,613 - 101,612 We have two The Truckload segment consists of four four Managed Freight is comprised primarily of freight brokerage, logistics, and transportation management services. Included in Managed Freight are our accounts receivable factoring and warehousing businesses, which do not $3.4 $11.7 nine September 30, 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 nine September 30, 2018: (in thousands) Three Months ended September 30, Nine Months ended September 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 108,223 $ 95,100 $ 309,583 $ 272,387 Truckload: SRT 47,866 41,382 134,163 123,905 Truckload: Star Transportation 19,887 16,584 57,489 50,030 Truckload: Landair 21,077 - 21,077 - Managed Freight 46,250 25,565 90,875 55,379 Total $ 243,303 $ 178,631 $ 613,187 $ 501,701 Accounting Standards not In February 2016, 2016 02, not twelve January 1, 2019, third 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	9 Months Ended
	Sep. 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 nine September 30, 2018. no September 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 September 30, Nine Months ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 11,614 $ 4,632 $ 26,002 $ 6,141 Denominator: Denominator for basic earnings per share – weighted-average shares 18,343 18,288 18,337 18,275 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted stock 154 116 111 91 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions 18,497 18,404 18,448 18,366 Basic income per share: $ 0.63 $ 0.25 $ 1.42 $ 0.34 Diluted income per share: $ 0.63 $ 0.25 $ 1.41 $ 0.33

Note 3 - Segment Information

Note 3 - Segment Information	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 3. Segment Information We have two not $3.4 $11.7 nine September 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 nine September 30, 2018: (in thousands) Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Total Revenues: Truckload $ 197,053 $ 153,066 $ 522,312 $ 446,322 Managed Freight 46,250 25,565 90,875 55,379 Total $ 243,303 $ 178,631 $ 613,187 $ 501,701 Operating Income: Truckload $ 11,960 $ 6,573 $ 29,055 $ 7,812 Managed Freight 4,221 2,468 7,616 5,500 Total $ 16,181 $ 9,041 $ 36,671 $ 13,312

Note 4 - Income Taxes

Note 4 - Income Taxes	9 Months Ended
	Sep. 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 September 30, 2018 $0.1 December 31, 2017. The net deferred tax liability of $73.3 not may September 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 September 30, 2018, not three nine September 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 nine September 30, 2018, no not

Note 5 - Fair Value of Financia

Note 5 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 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 of available-for-sale securities is based upon quoted prices in active markets. 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 Financial Instruments Measured at Fair Value on a Recurring Basis (in thousands) Hedge derivatives September 30, 2018 December 31, 2017 (1) Net Fair Value of Derivatives $2,055 $393 Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) $2,055 $393 Significant Unobservable Inputs (Level 3) - - ( 1 Includes derivative liabilities of $487 December 31, 2017. (in thousands) Available-for-sale securities September 30, 2018 December 31, 2017 Net Fair Value of Derivatives $1,493 $- Quoted Prices in Active Markets (Level 1) $1,493 - Significant Other Observable Inputs (Level 2) - - Significant Unobservable Inputs (Level 3) - - 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 $46.2 $31.9 September 30, 2018 December 31, 2017, $0.4 $0.2 85% 95% September 30, 2018 December 31, 2017, $2.4 $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 September 30, 2018, 6,

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments	9 Months Ended
	Sep. 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 September 30, 2018, $1.2 $0.1 three September 30, 2018, September 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 September 30, 2018, 1.9 2018, 17.1% 2018 The fair value of the fuel hedge contracts that were in effect at September 30, 2018, $0.9 third 2018, $2.31 $2.02 2017 $1.83 $1.41 Additionally, $0.6 $1.3 three nine September 30, 2018, September 30, 2018, $0.6 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 September 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	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 7. Debt Current and long-term debt consisted of the following at September 30, 2018 December 31, 2017: (in thousands) September 30, 2018 December 31, 2017 Current Long-Term Current Long-Term Borrowings under Credit Facility; interest rate of 5.8% at September 30, 2018 $ - $ 6,155 $ - $ - Revenue equipment installment notes with finance companies; weighted average interest rate of 3.6% and 3.3% at September 30, 2018 and December 31, 2017, respectively, due in monthly installments with final maturities at various dates ranging from October 2018 to July 2023, secured by related revenue equipment 26,752 139,044 23,732 130,946 Real estate note; interest rate of 3.8% and 3.1% at September 30, 2018 and December 31, 2017, respectively, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,037 24,029 1,004 24,810 Deferred loan costs (146 ) (191 ) (140 ) (298 ) Total debt 27,643 169,037 24,596 164,465 Principal portion of capital lease obligations, secured by related revenue equipment 5,074 33,877 2,962 21,777 Total debt and capital lease obligations $ 32,717 $ 202,914 $ 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% September 30, 2018, $35.1 $59.9 $6.2 September 30, 2018, 5.8% $6.2 no September 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 September 30, 2018 October 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 October 2018 July 2023. not $133.0 $0.9 September 30, 2018, 2018,

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	9 Months Ended
	Sep. 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 September 30, 2018, 49,405 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 $1.1 $0.3 three September 30, 2018 2017, $2.9 $0.6 nine September 30, 2018 2017, 2018 2017 $0.4 $0.3 three nine September 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 September 30, 2018, 2,753 $29.57 2018, $0.1

Note 9 - Equity Method Investme

Note 9 - Equity Method Investment	9 Months Ended
	Sep. 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 nine September 30, 2018 2017, $5.9 $4.2 $0.2 nine September 30, 2018 2017, 49% third $0.2 September 30, 2018, September 30, 2018 December 31, 2017, $5.7 $7.8 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 September 30, 2018, $5.4 $25.7 $20.1 September 30, 2018 December 31, 2017, See TEL’s summarized financial information below: (in thousands) As of September 30, 2018 As of December 31, 2017 Current Assets $ 23,276 $ 19,660 Non-current Assets 255,352 183,905 Current Liabilities 15,451 53,981 Non-current Liabilities 219,878 117,135 Total Equity $ 43,299 $ 32,449 For the three months ended September 30, 2018 For the three months ended September 30, 2017 For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Revenue $ 25,437 $ 18,299 $ 74,152 $ 64,543 Operating Expenses 19,061 15,439 58,060 55,753 Operating Income 6,376 2,860 16,092 8,790 Net Income $ 4,369 $ 1,499 $ 10,850 $ 5,188

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 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 September 25, 2018, $6.8 six 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 $35.1 $32.9 September 30, 2018 December 31, 2017, See Note 12

Note 11 - Other Comprehensive I

Note 11 - Other Comprehensive Income (Loss) ("OCI")	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 11. 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 September 30, 201 8 Amount Reclassified from OCI for the nine months ended September 30, 201 8 Affected Line Item in the Statement of Operations Losses (gains) on cash flow hedges Commodity derivative contracts $ (580 ) $ (1,312 ) Fuel expense 160 361 Income tax expense $ (420 ) $ (951 ) Net of tax Interest rate swap contract $ 19 $ 114 Interest expense (5 ) (31 ) Income tax benefit $ 14 $ 83 Net of tax

Note 12 - Acquisition of Landai

Note 12 - Acquisition of Landair Holdings, Inc.	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 12. Acquisition of Landair Holdings, Inc. On July 3, 2018, 100% $91.2 $15.5 $91.2 $8.2 338 10 Landair is a leading dedicated and for-hire truckload carrier, as well as a supplier of transportation management, warehousing and logistics inventory management services. Landair’s results have been included in the condensed consolidated financial statements since the date of acquisition. Landair’s trucking operations’ results are reported within our Truckload segment, while Landair’s logistics operations’ results are reported within our Managed Freight segment. The fair value of the total consideration transferred was $106.7 not $0.8 338 10 (in thousands) Cash paid $ 106,700 Allocated to: Historical book value of Landair’s assets and liabilities $ 25,589 Adjustments to recognize assets and liabilities at acquisition-date fair value: Property, plant, and equipment (7,450 ) Other assets (1,094 ) Liabilities (829 ) Fair value of tangible net assets acquired 16,216 Post-acquisition goodwill adjustments (114 ) Identifiable intangibles at acquisition-date fair value 34,000 Debt paid at closing 15,512 Excess of consideration transferred over the net amount of assets and liabilities recognized $ 41,086 Cash paid pursuant to Stock Purchase Agreement $ 106,700 Cash acquired included in historical book value of Landair assets and liabilities (754 ) Net purchase price $ 105,946 Deferred income taxes arising from the acquisition are immaterial because of the election under Internal Revenue Code Section 338 10 The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date. (in thousands) July 3, 2018 Cash and cash equivalents $ 754 Accounts receivable 12,610 Driver advances and other receivables 4,295 Inventory and supplies 3 Prepaid expenses 1,010 Assets held for sale 128 Net property and equipment 26,164 Other assets, net 22 Other intangibles, net 34,000 Total identifiable assets acquired 78,986 Accounts payable (5,475 ) Accrued expenses (5,015 ) Insurance and claims accrual (2,645 ) Other short-term liabilities (123 ) Total liabilities assumed (13,258 ) Net identifiable assets acquired 65,728 Goodwill 40,972 Net assets acquired 106,700 The goodwill recognized is attributable primarily to expected cost synergies in the areas of insurance and claims, workers compensation, fuel, and purchases of revenue equipment. Additionally, Landair and the historical Company have limited customer overlap, and as such we expect to be able to cross-sell services between historical customers and those of Landair. The amounts of revenue and earnings of Landair included in the Company’s consolidated results of operations from the acquisition date to the period ended September 30, 2018 (in thousands) Three months ended September 30, 2018 Total revenue $ 41,490 Net income $ 1,956 The following unaudited pro forma consolidated results of operations for the three nine September 30, 2018 2017 January 1, 2017: (in thousands) Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Total revenue $ 243,303 $ 208,842 $ 687,937 $ 592,333 Net income $ 11,614 $ 4,882 $ 28,886 $ 6,892 Basic net income per share $ 0.63 $ 0.27 $ 1.58 $ 0.38 Diluted net income per share $ 0.63 $ 0.27 $ 1.57 $ 0.38 For the nine September 30, 2018, $2.1 $3.4 $1.1 13, $2.0 $0.1 three nine September 30, 2018 two June 30, 2018 July 3, 2018, For the three nine September 30, 2017, $0.6 $1.7 nine 13, $1.0 $3.0 nine The pro forma adjustments have been made solely for informational purposes. The actual results reported by the consolidated company in periods following the acquisition may not two not not not

Note 13 - Intangible Assets

Note 13 - Intangible Assets	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note 13. Intangible Assets Based on the preliminary allocation of the purchase price for Landair, the following amounts have been allocated to identifiable intangible assets along with the respective amortization periods: (in thousands) September 30, 2018 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (73 ) $ 4,327 180 Non-Compete agreement 1,400 (70 ) 1,330 60 Customer relationships 28,200 (588 ) 27,612 144 Total $ 34,000 $ (731 ) $ 33,269 The above intangible assets have a weighted average life of 145 five ( In thousands 2018 $ 731 2019 2,923 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063

Note 14 - Available-for-sale Se

Note 14 - Available-for-sale Securities	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 14. Available-for-sale Securities We have purchased certain investments to meet dual objectives of capital preservation and maintenance of sufficient resources to fund insurance losses. As such, the investments are not not ten not (in thousands) September 30, 2018 Amortized cost basis Gross unrealized losses (less than 12 months) Fair value US corporate securities, maturing within one to five years $ 396 $ (2 ) $ 394 Certificates of deposit, maturing in less than one year 600 (0 ) 600 Certificates of deposit, maturing within one to five years 500 (1 ) 499 Total available-for-sale securities $ 1,496 $ (3 ) $ 1,493

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine September 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 nine September 30, 2018. Three Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 214,623 49 214,672 Total revenue 243,303 49 243,352 Salaries, wages and related expenses 86,249 (1 ) 86,248 Revenue equipment rentals and purchased transportation 47,445 (95 ) 47,350 Total operating expenses 227,122 (96 ) 227,026 Income tax expense 4,249 40 4,289 Net income 11,614 105 11,719 Consolidated Statement of Comprehensive Income Net income 11,614 105 11,719 Comprehensive income 11,558 105 11,663 Consolidated Statement of Cash Flows Operating Cash Flows Net income 11,614 105 11,719 Deferred income tax expense 2,676 40 2,716 Change in: Receivables and advances (16,537 ) (49 ) (16,586 ) Change in: Accounts payable and accrued expenses 16,087 (96 ) 15,991 Net cash flows provided by operating activities 38,981 - 38,981 Nine Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 535,721 (266 ) 535,455 Total revenue 613,187 (266 ) 612,921 Salaries, wages and related expenses 211,621 13 211,634 Revenue equipment rentals and purchased transportation 115,525 (54 ) 115,471 Total operating expenses 576,516 (41 ) 576,475 Income tax expense 9,716 (62 ) 9,654 Net income 26,002 (164 ) 25,838 Consolidated Statement of Comprehensive Income Net income 26,002 (163 ) 25,838 Comprehensive income 27,196 (163 ) 27,032 Consolidated Statement of Cash Flows Operating Cash Flows Net income 26,002 (163 ) 25,838 Deferred income tax expense 9,172 (62 ) 9,110 Change in: Receivables and advances (4,717 ) 266 (4,451 ) Change in: Accounts payable and accrued expenses 17,723 (41 ) 17,682 Net cash flows provided by operating activities 101,613 - 101,612 We have two The Truckload segment consists of four four Managed Freight is comprised primarily of freight brokerage, logistics, and transportation management services. Included in Managed Freight are our accounts receivable factoring and warehousing businesses, which do not $3.4 $11.7 nine September 30, 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 nine September 30, 2018: (in thousands) Three Months ended September 30, Nine Months ended September 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 108,223 $ 95,100 $ 309,583 $ 272,387 Truckload: SRT 47,866 41,382 134,163 123,905 Truckload: Star Transportation 19,887 16,584 57,489 50,030 Truckload: Landair 21,077 - 21,077 - Managed Freight 46,250 25,565 90,875 55,379 Total $ 243,303 $ 178,631 $ 613,187 $ 501,701 Accounting Standards not In February 2016, 2016 02, not twelve January 1, 2019, third
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 Accounti_2

Note 1 - Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Three Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 214,623 49 214,672 Total revenue 243,303 49 243,352 Salaries, wages and related expenses 86,249 (1 ) 86,248 Revenue equipment rentals and purchased transportation 47,445 (95 ) 47,350 Total operating expenses 227,122 (96 ) 227,026 Income tax expense 4,249 40 4,289 Net income 11,614 105 11,719 Consolidated Statement of Comprehensive Income Net income 11,614 105 11,719 Comprehensive income 11,558 105 11,663 Consolidated Statement of Cash Flows Operating Cash Flows Net income 11,614 105 11,719 Deferred income tax expense 2,676 40 2,716 Change in: Receivables and advances (16,537 ) (49 ) (16,586 ) Change in: Accounts payable and accrued expenses 16,087 (96 ) 15,991 Net cash flows provided by operating activities 38,981 - 38,981 Nine Months Ended September 30, 2018 Financial Statement Line Item (in thousands) As reported Adjustments Balances without adoption of Topic 606 Consolidated Balance Sheet Accounts receivable, net of allowances $ 134,957 $ (1,276 ) $ 133,681 Total assets 747,482 (1,276 ) 746,206 Accrued expenses 47,797 (236 ) 47,561 Deferred income taxes 73,347 (286 ) 73,061 Total liabilities 421,332 (522 ) 420,810 Retained earnings 184,064 (754 ) 183,310 Total stockholders’ equity 326,150 (754 ) 325,396 Total liabilities and stockholders’ equity 747,482 (1,276 ) 746,206 Consolidated Statement of Operations Freight revenue 535,721 (266 ) 535,455 Total revenue 613,187 (266 ) 612,921 Salaries, wages and related expenses 211,621 13 211,634 Revenue equipment rentals and purchased transportation 115,525 (54 ) 115,471 Total operating expenses 576,516 (41 ) 576,475 Income tax expense 9,716 (62 ) 9,654 Net income 26,002 (164 ) 25,838 Consolidated Statement of Comprehensive Income Net income 26,002 (163 ) 25,838 Comprehensive income 27,196 (163 ) 27,032 Consolidated Statement of Cash Flows Operating Cash Flows Net income 26,002 (163 ) 25,838 Deferred income tax expense 9,172 (62 ) 9,110 Change in: Receivables and advances (4,717 ) 266 (4,451 ) Change in: Accounts payable and accrued expenses 17,723 (41 ) 17,682 Net cash flows provided by operating activities 101,613 - 101,612
Disaggregation of Revenue [Table Text Block]	(in thousands) Three Months ended September 30, Nine Months ended September 30, 2018 2017 2018 2017 Total Revenues: Truckload: Covenant Transport $ 108,223 $ 95,100 $ 309,583 $ 272,387 Truckload: SRT 47,866 41,382 134,163 123,905 Truckload: Star Transportation 19,887 16,584 57,489 50,030 Truckload: Landair 21,077 - 21,077 - Managed Freight 46,250 25,565 90,875 55,379 Total $ 243,303 $ 178,631 $ 613,187 $ 501,701

Note 2 - Income Per Share (Tabl

Note 2 - Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands except per share data) Three Months ended September 30, Nine Months ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 11,614 $ 4,632 $ 26,002 $ 6,141 Denominator: Denominator for basic earnings per share – weighted-average shares 18,343 18,288 18,337 18,275 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted stock 154 116 111 91 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions 18,497 18,404 18,448 18,366 Basic income per share: $ 0.63 $ 0.25 $ 1.42 $ 0.34 Diluted income per share: $ 0.63 $ 0.25 $ 1.41 $ 0.33

Note 3 - Segment Information (T

Note 3 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Total Revenues: Truckload $ 197,053 $ 153,066 $ 522,312 $ 446,322 Managed Freight 46,250 25,565 90,875 55,379 Total $ 243,303 $ 178,631 $ 613,187 $ 501,701 Operating Income: Truckload $ 11,960 $ 6,573 $ 29,055 $ 7,812 Managed Freight 4,221 2,468 7,616 5,500 Total $ 16,181 $ 9,041 $ 36,671 $ 13,312

Note 5 - Fair Value of Financ_2

Note 5 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	(in thousands) Hedge derivatives September 30, 2018 December 31, 2017 (1) Net Fair Value of Derivatives $2,055 $393 Quoted Prices in Active Markets (Level 1) - - Significant Other Observable Inputs (Level 2) $2,055 $393 Significant Unobservable Inputs (Level 3) - - (in thousands) Available-for-sale securities September 30, 2018 December 31, 2017 Net Fair Value of Derivatives $1,493 $- Quoted Prices in Active Markets (Level 1) $1,493 - Significant Other Observable Inputs (Level 2) - - Significant Unobservable Inputs (Level 3) - -

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	(in thousands) September 30, 2018 December 31, 2017 Current Long-Term Current Long-Term Borrowings under Credit Facility; interest rate of 5.8% at September 30, 2018 $ - $ 6,155 $ - $ - Revenue equipment installment notes with finance companies; weighted average interest rate of 3.6% and 3.3% at September 30, 2018 and December 31, 2017, respectively, due in monthly installments with final maturities at various dates ranging from October 2018 to July 2023, secured by related revenue equipment 26,752 139,044 23,732 130,946 Real estate note; interest rate of 3.8% and 3.1% at September 30, 2018 and December 31, 2017, respectively, due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,037 24,029 1,004 24,810 Deferred loan costs (146 ) (191 ) (140 ) (298 ) Total debt 27,643 169,037 24,596 164,465 Principal portion of capital lease obligations, secured by related revenue equipment 5,074 33,877 2,962 21,777 Total debt and capital lease obligations $ 32,717 $ 202,914 $ 27,558 $ 186,242

Note 9 - Equity Method Invest_2

Note 9 - Equity Method Investment (Tables)	9 Months Ended
	Sep. 30, 2018
Balance Sheet [Member]
Notes Tables
Equity Method Investments [Table Text Block]	(in thousands) As of September 30, 2018 As of December 31, 2017 Current Assets $ 23,276 $ 19,660 Non-current Assets 255,352 183,905 Current Liabilities 15,451 53,981 Non-current Liabilities 219,878 117,135 Total Equity $ 43,299 $ 32,449
Income Statement [Member]
Notes Tables
Equity Method Investments [Table Text Block]	For the three months ended September 30, 2018 For the three months ended September 30, 2017 For the nine months ended September 30, 2018 For the nine months ended September 30, 2017 Revenue $ 25,437 $ 18,299 $ 74,152 $ 64,543 Operating Expenses 19,061 15,439 58,060 55,753 Operating Income 6,376 2,860 16,092 8,790 Net Income $ 4,369 $ 1,499 $ 10,850 $ 5,188

Note 11 - Other Comprehensive_2

Note 11 - Other Comprehensive Income (Loss) ("OCI") (Tables)	9 Months Ended
	Sep. 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 September 30, 201 8 Amount Reclassified from OCI for the nine months ended September 30, 201 8 Affected Line Item in the Statement of Operations Losses (gains) on cash flow hedges Commodity derivative contracts $ (580 ) $ (1,312 ) Fuel expense 160 361 Income tax expense $ (420 ) $ (951 ) Net of tax Interest rate swap contract $ 19 $ 114 Interest expense (5 ) (31 ) Income tax benefit $ 14 $ 83 Net of tax

Note 12 - Acquisition of Land_2

Note 12 - Acquisition of Landair Holdings, Inc. (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	(in thousands) Cash paid $ 106,700 Allocated to: Historical book value of Landair’s assets and liabilities $ 25,589 Adjustments to recognize assets and liabilities at acquisition-date fair value: Property, plant, and equipment (7,450 ) Other assets (1,094 ) Liabilities (829 ) Fair value of tangible net assets acquired 16,216 Post-acquisition goodwill adjustments (114 ) Identifiable intangibles at acquisition-date fair value 34,000 Debt paid at closing 15,512 Excess of consideration transferred over the net amount of assets and liabilities recognized $ 41,086 Cash paid pursuant to Stock Purchase Agreement $ 106,700 Cash acquired included in historical book value of Landair assets and liabilities (754 ) Net purchase price $ 105,946
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	(in thousands) July 3, 2018 Cash and cash equivalents $ 754 Accounts receivable 12,610 Driver advances and other receivables 4,295 Inventory and supplies 3 Prepaid expenses 1,010 Assets held for sale 128 Net property and equipment 26,164 Other assets, net 22 Other intangibles, net 34,000 Total identifiable assets acquired 78,986 Accounts payable (5,475 ) Accrued expenses (5,015 ) Insurance and claims accrual (2,645 ) Other short-term liabilities (123 ) Total liabilities assumed (13,258 ) Net identifiable assets acquired 65,728 Goodwill 40,972 Net assets acquired 106,700
Business Acquisition, Pro Forma Information [Table Text Block]	(in thousands) Three months ended September 30, 2018 Total revenue $ 41,490 Net income $ 1,956 (in thousands) Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Total revenue $ 243,303 $ 208,842 $ 687,937 $ 592,333 Net income $ 11,614 $ 4,882 $ 28,886 $ 6,892 Basic net income per share $ 0.63 $ 0.27 $ 1.58 $ 0.38 Diluted net income per share $ 0.63 $ 0.27 $ 1.57 $ 0.38

Note 13 - Intangible Assets (Ta

Note 13 - Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(in thousands) September 30, 2018 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (73 ) $ 4,327 180 Non-Compete agreement 1,400 (70 ) 1,330 60 Customer relationships 28,200 (588 ) 27,612 144 Total $ 34,000 $ (731 ) $ 33,269
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	( In thousands 2018 $ 731 2019 2,923 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063

Note 14 - Available-for-sale _2

Note 14 - Available-for-sale Securities (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Debt Securities, Available-for-sale [Table Text Block]	(in thousands) September 30, 2018 Amortized cost basis Gross unrealized losses (less than 12 months) Fair value US corporate securities, maturing within one to five years $ 396 $ (2 ) $ 394 Certificates of deposit, maturing in less than one year 600 (0 ) 600 Certificates of deposit, maturing within one to five years 500 (1 ) 499 Total available-for-sale securities $ 1,496 $ (3 ) $ 1,493

Note 1 - Significant Accounti_3

Note 1 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Number of Reportable Segments				2
Number of Asset-based Operating Fleets Aggregated in a Segment				4
Revenue from Contract with Customer, Including Assessed Tax	$ 243,303		$ 178,631	$ 613,187	$ 501,701
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	$ 46,250		$ 25,565	$ 90,875	$ 55,379
Managed Freight [Member] | Accounts Receivable Factoring Business [Member]
Revenue from Contract with Customer, Including Assessed Tax				3,400
Managed Freight [Member] | Warehousing Business [Member]
Revenue from Contract with Customer, Including Assessed Tax				$ 11,700
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total		$ 600

Note 1 - Significant Accounti_4

Note 1 - Significant Accounting Policies - Impacts of Adopting ASU 2014-09 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Accounts receivable, net of allowances	$ 134,957		$ 134,957		$ 104,153
Total assets	747,482		747,482		649,668
Accrued expenses	47,797		47,797		26,520
Deferred income taxes	73,347		73,347		63,344
Total liabilities	421,332		421,332		354,467
Retained earnings	184,064		184,064		157,471
Total stockholders’ equity	326,150		326,150		295,201
Total liabilities and stockholders’ equity	747,482		747,482		$ 649,668
Revenue from Contract with Customer, Including Assessed Tax	243,303	$ 178,631	613,187	$ 501,701
Labor and Related Expense	86,249	60,732	211,621	178,639
Revenue equipment rentals and purchased transportation	47,445	36,361	115,525	90,719
Operating Expenses, Total	227,122	169,590	576,516	488,389
Income Tax Expense (Benefit), Total	4,249	2,985	9,716	3,530
Net income	11,614	4,632	26,002	6,141
Comprehensive income	11,558	6,987	27,196	7,339
Deferred income tax expense	2,676		9,172	16,437
Receivables and advances	(16,537)		(4,717)	(19,975)
Accounts payable and accrued expenses	16,087		17,723	(400)
Net cash flows provided by operating activities	38,981		101,614	62,787
Cargo and Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	214,623	$ 159,500	535,721	$ 445,212
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Accounts receivable, net of allowances	133,681		133,681
Total assets	746,206		746,206
Accrued expenses	47,561		47,561
Deferred income taxes	73,061		73,061
Total liabilities	420,810		420,810
Retained earnings	183,310		183,310
Total stockholders’ equity	325,396		325,396
Total liabilities and stockholders’ equity	746,206		746,206
Revenue from Contract with Customer, Including Assessed Tax	243,352		612,921
Labor and Related Expense	86,248		211,634
Revenue equipment rentals and purchased transportation	47,350		115,471
Operating Expenses, Total	227,026		576,475
Income Tax Expense (Benefit), Total	4,289		9,654
Net income	11,719		25,838
Comprehensive income	11,663		27,032
Deferred income tax expense	2,716		9,110
Receivables and advances	(16,586)		(4,451)
Accounts payable and accrued expenses	15,991		17,682
Net cash flows provided by operating activities	38,981		101,612
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Cargo and Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	214,672		535,455
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member]
Accounts receivable, net of allowances	(1,276)		(1,276)
Total assets	(1,276)		(1,276)
Accrued expenses	(236)		(236)
Deferred income taxes	(286)		(286)
Total liabilities	(522)		(522)
Retained earnings	(754)		(754)
Total stockholders’ equity	(754)		(754)
Total liabilities and stockholders’ equity	(1,276)		(1,276)
Revenue from Contract with Customer, Including Assessed Tax	49		(266)
Labor and Related Expense	(1)		13
Revenue equipment rentals and purchased transportation	(95)		(54)
Operating Expenses, Total	(96)		(41)
Income Tax Expense (Benefit), Total	40		(62)
Net income	105		(164)
Comprehensive income	105		(163)
Deferred income tax expense	40		(62)
Receivables and advances	(49)		266
Accounts payable and accrued expenses	(96)		(41)
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	$ 49		$ (266)

Note 1 - Significant Accounti_5

Note 1 - Significant Accounting Policies - Segment By Operating Fleet Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total revenue	$ 243,303	$ 178,631	$ 613,187	$ 501,701
Truckload [Member]
Total revenue	197,053	153,066	522,312	446,322
Truckload [Member] | Covenant Transport, Inc. [Member]
Total revenue	108,223	95,100	309,583	272,387
Truckload [Member] | Southern Refrigerated Transport, Inc. [Member]
Total revenue	47,866	41,382	134,163	123,905
Truckload [Member] | Star Transportation Inc [Member]
Total revenue	19,887	16,584	57,489	50,030
Truckload [Member] | Landair [Member]
Total revenue	21,077		21,077
Managed Freight [Member]
Total revenue	$ 46,250	$ 25,565	$ 90,875	$ 55,379

Note 2 - Income Per Share (Deta

Note 2 - Income Per Share (Details Textual) shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018shares	Sep. 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 Per Share - Cal

Note 2 - Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 11,614	$ 4,632	$ 26,002	$ 6,141
Basic weighted average shares outstanding (in shares)	18,343	18,288	18,337	18,275
Equivalent shares issuable upon conversion of unvested restricted stock (in shares)	154	116	111	91
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions (in shares)	18,497	18,404	18,448	18,366
Basic income per share: (in dollars per share)	$ 0.63	$ 0.25	$ 1.42	$ 0.34
Diluted income per share: (in dollars per share)	$ 0.63	$ 0.25	$ 1.41	$ 0.33

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Number of Reportable Segments			2
Revenue from Contract with Customer, Including Assessed Tax	$ 243,303	$ 178,631	$ 613,187	$ 501,701
Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 46,250	$ 25,565	90,875	$ 55,379
Accounts Receivable Factoring Business [Member] | Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax			3,400
Warehousing Business [Member] | Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax			$ 11,700

Note 3 - Segment Information -

Note 3 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue from Contract with Customer, Including Assessed Tax	$ 243,303	$ 178,631	$ 613,187	$ 501,701
Operating income	16,181	9,041	36,671	13,312
Truckload [Member]
Revenue from Contract with Customer, Including Assessed Tax	197,053	153,066	522,312	446,322
Operating income	11,960	6,573	29,055	7,812
Managed Freight [Member]
Revenue from Contract with Customer, Including Assessed Tax	46,250	25,565	90,875	55,379
Operating income	$ 4,221	$ 2,468	$ 7,616	$ 5,500

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Jun. 30, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	35.00%
Income Tax Expense (Benefit), Total	$ 4,249	$ 2,985	$ 9,716	$ 3,530
Deferred Tax Liabilities, Net, Total	$ 73,300		73,300
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
Interest and Penalties Recognized for Uncertain Tax Positions [Member]
Income Tax Expense (Benefit), Total			$ (100)

Note 5 - Fair Value of Financ_3

Note 5 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Trade Receivables Held-for-sale, Net, Not Part of Disposal Group, Ending Balance	$ 46,200	$ 31,900
Allowance for Doubtful Accounts Receivable, Ending Balance	400	200
Accounts Payable, Total	$ 2,400	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 Financ_4

Note 5 - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Fair Value of Derivatives	$ 2,055	$ 393	[1]
Available-for-sale securities	1,493
Fair Value, Inputs, Level 1 [Member]
Fair Value of Derivatives			[1]
Available-for-sale securities	1,493
Fair Value, Inputs, Level 2 [Member]
Fair Value of Derivatives	2,055	393	[1]
Available-for-sale securities
Fair Value, Inputs, Level 3 [Member]
Fair Value of Derivatives			[1]
Available-for-sale securities
[1]	Includes derivative liabilities of $487 at December 31, 2017.

Note 6 - Derivative Instrumen_2

Note 6 - Derivative Instruments (Details Textual) gal in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)$ / gal	Sep. 30, 2017$ / gal	Sep. 30, 2018USD ($)gal	Aug. 31, 2015USD ($)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total	$ 0.6		$ 1.3
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 0.9		0.9
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			0.6
Minimum [Member]
Underlying, Derivative Volume | $ / gal	2.31	1.83
Maximum [Member]
Underlying, Derivative Volume | $ / gal	2.02	1.41
Interest Rate Swap [Member]
Derivative, Notional Amount				$ 28
Derivative, Fixed Interest Rate				4.20%
Derivative Instruments in Hedges, Liabilities, at Fair Value, Total	$ 1.2		1.2
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			1.9
Percent of Projected Fuel Requirements			17.10%

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Jun. 30, 2018
Line of Credit Facility, Maximum Borrowing Capacity	$ 95,000,000
Line of Credit Facility, Maximum Increase in Borrowing Capacity	$ 50,000,000
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	$ 25,000,000
Percent of Appraised Fair Market Value of Eligible Real Estate	75.00%
Letters of Credit Outstanding, Amount	$ 35,100,000	$ 32,900,000
Line of Credit Facility, Remaining Borrowing Capacity	59,900,000
Long-term Line of Credit, Total	$ 6.20
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Fixed Charge Coverage Requirement	$ 0	$ 0
Debt, Secured with a Cross Default Feature	133,000,000
Commodity Contract Asset, Current	$ 900,000
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	$ 95,000,000
Swing Line Sub Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Percent of Aggregate Commitments under Credit Facility	10.00%
Revolving Credit Facility [Member] | Base Rate Loans [Member]
Long-term Line of Credit, Total	$ 6,200,000
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Revolving Credit Facility [Member] | LIBOR Loans [Member]
Long-term Line of Credit, Total			$ 0

Note 7 - Debt - Current and Lon

Note 7 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Borrowings under Credit Facility; interest rate of 5.8% at September 30, 2018	$ 6,155
Long term debt, current	27,643	24,596
Long-term debt, noncurrent	169,037	164,465
Deferred loan costs, current	(146)	(140)
Deferred loan costs, noncurrent	(191)	(298)
Principal portion of capital lease obligations, secured by related revenue equipment, current	5,074	2,962
Principal portion of capital lease obligations, secured by related revenue equipment, noncurrent	33,877	21,777
Total debt and capital lease obligations, current	32,717	27,558
Total debt and capital lease obligations, noncurrent	202,914	186,242
Revenue Equipment Installment Notes [Member]
Long term debt, current	26,752	23,732
Long-term debt, noncurrent	139,044	130,946
Real Estate Note [Member]
Long term debt, current	1,037	1,004
Long-term debt, noncurrent	$ 24,029	$ 24,810

Note 7 - Debt - Current and L_2

Note 7 - Debt - Current and Long-term Debt (Details) (Parentheticals)	Sep. 30, 2018	Dec. 31, 2017
Long term debt, interest rate	5.80%
Revenue Equipment Installment Notes [Member]
Long term debt, interest rate	3.60%	3.30%
Real Estate Note [Member]
Long term debt, interest rate	3.80%	3.10%

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	49,405		49,405
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
Payments Related to Tax Withholding for Share-based Compensation			$ 81	$ 257
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0	0
Common Class A [Member]
Shares Paid for Tax Withholding for Share Based Compensation			2,753
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 29.57		$ 29.57
Payments Related to Tax Withholding for Share-based Compensation			$ 100
Salaries Wages And Related Expenses [Member]
Allocated Share-based Compensation Expense, Total	$ 1,100	$ 300	2,900	$ 600
General Supplies and Expenses [Member]
Allocated Share-based Compensation Expense, Total	$ 400	$ 300	$ 400	$ 300

Note 9 - Equity Method Invest_3

Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 49,302	$ 32,739
Income (Loss) from Equity Method Investments, Total	$ 2,142	$ 750	5,407	2,575
Transport Enterprise Leasing LLC [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			100	100
Revenue from Related Parties			5,900	4,200
Deferred Gain on Sale of Property	$ 200	$ 200	$ 200	$ 200
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Due from Related Parties, Total	$ 5,700		$ 5,700		$ 7,800
Equity Method Investments	25,700		25,700		$ 20,100
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member]
Deferred Gain on Sale of Property	$ 200		$ 200

Note 9 - Equity Method Invest_4

Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current Assets	$ 23,276	$ 19,660
Non-current Assets	255,352	183,905
Current Liabilities	15,451	53,981
Non-current Liabilities	219,878	117,135
Total Equity	$ 43,299	$ 32,449

Note 9 - Equity Method Invest_5

Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue	$ 25,437	$ 18,299	$ 74,152	$ 64,543
Operating Expenses	19,061	15,439	58,060	55,753
Operating Income	6,376	2,860	16,092	8,790
Net Income	$ 4,369	$ 1,499	$ 10,850	$ 5,188

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2017
Letters of Credit Outstanding, Amount			$ 35,100,000	$ 32,900,000
Cargo Claim [Member] | Scenario, Forecast [Member]
Payments for Legal Settlements		$ 6,800,000
Cargo Claim [Member] | Judicial Ruling [Member]
Increase (Decrease) in Estimated Litigation Liability	$ 900,000

Note 11 - Other Comprehensive_3

Note 11 - Other Comprehensive Income (Loss) ("OCI") - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	$ (155)	$ (330)	$ (424)	$ (1,546)
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	406	$ (677)	868	$ (2,469)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax	19		114
Commodity Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	(420)		(951)
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	(580)		(1,312)
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	160		361
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	14		83
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	$ (5)		$ (31)

Note 12 - Acquisition of Land_3

Note 12 - Acquisition of Landair Holdings, Inc. (Details Textual) - USD ($) $ in Thousands	Jul. 03, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Labor and Related Expense		$ 86,249	$ 60,732	$ 211,621	$ 178,639
Operating Expenses, Total		227,122	169,590	576,516	488,389
Depreciation, Depletion and Amortization, Nonproduction, Total				56,370	54,489
Income Tax Expense (Benefit), Total		$ 4,249	2,985	9,716	3,530
Adjustment for Sale Bonuses and Non-recurring Compensation [Member]
Labor and Related Expense				(2,100)
Acquisition-related Costs [Member]
Operating Expenses, Total				3,400
Adjustments Related to Changes in Useful Life of Intangible and Fair Value of Property and Equipment [Member]
Depreciation, Depletion and Amortization, Nonproduction, Total			600	1,100	1,700
Adjustments Related to Financing Obtained by the Company and Extinguishment of Debt Held by Acquiree [Member]
Interest Expense, Total			$ 1,000	2,000	$ 3,000
Adjustments for Tax Effect of Pro Forma Adjustments and Depreciation Expense [Member]
Income Tax Expense (Benefit), Total				$ 100
Landair Holdings Inc [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Payments to Acquire Businesses, Gross	$ 91,200
Payments to Acquire Businesses, Gross Payment of Debt	15,500
Payments to Acquire Businesses, IRC Section 338(h)(10)	8,200
Business Combination, Consideration Transferred, Total	106,700
Cash Acquired from Acquisition	$ 754

Note 12 - Acquisition of Land_4

Note 12 - Acquisition of Landair Holdings, Inc - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Jul. 03, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Excess of consideration transferred over the net amount of assets and liabilities recognized		$ 41,086
Net purchase price		$ 106,060
Landair Holdings Inc [Member]
Cash paid	$ 106,700
Historical book value of Landair’s assets and liabilities	65,728
Property, plant, and equipment	26,164
Other assets	22
Liabilities	13,258
Fair value of tangible net assets acquired	16,216
Post-acquisition goodwill adjustments	(114)
Identifiable intangibles at acquisition-date fair value	34,000
Debt paid at closing	15,512
Excess of consideration transferred over the net amount of assets and liabilities recognized	41,086
Cash acquired included in historical book value of Landair assets and liabilities	(754)
Net purchase price	105,946
Landair Holdings Inc [Member] | Measured by Acquired Company [Member]
Historical book value of Landair’s assets and liabilities	25,589
Landair Holdings Inc [Member] | Fair Value Adjustment [Member]
Property, plant, and equipment	(7,450)
Other assets	(1,094)
Liabilities	$ (829)

Note 12 - Acquisition of Land_5

Note 12 - Acquisition of Landair Holdings, Inc - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Jul. 03, 2018	Dec. 31, 2017
Goodwill	$ 41,086
Landair Holdings Inc [Member]
Cash and cash equivalents		$ 754
Accounts receivable		12,610
Driver advances and other receivables		4,295
Inventory and supplies		3
Prepaid expenses		1,010
Assets held for sale		128
Property, plant, and equipment		26,164
Other assets		22
Identifiable intangibles at acquisition-date fair value		34,000
Total identifiable assets acquired		78,986
Accounts payable		(5,475)
Accrued expenses		(5,015)
Insurance and claims accrual		(2,645)
Other short-term liabilities		(123)
Total liabilities assumed		(13,258)
Net identifiable assets acquired		65,728
Goodwill		41,086
Net assets acquired		$ 106,700

Note 12 - Acquisition of Land_6

Note 12 - Acquisition of Landair Holdings, Inc - Pro Forma Information (Details) - Landair Holdings Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total revenue	$ 41,490
Net income	1,956
Total revenue	243,303	$ 208,842	$ 687,937	$ 592,333
Net income	$ 11,614	$ 4,882	$ 28,886	$ 6,892
Basic net income per share (in dollars per share)	$ 0.63	$ 0.27	$ 1.58	$ 0.38
Diluted net income per share (in dollars per share)	$ 0.63	$ 0.27	$ 1.57	$ 0.38

Note 13 - Intangible Assets (De

Note 13 - Intangible Assets (Details Textual)	9 Months Ended
	Sep. 30, 2018
Finite-Lived Intangible Asset, Useful Life
Weighted Average [Member]
Finite-Lived Intangible Asset, Useful Life	12 years 30 days

Note 13 - Intangible Assets - I

Note 13 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets, Gross	$ 34,000
Finite-Lived Intangible Assets, Accumulated Amortization	731
Finite-Lived Intangible Assets, Net	$ 33,269
Finite-Lived Intangible Asset, Useful Life (Month)
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	$ 4,400
Finite-Lived Intangible Assets, Accumulated Amortization	73
Finite-Lived Intangible Assets, Net	$ 4,327
Finite-Lived Intangible Asset, Useful Life (Month)	15 years
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Gross	$ 1,400
Finite-Lived Intangible Assets, Accumulated Amortization	70
Finite-Lived Intangible Assets, Net	$ 1,330
Finite-Lived Intangible Asset, Useful Life (Month)	5 years
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 28,200
Finite-Lived Intangible Assets, Accumulated Amortization	588
Finite-Lived Intangible Assets, Net	$ 27,612
Finite-Lived Intangible Asset, Useful Life (Month)	12 years

Note 13 - Intangible Assets - E

Note 13 - Intangible Assets - Expected Future Amortization (Details) $ in Thousands	Sep. 30, 2018USD ($)
2,018	$ 731
2,019	2,923
2,020	2,923
2,021	2,923
2,022	2,923
2,023	2,783
Thereafter	$ 18,063

Note 14 - Available-for-sale _3

Note 14 - Available-for-sale Securities (Details Textual)	Sep. 30, 2018
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	10

Note 14 - Available-for-sale _4

Note 14 - Available-for-sale Securities - Available-for-sale Securities (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Available-for-sale securities, amortized cost	$ 1,496,000
Available-for-sale securities, gross unrealized losses	(3,000)
Available-for-sale securities, fair value	1,493,000
Debt Security, Corporate, US [Member]
Available-for-sale securities, amortized cost	396,000
Available-for-sale securities, gross unrealized losses	(2,000)
Available-for-sale securities, fair value	394,000
Certificates of Deposit [Member]
Available-for-sale securities, amortized cost	600,000
Available-for-sale securities, gross unrealized losses	0
Available-for-sale securities, fair value	600,000
Certificates of Deposit, Maturing Within One to Five Years [Member]
Available-for-sale securities, amortized cost	500,000
Available-for-sale securities, gross unrealized losses	(1,000)
Available-for-sale securities, fair value	$ 499,000