Covenant Logistics (CVLG) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document Information [Line Items]
Entity Registrant Name	COVENANT TRANSPORTATION GROUP INC
Entity Central Index Key	0000928658
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	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		16,018,513
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		2,350,000

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 31,001	$ 23,127
Accounts receivable, net of allowance of $1,923 in 2019 and $1,985 in 2018	155,956	151,093
Drivers' advances and other receivables, net of allowance of $634 in 2019 and $626 in 2018	16,861	16,675
Inventory and supplies	4,125	4,067
Prepaid expenses	9,014	11,579
Assets held for sale	7,003	2,559
Income taxes receivable	1,109	1,109
Other short-term assets	976	1,435
Total current assets	226,045	211,644
Property and equipment, at cost	699,724	638,770
Less: accumulated depreciation and amortization	(199,717)	(188,175)
Net property and equipment	500,007	450,595
Goodwill	40,730	41,598
Other intangibles, net	31,807	32,538
Other assets, net	37,485	37,149
Total assets	836,074	773,524
Current liabilities:
Checks outstanding in excess of bank balances	1,633	1,857
Accounts payable	26,824	22,101
Accrued expenses	33,729	49,503
Debt, current	31,792	28,710
Principal portion of finance lease obligations, secured by related revenue equipment, current	6,898	5,374
Current portion of operating lease obligations	14,622
Current portion of insurance and claims accrual	17,745	19,787
Total current liabilities	133,243	127,332
Debt, noncurrent	198,052	166,635
Lease obligations, long-term, Finance	32,223	35,119
Lease obligations, long-term, Operating	25,541
Insurance and claims accrual	18,869	22,193
Deferred income taxes	78,407	77,467
Other long-term liabilities	2,002	1,636
Total liabilities	488,337	430,382
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	142,770	142,177
Accumulated other comprehensive income	(228)	204
Retained earnings	204,999	200,566
Total stockholders' equity	347,737	343,142
Total liabilities and stockholders' equity	836,074	773,524
Common Class A [Member]
Stockholders' equity:
Common stock	172	171
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable allowance	$ 1,923	$ 1,985
Driver's advances and other receivables, allowance	$ 634	$ 626
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)	16,075,810	16,015,708
Common stock, shares outstanding (in shares)	16,075,810	16,015,708
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
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Total revenue	$ 219,181	$ 173,566
Operating expenses:
Salaries, wages, and related expenses	79,503	60,619
Fuel expense	27,832	27,181
Operations and maintenance	15,174	11,730
Revenue equipment rentals and purchased transportation	48,670	30,691
Operating taxes and licenses	3,183	2,660
Insurance and claims	11,235	8,685
Communications and utilities	1,718	1,741
General supplies and expenses	6,731	4,139
Depreciation and amortization, including gains and losses on disposition of property and equipment	19,709	19,695
Total operating expenses	213,755	167,141
Operating income	5,426	6,425
Interest expense, net	2,446	1,960
Income from equity method investment	(3,035)	(1,490)
Income before income taxes	6,015	5,955
Income tax expense	1,582	1,538
Net income	$ 4,433	$ 4,417
Income per share:
Basic and diluted income per share (in dollars per share)	$ 0.24	$ 0.24
Basic weighted average shares outstanding (in shares)	18,381	18,331
Diluted weighted average shares outstanding (in shares)	18,533	18,406
Cargo and Freight [Member]
Revenues
Total revenue	$ 195,761	$ 150,463
Fuel Surcharge [Member]
Revenues
Total revenue	$ 23,420	$ 23,103

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 4,433	$ 4,417
Other comprehensive (loss) income:
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $(164) and $295 in 2019 and 2018, respectively	(431)	770
Reclassification of cash flow hedge losses into statement of operations, net of tax of $4 and $38 in 2019, and 2018, respectively	(11)	(99)
Unrealized holding gain on investments classified as available-for-sale	10
Total other comprehensive (loss) income	(432)	671
Comprehensive income	$ 4,001	$ 5,088

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Unrealized loss on effective portion of cash flow hedges, tax	$ (164)	$ 295
Reclassification of cash flow hedge loss into statement of operations, tax	$ 4	$ 38

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Treasury Stock [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					4,417	4,417	$ 4,417
Effect of adoption of ASU 2014-09					591	591
Other comprehensive income				671		671
Stock-based employee compensation expense			826			826
Issuance of restricted shares, net			(18)			(18)
Balance at Mar. 31, 2018	171	24	138,050	964	162,479	301,688
Balance at Dec. 31, 2018	171	24	142,177	204	200,566	343,142
Net income					4,433	4,433	$ 4,433
Other comprehensive income				(432)		(432)
Stock-based employee compensation expense			1,262			1,262
Issuance of restricted shares, net	1		(669)			(668)
Balance at Mar. 31, 2019	$ 172	$ 24	$ 142,770	$ (228)	$ 204,999	$ 347,737

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 4,433	$ 4,417
Adjustments to reconcile net income to net cash provided by operating activities:
Reversal of losses on accounts receivable	(32)	(8)
Reversal of gain on sales to equity method investee	(1)	(160)
Depreciation and amortization	19,851	18,614
Amortization of deferred financing fees	37	37
Deferred income tax expense	442	1,691
Income tax benefit arising from restricted share vesting and stock options exercised	668	4
Stock-based compensation expense	1,262	826
Income from equity method investment	(3,035)	(1,490)
(Gain) Loss on disposition of property and equipment	(143)	1,081
Return on investment in available-for-sale securities	203
Changes in operating assets and liabilities:
Receivables and advances	(2,482)	12,995
Prepaid expenses and other assets	2,759	2,327
Inventory and supplies	(58)	(42)
Insurance and claims accrual	(4,537)	650
Accounts payable and accrued expenses	(10,197)	(4,246)
Net cash flows provided by operating activities	9,170	36,696
Cash flows from investing activities:
Acquisition of property and equipment	(37,926)	(32,160)
Proceeds from disposition of property and equipment	4,431	18,429
Net cash flows used by investing activities	(33,495)	(13,731)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances	(223)
Proceeds from issuance of notes payable	19,217	29,674
Repayments of notes payable	(10,469)	(23,784)
Repayments of finance lease obligations	(1,373)	(799)
Proceeds under revolving credit facility	435,995	336,616
Repayments under revolving credit facility	(410,280)	(341,622)
Payment of minimum tax withholdings on stock compensation	(668)	(18)
Debt refinancing costs		(17)
Net cash flows provided by financing activities	32,199	50
Net change in cash and cash equivalents	7,874	23,015
Cash and cash equivalents at beginning of period	23,127	15,356
Cash and cash equivalents at end of period	$ 31,001	$ 38,371

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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, 2018 three March 31, 2019 not may December 31, 2018 10 December 31, 2018 not Recent Accounting Pronouncements Accounting Standards adopted In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately $40.2 $14.6 $25.6 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 Leases At the commencement date of a new lease agreement with contractual terms longer that twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, while they are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not

Note 2 - Income (Loss) Per Shar

Note 2 - Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. Income (Loss) Per Share Basic income (loss) 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 (loss) 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 March 31, 2019 no March 31, 2019 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) 2019 2018 Numerator: Net income $ 4,433 $ 4,417 Denominator: Denominator for basic income per share – weighted-average shares 18,381 18,331 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 152 75 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,533 18,406 Net income per share: Basic and diluted income per share $ 0.24 $ 0.24

Note 3 - Segment Information

Note 3 - Segment Information	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 3. Segment Information We have two The Truckload segment consists of four four In addition, our Managed Freight segment has service offerings ancillary to our Truckload services, including: freight brokerage, transportation management services ("TMS"), and shuttle and switching services. The operations consist of several operating segments, which are aggregated due to similar margins and customers. Included within Managed Freight are our accounts receivable factoring and warehousing businesses, neither of which meets the quantitative or qualitative reporting thresholds individually or in the aggregate. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our 2018 10 The following table summarizes our revenue by our two first three March 31, 2019 (in thousands) Three Months Ended March 31, 2019 2018 Total Revenues: Truckload Segment: Expedited $ 62,722 $ 80,762 Dedicated 79,771 40,379 Refrigerated 25,605 33,407 OTR 4,562 - Truckload Revenues 172,660 154,548 Managed Freight Segment: Brokerage 24,307 18,093 Warehouse 8,260 - TMS 8,370 - Shuttle & Switching 3,736 - Factoring 1,848 925 Managed Freight Revenues 46,521 19,018 Total $ 219,181 $ 173,566

Note 4 - Income Taxes

Note 4 - Income Taxes	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 4. Income Taxes Income tax expense in both 2019 2018 21% Our liability recorded for uncertain tax positions as of March 31, 2019 increased less than $0.1 December 31, 2018 The net deferred tax liability of $78.4 not may March 31, 2019 $0.1 may

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Debt Current and long-term debt consisted of the following at March 31, 2019 December 31, 2018 (in thousands) March 31, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 29,626 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment 30,880 145,049 27,809 139,115 Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,059 23,494 1,048 23,763 Deferred loan costs (147 ) (117 ) (147 ) (154 ) Total debt 31,792 198,052 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 6,898 32,223 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 2,300 38,700 - - Total debt and lease obligations $ 40,990 $ 268,975 $ 34,084 $ 201,754 We and substantially all of our subsidiaries (collectively, the "Borrowers") are parties to the Credit Facility with Bank of America, N.A., as agent (the "Agent") and JPMorgan Chase Bank, N.A. ("JPM," and 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% $29.6 March 31, 2019 $33.4 $32.0 March 31, 2019 6.0% $29.6 no March 31, 2019 2018 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 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 April 2019 to July 2023 . not $146.3 2020, In August 2015, $28.0 third 4.2%.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 6. 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 March 31, 2019 50,960 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 For the three March 31, 2019 2018 $1.3 $0.8 2019 2018 no 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 March 31, 2019 29,390 $22.71 $22.71 2019 $0.7

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies Liabilities	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7. 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. 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 $33.4 $36.3 March 31, 2019 December 31, 2018

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 8. Leases We finance a portion of our revenue equipment, office and terminal properties, computer and office equipment, and other equipment using leases. A number of these leases include one not March 31, 2019 (dollars in thousands) Three months ended March 31, 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets 1,411 Interest on lease liabilities 227 Operating lease cost 6,182 Variable lease cost - Total lease cost $ 7,820 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,146 Operating cash flows from operating leases 6,182 Financing cash flows from finance leases 227 Right-of-use assets obtained in exchange for new finance lease liabilities - Right-of-use assets obtained in exchange for new operating lease liabilities 4,146 Weighted-average remaining lease term—finance leases 3.5 years Weighted-average remaining lease term—operating leases 3.6 years Weighted-average discount rate—finance leases 3.0% Weighted-average discount rate—operating leases 4.2% Right-of-use assets of $39.1 $55.4 Our future minimum lease payments as of March 31, 2019 (in thousands) Operating Finance 2019 (1) $ 12,521 $ 7,987 2020 12,551 7,966 2021 8,765 8,226 2022 6,567 10,003 2023 631 6,842 Thereafter 2,397 1,330 Total minimum lease payments $ 43,432 $ 42,354 Less: amount representing interest (3,269) (3,233) Present value of minimum lease payments $ 40,163 $ 39,121 Less: current portion (14,622) (6,898) Lease obligations, long-term $ 25,541 $ 32,223 ( 1 three March 31, 2019

Note 9 - Equity Method Investme

Note 9 - Equity Method Investment	3 Months Ended
	Mar. 31, 2019
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, no March 31, 2019 $0.1 2018 $2.4 $2.1 less than $0.1 $0.2 For the three March 31, 2019 2018 49% third $0.2 March 31, 2019 March 31, 2019 December 31, 2018 $5.6 $7.2 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 2019 March 31, 2019 $3.0 $29.1 $26.1 March 31, 2019 December 31, 2018 See TEL's summarized financial information below: (in thousands) As of March 31, As of December 31, 2019 2018 Current Assets $ 30,635 $ 25,877 Non-current Assets 276,925 273,987 Current Liabilities 15,875 78,530 Non-current Liabilities 241,651 176,389 Total Equity $ 50,034 $ 44,945 For the three months ended For the three months ended March 31, 2019 March 31, 2018 Revenue $ 27,483 $ 25,141 Operating Expenses 20,000 20,624 Operating Income 7,483 4,517 Net Income $ 5,088 $ 3,017

Note 10 - Other Comprehensive I

Note 10 - Other Comprehensive Income ("OCI")	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 10. O ther Comprehensive Income ( " OC I " ) 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 March 31, 2019 Affected Line Item in the Statement of Operations Gains (losses) on cash flow hedges Interest rate swap contracts $ 15 Interest expense (4 ) Income tax expense $ 11 Net of tax

Note 11 - Goodwill and Other As

Note 11 - Goodwill and Other Assets	3 Months Ended
	Mar. 31, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 11. Goodwill and Other Assets On July 3, 2018, 100% The allocation of the preliminary purchase price is subject to change based on finalization of the valuation of long-lived and intangible assets and self-insurance reserves, as well as our ongoing evaluation of Landair's accounting principles for consistency with ours. The assignment of goodwill and intangible assets to our reportable segments has not March 31, 2019 (in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments (868 ) Balance at March 31, 2019 $ 40,730 A summary of other intangible assets as of March 31, 2019 December 31, 2018 (in thousands) March 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (220 ) $ 4,180 180 Non-Compete agreement 1,400 $ (210 ) 1,190 60 Customer relationships 28,200 $ (1,763 ) 26,437 144 Total $ 34,000 $ (2,193 ) $ 31,807 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (147 ) $ 4,253 180 Non-Compete agreement 1,400 $ (140 ) 1,260 60 Customer relationships 28,200 $ (1,175 ) 27,025 144 Total $ 34,000 $ (1,462 ) $ 32,538 The above intangible assets have a weighted average life of 145 five (In thousands) 2019 $ 2,192 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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, 2018 three March 31, 2019 not may December 31, 2018 10 December 31, 2018 not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Accounting Standards adopted In February 2016, 2016 02, 842 840 842 twelve January 1, 2019 In July 2018, 2018 11, 842 no Within Topic 842, 840 842. The adoption of this ASU resulted in the recognition of operating lease assets and liabilities totaling approximately $40.2 $14.6 $25.6
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
Lessee, Leases [Policy Text Block]	Leases At the commencement date of a new lease agreement with contractual terms longer that twelve Right-of-use assets and lease liabilities are initially recorded based on the present value of lease payments over the term of the lease. When the rate implicit in the lease is readily determinable, this rate is used for calculating the present value of remaining lease payments; otherwise, our incremental borrowing rate is used. Right-of-use assets also include prepaid lease expenses and initial direct costs of executing the leases, while they are reduced by landlord incentives. Options to extend or terminate a lease agreement are included in or excluded from the lease term, respectively, when those options are reasonably certain to be exercised. Right-of-use assets are tested for impairment in the same manner as long-lived assets. Right-of-use assets are included in net property and equipment. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the expected useful life or the lease term, and the carrying amount of the lease liability is adjusted to reflect interest expense, which is recorded in interest expense, net. Operating lease right-of-use assets are amortized over the lease term on a straight-line basis, and the lease liability is measured at the present value of the remaining lease payments. Variable lease payments not

Note 2 - Income (Loss) Per Sh_2

Note 2 - Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands except per share data) 2019 2018 Numerator: Net income $ 4,433 $ 4,417 Denominator: Denominator for basic income per share – weighted-average shares 18,381 18,331 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 152 75 Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 18,533 18,406 Net income per share: Basic and diluted income per share $ 0.24 $ 0.24

Note 3 - Segment Information (T

Note 3 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	(in thousands) Three Months Ended March 31, 2019 2018 Total Revenues: Truckload Segment: Expedited $ 62,722 $ 80,762 Dedicated 79,771 40,379 Refrigerated 25,605 33,407 OTR 4,562 - Truckload Revenues 172,660 154,548 Managed Freight Segment: Brokerage 24,307 18,093 Warehouse 8,260 - TMS 8,370 - Shuttle & Switching 3,736 - Factoring 1,848 925 Managed Freight Revenues 46,521 19,018 Total $ 219,181 $ 173,566

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Debt [Table Text Block]	(in thousands) March 31, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 29,626 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at March 31, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from April 2019 to July 2023, secured by related revenue equipment 30,880 145,049 27,809 139,115 Real estate notes; interest rate of 4.2% at March 31, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,059 23,494 1,048 23,763 Deferred loan costs (147 ) (117 ) (147 ) (154 ) Total debt 31,792 198,052 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 6,898 32,223 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 2,300 38,700 - - Total debt and lease obligations $ 40,990 $ 268,975 $ 34,084 $ 201,754

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Lease, Cost [Table Text Block]	(dollars in thousands) Three months ended March 31, 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets 1,411 Interest on lease liabilities 227 Operating lease cost 6,182 Variable lease cost - Total lease cost $ 7,820 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,146 Operating cash flows from operating leases 6,182 Financing cash flows from finance leases 227 Right-of-use assets obtained in exchange for new finance lease liabilities - Right-of-use assets obtained in exchange for new operating lease liabilities 4,146 Weighted-average remaining lease term—finance leases 3.5 years Weighted-average remaining lease term—operating leases 3.6 years Weighted-average discount rate—finance leases 3.0% Weighted-average discount rate—operating leases 4.2%
Lessee, Lease Liability, Maturity [Table Text Block]	(in thousands) Operating Finance 2019 (1) $ 12,521 $ 7,987 2020 12,551 7,966 2021 8,765 8,226 2022 6,567 10,003 2023 631 6,842 Thereafter 2,397 1,330 Total minimum lease payments $ 43,432 $ 42,354 Less: amount representing interest (3,269) (3,233) Present value of minimum lease payments $ 40,163 $ 39,121 Less: current portion (14,622) (6,898) Lease obligations, long-term $ 25,541 $ 32,223

Note 9 - Equity Method Invest_2

Note 9 - Equity Method Investment (Tables)	3 Months Ended
	Mar. 31, 2019
Balance Sheet [Member]
Notes Tables
Equity Method Investments [Table Text Block]	(in thousands) As of March 31, As of December 31, 2019 2018 Current Assets $ 30,635 $ 25,877 Non-current Assets 276,925 273,987 Current Liabilities 15,875 78,530 Non-current Liabilities 241,651 176,389 Total Equity $ 50,034 $ 44,945
Income Statement [Member]
Notes Tables
Equity Method Investments [Table Text Block]	For the three months ended For the three months ended March 31, 2019 March 31, 2018 Revenue $ 27,483 $ 25,141 Operating Expenses 20,000 20,624 Operating Income 7,483 4,517 Net Income $ 5,088 $ 3,017

Note 10 - Other Comprehensive_2

Note 10 - Other Comprehensive Income ("OCI") (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Affected Line Item in the Statement of Operations Gains (losses) on cash flow hedges Interest rate swap contracts $ 15 Interest expense (4 ) Income tax expense $ 11 Net of tax

Note 11 - Goodwill and Other _2

Note 11 - Goodwill and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Tables
Schedule of Goodwill [Table Text Block]	(in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments (868 ) Balance at March 31, 2019 $ 40,730
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(in thousands) March 31, 2019 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (220 ) $ 4,180 180 Non-Compete agreement 1,400 $ (210 ) 1,190 60 Customer relationships 28,200 $ (1,763 ) 26,437 144 Total $ 34,000 $ (2,193 ) $ 31,807 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Life (months) Trade name $ 4,400 $ (147 ) $ 4,253 180 Non-Compete agreement 1,400 $ (140 ) 1,260 60 Customer relationships 28,200 $ (1,175 ) 27,025 144 Total $ 34,000 $ (1,462 ) $ 32,538
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(In thousands) 2019 $ 2,192 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063

Note 1 - Significant Accounti_2

Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 39,100
Operating Lease, Liability, Current	14,622
Operating Lease, Liability, Noncurrent	25,541
Operating Lease, Liability, Total	$ 40,163
Tractors [Member]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Salvage Value, Percentage	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%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 40,200
Operating Lease, Liability, Current		14,600
Operating Lease, Liability, Noncurrent		25,600
Operating Lease, Liability, Total		$ 41,000

Note 2 - Income (Loss) Per Sh_3

Note 2 - Income (Loss) Per Share (Details Textual) shares in Thousands	3 Months Ended
	Mar. 31, 2019shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance	0

Note 2 - Income (Loss) Per Sh_4

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
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income	$ 4,433	$ 4,417
Denominator:
Denominator for basic income per share – weighted-average shares (in shares)	18,381	18,331
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares (in shares)	152	75
Diluted weighted average shares outstanding (in shares)	18,533	18,406
Income per share:
Basic and diluted income per share (in dollars per share)	$ 0.24	$ 0.24

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual)	3 Months Ended
	Mar. 31, 2019
Number of Reportable Segments	2
Number of Asset-based Operating Fleets Aggregated in a Segment	4

Note 3 - Segment Information -

Note 3 - Segment Information - Segment by Operating Fleet Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Total revenue	$ 219,181	$ 173,566
Truckload [Member]
Total revenue	172,660	154,548
Truckload [Member] | Expedited [Member]
Total revenue	62,722	80,762
Truckload [Member] | Dedicated [Member]
Total revenue	79,771	40,379
Truckload [Member] | Refrigerated [Member]
Total revenue	25,605	33,407
Truckload [Member] | Over the Road [Member]
Total revenue	4,562
Managed Freight [Member]
Total revenue	46,521	19,018
Managed Freight [Member] | Brokerage [Member]
Total revenue	24,307	18,093
Managed Freight [Member] | Warehouse [Member]
Total revenue	8,260
Managed Freight [Member] | Transportation Management Services [Member]
Total revenue	8,370
Managed Freight [Member] | Shuttle and Switching [Member]
Total revenue	3,736
Managed Freight [Member] | Factoring [Member]
Total revenue	$ 1,848	$ 925

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Income Tax Expense (Benefit), Total	$ 1,582	$ 1,538
Deferred Tax Liabilities, Net, Total	78,400
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member] | State and Local Jurisdiction [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 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Aug. 31, 2015
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%
Long-term Line of Credit, Total	$ 29,600
Letters of Credit Outstanding, Amount	33,400	$ 36,300
Line of Credit Facility, Remaining Borrowing Capacity	32,000
Fixed Charge Coverage Requirement	0
Debt, Secured with a Cross Default Feature	$ 146,300
Interest Rate Swap [Member]
Derivative, Fixed Interest Rate			4.20%
Variable Rate Note [Member]
Debt Instrument, Face Amount			$ 28,000
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
Swing Line Sub Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000
Percent of Aggregate Commitments under Credit Facility	10.00%
Revolving Credit Facility [Member] | Base Rate Loans [Member]
Long-term Line of Credit, Total	$ 29,600
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Revolving Credit Facility [Member] | LIBOR Loans [Member]
Long-term Line of Credit, Total	$ 0

Note 5 - Debt - Current and Lon

Note 5 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Borrowings under Credit Facility, current
Borrowings under Credit Facility, noncurrent	29,626	3,911
Debt, current	31,792	28,710
Debt, noncurrent	198,052	166,635
Deferred loan costs, current	(147)	(147)
Deferred loan costs, noncurrent	(117)	(154)
Principal portion of finance lease obligations, secured by related revenue equipment, current	6,898	5,374
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent	32,223	35,119
Principal portion of operating lease obligations, secured by related revenue equipment, current	14,622
Principal portion of operating lease obligations, secured by related revenue equipment, noncurrent	25,541
Total debt and lease obligations, current	40,990	34,084
Total debt and lease obligations, noncurrent	268,975	201,754
Revenue Equipment Installment Notes [Member]
Debt, current	30,880	27,809
Debt, noncurrent	145,049	139,115
Real Estate Note [Member]
Debt, current	1,059	1,048
Debt, noncurrent	$ 23,494	$ 23,763

Note 5 - Debt - Current and L_2

Note 5 - Debt - Current and Long-term Debt (Details) (Parentheticals)	Mar. 31, 2019	Dec. 31, 2018
Revenue Equipment Installment Notes [Member]
Interest rate	3.80%	3.70%
Real Estate Note [Member]
Interest rate	4.20%	4.20%

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	50,960
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	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
Share-based Payment Arrangement, Expense	$ 1,300	$ 800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0
Payment, Tax Withholding, Share-based Payment Arrangement	$ 668	$ 18
Common Class A [Member]
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	29,390
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 22.71

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies Liabilities (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Letters of Credit Outstanding, Amount	$ 33,400	$ 36,300

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) $ in Millions	Mar. 31, 2019USD ($)
Operating Lease, Right-of-Use Asset	$ 39.1
Finance Lease, Right-of-Use Asset	$ 55.4

Note 8 - Leases - Lease Obligat

Note 8 - Leases - Lease Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Amortization of right-of-use assets	$ 1,411
Interest on lease liabilities	227
Operating lease cost	6,182
Variable lease cost
Total lease cost	7,820
Operating cash flows from finance leases	1,146
Operating cash flows from operating leases	6,182
Financing cash flows from finance leases	227
Right-of-use assets obtained in exchange for new finance lease liabilities
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,146
Weighted-average remaining lease term—finance leases (Year)	3 years 182 days
Weighted-average remaining lease term—operating leases (Year)	3 years 219 days
Weighted-average discount rate—finance leases	3.00%
Weighted-average discount rate—operating leases	4.20%

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
2019 (1), Operating	[1]	$ 12,521
2019 (1), Finance	[1]	7,987
2020, Operating		12,551
2020, Finance		7,966
2021, Operating		8,765
2021, Finance		8,226
2022, Operating		6,567
2022, Finance		10,003
2023, Operating		631
2023, Finance		6,842
Thereafter, Operating		2,397
Thereafter, Finance		1,330
Total minimum lease payments, Operating		43,432
Total minimum lease payments, Finance		42,354
Less: amount representing interest, Operating		(3,269)
Less: amount representing interest, Finance		(3,233)
Present value of minimum lease payments, Operating		40,163
Present value of minimum lease payments, Finance		39,121
Less: current portion, Operating		(14,622)
Less: current portion, Finance		(6,898)	(5,374)
Lease obligations, long-term, Operating		25,541
Lease obligations, long-term, Finance		$ 32,223	$ 35,119
[1]	Excludes the three months ended March 31, 2019

Note 9 - Equity Method Invest_3

Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 4,431	$ 18,429
Income (Loss) from Equity Method Investments, Total	3,035	1,490
Transport Enterprise Leasing LLC [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	100
Revenue from Related Parties	2,400	2,100
Deferred Gain on Sale of Property	$ 100	$ 200
Equity Method Investment, Ownership Percentage	49.00%	49.00%
Due from Related Parties, Total	$ 5,600		$ 7,200
Income (Loss) from Equity Method Investments, Total	3,000
Equity Method Investments	29,100		$ 26,100
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member]
Deferred Gain on Sale of Property	$ 200

Note 9 - Equity Method Invest_4

Note 9 - Equity Method Investment - TEL's Summarized Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current Assets	$ 30,635	$ 25,877
Non-current Assets	276,925	273,987
Current Liabilities	15,875	78,530
Non-current Liabilities	241,651	176,389
Total Equity	$ 50,034	$ 44,945

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
	Mar. 31, 2019	Mar. 31, 2018
Revenue	$ 27,483	$ 25,141
Operating Expenses	20,000	20,624
Operating Income	7,483	4,517
Net Income	$ 5,088	$ 3,017

Note 10 - Other Comprehensive_3

Note 10 - Other Comprehensive Income ("OCI") - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	$ (4)	$ (38)
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	11	$ 99
Reclassification out of Accumulated Other Comprehensive Income [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before tax	15
Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, net of tax	11
Reclassification out of Accumulated Other Comprehensive Income [Member] | Commodity Contract [Member] | Income Tax Expense [Member]
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, tax	$ (4)

Note 11 - Goodwill and Other _3

Note 11 - Goodwill and Other Assets (Details Textual)	Mar. 31, 2019	Jul. 03, 2018
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	5
Landair Holdings Inc [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%

Note 11 - Goodwill and Other _4

Note 11 - Goodwill and Other Assets - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Balance	$ 41,598
Post-acquisition goodwill adjustments	(868)
Balance	$ 40,730

Note 11 - Goodwill and Other _5

Note 11 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Gross	$ 34,000	$ 34,000
Finite-Lived Intangible Assets, Accumulated Amortization	(2,193)	(1,462)
Finite-Lived Intangible Assets, Net	31,807	32,538
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	4,400	4,400
Finite-Lived Intangible Assets, Accumulated Amortization	(220)	(147)
Finite-Lived Intangible Assets, Net	$ 4,180	$ 4,253
Finite-Lived Intangible Asset, Useful Life (Month)	15 years	180 years
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Gross	$ 1,400	$ 1,400
Finite-Lived Intangible Assets, Accumulated Amortization	(210)	(140)
Finite-Lived Intangible Assets, Net	$ 1,190	$ 1,260
Finite-Lived Intangible Asset, Useful Life (Month)	5 years	60 years
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 28,200	$ 28,200
Finite-Lived Intangible Assets, Accumulated Amortization	(1,763)	(1,175)
Finite-Lived Intangible Assets, Net	$ 26,437	$ 27,025
Finite-Lived Intangible Asset, Useful Life (Month)	12 years	144 years

Note 11 - Goodwill and Other _6

Note 11 - Goodwill and Other Assets - Expected Future Amortization (Details) $ in Thousands	Mar. 31, 2019USD ($)
2019	$ 2,192
2020	2,923
2021	2,923
2022	2,923
2023	2,783
Thereafter	$ 18,063