Covenant Logistics (CVLG) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 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	true
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	$0.01 Par Value Class A common stock
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)		16,111,902

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 39,795	$ 23,127
Accounts receivable, net of allowance of $1,889 in 2019 and $1,985 in 2018	167,440	151,093
Drivers' advances and other receivables, net of allowance of $678 in 2019 and $626 in 2018	11,415	16,675
Inventory and supplies	4,178	4,067
Prepaid expenses	12,882	11,579
Assets held for sale	6,930	2,559
Income taxes receivable	2,400	1,109
Other short-term assets	1,028	1,435
Total current assets	246,068	211,644
Property and equipment, at cost	748,291	638,770
Less: accumulated depreciation and amortization	(207,606)	(188,175)
Net property and equipment	540,685	450,595
Goodwill	42,518	41,598
Other intangibles, net	30,346	32,538
Other assets, net	41,990	37,149
Total assets	901,607	773,524
Current liabilities:
Checks outstanding in excess of bank balances	1,193	1,857
Accounts payable	26,762	22,101
Accrued expenses	30,344	49,503
Current maturities of long-term debt	47,810	28,710
Current portion of finance lease obligations	7,164	5,374
Current portion of operating lease obligations	17,875
Current portion of insurance and claims accrual	21,692	19,787
Total current liabilities	152,840	127,332
Long-term debt	229,716	166,635
Long-term portion of finance lease obligations	29,097	35,119
Long-term portion of operating lease obligations	36,916
Insurance and claims accrual	19,996	22,193
Deferred income taxes	81,439	77,467
Other long-term liabilities	3,169	1,636
Total liabilities	553,173	430,382
Commitments and contingent liabilities
Stockholders' equity:
Additional paid-in-capital	141,840	142,177
Accumulated other comprehensive (loss) income	(1,483)	204
Retained earnings	207,881	200,566
Total stockholders' equity	348,434	343,142
Total liabilities and stockholders' equity	901,607	773,524
Common Class A [Member]
Stockholders' equity:
Common stock	172	171
Common Class B [Member]
Stockholders' equity:
Common stock	$ 24	$ 24

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts receivable allowance	$ 1,889	$ 1,985
Driver's advances and other receivables, allowance	$ 678	$ 626
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	20,000,000
Common stock, shares issued (in shares)	16,111,902	16,015,708
Common stock, shares outstanding (in shares)	16,111,902	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Revenue	$ 222,914	$ 243,303	$ 661,393	$ 613,187
Operating expenses:
Salaries, wages, and related expenses	84,093	86,249	239,376	211,621
Fuel expense	28,812	33,428	85,859	89,817
Operations and maintenance	14,742	16,457	44,814	40,783
Revenue equipment rentals and purchased transportation	50,428	47,445	146,267	115,525
Operating taxes and licenses	3,170	3,377	9,719	8,649
Insurance and claims	14,051	12,675	35,758	31,269
Communications and utilities	1,791	1,810	5,269	5,216
General supplies and expenses	7,685	6,391	21,701	16,833
Depreciation and amortization, including gains and losses on disposition of property and equipment	20,073	19,290	60,291	56,803
Total operating expenses	224,845	227,122	649,054	576,516
Operating (loss) income	(1,931)	16,181	12,339	36,671
Interest expense, net	2,992	2,460	8,121	6,360
Income from equity method investment	(2,138)	(2,142)	(7,548)	(5,407)
(Loss) income before income taxes	(2,785)	15,863	11,766	35,718
Income tax expense	404	4,249	4,451	9,716
Net (loss) income	$ (3,189)	$ 11,614	$ 7,315	$ 26,002
Net (loss) income per share:
Basic net (loss) income per share (in dollars per share)	$ (0.17)	$ 0.63	$ 0.40	$ 1.42
Diluted net (loss) income per share (in dollars per share)	$ (0.17)	$ 0.63	$ 0.39	$ 1.41
Basic weighted average shares outstanding (in shares)	18,458	18,343	18,426	18,337
Diluted weighted average shares outstanding (in shares)	18,719	18,497	18,620	18,448
Cargo and Freight [Member]
Revenues
Revenue	$ 199,832	$ 214,623	$ 590,511	$ 535,721
Fuel Surcharge [Member]
Revenues
Revenue	$ 23,082	$ 28,680	$ 70,882	$ 77,466

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net (loss) income	$ (3,189)	$ 11,614	$ 7,315	$ 26,002
Other comprehensive (loss) income:
Unrealized (loss) gain on effective portion of cash flow hedges, net of tax of $226 and $652 in 2019 and $133 and $782 in 2018, respectively	(596)	352	(1,720)	2,065
Reclassification of cash flow hedge loss (gain) into statement of operations, net of tax of $2 and $5 in 2019 and $155 and $330 in 2018, respectively	5	(406)	(14)	(868)
Unrealized holding gain (loss) on investments classified as available-for-sale	26	(3)	47	(3)
Total other comprehensive (loss) income	(565)	(57)	(1,687)	1,194
Comprehensive (loss) income	$ (3,754)	$ 11,557	$ 5,628	$ 27,196

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Unrealized (loss) gain on effective portion of cash flow hedges, tax	$ 226	$ 133	$ 652	$ 782
Reclassification of cash flow hedge loss (gain) into statement of operations, tax	$ 2	$ 155	$ 5	$ 330

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]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 171	$ 24	$ 137,242	$ 293	$ 157,471	$ 295,201
Net (loss) income					4,417	4,417
Other comprehensive income (loss)				671		671
Stock-based employee compensation expense			826			826
Issuance of restricted shares, net			(18)			(18)
Effect of adoption of ASU 2014-09					591	591
Balance at Mar. 31, 2018	171	24	138,050	964	162,479	301,688
Balance at Dec. 31, 2017	171	24	137,242	293	157,471	295,201
Net (loss) income						26,002
Other comprehensive income (loss)						1,194
Balance at Sep. 30, 2018	171	24	140,404	1,487	184,064	326,150
Balance at Mar. 31, 2018	171	24	138,050	964	162,479	301,688
Net (loss) income					9,971	9,971
Other comprehensive income (loss)				580		580
Issuance of restricted shares, net			375			375
Stock-based employee compensation expense reversal			937			937
Balance at Jun. 30, 2018	171	24	139,362	1,544	172,450	313,551
Net (loss) income					11,614	11,614
Other comprehensive income (loss)				(57)		(57)
Issuance of restricted shares, net			(63)			(63)
Stock-based employee compensation expense reversal			1,105			1,105
Balance at Sep. 30, 2018	171	24	140,404	1,487	184,064	326,150
Balance at Dec. 31, 2018	171	24	142,177	204	200,566	343,142
Net (loss) income					4,433	4,433
Other comprehensive income (loss)				(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
Balance at Dec. 31, 2018	171	24	142,177	204	200,566	343,142
Net (loss) income						7,315
Other comprehensive income (loss)						(1,687)
Balance at Sep. 30, 2019	172	24	141,840	(1,483)	207,881	348,434
Balance at Mar. 31, 2019	172	24	142,770	(228)	204,999	347,737
Net (loss) income					6,071	6,071
Other comprehensive income (loss)				(690)		(690)
Issuance of restricted shares, net
Stock-based employee compensation expense reversal			(1,433)			(1,433)
Balance at Jun. 30, 2019	172	24	141,337	(918)	211,070	351,685
Net (loss) income					(3,189)	(3,189)
Other comprehensive income (loss)				(565)		(565)
Stock-based employee compensation expense			597			597
Issuance of restricted shares, net			(94)			(94)
Balance at Sep. 30, 2019	$ 172	$ 24	$ 141,840	$ (1,483)	$ 207,881	$ 348,434

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 7,315	$ 26,002
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for accounts receivable	13	168
Reversal of gain on sales to equity method investee	(7)	(185)
Depreciation and amortization	61,250	56,370
Amortization of deferred financing fees	110	111
Deferred income tax expense	4,632	9,172
Income tax benefit arising from restricted share vesting and stock options exercised	4	19
Stock-based compensation expense	426	3,243
Income from equity method investment	(7,548)	(5,407)
Return on investment in affiliated company	1,225
(Gain) loss on disposition of property and equipment	(2,137)	433
Return on investment in available-for-sale securities	(4)	(6)
Changes in operating assets and liabilities:
Receivables and advances	(9,098)	(4,717)
Prepaid expenses and other assets	(977)	(2,763)
Inventory and supplies	(111)	(102)
Insurance and claims accrual	539	1,553
Operating lease right-of-use asset amortization/accretion	333
Accounts payable and accrued expenses	(16,162)	17,723
Net cash flows provided by operating activities	39,803	101,614
Cash flows from investing activities:
Acquisition of Landair Holdings, Inc., net of cash acquired		(106,060)
Purchase of available-for-sale securities	(1,380)	(1,496)
Acquisition of property and equipment	(129,403)	(44,528)
Proceeds from disposition of property and equipment	31,235	49,302
Net cash flows used by investing activities	(99,548)	(102,782)
Cash flows from financing activities:
Change in checks outstanding in excess of bank balances	(664)	605
Proceeds from issuance of notes payable	102,796	83,746
Repayments of notes payable	(30,538)	(73,376)
Repayments of finance lease obligations	(4,232)	(2,608)
Proceeds under revolving credit facility	1,257,755	1,153,310
Repayments under revolving credit facility	(1,247,942)	(1,156,162)
Payment of minimum tax withholdings on stock compensation	(762)	(81)
Debt refinancing costs		(10)
Net cash flows provided by financing activities	76,413	5,424
Net change in cash and cash equivalents	16,668	4,256
Cash and cash equivalents at beginning of period	23,127	15,356
Cash and cash equivalents at end of period	$ 39,795	$ 19,612

Note 1 - Significant Accounting

Note 1 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2019 not may December 31, 2019. 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 initial recognition of operating lease assets of $40.1 $41.0 $15.3 $25.7 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 than 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, which 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 - (Loss) Income Per Shar

Note 2 - (Loss) Income Per Share	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. (Loss) Income Per Share Basic (loss) 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 (loss) 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 approximately 261,000 three nine September 30, 2019 no September 30, 2019 The following table sets forth, for the periods indicated, the calculation of net (loss) income per share included in the condensed consolidated statements of operations: (in thousands except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net (loss) income $ (3,189 ) $ 11,614 $ 7,315 $ 26,002 Denominator: Denominator for basic (loss) income per share – weighted-average shares 18,458 18,343 18,426 18,337 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 261 154 194 111 Denominator for diluted (loss) income per share adjusted weighted-average shares and assumed conversions 18,719 18,497 18,620 18,448 Net (loss) income per share: Basic net (loss) income per share $ (0.17 ) $ 0.63 $ 0.40 $ 1.42 Diluted net (loss) income per share $ (0.17 ) $ 0.63 $ 0.39 $ 1.41

Note 3 - Segment Information

Note 3 - Segment Information	9 Months Ended
	Sep. 30, 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. These service offerings are aggregated due to similar margins and customers. Also included within Managed Freight are our warehousing and accounts receivable factoring 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 nine September 30, 2019 2018 (in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Revenues: Truckload Segment: Expedited $ 68,306 $ 84,202 $ 197,557 $ 250,553 Dedicated 82,692 74,493 243,436 164,966 Refrigerated 19,368 33,672 68,107 102,107 OTR 4,592 4,686 13,926 4,686 Truckload Revenues 174,958 197,053 523,026 522,312 Managed Freight Segment: Brokerage 24,016 26,159 68,601 68,741 TMS 9,323 6,991 27,124 6,991 Shuttle & Switching 3,693 3,451 10,990 3,451 Warehouse 8,469 8,258 25,091 8,258 Factoring 2,455 1,391 6,561 3,434 Managed Freight Revenues 47,956 46,250 138,367 90,875 Total $ 222,914 $ 243,303 $ 661,393 $ 613,187

Note 4 - Income Taxes

Note 4 - Income Taxes	9 Months Ended
	Sep. 30, 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 September 30, 2019 decreased $0.8 December 31, 2018 The net deferred tax liability of $81.4 not may September 30, 2019 $0.1 may

Note 5 - Debt and Lease Obligat

Note 5 - Debt and Lease Obligations	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5. Debt and Lease Obligations Current and long-term debt and lease obligations consisted of the following at September 30, 2019 December 31, 2018 (in thousands) September 30, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 13,724 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at September 30, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from October 2019 to July 2023, secured by related revenue equipment 46,876 193,089 27,809 139,115 Real estate notes; interest rate of 3.8% at September 30, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,081 22,947 1,048 23,763 Deferred loan costs (147 ) (44 ) (147 ) (154 ) Total debt 47,810 229,716 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 7,164 29,097 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 17,875 36,916 - - Total debt and lease obligations $ 72,849 $ 295,729 $ 34,084 $ 201,754 We and substantially all of our subsidiaries are parties to 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% $13.7 September 30, 2019 $35.2 $46.0 September 30, 2019 5.8% $13.7 no September 30, 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 October 2019 to July 2023 . not $212.5 2020, In August 2015, $28.0 third 4.2%.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 6. Stock -Based Compensation Our 2006 May 8, 2019, 750,000 162 2017 March 31, 2029, 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. As of September 30, 2019 439,370 2,300,000 No may 200,000 No may March 31, 2023. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is the recognition of approximately $0.6 $1.1 three September 30, 2019 2018 less than $0.1 $2.9 nine September 30, 2019 2018 2019 2018 no $0.4 three nine September 30, 2019 2018 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, 2019 35,735 $21.33 2019 $0.8

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. Our subsidiary Covenant Transport, Inc. (“Covenant Transport”) is a defendant in a lawsuit filed on November 9, 2018, October 31, 2014 not no September 30, 2019. Also, in February, 2019, August 1, 2019, not no September 30, 2019. 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 $35.2 $36.3 September 30, 2019 December 31, 2018

Note 8 - Leases

Note 8 - Leases	9 Months Ended
	Sep. 30, 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 September 30, 2019 (dollars in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Finance lease cost: Amortization of right-of-use assets $ 1,406 $ 4,225 Interest on lease liabilities 210 644 Operating lease cost 6,167 17,824 Total lease cost $ 7,783 $ 22,693 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,146 3,589 Operating cash flows from operating leases 6,167 17,824 Financing cash flows from finance leases 210 644 Right-of-use assets obtained in exchange for new operating lease liabilities 20,096 26,421 Weighted-average remaining lease term—finance leases 3.0 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.0 % Right-of-use assets of $53.4 $35.3 Our future minimum lease payments as of September 30, 2019 (in thousands) Operating Finance 2019 (1) $ 5,381 $ 8,151 2020 19,075 8,074 2021 15,281 9,960 2022 13,050 11,245 2023 4,835 362 Thereafter 2,431 1,119 Total minimum lease payments $ 60,053 $ 38,911 Less: amount representing interest (5,260 ) (2,650 ) Present value of minimum lease payments $ 54,793 $ 36,261 Less: current portion (17,875 ) (7,164 ) Lease obligations, long-term $ 36,918 $ 29,097 ( 1 nine September 30, 2019

Note 9 - Equity Method Investme

Note 9 - Equity Method Investment	9 Months Ended
	Sep. 30, 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 $0.1 nine September 30, 2019 2018 $7.1 $5.9 less than $0.1 $0.2 nine September 30, 2019 2018 49% third $0.2 September 30, 2019 September 30, 2019 December 31, 2018 $1.2 $5.1 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 September 30, 2019 $7.5 $1.2 nine September 30, 2019 none 2018 $32.4 $26.1 September 30, 2019 December 31, 2018 See TEL's summarized financial information below: (in thousands) As of September 30, As of December 31, 2019 2018 Total Assets $ 388,116 $ 299,864 Total Liabilities 331,219 254,919 Total Equity $ 56,897 $ 44,945 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 30,709 $ 25,437 $ 82,683 $ 74,152 Cost of Sales 6,302 6,568 17,213 23,738 Operating Expenses 16,634 12,493 42,775 34,322 Operating Income 7,773 6,376 22,695 16,092 Net Income $ 4,585 $ 4,369 $ 14,452 $ 10,850

Note 10 - Goodwill and Other As

Note 10 - Goodwill and Other Assets	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 10. Goodwill and Other Assets On July 3, 2018, 100% The allocation of the purchase price has been 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 was completed as of June 30, 2019. (in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments 920 Balance at September 30, 2019 $ 42,518 A summary of other intangible assets as of September 30, 2019 December 31, 2018 (in thousands) September 30, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (367 ) $ 4,033 165 Non-Compete agreement 1,400 (350 ) 1,050 45 Customer relationships 28,200 (2,937 ) 25,263 129 Total $ 34,000 $ (3,654 ) $ 30,346 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 (140 ) 1,260 54 Customer relationships 28,200 (1,175 ) 27,025 138 Total $ 34,000 $ (1,462 ) $ 32,538 The above intangible assets have a weighted average remaining life of 131 September 30, 2019 five (in thousands) 2019 $ 731 2020 2,923 2021 2,923 2022 2,923 2023 2,783 Thereafter 18,063

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2019 not may December 31, 2019. 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 initial recognition of operating lease assets of $40.1 $41.0 $15.3 $25.7
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 than 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, which 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 - (Loss) Income Per Sh_2

Note 2 - (Loss) Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Numerator: Net (loss) income $ (3,189 ) $ 11,614 $ 7,315 $ 26,002 Denominator: Denominator for basic (loss) income per share – weighted-average shares 18,458 18,343 18,426 18,337 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 261 154 194 111 Denominator for diluted (loss) income per share adjusted weighted-average shares and assumed conversions 18,719 18,497 18,620 18,448 Net (loss) income per share: Basic net (loss) income per share $ (0.17 ) $ 0.63 $ 0.40 $ 1.42 Diluted net (loss) income per share $ (0.17 ) $ 0.63 $ 0.39 $ 1.41

Note 3 - Segment Information (T

Note 3 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	(in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Total Revenues: Truckload Segment: Expedited $ 68,306 $ 84,202 $ 197,557 $ 250,553 Dedicated 82,692 74,493 243,436 164,966 Refrigerated 19,368 33,672 68,107 102,107 OTR 4,592 4,686 13,926 4,686 Truckload Revenues 174,958 197,053 523,026 522,312 Managed Freight Segment: Brokerage 24,016 26,159 68,601 68,741 TMS 9,323 6,991 27,124 6,991 Shuttle & Switching 3,693 3,451 10,990 3,451 Warehouse 8,469 8,258 25,091 8,258 Factoring 2,455 1,391 6,561 3,434 Managed Freight Revenues 47,956 46,250 138,367 90,875 Total $ 222,914 $ 243,303 $ 661,393 $ 613,187

Note 5 - Debt and Lease Oblig_2

Note 5 - Debt and Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Debt [Table Text Block]	(in thousands) September 30, 2019 December 31, 2018 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ 13,724 $ - $ 3,911 Revenue equipment installment notes; weighted average interest rate of 3.8% at September 30, 2019, and 3.7% at December 31, 2018, due in monthly installments with final maturities at various dates ranging from October 2019 to July 2023, secured by related revenue equipment 46,876 193,089 27,809 139,115 Real estate notes; interest rate of 3.8% at September 30, 2019 and 4.1% at December 31, 2018 due in monthly installments with a fixed maturity at August 2035, secured by related real estate 1,081 22,947 1,048 23,763 Deferred loan costs (147 ) (44 ) (147 ) (154 ) Total debt 47,810 229,716 28,710 166,635 Principal portion of finance lease obligations, secured by related revenue equipment 7,164 29,097 5,374 35,119 Principal portion of operating lease obligations, secured by related revenue equipment 17,875 36,916 - - Total debt and lease obligations $ 72,849 $ 295,729 $ 34,084 $ 201,754

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	(dollars in thousands) Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Finance lease cost: Amortization of right-of-use assets $ 1,406 $ 4,225 Interest on lease liabilities 210 644 Operating lease cost 6,167 17,824 Total lease cost $ 7,783 $ 22,693 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 1,146 3,589 Operating cash flows from operating leases 6,167 17,824 Financing cash flows from finance leases 210 644 Right-of-use assets obtained in exchange for new operating lease liabilities 20,096 26,421 Weighted-average remaining lease term—finance leases 3.0 years Weighted-average remaining lease term—operating leases 3.5 years Weighted-average discount rate—finance leases 3.0 % Weighted-average discount rate—operating leases 5.0 %
Lessee, Lease Liability, Maturity [Table Text Block]	(in thousands) Operating Finance 2019 (1) $ 5,381 $ 8,151 2020 19,075 8,074 2021 15,281 9,960 2022 13,050 11,245 2023 4,835 362 Thereafter 2,431 1,119 Total minimum lease payments $ 60,053 $ 38,911 Less: amount representing interest (5,260 ) (2,650 ) Present value of minimum lease payments $ 54,793 $ 36,261 Less: current portion (17,875 ) (7,164 ) Lease obligations, long-term $ 36,918 $ 29,097

Note 9 - Equity Method Invest_2

Note 9 - Equity Method Investment (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Equity Method Investments, Balance Sheet [Table Text Block]	(in thousands) As of September 30, As of December 31, 2019 2018 Total Assets $ 388,116 $ 299,864 Total Liabilities 331,219 254,919 Total Equity $ 56,897 $ 44,945
Equity Method Investments [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Revenue $ 30,709 $ 25,437 $ 82,683 $ 74,152 Cost of Sales 6,302 6,568 17,213 23,738 Operating Expenses 16,634 12,493 42,775 34,322 Operating Income 7,773 6,376 22,695 16,092 Net Income $ 4,585 $ 4,369 $ 14,452 $ 10,850

Note 10 - Goodwill and Other _2

Note 10 - Goodwill and Other Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Goodwill [Table Text Block]	(in thousands) Balance at December 31, 2018 $ 41,598 Post-acquisition goodwill adjustments 920 Balance at September 30, 2019 $ 42,518
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(in thousands) September 30, 2019 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (367 ) $ 4,033 165 Non-Compete agreement 1,400 (350 ) 1,050 45 Customer relationships 28,200 (2,937 ) 25,263 129 Total $ 34,000 $ (3,654 ) $ 30,346 December 31, 2018 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name $ 4,400 $ (147 ) $ 4,253 174 Non-Compete agreement 1,400 (140 ) 1,260 54 Customer relationships 28,200 (1,175 ) 27,025 138 Total $ 34,000 $ (1,462 ) $ 32,538
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	(in thousands) 2019 $ 731 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	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Right-of-Use Asset	$ 53,400
Operating Lease, Liability, Total	54,793
Operating Lease, Liability, Current	17,875
Operating Lease, Liability, Noncurrent	$ 36,916
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		$ 40,100
Operating Lease, Liability, Total		41,000
Operating Lease, Liability, Current		15,300
Operating Lease, Liability, Noncurrent		$ 25,700

Note 2 - (Loss) Income Per Sh_3

Note 2 - (Loss) Income Per Share (Details Textual) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	261,000	0
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance	0	0	0

Note 2 - (Loss) Income Per Sh_4

Note 2 - (Loss) 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, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net (loss) income	$ (3,189)	$ 6,071	$ 4,433	$ 11,614	$ 9,971	$ 4,417	$ 7,315	$ 26,002
Denominator:
Denominator for basic (loss) income per share – weighted-average shares (in shares)	18,458			18,343			18,426	18,337
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted shares (in shares)	261			154			194	111
Diluted weighted average shares outstanding (in shares)	18,719			18,497			18,620	18,448
Net (loss) income per share:
Basic net (loss) income per share (in dollars per share)	$ (0.17)			$ 0.63			$ 0.40	$ 1.42
Diluted net (loss) income per share (in dollars per share)	$ (0.17)			$ 0.63			$ 0.39	$ 1.41

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 222,914	$ 243,303	$ 661,393	$ 613,187
Truckload [Member]
Revenue	174,958	197,053	523,026	522,312
Truckload [Member] | Expedited [Member]
Revenue	68,306	84,202	197,557	250,553
Truckload [Member] | Dedicated [Member]
Revenue	82,692	74,493	243,436	164,966
Truckload [Member] | Refrigerated [Member]
Revenue	19,368	33,672	68,107	102,107
Truckload [Member] | Over the Road [Member]
Revenue	4,592	4,686	13,926	4,686
Managed Freight [Member]
Revenue	47,956	46,250	138,367	90,875
Managed Freight [Member] | Brokerage [Member]
Revenue	24,016	26,159	68,601	68,741
Managed Freight [Member] | Transportation Management Services [Member]
Revenue	9,323	6,991	27,124	6,991
Managed Freight [Member] | Shuttle and Switching [Member]
Revenue	3,693	3,451	10,990	3,451
Managed Freight [Member] | Warehouse [Member]
Revenue	8,469	8,258	25,091	8,258
Managed Freight [Member] | Factoring [Member]
Revenue	$ 2,455	$ 1,391	$ 6,561	$ 3,434

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Unrecognized Tax Benefits, Period Increase (Decrease), Total	$ 0.8
Deferred Tax Liabilities, Net, Total	81.4
Deferred Tax Assets Related to State Net Operating Loss Carry Forwards [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 0.1

Note 5 - Debt and Lease Oblig_3

Note 5 - Debt and Lease Obligations (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	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	$ 13,700
Letters of Credit Outstanding, Amount	35,200		$ 36,300
Line of Credit Facility, Remaining Borrowing Capacity	46,000
Fixed Charge Coverage Requirement	0	$ 0
Debt, Secured with a Cross Default Feature	$ 212,500
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		$ 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	$ 13,700
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Revolving Credit Facility [Member] | LIBOR Loans [Member]
Long-term Line of Credit, Total	$ 0

Note 5 - Debt and Lease Oblig_4

Note 5 - Debt and Lease Obligations - Current and Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Borrowings under Credit Facility, current
Borrowings under Credit Facility, noncurrent	13,724	3,911
Debt, current	47,810	28,710
Debt, noncurrent	229,716	166,635
Deferred loan costs, current	(147)	(147)
Deferred loan costs, noncurrent	(44)	(154)
Principal portion of finance lease obligations, secured by related revenue equipment, current	7,164	5,374
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent	29,097	35,119
Operating Lease, Liability, Current	17,875
Operating Lease, Liability, Noncurrent	36,916
Total debt and lease obligations, current	72,849	34,084
Total debt and lease obligations, noncurrent	295,729	201,754
Revenue Equipment Installment Notes [Member]
Debt, current	46,876	27,809
Debt, noncurrent	193,089	139,115
Real Estate Note [Member]
Debt, current	1,081	1,048
Debt, noncurrent	$ 22,947	$ 23,763

Note 5 - Debt and Lease Oblig_5

Note 5 - Debt and Lease Obligations - Current and Long-term Debt (Details) (Parentheticals)	Sep. 30, 2019	Dec. 31, 2018
Revenue Equipment Installment Notes [Member]
Interest rate	3.80%	3.70%
Real Estate Note [Member]
Interest rate	3.80%	4.10%

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	May 08, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		439,370		439,370
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		2,300,000		2,300,000
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year		200,000		200,000
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding, Ending Balance		0		0		0
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation				35,735
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased		$ 21.33		$ 21.33
Payment, Tax Withholding, Share-based Payment Arrangement				$ 762	$ 81
Salaries Wages And Related Expenses [Member]
Share-based Payment Arrangement, Expense		$ 600	$ 1,100	100	2,900
General Supplies and Expenses [Member]
Share-based Payment Arrangement, Expense		$ 400	$ 400	$ 400	$ 400

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Letters of Credit Outstanding, Amount	$ 35,200	$ 36,300

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) $ in Millions	Sep. 30, 2019USD ($)
Operating Lease, Right-of-Use Asset	$ 53.4
Finance Lease, Right-of-Use Asset	$ 35.3

Note 8 - Leases - Lease Obligat

Note 8 - Leases - Lease Obligations (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Amortization of right-of-use assets	$ 1,406	$ 4,225
Interest on lease liabilities	210	644
Operating lease cost	6,167	17,824
Total lease cost	7,783	22,693
Operating cash flows from finance leases	1,146	3,589
Operating cash flows from operating leases	6,167	17,824
Financing cash flows from finance leases	210	644
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 20,096	$ 26,421
Weighted-average remaining lease term—finance leases (Year)	3 years	3 years
Weighted-average remaining lease term—operating leases (Year)	3 years 182 days	3 years 182 days
Weighted-average discount rate—finance leases	3.00%	3.00%
Weighted-average discount rate—operating leases	5.00%	5.00%

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands		Sep. 30, 2019	Dec. 31, 2018
2019 (1), Operating	[1]	$ 5,381
2019 (1), Finance	[1]	8,151
2020, Operating		19,075
2020, Finance		8,074
2021, Operating		15,281
2021, Finance		9,960
2022, Operating		13,050
2022, Finance		11,245
2023, Operating		4,835
2023, Finance		362
Thereafter, Operating		2,431
Thereafter, Finance		1,119
Total minimum lease payments, Operating		60,053
Total minimum lease payments, Finance		38,911
Less: amount representing interest, Operating		(5,260)
Less: amount representing interest, Finance		(2,650)
Present value of minimum lease payments, Operating		54,793
Present value of minimum lease payments, Finance		36,261
Less: current portion, Operating		(17,875)
Less: current portion, Finance		(7,164)	(5,374)
Lease obligations, long-term, Operating		36,918
Lease obligations, long-term, Finance		$ 29,097	$ 35,119
[1]	Excludes the nine months ended September 30, 2019

Note 9 - Equity Method Invest_3

Note 9 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 31,235	$ 49,302
Reversal of Deferred Gains of Sale of Property			(7)	(185)
Income (Loss) from Equity Method Investments, Total	$ 2,138	$ 2,142	7,548	5,407
Transport Enterprise Leasing LLC [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			0	100
Revenue from Related Parties			7,100	5,900
Reversal of Deferred Gains of Sale of Property			$ 100	$ 200
Equity Method Investment, Ownership Percentage	49.00%	49.00%	49.00%	49.00%
Due from Related Parties, Total	$ 1,200		$ 1,200		$ 5,100
Income (Loss) from Equity Method Investments, Total			7,500
Proceeds from Equity Method Investment, Distribution			1,200	$ 0
Equity Method Investments	32,400		32,400		$ 26,100
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, 2019	Dec. 31, 2018
Total Assets	$ 388,116	$ 299,864
Total Liabilities	331,219	254,919
Total Equity	$ 56,897	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 30,709	$ 25,437	$ 82,683	$ 74,152
Cost of Sales	6,302	6,568	17,213	23,738
Operating Expenses	16,634	12,493	42,775	34,322
Operating Income	7,773	6,376	22,695	16,092
Net Income	$ 4,585	$ 4,369	$ 14,452	$ 10,850

Note 10 - Goodwill and Other _3

Note 10 - Goodwill and Other Assets (Details Textual)	9 Months Ended
	Sep. 30, 2019	Jul. 03, 2018
Finite-Lived Intangible Asset, Useful Life	10 years 330 days
Landair Holdings Inc [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%

Note 10 - Goodwill and Other _4

Note 10 - Goodwill and Other Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Balance	$ 41,598
Post-acquisition goodwill adjustments	920
Balance	$ 42,518

Note 10 - Goodwill and Other _5

Note 10 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Gross	$ 34,000	$ 34,000
Finite-Lived Intangible Assets, Accumulated Amortization	(3,654)	(1,462)
Finite-Lived Intangible Assets, Net	$ 30,346	32,538
Finite-Lived Intangible Asset, Useful Life (Month)	10 years 330 days
Trade Names [Member]
Finite-Lived Intangible Assets, Gross	$ 4,400	4,400
Finite-Lived Intangible Assets, Accumulated Amortization	(367)	(147)
Finite-Lived Intangible Assets, Net	$ 4,033	$ 4,253
Finite-Lived Intangible Asset, Useful Life (Month)	13 years 270 days	14 years 180 days
Noncompete Agreements [Member]
Finite-Lived Intangible Assets, Gross	$ 1,400	$ 1,400
Finite-Lived Intangible Assets, Accumulated Amortization	(350)	(140)
Finite-Lived Intangible Assets, Net	$ 1,050	$ 1,260
Finite-Lived Intangible Asset, Useful Life (Month)	3 years 270 days	4 years 180 days
Customer Relationships [Member]
Finite-Lived Intangible Assets, Gross	$ 28,200	$ 28,200
Finite-Lived Intangible Assets, Accumulated Amortization	(2,937)	(1,175)
Finite-Lived Intangible Assets, Net	$ 25,263	$ 27,025
Finite-Lived Intangible Asset, Useful Life (Month)	10 years 270 days	11 years 180 days

Note 10 - Goodwill and Other _6

Note 10 - Goodwill and Other Assets - Expected Future Amortization (Details) $ in Thousands	Sep. 30, 2019USD ($)
2019	$ 731
2020	2,923
2021	2,923
2022	2,923
2023	2,783
Thereafter	$ 18,063