Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 03, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000928658 | |
Entity Registrant Name | COVENANT LOGISTICS GROUP, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-24960 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0320154 | |
Entity Address, Address Line One | 400 Birmingham Hwy. | |
Entity Address, City or Town | Chattanooga | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37419 | |
City Area Code | 423 | |
Local Phone Number | 821-1212 | |
Title of 12(b) Security | $0.01 Par Value Class A common stock | |
Trading Symbol | CVLG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,350,000 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,103,182 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 4,463 | $ 8,412 |
Accounts receivable, net of allowance of $3,771 in 2022 and $4,112 in 2021 | 141,214 | 142,362 |
Drivers' advances and other receivables, net of allowance of $558 in 2022 and $542 in 2021 | 6,066 | 8,792 |
Inventory and supplies | 3,961 | 3,323 |
Prepaid expenses | 10,085 | 12,536 |
Assets held for sale | 7,028 | 2,925 |
Income taxes receivable | 0 | 10,177 |
Other short-term assets | 170 | 0 |
Total current assets | 172,987 | 188,527 |
Property and equipment, at cost | 551,926 | 518,406 |
Less: accumulated depreciation and amortization | (194,282) | (171,923) |
Net property and equipment | 357,644 | 346,483 |
Goodwill | 58,217 | 42,518 |
Other intangibles, net | 50,411 | 20,475 |
Other assets, net | 60,484 | 52,384 |
Noncurrent assets of discontinued operations | 1,275 | 1,275 |
Total assets | 701,018 | 651,662 |
Current liabilities: | ||
Accounts payable | 36,582 | 29,907 |
Accrued expenses | 44,403 | 38,001 |
Accrued purchased transportation | 17,492 | 24,689 |
Current maturities of long-term debt | 10,404 | 5,722 |
Current portion of finance lease obligations | 4,755 | 6,848 |
Operating lease obligations | 15,265 | 15,811 |
Current portion of insurance and claims accrual | 21,542 | 21,210 |
Other short-term liabilities | 0 | 557 |
Total current liabilities | 150,443 | 142,745 |
Long-term debt | 48,053 | 20,347 |
Long-term portion of finance lease obligations | 2,231 | 3,969 |
Long-term portion of operating lease obligations | 29,611 | 21,554 |
Insurance and claims accrual | 14,774 | 21,438 |
Deferred income taxes | 85,861 | 84,661 |
Other long-term liabilities | 8,914 | 2,149 |
Long-term liabilities of discontinued operations | 5,100 | 5,100 |
Total liabilities | 344,987 | 301,963 |
Commitments and contingent liabilities | 0 | 0 |
Stockholders' equity: | ||
Additional paid-in-capital | 151,238 | 149,406 |
Treasury stock at cost; 3,576,056 and 1,711,627 shares as of June 30, 2022 and December 31, 2021, respectively | (65,492) | (23,662) |
Accumulated other comprehensive income (loss) | 353 | (1,306) |
Retained earnings | 269,747 | 225,076 |
Total stockholders' equity | 356,031 | 349,699 |
Total liabilities and stockholders' equity | 701,018 | 651,662 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Class A Common stock | 161 | 161 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Class A Common stock | $ 24 | $ 24 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable allowance | $ 3,771 | $ 4,112 |
Driver's advances and other receivables, allowance | $ 558 | $ 542 |
Treasury stock, shares (in shares) | 3,576,056 | 1,711,627 |
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 | 40,000,000 |
Common stock, shares issued (in shares) | 16,125,786 | 16,125,786 |
Common stock, shares outstanding (in shares) | 12,549,730 | 14,414,159 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 2,350,000 | 2,350,000 |
Common stock, shares outstanding (in shares) | 2,350,000 | 2,350,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Revenues | |||||
Revenue | $ 317,377 | $ 256,324 | $ 608,962 | $ 477,213 | |
Operating expenses: | |||||
Salaries, wages, and related expenses | 101,103 | 88,477 | 196,441 | 171,062 | |
Fuel expense | 48,484 | 26,372 | 83,986 | 49,194 | |
Operations and maintenance | 19,845 | 14,294 | 37,781 | 29,013 | |
Revenue equipment rentals and purchased transportation | 81,677 | 75,455 | 165,338 | 132,691 | |
Operating taxes and licenses | 2,740 | 2,960 | 5,480 | 5,545 | |
Insurance and claims | 13,627 | 9,577 | 22,806 | 17,415 | |
Communications and utilities | 1,214 | 1,130 | 2,384 | 2,377 | |
General supplies and expenses | 8,281 | 7,752 | 17,215 | 15,934 | |
Depreciation and amortization | 13,932 | 13,863 | 27,377 | 27,951 | |
Gain on disposition of property and equipment, net | (399) | (1,888) | (566) | (2,812) | |
Total operating expenses | 290,504 | 237,992 | 558,242 | 448,370 | |
Operating income | 26,873 | 18,332 | 50,720 | 28,843 | |
Interest expense, net | 766 | 708 | 1,321 | 1,450 | |
Income from equity method investment | (7,076) | (3,382) | (13,861) | (6,342) | |
Income before income taxes | 33,183 | 21,006 | 63,260 | 33,735 | |
Income tax expense | 8,657 | 5,570 | 16,567 | 9,716 | |
Income from continuing operations, net of tax | 24,526 | 15,436 | 46,693 | 24,019 | |
(Loss) income from discontinued operations, net of tax | 0 | (19) | 0 | 2,540 | |
Net income | $ 24,526 | $ 15,417 | $ 46,693 | $ 26,559 | |
Basic income per share: | |||||
Income from continuing operations (in dollars per share) | $ 1.58 | $ 0.92 | $ 2.91 | $ 1.42 | |
(Loss) income from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.15 | |
Net income (in dollars per share) | [1] | 1.58 | 0.92 | 2.91 | 1.58 |
Diluted income per share: | |||||
Income from continuing operations (in dollars per share) | 1.56 | 0.91 | 2.86 | 1.41 | |
(Loss) income from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.15 | |
Net income (in dollars per share) | [1] | $ 1.56 | $ 0.91 | $ 2.86 | $ 1.56 |
Basic weighted average shares outstanding (in shares) | 15,514 | 16,765 | 16,058 | 16,858 | |
Diluted weighted average shares outstanding (in shares) | 15,761 | 17,022 | 16,321 | 17,052 | |
Cargo and Freight [Member] | |||||
Revenues | |||||
Revenue | $ 266,856 | $ 231,948 | $ 524,470 | $ 432,636 | |
Fuel Surcharge [Member] | |||||
Revenues | |||||
Revenue | $ 50,521 | $ 24,376 | $ 84,492 | $ 44,577 | |
[1]Sum of the individual amounts may not add due to rounding. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 24,526 | $ 15,417 | $ 46,693 | $ 26,559 |
Other comprehensive income: | ||||
Unrealized gain (loss) on effective portion of cash flow hedges, net of tax of ($198) and ($506) in 2022 and $157 and ($235) in 2021, respectively | 580 | (407) | 1,480 | 738 |
Reclassification of cash flow hedge losses (gains) into statement of operations, net of tax of ($25) and ($61) in 2022 and ($45) and $6 in 2021, respectively | 73 | 115 | 179 | (35) |
Reclassification of gains on sale of investments classified as available-for-sale | 0 | 0 | 0 | (63) |
Total other comprehensive income (loss) | 653 | (292) | 1,659 | 640 |
Comprehensive income | $ 25,179 | $ 15,125 | $ 48,352 | $ 27,199 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Unrealized (loss) gain on effective portion of cash flow hedges, tax | $ (198) | $ 157 | $ (506) | $ (235) |
Reclassification of cash flow hedge losses (gains) into statement of operations, tax | $ (25) | $ (45) | $ (61) | $ 6 |
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 |
Balances at June 30, 2021 | $ 173 | $ 24 | $ 143,438 | $ (17,067) | $ (2,251) | $ 166,325 | $ 290,642 |
Balances at Dec. 31, 2020 | 173 | 24 | 143,438 | (17,067) | (2,251) | 166,325 | 290,642 |
Net income | 0 | 0 | 0 | 0 | 0 | 11,140 | 11,140 |
Other comprehensive income | 0 | 0 | 0 | 0 | 932 | 0 | 932 |
Share repurchase | 0 | 0 | 0 | (8,118) | 0 | 0 | (8,118) |
Stock-based employee compensation expense | 0 | 0 | 2,594 | 0 | 0 | 0 | 2,594 |
Issuance of restricted shares, net | 0 | 0 | (1,158) | 625 | 0 | 0 | (533) |
Share repurchase | 0 | 0 | 0 | (8,118) | 0 | 0 | (8,118) |
Balances at Mar. 31, 2021 | 173 | 24 | 144,874 | (24,560) | (1,319) | 177,465 | 296,657 |
Balances at Dec. 31, 2020 | 173 | 24 | 143,438 | (17,067) | (2,251) | 166,325 | 290,642 |
Net income | 26,559 | ||||||
Other comprehensive income | 640 | ||||||
Balances at Jun. 30, 2021 | 173 | 24 | 146,420 | (24,351) | (1,611) | 192,882 | 313,537 |
Balances at June 30, 2021 | 173 | 24 | 144,874 | (24,560) | (1,319) | 177,465 | 296,657 |
Balances at Mar. 31, 2021 | 173 | 24 | 144,874 | (24,560) | (1,319) | 177,465 | 296,657 |
Net income | 0 | 0 | 0 | 0 | 0 | 15,417 | 15,417 |
Other comprehensive income | 0 | 0 | 0 | 0 | (292) | 0 | (292) |
Stock-based employee compensation expense | 0 | 0 | 2,352 | 0 | 0 | 0 | 2,352 |
Issuance of restricted shares, net | 0 | 0 | (806) | 458 | 0 | 0 | (348) |
Balances at Jun. 30, 2021 | 173 | 24 | 146,420 | (24,351) | (1,611) | 192,882 | 313,537 |
Share repurchase | 0 | 0 | 0 | (249) | 0 | 0 | (249) |
Balances at June 30, 2021 | 173 | 24 | 146,420 | (24,351) | (1,611) | 192,882 | 313,537 |
Balances at June 30, 2021 | 161 | 24 | 149,406 | (23,662) | (1,306) | 225,076 | 349,699 |
Balances at Dec. 31, 2021 | 161 | 24 | 149,406 | (23,662) | (1,306) | 225,076 | 349,699 |
Net income | 0 | 0 | 0 | 0 | 0 | 22,167 | 22,167 |
Cash dividend ($0.0625 per common share) | 0 | 0 | 0 | 0 | 0 | (1,047) | (1,047) |
Other comprehensive income | 0 | 0 | 0 | 0 | 1,006 | 0 | 1,006 |
Share repurchase | 0 | 0 | 0 | (14,800) | 0 | 0 | (14,800) |
Stock-based employee compensation expense | 0 | 0 | 1,893 | 0 | 0 | 0 | 1,893 |
Issuance of restricted shares, net | 0 | 0 | (863) | 827 | 0 | 0 | (36) |
Share repurchase | 0 | 0 | 0 | (14,800) | 0 | 0 | (14,800) |
Balances at Mar. 31, 2022 | 161 | 24 | 150,436 | (37,635) | (300) | 246,196 | 358,882 |
Balances at Dec. 31, 2021 | 161 | 24 | 149,406 | (23,662) | (1,306) | 225,076 | 349,699 |
Net income | 46,693 | ||||||
Other comprehensive income | 1,659 | ||||||
Balances at Jun. 30, 2022 | 161 | 24 | 151,238 | (65,492) | 353 | 269,747 | 356,031 |
Balances at June 30, 2021 | 161 | 24 | 150,436 | (37,635) | (300) | 246,196 | 358,882 |
Balances at Mar. 31, 2022 | 161 | 24 | 150,436 | (37,635) | (300) | 246,196 | 358,882 |
Net income | 0 | 0 | 0 | 0 | 0 | 24,526 | 24,526 |
Cash dividend ($0.0625 per common share) | 0 | 0 | 0 | 0 | 0 | (975) | (975) |
Other comprehensive income | 0 | 0 | 0 | 0 | 653 | 0 | 653 |
Share repurchase | 0 | 0 | 0 | (28,565) | 0 | 0 | (28,565) |
Stock-based employee compensation expense | 0 | 0 | 1,855 | 0 | 0 | 0 | 1,855 |
Issuance of restricted shares, net | 0 | 0 | (1,053) | 708 | 0 | 0 | (345) |
Share repurchase | 0 | 0 | 0 | (28,565) | 0 | 0 | (28,565) |
Balances at Jun. 30, 2022 | 161 | 24 | 151,238 | (65,492) | 353 | 269,747 | 356,031 |
Balances at June 30, 2021 | $ 161 | $ 24 | $ 151,238 | $ (65,492) | $ 353 | $ 269,747 | $ 356,031 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||
May 18, 2022 | Jan. 26, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividend, per share (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 46,693 | $ 26,559 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Provision for losses on accounts receivable | (26) | 833 |
(Reversal) deferral of gain on sales to equity method investee | (30) | 53 |
Depreciation and amortization | 27,377 | 27,951 |
Deferred income tax expense | 620 | 7,274 |
Income tax expense arising from restricted share vesting and stock options exercised | (40) | (255) |
Stock-based compensation expense | 3,748 | 4,946 |
Income from equity method investment | (13,861) | (6,342) |
Gain on disposition of property and equipment | (566) | (2,812) |
Gain on reversal of contingent loss of discontinued operations | 0 | (3,412) |
Gain on investment in available-for-sale securities | 0 | (63) |
Changes in operating assets and liabilities: | ||
Receivables and advances | 21,450 | (44,671) |
Prepaid expenses and other assets | 2,074 | 547 |
Inventory and supplies | (638) | (436) |
Insurance and claims accrual | (6,332) | 7,854 |
Accounts payable and accrued expenses | (3,566) | 16,097 |
Net cash flows provided by operating activities | 76,903 | 34,123 |
Cash flows from investing activities: | ||
Acquisition of AAT Carriers, Inc., net of cash acquired | (37,324) | 0 |
Other investment | (12) | (13) |
Purchase of available-for-sale securities | 0 | (33) |
Purchase of property and equipment | (27,560) | (13,971) |
Proceeds from disposition of property and equipment | 1,931 | 33,797 |
Net cash flows (used) provided by investing activities | (62,965) | 19,780 |
Cash flows from financing activities: | ||
Change in checks outstanding in excess of bank balances | (216) | (1,215) |
Cash dividend | (2,022) | 0 |
Proceeds from issuance of notes payable | 35,917 | 0 |
Repayments of notes payable | (3,526) | (9,383) |
Repayments of finance lease obligations | (4,295) | (1,481) |
Proceeds under revolving credit facility | 85,632 | 446,978 |
Repayments under revolving credit facility and draw note | (85,632) | (482,996) |
Payment of minimum tax withholdings on stock compensation | (380) | (887) |
Common stock repurchased | (43,365) | (8,360) |
Net cash flows provided (used) by financing activities | (17,887) | (57,344) |
Net change in cash and cash equivalents | (3,949) | (3,441) |
Cash and cash equivalents at beginning of period | 8,412 | 8,407 |
Cash and cash equivalents at end of period | $ 4,463 | $ 4,966 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
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 Logistics 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 Logistics 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. cial statem Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2021 six June 30, 2022 not may December 31, 2022 10 December 31, 2021 not Risks and Uncertainties On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 third 2021 June 30, 2022, 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. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, January 1, 2023, not |
Note 2 - Income Per Share
Note 2 - Income Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Income Per Share Basic income per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. There were approximately 237,000 and 252,000 shares issuable upon conversion of unvested restricted shares for the three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 2021 three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 three six June 30, 2021 The following table sets forth, for the periods indicated, the calculation of net income per share included in the condensed consolidated statements of operations: (in thousands except per share data) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerators: Income from continuing operations $ 24,526 $ 15,436 $ 46,693 $ 24,019 (Loss) income from discontinued operations - (19 ) - 2,540 Net income $ 24,526 $ 15,417 $ 46,693 $ 26,559 Denominator: Denominator for basic income per share – weighted-average shares 15,514 16,765 16,058 16,858 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 237 257 252 194 Equivalent shares issuable upon conversion of unvested employee stock options 10 - 11 - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 15,761 17,022 16,321 17,052 Basic income per share: Income from continuing operations $ 1.58 $ 0.92 $ 2.91 $ 1.42 (Loss) income from discontinued operations - - - 0.15 Net income $ 1.58 $ 0.92 $ 2.91 $ 1.58 Diluted income per share: Income from continuing operations $ 1.56 $ 0.91 $ 2.86 $ 1.41 (Loss) income from discontinued operations - - - 0.15 Net income $ 1.56 $ 0.91 $ 2.86 $ 1.56 |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Fair Value of Financial Instruments Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Accordingly, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The fair value of the commodity contracts, including our former fuel hedges, is determined based on quotes from the counterparty which were verified by comparing them to the exchange on which the related futures are traded, adjusted for counterparty credit risk. The fair value of our interest rate swap agreements is determined using the market-standard methodology of netting the discounted future fixed-cash payments and the discounted expected variable-cash receipts. The variable-cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These analyses reflect the contractual terms of the swap, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities. The fair value calculation also includes an amount for risk of non-performance of our counterparties using "significant unobservable inputs" such as estimates of current credit spreads to evaluate the likelihood of default, which we have determined to be insignificant to the overall fair value of our interest rate swap agreements. The fair value of available-for-sale securities is based upon quoted prices in active markets. The fair value of the contingent consideration arrangement is based on inputs that are not three ● Level 1. ● Level 2. ● Level 3. no Financial Instruments Measured at Fair Value on a Recurring Basis (in thousands) June 30, 2022 December 31, 2021 Input Level Interest rate swaps 489 (1,808 ) 1 Contingent consideration (16,210 ) - 3 There were no June 30, 2022 December 31, 2021 Interest rates that are currently available to us for issuance of long-term debt with similar terms and remaining maturities are used to estimate the fair value of our long-term debt, which primarily consists of revenue equipment installment notes. The fair value of our revenue equipment installment notes approximated the carrying value as of June 30, 2022 no June 30, 2022 June 30, 2022 The contingent consideration arrangement requires us to pay up to $20.0 million of additional consideration to AAT's former shareholders based on AAT's results during the first two |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4. Discontinued Operations As of June 30, 2020, July 8, 2020, We have reflected the former Factoring reportable segment as discontinued operations in the condensed consolidated statements of operations for all periods presented. The following table summarizes the results of our discontinued operations for the three six June 30, 2022 2021 (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total revenue $ - $ - $ - $ - Operating expenses - 25 - 25 Operating income - (25 ) - (25 ) Reversal of contingent loss liability - - - (3,412 ) Interest expense - - - - Income before income taxes - (25 ) - 3,387 Income tax expense - (6 ) - 847 Income from discontinued operations, net of tax $ - $ (19 ) $ - $ 2,540 Reversal of contingent liability for the six June 2021 1. The following table summarizes the major classes of assets and liabilities included as discontinued operations as of June 30, 2022 December 31, 2021 (in thousands) June 30, 2022 December 31, 2021 Noncurrent deferred tax asset $ 1,275 $ 1,275 Noncurrent assets from discontinued operations 1,275 1,275 Total assets from discontinued operations $ 1,275 $ 1,275 Liabilities: Long-term contingent loss liability 5,100 5,100 Long-term liabilities of discontinued operations 5,100 5,100 Total liabilities from discontinued operations $ 5,100 $ 5,100 There were no three six June 30, 2022 2021 Refer to Note 1, |
Note 5 - Segment Information
Note 5 - Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. Segment Information We have four ● Expedited: The Expedited segment primarily provides truckload services to customers with high service freight and delivery standards, such as 1,000 22 15 two ● Dedicated: The Dedicated segment provides customers with committed truckload capacity over contracted periods with the goal of three five ● Managed Freight: The Managed Freight segment includes our brokerage and transport management services (“TMS”). Brokerage services provide logistics capacity by outsourcing the carriage of customers’ freight to third ● Warehousing: The Warehousing segment provides day-to-day warehouse management services to customers who have chosen to outsource this function. We also provide shuttle and switching services related to shuttling containers and trailers in or around freight yards and to/from warehouses. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies in our Form 10 December 31, 2021 The following table summarizes our total revenue by our four three six June 30, 2022 2021 (in thousands) Three Months Ended June 30, 2022 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 121,643 $ 96,767 $ 80,281 $ 18,686 $ 317,377 Intersegment revenue 1,006 - - - 1,006 Operating income 14,610 2,882 8,627 754 26,873 Six Months Ended June 30, 2022 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 220,440 $ 185,714 $ 166,432 $ 36,376 $ 608,962 Intersegment revenue 1,897 - - - 1,897 Operating income 23,941 5,523 19,458 1,798 50,720 Three Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 87,369 $ 81,868 $ 71,635 $ 15,452 $ 256,324 Intersegment revenue 1,734 - - - 1,734 Operating income (loss) 10,225 (191 ) 7,316 982 18,332 Six Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,849 $ 157,314 $ 123,032 $ 31,018 $ 477,213 Intersegment revenue 2,180 - - - 2,180 Operating income (loss) 16,436 (1,990 ) 12,261 2,136 28,843 (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Total external revenues for reportable segments $ 317,377 $ 256,324 $ 608,962 $ 477,213 Intersegment revenues for reportable segments 1,006 1,734 1,897 2,180 Elimination of intersegment revenues (1,006 ) (1,734 ) (1,897 ) (2,180 ) Total consolidated revenues $ 317,377 $ 256,324 $ 608,962 $ 477,213 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6. Income Taxes Income tax expense in both 2022 2021 100% 2021 2022. no 2021 2022 Our liability recorded for uncertain tax positions as of June 30, 2022 December 31, 2021 The net deferred tax liability of $84.6 million primarily relates to differences in cumulative book versus tax depreciation of property and equipment, partially off-set by net operating loss carryovers and insurance claims that have been reserved but not may not June 30, 2022 not may On March 27, 2020, September 30, 2021, On March 11, 2021, 162 eight three not 2027. no |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 7. Debt Current and long-term debt and lease obligations consisted of the following as of June 30, 2022 December 31, 2021 (in thousands) June 30, 2022 December 31, 2021 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 3.7 1.2 9,189 28,326 4,537 2 Real estate notes; interest rate of 2.8 1.8 1,215 19,727 1,185 20,345 Total debt 10,404 48,053 5,722 20,347 Principal portion of finance lease obligations, secured by related revenue equipment 4,755 2,231 6,848 3,969 Principal portion of operating lease obligations, secured by related revenue equipment 15,265 29,611 15,811 21,554 Total debt and lease obligations $ 30,424 $ 79,895 $ 28,381 $ 45,870 We and substantially all of our subsidiaries are parties to the Third Amended and Restated Credit Agreement (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 $110.0 million revolving credit facility, with an uncommitted accordion feature that, so long as no May 2027. Borrowings under the Credit Facility are classified as either "base rate loans" or "SOFR 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%, or SOFR for a one 0.75%; not Borrowings under the Credit Facility are subject to a borrowing base limited to the lesser of (A) $110.0 We had no borrowings outstanding under the Credit Facility as of June 30, 2022 June 30, 2022 June 30, 2022 2021 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 September 2022 to May 2025 . not 2022, In August 2015, third 12 In connection with the TFS Settlement, in September 2020, may September 23, 2025. one one September 23, 2026. may first 2021, second 2021 third 2021 June 30, 2022 |
Note 8 - Lease Obligations
Note 8 - Lease Obligations | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 8. Lease Obligations The finance leases in effect at June 30, 2022 August 2022 November 2023 A summary of our lease obligations at June 30, 2022 2021 (dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Finance lease cost: Amortization of right-of-use assets $ 632 $ 915 $ 1,320 $ 1,922 Interest on lease liabilities 98 159 222 333 Operating lease cost 7,210 5,853 12,647 11,764 Variable lease cost 88 28 109 91 Total lease cost $ 8,028 $ 6,955 $ 14,298 $ 14,110 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 98 159 222 333 Operating cash flows from operating leases 7,298 5,881 12,756 11,855 Financing cash flows from finance leases 3,002 848 4,295 1,481 Right-of-use assets obtained in exchange for new finance lease liabilities - - 458 - Right-of-use assets obtained in exchange for new operating lease liabilities 16,999 2,305 17,052 2,530 Weighted-average remaining lease term—finance leases (in years) 1.4 Weighted-average remaining lease term—operating leases (in years) 5.0 Weighted-average discount rate—finance leases 5.5 % Weighted-average discount rate—operating leases 9.4 % As of June 30, 2022 December 31, 2021 Our future minimum lease payments as of June 30, 2022 (in thousands) Operating Finance 2022 (1) $ 9,817 $ 5,054 2023 14,333 1,509 2024 7,911 108 2025 5,660 108 2026 4,356 108 Thereafter 14,346 693 Total minimum lease payments $ 56,423 $ 7,580 Less: amount representing interest (11,547 ) (594 ) Present value of minimum lease payments $ 44,876 $ 6,986 Less: current portion (15,265 ) (4,755 ) Lease obligations, long-term $ 29,611 $ 2,231 ( 1 six June 30, 2022 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 9. Stock -Based Compensation Our Third Amended and Restated 2006 July 1, 2020, 2006 one one may June 1, 2030, 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, or other equity instruments. As of June 30, 2022 No may June 1, 2030. Included in salaries, wages, and related expenses within the condensed consolidated statements of operations is stock-based compensation expense of $1.7 million and $2.3 million for the three June 30, 2022 2021 six June 30, 2022 2021 three June 30, 2022 six June 30, 2022 2021 three June 30, 2022 June 30, 2021, six June 30, 2022 2021 The Incentive Plan allows participants to pay the federal and state minimum statutory tax withholding requirements related to awards that vest or allows participants to deliver to us shares of Class A common stock having a fair market value equal to the minimum amount of such required withholding taxes. To satisfy withholding requirements for shares that vested through June 30, 2022 2022 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 10. Commitments and Contingencies From time-to-time, we are a party to ordinary, routine litigation arising in the ordinary course of business, most of which involves claims for personal injury and/or 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 April 29, 2021, December 31, 2021. June 30, 2022 June 20, 2022. On February, 28 2019, August 1, 2019, June 20, 2022. On August 2, 2018, five 5 "no not one 8 10 18 24 April 23, 2020. one August 20, 2021, June 30, 2022 On February 11, 2021, not not no June 30, 2022 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, discussed above, taking into account existing reserves, is not We had $24.3 million and $26.4 million of outstanding and undrawn letters of credit as of June 30, 2022 December 31, 2021 |
Note 11 - Equity Method Investm
Note 11 - Equity Method Investment | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investment [Text Block] | Note 11. Equity Method Investment We own a 49.0% interest in Transport Enterprise Leasing, LLC ("TEL"), a tractor and trailer equipment leasing company and used equipment reseller. There is no 49.0% not no no no third may We sold tractors and trailers to TEL for $0.0 million and $1.0 million during the six June 30, 2022 2021 six June 30, 2022 2021 six June 30, 2022 2021 six June 30, 2022 2021 third June 30, 2022 2021 June 30, 2022 December 31, 2021 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 2022 June 30, 2022 six June 30, 2022 Our accounts receivable from TEL and investment in TEL as of June 30, 2022 December 31, 2021 Description: Balance Sheet Line Item: June 30, 2022 December 31, 2021 Accounts receivable from TEL Driver advances and other receivables $ 80 $ 802 Investment in TEL Other assets 58,088 44,196 Operating lease obligations Current portion of operating lease obligations 1,442 - Our accounts receivable from TEL related to cash disbursements made pursuant to our performance of certain back-office and maintenance functions on TEL’s behalf. See TEL's summarized financial information below: (in thousands) As of June 30, As of December 31, 2022 2021 Total Assets $ 391,952 $ 346,218 Total Liabilities 283,296 264,948 Total Equity $ 108,656 $ 81,270 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenue $ 33,857 $ 25,534 $ 66,096 $ 48,438 Cost of Sales 5,645 2,091 10,118 3,233 Operating Expenses 11,754 15,036 24,028 28,942 Operating Income 16,458 8,407 31,950 16,263 Net Income $ 14,728 $ 6,615 $ 28,386 $ 12,619 |
Note 12 - Acquisition of AAT Ca
Note 12 - Acquisition of AAT Carriers, Inc. | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 12. Acquisition of AAT Carriers, Inc. On February 9, 2022, first second AAT’s results have been included in the condensed consolidated financial statements since the date of acquisition and are reported within our Expedited reportable operating segment. The acquisition date fair value of the consideration transferred consisted of the following: February 9, 2022 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 39,170 Cash acquired included in historical book value of AAT's assets and liabilities (1,846 ) Measurement period adjustments 1,177 Contingent consideration 16,210 Net purchase price $ 54,711 The contingent consideration arrangement requires us to pay up to $20.0 million of additional consideration to AAT's former shareholders based on AAT's results during the first two not 3 Because of our 338 10 no The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date. February 9, 2022 Accounts receivable $ 842 Prepaid expenses 33 Other short-term assets 19 Net property and equipment 7,994 Credentialing intangible asset 32,000 Total identifiable assets acquired 40,888 Accounts payable (19 ) Accrued expenses (1,396 ) Finance lease obligations (458 ) Other long-term liabilities (3 ) Total liabilities assumed (1,876 ) Net identifiable assets acquired 39,012 Goodwill 15,699 Net assets acquired $ 54,711 During the quarter ended June 30, 2022, March 31, 2022 June 30, 2022. may may 13, The amounts of revenue and earnings of AAT included in the Company’s consolidated results of operations from the acquisition date to the period ended June 30, 2022 (in thousands) Three months ended Six months ended June 30, 2022 June 30, 2022 Total revenue $ 8,421 $ 12,587 Net income $ 2,866 $ 4,853 |
Note 13 - Goodwill and Other As
Note 13 - Goodwill and Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 13. Goodwill and Other Assets On February 9, 2022, The Landair Holdings, Inc. ("Landair") trade name has a residual value of $0.5 million. Amortization expense of $2.1 million and $2.3 million for the six June 30, 2022 2021 A summary of other intangible assets as of June 30, 2022 December 31, 2021 (in thousands) June 30, 2022 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,691 ) 9,381 Managed Freight 1,692 (564 ) 1,128 Warehousing 12,436 (4,145 ) 8,291 Total customer relationships: 28,200 (9,400 ) 18,800 96 Credentialing: Expedited 32,000 (889 ) 31,111 175 Total credentialing 32,000 (889 ) 31,111 Total other intangible assets $ 64,600 $ (14,189 ) $ 50,411 144 (in thousands) December 31, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,104 ) 9,968 Managed Freight 1,692 (494 ) 1,198 Warehousing 12,436 (3,627 ) 8,809 Total customer relationships: 28,200 (8,225 ) 19,975 102 Total other intangible assets $ 32,600 $ (12,125 ) $ 20,475 The expected amortization of these assets for the next five (in thousands) 2022 (1) $ 2,242 2023 4,483 2024 4,483 2025 4,483 2026 4,483 Thereafter 29,737 ( 1 six June 30, 2022 The carrying amount of goodwill and other intangible assets for 2022 June 30, 2022 December 31, 2021 (in thousands) June 30, 2022 Expedited Dedicated Managed Freight Warehousing Balance at December 31, 2021 $ - $ 15,320 $ 5,448 $ 21,750 Acquired goodwill for AAT 15,699 - - - Goodwill $ 15,699 $ 15,320 $ 5,448 $ 21,750 |
Note 14 - Equity
Note 14 - Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 14. Equity On January 25, 2021, three March 31, 2021. August 5, 2021, January 1, 2022, February 10, 2022, 10b5 1 second 2022, May 2022 May 18, 2022 no three June 30, 2022. On January 26, 2022, March 25, 2022, March 4, 2022. May 18, 2022, June 24, 2022, June 3, 2022. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15. Subsequent Events We repurchased an additional 0.5 million shares of our Class A common stock for $12.2 million from July 1, 2022 August 3, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The condensed consolidated financial statements include the accounts of Covenant Logistics 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 Logistics 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. cial statem Certain information and footnote disclosures have been condensed or omitted pursuant to such rules and regulations. The December 31, 2021 six June 30, 2022 not may December 31, 2022 10 December 31, 2021 not |
Risks and Uncertainties [Policy Text Block] | Risks and Uncertainties On July 8, 2020, September 23, 2020 The amended purchase agreement specifically identified approximately $62.0 million of accounts within the Portfolio, which related to advances on services that had not first fourth 2020, December 31, 2020 first 2021, fourth 2020. fourth 2020 first 2021. second 2021 third 2021 June 30, 2022, |
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. Depreciation of revenue equipment is our largest item of depreciation. We generally depreciate new tractors over five seven ten not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards not In June 2016, 2016 13, January 1, 2023, not |
Note 2 - Income Per Share (Tabl
Note 2 - Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (in thousands except per share data) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Numerators: Income from continuing operations $ 24,526 $ 15,436 $ 46,693 $ 24,019 (Loss) income from discontinued operations - (19 ) - 2,540 Net income $ 24,526 $ 15,417 $ 46,693 $ 26,559 Denominator: Denominator for basic income per share – weighted-average shares 15,514 16,765 16,058 16,858 Effect of dilutive securities: Equivalent shares issuable upon conversion of unvested restricted shares 237 257 252 194 Equivalent shares issuable upon conversion of unvested employee stock options 10 - 11 - Denominator for diluted income per share adjusted weighted-average shares and assumed conversions 15,761 17,022 16,321 17,052 Basic income per share: Income from continuing operations $ 1.58 $ 0.92 $ 2.91 $ 1.42 (Loss) income from discontinued operations - - - 0.15 Net income $ 1.58 $ 0.92 $ 2.91 $ 1.58 Diluted income per share: Income from continuing operations $ 1.56 $ 0.91 $ 2.86 $ 1.41 (Loss) income from discontinued operations - - - 0.15 Net income $ 1.56 $ 0.91 $ 2.86 $ 1.56 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 Input Level Interest rate swaps 489 (1,808 ) 1 Contingent consideration (16,210 ) - 3 |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total revenue $ - $ - $ - $ - Operating expenses - 25 - 25 Operating income - (25 ) - (25 ) Reversal of contingent loss liability - - - (3,412 ) Interest expense - - - - Income before income taxes - (25 ) - 3,387 Income tax expense - (6 ) - 847 Income from discontinued operations, net of tax $ - $ (19 ) $ - $ 2,540 (in thousands) June 30, 2022 December 31, 2021 Noncurrent deferred tax asset $ 1,275 $ 1,275 Noncurrent assets from discontinued operations 1,275 1,275 Total assets from discontinued operations $ 1,275 $ 1,275 Liabilities: Long-term contingent loss liability 5,100 5,100 Long-term liabilities of discontinued operations 5,100 5,100 Total liabilities from discontinued operations $ 5,100 $ 5,100 |
Note 5 - Segment Information (T
Note 5 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Three Months Ended June 30, 2022 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 121,643 $ 96,767 $ 80,281 $ 18,686 $ 317,377 Intersegment revenue 1,006 - - - 1,006 Operating income 14,610 2,882 8,627 754 26,873 Six Months Ended June 30, 2022 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 220,440 $ 185,714 $ 166,432 $ 36,376 $ 608,962 Intersegment revenue 1,897 - - - 1,897 Operating income 23,941 5,523 19,458 1,798 50,720 Three Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 87,369 $ 81,868 $ 71,635 $ 15,452 $ 256,324 Intersegment revenue 1,734 - - - 1,734 Operating income (loss) 10,225 (191 ) 7,316 982 18,332 Six Months Ended June 30, 2021 Expedited Dedicated Managed Freight Warehousing Consolidated Total revenue from external customers $ 165,849 $ 157,314 $ 123,032 $ 31,018 $ 477,213 Intersegment revenue 2,180 - - - 2,180 Operating income (loss) 16,436 (1,990 ) 12,261 2,136 28,843 (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Total external revenues for reportable segments $ 317,377 $ 256,324 $ 608,962 $ 477,213 Intersegment revenues for reportable segments 1,006 1,734 1,897 2,180 Elimination of intersegment revenues (1,006 ) (1,734 ) (1,897 ) (2,180 ) Total consolidated revenues $ 317,377 $ 256,324 $ 608,962 $ 477,213 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (in thousands) June 30, 2022 December 31, 2021 Current Long-Term Current Long-Term Borrowings under Credit Facility $ - $ - $ - $ - Borrowings under the Draw Note - - - - Revenue equipment installment notes; weighted average interest rate of 3.7 1.2 9,189 28,326 4,537 2 Real estate notes; interest rate of 2.8 1.8 1,215 19,727 1,185 20,345 Total debt 10,404 48,053 5,722 20,347 Principal portion of finance lease obligations, secured by related revenue equipment 4,755 2,231 6,848 3,969 Principal portion of operating lease obligations, secured by related revenue equipment 15,265 29,611 15,811 21,554 Total debt and lease obligations $ 30,424 $ 79,895 $ 28,381 $ 45,870 |
Note 8 - Lease Obligations (Tab
Note 8 - Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Finance lease cost: Amortization of right-of-use assets $ 632 $ 915 $ 1,320 $ 1,922 Interest on lease liabilities 98 159 222 333 Operating lease cost 7,210 5,853 12,647 11,764 Variable lease cost 88 28 109 91 Total lease cost $ 8,028 $ 6,955 $ 14,298 $ 14,110 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 98 159 222 333 Operating cash flows from operating leases 7,298 5,881 12,756 11,855 Financing cash flows from finance leases 3,002 848 4,295 1,481 Right-of-use assets obtained in exchange for new finance lease liabilities - - 458 - Right-of-use assets obtained in exchange for new operating lease liabilities 16,999 2,305 17,052 2,530 Weighted-average remaining lease term—finance leases (in years) 1.4 Weighted-average remaining lease term—operating leases (in years) 5.0 Weighted-average discount rate—finance leases 5.5 % Weighted-average discount rate—operating leases 9.4 % |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Finance 2022 (1) $ 9,817 $ 5,054 2023 14,333 1,509 2024 7,911 108 2025 5,660 108 2026 4,356 108 Thereafter 14,346 693 Total minimum lease payments $ 56,423 $ 7,580 Less: amount representing interest (11,547 ) (594 ) Present value of minimum lease payments $ 44,876 $ 6,986 Less: current portion (15,265 ) (4,755 ) Lease obligations, long-term $ 29,611 $ 2,231 |
Note 11 - Equity Method Inves_2
Note 11 - Equity Method Investment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Description: Balance Sheet Line Item: June 30, 2022 December 31, 2021 Accounts receivable from TEL Driver advances and other receivables $ 80 $ 802 Investment in TEL Other assets 58,088 44,196 Operating lease obligations Current portion of operating lease obligations 1,442 - (in thousands) As of June 30, As of December 31, 2022 2021 Total Assets $ 391,952 $ 346,218 Total Liabilities 283,296 264,948 Total Equity $ 108,656 $ 81,270 (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Revenue $ 33,857 $ 25,534 $ 66,096 $ 48,438 Cost of Sales 5,645 2,091 10,118 3,233 Operating Expenses 11,754 15,036 24,028 28,942 Operating Income 16,458 8,407 31,950 16,263 Net Income $ 14,728 $ 6,615 $ 28,386 $ 12,619 |
Note 12 - Acquisition of AAT _2
Note 12 - Acquisition of AAT Carriers, Inc. (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | February 9, 2022 (in thousands) Cash paid pursuant to Stock Purchase Agreement $ 39,170 Cash acquired included in historical book value of AAT's assets and liabilities (1,846 ) Measurement period adjustments 1,177 Contingent consideration 16,210 Net purchase price $ 54,711 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | February 9, 2022 Accounts receivable $ 842 Prepaid expenses 33 Other short-term assets 19 Net property and equipment 7,994 Credentialing intangible asset 32,000 Total identifiable assets acquired 40,888 Accounts payable (19 ) Accrued expenses (1,396 ) Finance lease obligations (458 ) Other long-term liabilities (3 ) Total liabilities assumed (1,876 ) Net identifiable assets acquired 39,012 Goodwill 15,699 Net assets acquired $ 54,711 |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands) Three months ended Six months ended June 30, 2022 June 30, 2022 Total revenue $ 8,421 $ 12,587 Net income $ 2,866 $ 4,853 |
Note 13 - Goodwill and Other _2
Note 13 - Goodwill and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in thousands) June 30, 2022 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,691 ) 9,381 Managed Freight 1,692 (564 ) 1,128 Warehousing 12,436 (4,145 ) 8,291 Total customer relationships: 28,200 (9,400 ) 18,800 96 Credentialing: Expedited 32,000 (889 ) 31,111 175 Total credentialing 32,000 (889 ) 31,111 Total other intangible assets $ 64,600 $ (14,189 ) $ 50,411 144 (in thousands) December 31, 2021 Gross intangible assets Accumulated amortization Net intangible assets Remaining life (months) Trade name: Dedicated $ 2,402 $ (2,130 ) $ 272 Managed Freight 999 (885 ) 114 Warehousing 999 (885 ) 114 Total trade name 4,400 (3,900 ) 500 - Customer relationships: Dedicated 14,072 (4,104 ) 9,968 Managed Freight 1,692 (494 ) 1,198 Warehousing 12,436 (3,627 ) 8,809 Total customer relationships: 28,200 (8,225 ) 19,975 102 Total other intangible assets $ 32,600 $ (12,125 ) $ 20,475 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2022 (1) $ 2,242 2023 4,483 2024 4,483 2025 4,483 2026 4,483 Thereafter 29,737 |
Schedule of Other Assets [Table Text Block] | (in thousands) June 30, 2022 Expedited Dedicated Managed Freight Warehousing Balance at December 31, 2021 $ - $ 15,320 $ 5,448 $ 21,750 Acquired goodwill for AAT 15,699 - - - Goodwill $ 15,699 $ 15,320 $ 5,448 $ 21,750 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 08, 2020 | Oct. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 23, 2020 | |
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | $ 0 | $ 3,412 | ||||||||
Repayments of Lines of Credit | 85,632 | 482,996 | ||||||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | $ 5,100 | $ 5,100 | $ 5,100 | |||||||
Tractors [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||||
Tractors [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 35% | 35% | ||||||||
Refrigerated Trailers [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||||
Dry Van Trailers [Member] | ||||||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||||||||
Dry Van Trailers [Member] | Maximum [Member] | ||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 21% | 21% | ||||||||
Dry Van Trailers [Member] | Minimum [Member] | ||||||||||
Property, Plant and Equipment, Salvage Value, Percentage | 28% | 28% | ||||||||
TBK Bank [Member] | Draw Note [Member] | ||||||||||
Repayments of Lines of Credit | $ 31,000 | |||||||||
Long-term Debt, Total | $ 0 | $ 0 | ||||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | 122,300 | $ 108,400 | ||||||||
Proceeds from Divestiture of Businesses | 108,400 | |||||||||
Disposal Group, Including Discontinued Operation, Consideration, Equity Interest Acquired | 13,900 | |||||||||
Disposal Group, Including Discontinued Operation, Earnout Opportuntiy, Maximum | 9,900 | |||||||||
Disposal Group Including Discontinued Operation, Dispute over Nature of Assets | 66,000 | |||||||||
Disposal Group, Including Discontinued Operation, Consideration Returned upon Settlement | $ 28,100 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 3,700 | |||||||||
Disposal Group Including Discontinued Operation, Assets Advances Against Future Payments For Services Not Yet Performed | 62,000 | |||||||||
Disposal Group Including Discontinued Operation, Indemnity, Loss Amount | $ 30,000 | |||||||||
Disposal Group Including Discontinued Operation, Indemnity, Percentage of Next 30 Million Loss | 50% | |||||||||
Disposal Group Including Discontinued Operation, Total Indemnification | $ 45,000 | $ 44,200 | ||||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ (35,600) | |||||||||
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, Net of Tax, Total | 0 | $ 0 | $ 3,400 | 0 | $ 3,412 | |||||
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | $ 5,100 | $ 5,100 |
Note 2 - Income Per Share (Deta
Note 2 - Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restricted Stock [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 237,000 | 257,000 | 252,000 | 194,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 10,000 | 0 | 11,000 | 0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 33,000 | 0 | 33,000 | 0 |
Note 2 - Income Per Share - Cal
Note 2 - Income Per Share - Calculation of Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Numerators: | |||||||
Income from continuing operations | $ 24,526 | $ 15,436 | $ 46,693 | $ 24,019 | |||
(Loss) income from discontinued operations | 0 | (19) | 0 | 2,540 | |||
Net income | $ 24,526 | $ 22,167 | $ 15,417 | $ 11,140 | $ 46,693 | $ 26,559 | |
Denominator: | |||||||
Denominator for basic income per share – weighted-average shares (in shares) | 15,514,000 | 16,765,000 | 16,058,000 | 16,858,000 | |||
Effect of dilutive securities: | |||||||
Diluted weighted average shares outstanding (in shares) | 15,761,000 | 17,022,000 | 16,321,000 | 17,052,000 | |||
Basic income per share: | |||||||
Income from continuing operations (in dollars per share) | $ 1.58 | $ 0.92 | $ 2.91 | $ 1.42 | |||
(Loss) income from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.15 | |||
Net income (in dollars per share) | [1] | 1.58 | 0.92 | 2.91 | 1.58 | ||
Diluted income per share: | |||||||
Income from continuing operations (in dollars per share) | 1.56 | 0.91 | 2.86 | 1.41 | |||
(Loss) income from discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.15 | |||
Net income (in dollars per share) | [1] | $ 1.56 | $ 0.91 | $ 2.86 | $ 1.56 | ||
Restricted Stock [Member] | |||||||
Effect of dilutive securities: | |||||||
Equivalent shares issuable upon conversion of unvested shares (in shares) | 237,000 | 257,000 | 252,000 | 194,000 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 237,000 | 257,000 | 252,000 | 194,000 | |||
Share-Based Payment Arrangement, Option [Member] | |||||||
Effect of dilutive securities: | |||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 10,000 | 0 | 11,000 | 0 | |||
[1]Sum of the individual amounts may not add due to rounding. |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Feb. 09, 2022 |
AAT Carriers Inc [Member] | ||
Stock Purchase Agreement, Earnout Component | $ 20 | $ 20 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 0.5 |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Interest Rate Swap [Member] | ||
Interest rate swaps | $ 500 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest rate swaps | 489 | $ (1,808) |
Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration | $ (16,210) | |
Fair Value, Inputs, Level 2 [Member] | ||
Contingent consideration | $ 0 |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) - Transport Financial Services [Member] - Discontinued Operations, Disposed of by Sale [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jul. 08, 2020 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 103,300 | ||
Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Gross | 108,700 | ||
Disposal Group, Including Discontinued Operation, Allowance | $ 5,400 | ||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 0 | $ 0 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Gain on reversal of contingent loss of discontinued operations | $ 0 | $ (3,412) | ||||
Noncurrent assets from discontinued operations | $ 1,275 | 1,275 | $ 1,275 | |||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Total revenue | 0 | $ 0 | 0 | 0 | ||
Operating expenses | 0 | 25 | 0 | 25 | ||
Operating income | 0 | (25) | 0 | (25) | ||
Gain on reversal of contingent loss of discontinued operations | 0 | 0 | $ (3,400) | 0 | (3,412) | |
Interest expense | 0 | 0 | 0 | 0 | ||
Income before income taxes | 0 | (25) | 0 | 3,387 | ||
Income tax expense | 0 | (6) | 0 | 847 | ||
Income from discontinued operations, net of tax | 0 | $ (19) | 0 | $ 2,540 | ||
Noncurrent deferred tax asset | 1,275 | 1,275 | 1,275 | |||
Noncurrent assets from discontinued operations | 1,275 | 1,275 | 1,275 | |||
Total assets from discontinued operations | 1,275 | 1,275 | 1,275 | |||
Long-term contingent loss liability | 5,100 | 5,100 | 5,100 | |||
Long-term liabilities of discontinued operations | 5,100 | 5,100 | 5,100 | |||
Total liabilities from discontinued operations | $ 5,100 | $ 5,100 | $ 5,100 |
Note 5 - Segment Information (D
Note 5 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 4 |
Note 5 - Segment Information -
Note 5 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 317,377 | $ 256,324 | $ 608,962 | $ 477,213 |
Operating income | 26,873 | 18,332 | 50,720 | 28,843 |
Operating Segments [Member] | ||||
Revenue | 317,377 | 256,324 | 608,962 | 477,213 |
Operating income | 26,873 | 18,332 | 50,720 | 28,843 |
Intersegment Eliminations [Member] | ||||
Revenue | 1,006 | 1,734 | 1,897 | 2,180 |
Consolidation, Eliminations [Member] | ||||
Revenue | (1,006) | (1,734) | (1,897) | (2,180) |
Highway Services [Member] | Operating Segments [Member] | ||||
Revenue | 121,643 | 87,369 | 220,440 | 165,849 |
Operating income | 14,610 | 10,225 | 23,941 | 16,436 |
Highway Services [Member] | Intersegment Eliminations [Member] | ||||
Revenue | 1,006 | 1,734 | 1,897 | 2,180 |
Dedicated [Member] | Operating Segments [Member] | ||||
Revenue | 96,767 | 81,868 | 185,714 | 157,314 |
Operating income | 2,882 | (191) | 5,523 | (1,990) |
Dedicated [Member] | Intersegment Eliminations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Managed Freight [Member] | Operating Segments [Member] | ||||
Revenue | 80,281 | 71,635 | 166,432 | 123,032 |
Operating income | 8,627 | 7,316 | 19,458 | 12,261 |
Managed Freight [Member] | Intersegment Eliminations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Factoring [Member] | Operating Segments [Member] | ||||
Revenue | 18,686 | 15,452 | 36,376 | 31,018 |
Operating income | 754 | 982 | 1,798 | 2,136 |
Factoring [Member] | Intersegment Eliminations [Member] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended |
Jun. 30, 2022 | Sep. 30, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Deferred Tax Assets, Valuation Allowance | $ 0.1 | |
Deferred Tax Liabilities, Net, Total | $ 84.6 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 0.6 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||||||
May 04, 2022 | Oct. 23, 2020 | Sep. 23, 2020 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Sep. 23, 2021 | Sep. 30, 2020 | Aug. 31, 2015 | |
Long-Term Line of Credit, Total | $ 0 | |||||||||||
Letters of Credit Outstanding, Amount | 24,300 | $ 26,400 | ||||||||||
Repayments of Lines of Credit | 85,632 | $ 482,996 | ||||||||||
Transport Financial Services [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | $ (35,600) | |||||||||||
Interest Rate Swap [Member] | ||||||||||||
Derivative, Fixed Interest Rate | 4.20% | |||||||||||
Variable Rate Note [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 28,000 | |||||||||||
Lenders [Member] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||
Percent of Eligible Accounts Receivable | 87.50% | |||||||||||
Percent of Appraised Net Orderly Liquidation, Value of Eligible Revenue Equipment | 85% | |||||||||||
Percent of Net Book Value of Eligible Revenue Equipment | 100% | |||||||||||
Line of Credit Facility, Availability as Percentage of Revolver Commitment | 60% | |||||||||||
Line of Credit Facility, Revolver Commitment, Amount | $ 65,000 | |||||||||||
Letters of Credit Outstanding, Amount | 24,300 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 85,700 | |||||||||||
Fixed Charge Coverage Requirement | 0 | $ 0 | ||||||||||
Debt, Secured with a Cross Default Feature | 14,700 | |||||||||||
Lenders [Member] | Federal Funds Rate [Member] | Base Rate Loans [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||||||
Lenders [Member] | Applicable Margin [Member] | Base Rate Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||
Lenders [Member] | Applicable Margin [Member] | LIBOR Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
Lenders [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 110,000 | |||||||||||
Line of Credit Facility, Maximum Increase in Borrowing Capacity | $ 75,000 | |||||||||||
Lenders [Member] | Revolving Credit Facility [Member] | Base Rate Loans [Member] | ||||||||||||
Long-Term Line of Credit, Total | 0 | |||||||||||
Lenders [Member] | Revolving Credit Facility [Member] | LIBOR Loans [Member] | ||||||||||||
Long-Term Line of Credit, Total | 0 | |||||||||||
Lenders [Member] | Letter of Credit [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 105,000 | |||||||||||
Line of Credit Facility, Borrowing Capacity, Percentage of Aggregate Commitments | $ 10,000 | |||||||||||
Lenders [Member] | Swing Line Sub Facility [Member] | ||||||||||||
Percent of Aggregate Commitments under Credit Facility | 10% | |||||||||||
TBK Bank [Member] | Draw Note [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000 | |||||||||||
Debt Instrument, Collateral Amount | $ 60,000 | |||||||||||
Repayments of Lines of Credit | $ 31,000 | |||||||||||
Long-term Debt, Total | $ 0 | |||||||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
TBK Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Draw Note [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 7 - Debt - Current and Lon
Note 7 - Debt - Current and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt, current | $ 10,404 | $ 5,722 |
Debt, noncurrent | 48,053 | 20,347 |
Principal portion of finance lease obligations, secured by related revenue equipment, current | 4,755 | 6,848 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 2,231 | 3,969 |
Principal portion of operating lease obligations, secured by related revenue equipment | 15,265 | 15,811 |
Principal portion of operating lease obligations, secured by related revenue equipment | 29,611 | 21,554 |
Total debt and lease obligations | 30,424 | 28,381 |
Total debt and lease obligations | 79,895 | 45,870 |
Finance Lease Secured by Related Revenue Equipment [Member] | ||
Principal portion of finance lease obligations, secured by related revenue equipment, current | 4,755 | 6,848 |
Principal portion of finance lease obligations, secured by related revenue equipment, noncurrent | 2,231 | 3,969 |
Operating Lease Secured By Related Equipment [Member] | ||
Principal portion of operating lease obligations, secured by related revenue equipment | 15,265 | 15,811 |
Principal portion of operating lease obligations, secured by related revenue equipment | 29,611 | 21,554 |
Draw Note [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | 0 | 0 |
Revenue Equipment Installment Notes [Member] | ||
Debt, current | 9,189 | 4,537 |
Debt, noncurrent | 28,326 | 2 |
Real Estate Note [Member] | ||
Debt, current | 1,215 | 1,185 |
Debt, noncurrent | 19,727 | 20,345 |
Revolving Credit Facility [Member] | ||
Credit facility, current | 0 | 0 |
Credit facility, noncurrent | $ 0 | $ 0 |
Note 7 - Debt - Current and L_2
Note 7 - Debt - Current and Long-term Debt (Details) (Parentheticals) | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue Equipment Installment Notes [Member] | ||
Interest rate | 3.70% | 1.20% |
Real Estate Note [Member] | ||
Interest rate | 2.80% | 1.80% |
Note 8 - Lease Obligations (Det
Note 8 - Lease Obligations (Details Textual) - Property, Plant, and Equipment, Net [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Lease, Right-of-Use Asset | $ 43.3 | $ 35.7 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 5.6 | $ 23.2 |
Note 8 - Lease Obligations - Le
Note 8 - Lease Obligations - Lease Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of right-of-use assets | $ 632 | $ 915 | $ 1,320 | $ 1,922 |
Interest on lease liabilities | 98 | 159 | 222 | 333 |
Operating lease cost | 7,210 | 5,853 | 12,647 | 11,764 |
Variable lease cost | 88 | 28 | 109 | 91 |
Total lease cost | 8,028 | 6,955 | 14,298 | 14,110 |
Operating cash flows from finance leases | 98 | 159 | 222 | 333 |
Operating cash flows from operating leases | 7,298 | 5,881 | 12,756 | 11,855 |
Financing cash flows from finance leases | 3,002 | 848 | 4,295 | 1,481 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 0 | 0 | 458 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 16,999 | $ 2,305 | $ 17,052 | $ 2,530 |
Weighted-average remaining lease term—finance leases (in years) (Year) | 1 year 4 months 24 days | 1 year 4 months 24 days | ||
Weighted-average remaining lease term—operating leases (in years) (Year) | 5 years | 5 years | ||
Weighted-average discount rate—finance leases | 5.50% | 5.50% | ||
Weighted-average discount rate—operating leases | 9.40% | 9.40% |
Note 8 - Lease Obligations - Fu
Note 8 - Lease Obligations - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
2022, Operating | [1] | $ 9,817 | |
2022, Finance | 5,054 | ||
2023, Operating | 14,333 | ||
2023, Finance | 1,509 | ||
2024, Operating | 7,911 | ||
2024, Finance | 108 | ||
2025, Operating | 5,660 | ||
2025, Finance | 108 | ||
2026, Operating | 4,356 | ||
2026, Finance | 108 | ||
Thereafter, Operating | 14,346 | ||
Thereafter, Finance | 693 | ||
Total minimum lease payments, Operating | 56,423 | ||
Total minimum lease payments, Finance | 7,580 | ||
Less: amount representing interest, Operating | (11,547) | ||
Less: amount representing interest, Finance | (594) | ||
Present value of minimum lease payments, Operating | 44,876 | ||
Present value of minimum lease payments, Finance | 6,986 | ||
Less: current portion, Operating | (15,265) | $ (15,811) | |
Less: current portion, Finance | (4,755) | (6,848) | |
Lease obligations, long-term, Operating | 29,611 | ||
Lease obligations, long-term, Finance | $ 2,231 | $ 3,969 | |
[1]Excludes the six months ended June 30, 2022. |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jul. 01, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,900,000 | |||||
Fungible Share Reserve Feature, Shares Subject for Each Share Granted (in shares) | 1 | |||||
Fungible Share Reserve Feature, Shares Subject to All Other Awards (in shares) | 1.80 | |||||
Maximum Number of Shares of Class A Common Stock Awarded to any Participant in the Incentive Plan in any Calendar Year (in shares) | 500,000 | 200,000 | ||||
Maximum Cash Awarded to any Participant in the Incentive Plan in any Calendar Year | $ 4,000,000 | $ 2,000,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 872,509 | 872,509 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,200,000 | 4,200,000 | ||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 380,000 | $ 887,000 | ||||
Common Class A [Member] | ||||||
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 19,754 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Per Share Weighted Average Price of Shares Purchased (in dollars per share) | $ 19.24 | $ 19.24 | ||||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 400,000 | |||||
Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 1,000,000 | $ 1,600,000 | 2,100,000 | 2,500,000 | ||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | 700,000 | 700,000 | 1,400,000 | 1,200,000 | ||
Salaries Wages And Related Expenses [Member] | ||||||
Share-Based Payment Arrangement, Expense | 1,700,000 | $ 2,300,000 | 3,400,000 | 3,800,000 | ||
General and Administrative Expense [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 300,000 | |||||
General and Administrative Expense [Member] | Maximum [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 100,000 | |||||
General and Administrative Expense [Member] | Director [Member] | ||||||
Share-Based Payment Arrangement, Expense | 200,000 | |||||
General and Administrative Expense [Member] | Director [Member] | Maximum [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 100,000 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Letters of Credit Outstanding, Amount | $ 24.3 | $ 26.4 |
Draw Note [Member] | TBK Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 45 |
Note 11 - Equity Method Inves_3
Note 11 - Equity Method Investment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 1,931 | $ 33,797 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 27,560 | 13,971 | |||
Reversal of Deferred Gains of Sale of Property | (30) | 53 | |||
Operating Lease, Liability, Total | $ 44,876 | 44,876 | |||
Income (Loss) from Equity Method Investments | $ 7,076 | $ 3,382 | $ 13,861 | 6,342 | |
Transport Enterprise Leasing LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 49% | 49% | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 0 | 1,000 | |||
Revenue from Related Parties | 400 | 400 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 0 | 0 | |||
Payments for Rent | 2,200 | 100 | |||
Reversal of Deferred Gains of Sale of Property | 100 | ||||
Due from Related Parties, Total | $ 100 | 100 | $ 700 | ||
Operating Lease, Liability, Total | 1,400 | 1,400 | $ 0 | ||
Income (Loss) from Equity Method Investments | 13,900 | ||||
Proceeds from Equity Method Investment, Distribution | 0 | ||||
Transport Enterprise Leasing LLC [Member] | Reduction in TEL Investment [Member] | |||||
Deferred Gain on Sale of Property | $ 200 | $ 300 | $ 200 | $ 300 |
Note 11 - Equity Method Inves_4
Note 11 - Equity Method Investment - TEL's Summarized Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Operating lease obligations | $ 15,265 | $ 15,265 | $ 15,811 | ||
Total Assets | 701,018 | 701,018 | 651,662 | ||
Total Liabilities | 344,987 | 344,987 | 301,963 | ||
Transport Enterprise Leasing LLC [Member] | |||||
Total Assets | 391,952 | 391,952 | 346,218 | ||
Total Liabilities | 283,296 | 283,296 | 264,948 | ||
Total Equity | 108,656 | 108,656 | 81,270 | ||
Revenue | 33,857 | $ 25,534 | 66,096 | $ 48,438 | |
Cost of Sales | 5,645 | 2,091 | 10,118 | 3,233 | |
Operating Expenses | 11,754 | 15,036 | 24,028 | 28,942 | |
Operating Income | 16,458 | 8,407 | 31,950 | 16,263 | |
Net Income | 14,728 | $ 6,615 | 28,386 | $ 12,619 | |
Transport Enterprise Leasing LLC [Member] | Driver Advances and Other Receivable [Member] | |||||
Accounts receivable from TEL | 80 | 80 | 802 | ||
Transport Enterprise Leasing LLC [Member] | Other Assets [Member] | |||||
Investment in TEL | 58,088 | 58,088 | 44,196 | ||
Transport Enterprise Leasing LLC [Member] | Operating Lease Liability, Current [Member] | |||||
Operating lease obligations | $ 1,442 | $ 1,442 | $ 0 |
Note 12 - Acquisition of AAT _3
Note 12 - Acquisition of AAT Carriers, Inc. (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Feb. 09, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill, Ending Balance | $ 58,217 | $ 42,518 | ||
AAT Carriers Inc [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Business Combination, Consideration Transferred, Total | $ 54,800 | |||
Stock Purchase Agreement, Earnout Component | 20,000 | 20,000 | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 20,000 | |||
Goodwill, Period Increase (Decrease), Total | (13,800) | |||
Goodwill, Ending Balance | 15,699 | $ 15,700 | $ 29,500 | |
AAT Carriers Inc [Member] | Minimum [Member] | ||||
Purchase Price, Including Earnout | 35,000 | |||
AAT Carriers Inc [Member] | Maximum [Member] | ||||
Purchase Price, Including Earnout | $ 57,000 |
Note 12 - Acquisition of AAT _4
Note 12 - Acquisition of AAT Carriers, Inc. - Allocation of Preliminary Purchase Price (Details) - AAT Carriers Inc [Member] $ in Thousands | Feb. 09, 2022 USD ($) |
Cash paid pursuant to Stock Purchase Agreement | $ 39,170 |
Cash acquired included in historical book value of AAT's assets and liabilities | (1,846) |
Measurement period adjustments | 1,177 |
Contingent consideration | 16,210 |
Net purchase price | $ 54,711 |
Note 12 - Acquisition of AAT _5
Note 12 - Acquisition of AAT Carriers, Inc. - Summary of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Feb. 09, 2022 | Dec. 31, 2021 |
Credentialing intangible asset | $ 32,000 | |||
Goodwill | $ 58,217 | $ 42,518 | ||
AAT Carriers Inc [Member] | ||||
Accounts receivable | 842 | |||
Prepaid expenses | 33 | |||
Other short-term assets | 19 | |||
Net property and equipment | 7,994 | |||
Total identifiable assets acquired | 40,888 | |||
Accounts payable | (19) | |||
Accrued expenses | (1,396) | |||
Finance lease obligations | (458) | |||
Other long-term liabilities | (3) | |||
Total liabilities assumed | (1,876) | |||
Net identifiable assets acquired | 39,012 | |||
Goodwill | $ 15,700 | $ 29,500 | 15,699 | |
Net assets acquired | $ 54,711 |
Note 12 - Acquisition of AAT _6
Note 12 - Acquisition of AAT Carriers, Inc. - Results of Operations From Acquisition Date (Details) - AAT Carriers Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Total revenue | $ 8,421 | $ 12,587 |
Net income | $ 2,866 | $ 4,853 |
Note 13 - Goodwill and Other _3
Note 13 - Goodwill and Other Assets (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jul. 03, 2018 | |
Amortization of Intangible Assets | $ 2,100 | $ 2,300 | ||
Goodwill, Ending Balance | 58,217 | $ 42,518 | ||
Landair Holdings Inc [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||
Landair Holdings Inc [Member] | Trade Names [Member] | ||||
Acquired Finite-lived Intangible Asset, Residual Value | $ 500 |
Note 13 - Goodwill and Other _4
Note 13 - Goodwill and Other Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Gross | $ 64,600 | $ 32,600 |
Finite-Lived Intangible Assets, Accumulated Amortization | (14,189) | (12,125) |
Finite-Lived Intangible Assets, Net | $ 50,411 | 20,475 |
Finite-Lived Intangible Asset, Useful Life (Month) | 144 years | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 4,400 | 4,400 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,900) | (3,900) |
Finite-Lived Intangible Assets, Net | 500 | 500 |
Trade Names [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | 2,402 | 2,402 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,130) | (2,130) |
Finite-Lived Intangible Assets, Net | 272 | 272 |
Trade Names [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (885) | (885) |
Finite-Lived Intangible Assets, Net | 114 | 114 |
Trade Names [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 999 | 999 |
Finite-Lived Intangible Assets, Accumulated Amortization | (885) | (885) |
Finite-Lived Intangible Assets, Net | 114 | 114 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Gross | 28,200 | 28,200 |
Finite-Lived Intangible Assets, Accumulated Amortization | (9,400) | (8,225) |
Finite-Lived Intangible Assets, Net | $ 18,800 | $ 19,975 |
Finite-Lived Intangible Asset, Useful Life (Month) | 96 months | 102 months |
Customer Relationships [Member] | Dedicated [Member] | ||
Finite-Lived Intangible Assets, Gross | $ 14,072 | $ 14,072 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,691) | (4,104) |
Finite-Lived Intangible Assets, Net | 9,381 | 9,968 |
Customer Relationships [Member] | Managed Freight [Member] | ||
Finite-Lived Intangible Assets, Gross | 1,692 | 1,692 |
Finite-Lived Intangible Assets, Accumulated Amortization | (564) | (494) |
Finite-Lived Intangible Assets, Net | 1,128 | 1,198 |
Customer Relationships [Member] | Warehousing [Member] | ||
Finite-Lived Intangible Assets, Gross | 12,436 | 12,436 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,145) | (3,627) |
Finite-Lived Intangible Assets, Net | 8,291 | $ 8,809 |
Credentialing [Member] | ||
Finite-Lived Intangible Assets, Gross | 32,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (889) | |
Finite-Lived Intangible Assets, Net | 31,111 | |
Credentialing [Member] | Expedited [Member] | ||
Finite-Lived Intangible Assets, Gross | 32,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (889) | |
Finite-Lived Intangible Assets, Net | $ 31,111 | |
Finite-Lived Intangible Asset, Useful Life (Month) | 175 years |
Note 13 - Goodwill, Other Intan
Note 13 - Goodwill, Other Intangibles, and Other Assets - Expected Future Amortization (Details) $ in Thousands | Jun. 30, 2022 USD ($) | |
2022 (1) | $ 2,242 | [1] |
2023 | 4,483 | |
2024 | 4,483 | |
2025 | 4,483 | |
2026 | 4,483 | |
Thereafter | $ 29,737 | |
[1]Excludes the six months ended June 30, 2022. |
Note 13 - Goodwill, Other Int_2
Note 13 - Goodwill, Other Intangibles, and Other Assets - Summary of Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance | $ 42,518 |
Goodwill | 58,217 |
Expedited [Member] | |
Balance | 0 |
Acquired goodwill for AAT | 15,699 |
Goodwill | 15,699 |
Dedicated [Member] | |
Balance | 15,320 |
Acquired goodwill for AAT | 0 |
Goodwill | 15,320 |
Managed Freight [Member] | |
Balance | 5,448 |
Acquired goodwill for AAT | 0 |
Goodwill | 5,448 |
Warehousing [Member] | |
Balance | 21,750 |
Acquired goodwill for AAT | 0 |
Goodwill | $ 21,750 |
Note 14 - Equity (Details Textu
Note 14 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | ||||||||
May 18, 2022 | Jan. 26, 2022 | May 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 10, 2022 | Jan. 01, 2022 | Aug. 05, 2021 | Jan. 25, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 28,565 | $ 14,800 | $ 8,118 | |||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.0625 | $ 0.0625 | ||||||
Repurchase Program Authorized January 25, 2021 [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 40,000 | $ 40,000 | ||||||||
Treasury Stock, Shares, Acquired (in shares) | 0.5 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 8,100 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 38,000 | |||||||||
Repurchase Program 10b5-1 [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | |||||||||
Treasury Stock, Shares, Acquired (in shares) | 1.4 | 0.7 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 30,000 | $ 15,200 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 38,000 | |||||||||
Share Repurchase Program Authorized May 18, 2022 [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | $ 75,000 | |||||||||
Treasury Stock, Shares, Acquired (in shares) | 0.6 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 13,400 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | ||
Aug. 03, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Treasury Stock, Value, Acquired, Cost Method | $ 28,565 | $ 14,800 | $ 8,118 | |
Subsequent Event [Member] | ||||
Treasury Stock, Shares, Acquired (in shares) | 0.5 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 12,200 |