Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Covenant Logistics Group, Inc. |
Entity Central Index Key | 0000928658 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance Value of Initial Fixed $100 Investment Based On: Year Summary Compensation Table Total for PEO (1) ($) Compensation Actually Paid to PEO (2) ($) Average Summary Compensation Table Total Non-PEO NEO's (3) ($) Average Compensation Actually Paid to Non-PEO NEO's (4) ($) TSR (5) ($) Peer Group TSR (6) ($) Net Income (Loss) (in thousands) (7) ($) Adjusted EPS (8) ($) 2022 2,116,809 4,926,410 1,039,128 1,823,658 270.24 97.55 108,682 5.84 2021 5,833,933 8,980,311 1,537,303 2,836,783 204.49 120.41 60,731 3.61 2020 1,070,965 1,330,709 1,273,190 1,342,031 114.58 106.29 (42,718) 1.08 (1) Reflects compensation amounts reported in the Summary Compensation Table (the “SCT”) for our PEO, David R. Parker, for the respective years shown. | ||
PEO Total Compensation Amount | $ 2,116,809 | $ 5,833,933 | $ 1,070,965 |
PEO Actually Paid Compensation Amount | $ 4,926,410 | 8,980,311 | 1,330,709 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) To calculate the compensation actually paid for our PEO, the following adjustments were made to SCT total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown: Year Summary Compensation Table Total for PEO ($) Deduct Stock and Option Awards Reported in the Summary Compensation Table ($) Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY ($) Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Outstanding and Unvested as of the Covered FY ($) Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During the Covered FY ($) Deduct Fair Value of Awards Forfeited During the Covered FY ($) Average Compensation Actually Paid to PEO ($) 2022 2,116,809 - - 2,746,882 62,719 - 4,926,410 2021 5,833,933 (3,939,000) 5,025,000 1,855,479 204,899 - 8,980,311 2020 1,070,965 - - 263,780 17,053 (21,089) 1,330,709 (3) The following non-PEO NEOs are included in the average figures shown: 2022: M. Paul Bunn, Tripp Grant, Joey B. Hogan, Samuel F. Hough, and Lynn Doster 2021: M. Paul Bunn, Tripp Grant, Joey B. Hogan, Samuel F. Hough, Lynn Doster, and John A. Tweed 2020: M. Paul Bunn, Joey B. Hogan, Samuel F. Hough, John A. Tweed, and Richard B. Cribbs | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,039,128 | 1,537,303 | 1,273,190 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,823,658 | 2,836,783 | 1,342,031 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (4) To calculate the compensation actually paid for our PEO, the following adjustments were made to SCT total compensation, calculated in accordance with the SEC methodology for determining compensation actually paid for each year shown: Year Average Summary Compensation Table Total for Non-PEO NEOs ($) Deduct Stock and Option Awards Reported in the Summary Compensation Table ($) Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY ($) Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Outstanding and Unvested as of the Covered FY ($) Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During t he Covered FY ($) Deduct Fair Value of Awards Forfeited During the Covered FY ($) Average Compensation Actually Paid to Non-PEO NEOs ($) 2022 1,039,128 (143,751) 221,960 594,990 111,330 - 1,823,658 2021 1,537,303 (821,218) 1,082,822 902,448 135,428 (140,322) 2,836,783 2020 1,273,190 (642,638) 640,603 101,476 6,052 (36,651) 1,342,031 (5) The total shareholder return assumes that $100 was invested on December 31, 2019 in the Company and that dividends were reinvested when and as paid. (6) The total shareholder return assumes that $100 was invested on December 31, 2019 in the NASDAQ Transportation Index and that dividends were reinvested when and as paid. (7) Reflects net income (loss) in the Company’s Consolidated Statements of Operations included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2022, 2021, and 2020. (8) Our company-selected measure is Adjusted EPS, which is calculated based on our diluted earnings per shares, adjusted for amortization of intangibles and certain non-recurring charges and gains. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the cumulative total shareholder return of the Company and the NASDAQ Transportation Index for 2022, 2021, and 2020 is represented by the graph below: | ||
Compensation Actually Paid vs. Net Income [Text Block] | The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the Company’s net income (loss) for 2022, 2021, and 2020 is represented by the graph below: | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The relationship between the compensation actually paid to the PEO and the average compensation actually paid to the non-PEO NEOs and the Company’s Adjusted EPS for 2022, 2021, and 2020 is represented by the graph below: | ||
Tabular List [Table Text Block] | Tabular Disclosure of the Most Important Measures to Link Compensation Actually Paid for 2022 to Company Performance The following financial metrics were the most important measures used to link compensation actually paid for 2022 to Company Performance. Adjusted Earnings Per Share Dedicated Segment Operating Ratio TMS and the Warehouse Segment’s Combined Freight Revenue | ||
Total Shareholder Return Amount | $ 270.24 | 204.49 | 114.58 |
Peer Group Total Shareholder Return Amount | 97.55 | 120.41 | 106.29 |
Net Income (Loss) | $ 108,682,000 | $ 60,731,000 | $ (42,718,000) |
Company Selected Measure Amount | 5.84 | 3.61 | 1.08 |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted Earnings Per Share | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Dedicated Segment Operating Ratio | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | TMS and the Warehouse Segment’s Combined Freight Revenue | ||
PEO Deduct Stock and Option Awards Reported in the Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ (3,939,000) | $ 0 |
PEO Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 5,025,000 | 0 |
PEO Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Out standing and Unvested as of the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,746,882 | 1,855,479 | 263,780 |
PEO Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 62,719 | 204,899 | 17,053 |
PEO Deduct Fair Value of Awards Forfeited During the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | (21,089) | |
NEO Deduct Stock and Option Awards Reported in the Summary Compensation Table [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (143,751) | (821,218) | (642,638) |
NEO Add YE Fair Value of Awards Granted During the Covered FY that are Outstanding and Unvested as of the End of the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 221,960 | 1,082,822 | 640,603 |
NEO Add Change in Fair Value as of the End of the Covered FY for Awards Granted in a Prior FY that are Outstanding and Unvested as of the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 594,990 | 902,448 | 101,476 |
NEO Add Change in Fair Value as of the Vesting Date for Awards Granted in a Prior FY that Vested During the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 111,330 | 135,428 | 6,052 |
NEO Deduct Fair Value of Awards Forfeited During the Covered FY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ (140,322) | $ (36,651) |